GoldON Receives Geological Compilation and Reports Grab Samples up to 44.9 g/t Au on Pipestone Bay Gold Property, Red Lake

Primary drill target selected and exploration permits received

VICTORIA, August 27, 2020 - GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to provide an overview of the geological data compilation and reinterpretation study completed by Orix Geoscience on its 100% owned Pipestone Bay gold property (the "Property"). The 914-hectare Property is located in the Red Lake Greenstone Belt approximately 32 kilometres (km) west of the town of Red Lake, Ontario. The Property is hosted along the Pipestone Bay Deformation Zone, where West Red Lake Gold Mines has focused recent drilling 7 km to the east. The major gold deposits in the Red Lake Gold Camp are associated with regional-scale deformation zones (see Figure 1 – click on it to enlarge).

Figure 1 - Structure related gold deposits of the Red Lake Gold Camp

The Property has many similar geological characteristics that make the Red Lake Greenstone Belt such a prolific gold camp. These include deformation zones, thrust faults, folded iron formation, Balmer Assemblage ultra-mafic lithologies, an unconformity, alteration (potassic, silicic, carbonate), high-grade gold veins and disseminated copper mineralization.

GoldON recently completed a heliborne high-resolution magnetometer (MAG) survey to cover the Property, and Orix Geoscience has now completed a data compilation and reinterpretation study incorporating the 2020 MAG survey data with all known lithological and mineralogical information and structural measurements.

The results of the Orix study are a greater understanding of the geological and structural framework of the Property as summarized below:

1. A wide zone of low magnetic intensity occurs at the contact of mafic-ultramafic units with northern felsic intrusive rocks is the western continuation of the Pipestone Bay - St. Paul Bay Deformation Zone with possible dextral shearing.

2. Two phases of deformation (D₁ and D₂) are identified in the surface reinterpretation causing F₁ and F₂ folds.

3. Late faults and shear zones dominantly strike north-northwest and north-northeast, crosscut and locally displace the early structures.

4. The 991 Showing is possibly controlled by an early E-W structure that is likely a second-order structure to the Pipestone Bay - St Paul Bay Deformation Zone.

5. Other notable mineralization occurs in iron formation units or proximal to fault intersections.

The Property's primary target is the 991 Zone which consists of narrow pyrite, chalcopyrite bearing quartz veins within a brecciated felsic volcanic unit in contact with a folded ultra-mafic horizon. Work on the Property by a previous operator, Redstar Gold Corp., confirmed visible gold occurs in several veins with grab samples yielding 22.27 grams per tonne (g/t) Au. In 2004, Redstar drilled a single hole (RGC-004) that was collared into an ultramafic unit north of the 991 Zone and drilled to the south. The hole intersected a 200-metre-wide zone of strongly quartz and sericite altered felsic stratigraphy with pyrite and chalcopyrite stringer mineralization and anomalous (>100 ppb) gold values.

Sampling completed on the 991 Zone by GoldON in May 2020 confirmed high-grade gold mineralization with seven grab samples ranging in value from 0.006 g/t Au to 44.9 g/t Au. Grab samples are selected samples and are not necessarily representative of the mineralization hosted on the property. Two high-priority diamond drill holes have been recommended by Orix to target the 991 Zone mineralization and related structure. GoldON has received the exploration and drilling permits for the Property.

"Discovery is the name of the game and we are thrilled to have been able to bring the Pipestone Bay Project to this stage in such short order," said Mike Romanik President of GoldON. "With a priority target selected and permits in hand, this adds another drill-ready Red Lake project to our portfolio."

QA/QC Protocol

Rock grab samples were personally collected by Bruce MacLachlan, P.Geo. (Limited), secured with zip ties and remained in his custody until personally delivered to ALS Laboratories (ALS) in Timmins, Ontario for sample preparation. Analyses was performed at ALS in Vancouver, BC. Primary analytical methods by ALS for Au was Au-AA23, a 30-gram Fire Assay with an ICP-OES finish. Over-limits for Au beyond 10 ppm where then analyzed using method Au-GRA21, a lead fusion fire assay method with a gravimetric finish. ALS practices stringent Quality Control Protocols with the insertion for exploration and ore grade samples which includes sample reduction blanks and duplicates, method blanks, weighted pulp replicates and reference materials. There were no QA/QC failures in the above sample batch. Grab samples are selected samples and not necessarily representative of the mineralization hosted on the 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 an exploration company focused on discovery-stage properties located in the prolific gold mining belts of northwestern Ontario, Canada. Our current project portfolio includes four properties in the Red Lake Mining Division (West Madsen, Pipestone Bay, McDonough and Bruce Lake) and a fifth property in the Patricia Mining Division (Slate Falls). If you are an investor looking for exposure to the rising gold price, then GoldON is an explorer worthy of a closer look: tight share structure with a $9 million market cap, discovery-stage projects all in good standing, experienced management and advisors, and no debt with capital devoted to exploration not excessive salaries.

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

ON BEHALF OF THE BOARD

Signed "Michael Romanik"
Michael Romanik, President
Direct line: (204) 724-0613
Email: romanikm@mymts.net

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

SOURCE: GoldON Resources Ltd.