GoldON Commences Next Phase of Fieldwork at McInnes Lake Lithium-Pegmatite Prospect

Property covers the McInnes Lake greenstone belt in a similar geological setting to Frontier Lithium's PAK Project located 50 km to the northeast

Victoria, British Columbia--(Newsfile Corp. - May 30, 2023) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce that fieldwork has commenced on its 100%-owned McInnes Lake property (the "Property") that covers the majority of the McInnes Lake greenstone belt in northwestern Ontario.

Fieldwork will consist of mapping and sampling to follow up on the elevated lithium (Li) values newly discovered (50 to 1,126 ppm) in metavolcanic host rocks distributed proximal to the main plutons on the Property that may reflect exomorphic dispersion outwards from exposed and blind pegmatitic granite plutonic centres.

Figure 1. Location and scale of the McInnes Lake Property to Frontier Lithium's PAK Project, with McInnes OGS geology.

The goals are to establish if lithium dispersion patterns are present around the McInnes North and Lower Bay fertile granite plutons, attempt to find a bedrock source of the 1,126 ppm Li value, and look for rare element minerals (including holmquistite, beryl, and spodumene) in the plutons and adjacent external pegmatites. Several pegmatite minerals are white and could have been easily overlooked by previous Ontario Geological Survey (OGS) mapping.

About the McInnes Lake Property:

The underexplored 12,598-hectare Property was originally staked for its deep crustal-scale features and similarities to the Red Lake Camp. GoldON's fieldwork has discovered several new showings that confirm the presence of a fertile peraluminous granite setting. Geological similarities include the E1 fault that is inferred to pass right through the pluton area and may have been a controlling structure for the emplacement of fertile granites, and related lithium-rich pegmatite melts. This is a similar setting to the Pakeagama Lake peraluminous parent granite and derived LCT-petrogenetic family pegmatites located 50 km to the northeast along the Bearhead fault system, where Frontier Lithium1 has delineated NI 43-101 Measured & Indicated resources of 26 million tonnes of 1.62% Li₂O and Inferred resources of 32.4 million tonnes of 1.41% Li₂O.

The technical information presented in this news release has been reviewed and approved by Frederick W. Breaks, Ph.D., P. Geo, a qualified person for exploration, as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Figure 2. Granitic pegmatite sample from >70 m wide pegmatite zone on the east shore of McInnes Lake.

About GoldON Resources Ltd.

GoldON is an exploration company focused on discovery-stage properties located in the prolific greenstone belts of northwestern Ontario, Canada. Our goal with a property is to add value by defining (or redefining) the exploration opportunity, maintain ownership control during the value creation phase of discovery, and then source a well-financed partner capable of accelerating discovery, resource definition, and development.

For more information, you can visit our website at goldonresources.com, download our investor presentation by clicking here, and follow us on Twitter at https://twitter.com/GoldONResources.

ON BEHALF OF THE BOARD

Signed "Michael Romanik"

Michael Romanik, President
GoldON Resources Ltd.
Direct line: (204) 724-0613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
179 - 2945 Jacklin Road, Suite 416
Victoria, BC, V9B 6J9

Forward-Looking Statements:

This news release may contain "forward-looking statements" that involve known and unknown risks, uncertainties, assumptions, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events, or results or otherwise.

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Referenced Sources

¹Frontier Lithium: https://www.frontierlithium.com/_files/ugd/dec7de_844a5e2cc2234a1babbbea1879ce5573.pdf