GoldON Receives Drill Permit for West Madsen Gold Project in Red Lake, Ontario

Rhea-AI Summary

GoldON Resources receives exploration drilling permit for its West Madsen gold property in the Red Lake Gold District, adjacent to the Madsen gold mine owned by West Red Lake Gold Mines.

Positive

• GoldON Resources obtains a permit for exploration drilling at its 100%-owned West Madsen gold property.
• The property covers two distinct claim blocks, Block A and Block B, in the Red Lake Gold District.
• The next drilling phase will focus on Block A, which adjoins the Madsen mine property acquired by West Red Lake Gold Mines.
• GoldON has observed the same geological features as the Madsen mine property, indicating potential gold mineralization.
• Mike Kilbourne, an independent qualified person, has reviewed and approved the technical contents of the news release.

Negative

• None.

West Madsen's eastern property boundary is a 5 km drive from the Madsen gold mine and mill complex owned by West Red Lake Gold Mines

Victoria, British Columbia--(Newsfile Corp. - April 2, 2024) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to report it has received a permit for exploration drilling at its 100%-owned West Madsen gold property.

Located in the heart of the Red Lake Gold District, the 5,988-hectare property covers two distinct claim blocks, Block A (east) and Block B (west), that are non-contiguous by less than 100 metres. Both blocks can be accessed from secondary roads that connect to Ontario HWY 618 and the town of Red Lake located approximately 15 kilometres (km) to the northeast.

Figure 1: Looking northeast from West Madsen Block A to WRLG's Madsen Gold Mine property.

To view an enhanced version of this graphic, please visit:
https://goldonresources.com/images/westmadsen/WM-BLK-A_WRLG.jpg

The next phase of drilling will focus on Block A where previous drilling has confirmed gold mineralization in several different geological environments and represents typical Archean terrane orogenic gold deposit settings.

Block A adjoins the Madsen mine property (Figure 1) that was acquired last year by West Red Lake Gold Mines (WRLG). The bulk of the mineral resources on the Madsen mine property are hosted in a ~7-km-long gold trend that follows the major crustal break or contact between the Balmer and Confederation assemblages.

GoldON has observed the same Balmer-Confederation contact in outcrop approximately 1.5 km west of the Block A eastern claim boundary and identified it within an ~8-km corridor of disrupted regional magnetics that traverses Block A from the Madsen mine property.

Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.

About GoldON Resources Ltd.

GoldON is a mineral exploration company focused on discovery-stage properties. 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 X 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: info@goldonresources.com
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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/203885

FAQ

What is the ticker symbol for GoldON Resources ?

The ticker symbol for GoldON Resources is GLD.

Where is the West Madsen gold property located?

The West Madsen gold property is located in the Red Lake Gold District, near the town of Red Lake in Ontario, Canada.

Who owns the Madsen gold mine and mill complex?

The Madsen gold mine and mill complex is owned by West Red Lake Gold Mines.

What geological environments have confirmed gold mineralization on Block A?

Previous drilling on Block A has confirmed gold mineralization in several different geological environments, typical of Archean terrane orogenic gold deposit settings.

Who reviewed and approved the technical contents of the news release?

Mike Kilbourne, P. Geo, an independent qualified person as defined in National Instrument 43-101, reviewed and approved the technical contents of the news release on behalf of GoldON Resources