GoldON Stakes McInnes Lake Greenstone Belt North of Ontario's Red Lake Gold Camp

District Scale property of unexplored Balmer Assemblage lithologies similar to those that host the Red Lake Gold Camp

Victoria, June 3, 2021 - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce the acquisition via staking of a 100% interest in the McInnes Lake property (the "Property") in northwestern Ontario.

Located approximately 100 kilometres (km) east of the Ontario-Manitoba border and 117 km north of the town of Red Lake, the Property is composed of 31 contiguous mining claims (577 cells) totaling approximately 11,424 hectares. The Property is 29 km long and up to 8.5 km wide.

Figure 1: Regional Map with location of McInnes Lake Property and GoldON's Other Projects (click to enlarge)

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The McInnes Lake Greenstone Belt lies within the North Caribou Terrane of the Superior Province. Deep penetrating seismic studies north from the English River domain through the Uchi domain into the Berens River Complex of the North Caribou Terrane have shown that the gold deposits of the Red Lake camp and gold deposits along the LP Fault, recently discovered by Great Bear Resources, are associated with deep crustal-scale features.

According to seismic survey interpretations by Zang and Calvert 2006, the McInnes Lake Greenstone Belt is interpreted to lie along a northern extension of a deep crustal E1 extensional shear zone. This has geological and mineralization implications for fluid and magmatic pathways for various precious and base metal deposit models.

Figure 2: Ontario Geological Survey Bedrock Geology (click to enlarge)

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The McInnes Lake Greenstone Belt is comprised of a volcanic-sediment package of rocks representing a back-arc environment 'sandwiched' in between two opposing granitic masses. Age-dating of the McInnes Lake Greenstone Belt volcanic rocks are 2.93-2.97 billion years old representing Balmer Assemblage aged lithologies (OGS Map P3589). The Balmer Assemblage is host to most of the current gold resources and historical gold production in the Red Lake Greenstone Belt.

"Based on the association of these deep crustal-scale features to the deposits of the Red Lake Camp, we took a more regional approach to find similar structural pronouncements that led us to the McInnes Lake Greenstone Belt," said Mike Romanik president of GoldON. "This gives us a rare opportunity to control an entire belt that has seen very limited exploration; we are proceeding with a detailed compilation of all historical data to plan our initial fieldwork program."

Mike Kilbourne, P.Geo., an independent Qualified Person as defined in NI 43-101, has reviewed and approved the 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 six properties in the Red Lake Mining Division (West Madsen, Red Lake North, Pipestone Bay, McDonough, McInnes Lake and Pakwash North) and a seventh property in the Patricia Mining Division (Slate Falls).

For additional information: please visit our website at goldonresources.com, you can download our latest investor 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
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) accepts responsibility for the adequacy or accuracy of this release.

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