Press Release, GoldON Adds Fifth Property in Red Lake Gold District

Red Lake North Extension is underexplored and host to seismic structural characteristics similar to the Red Lake Gold Camp and the LP Fault of Great Bear's Dixie Gold Project

Victoria, British Columbia--(Newsfile Corp. - February 23, 2021) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is pleased to announce it has entered into an option agreement to acquire a 100% interest in the Red Lake North property (the "Property") located in the Red Lake Mining District of Northwestern Ontario.

The Property is comprised of nine contiguous mining claims covering 3,347 hectares (ha) and is located approximately 65 kilometres (km) north of the town of Red Lake. (see Figure 1). Access is excellent via Nungesser Road, an all-weather road that runs within 1.5 km of the northwestern corner of the Property and connects to Red Lake.

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Figure 1: Property location with total field magnetic signatures

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The Property is hosted within the newly termed "Red Lake Extension" that is a volcanic-sediment band of rocks that stretches over 100 km and connects with the McInnes Lake Greenstone Belt. Age determinations (by Sanborn et al., 2004 at 2.94 Ga) suggest the belt is related to the Balmer Assemblage which is host to the majority of gold mines in the Red Lake Camp. A recent study by the Ministry of Energy, Northern Development and Mines - Ontario Geological Survey (OGS) (see Recommendations for Exploration 2020-2021) suggests that a seismic pronounced structure along this belt termed the "E1" is similar in nature and significance to the Red Lake gold mines and the LP Fault of Great Bear's Dixie Gold Project (see Figure 2).

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Figure 2: Red Lake Lithoprobe cross section showing third deep-tapping seismic structure

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Preliminary mapping of the upper Red Lake Extension completed by Buse (2007) identified felsic and volcanic rocks, felsic to mafic intrusive rocks, and metasedimentary rocks. Buse (2007) also identified a shear zone which corresponds to the hypothetical location of the deep-tapping E1 seismic structure. An overburden sampling program by Agnico Eagle Canada Ltd. (see Figure 3), provides the only assessment report filed within this region (Villeneuve and Girard 2010). This overburden sampling program identified several anomalous overburden gold values stretching from the Berens Lake southward for 35 km. Numerous overburden samples from the 95th percentile to over the 99th percentile in gold are dotted throughout this belt (AFRI 20008369).

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Figure 3: Historical gold-in-till anomalies located on the Property

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Under the terms of the option agreement, GoldON can acquire a 100% interest in the Property for cash payments totaling $109,000 over two years ($27,000 upon regulatory acceptance, $36,000 on the first anniversary, and a final payment of $46,000 on the second anniversary); and the issuance of 90,000 common shares over two years (30,000 upon regulatory acceptance, 30,000 shares on the first anniversary and 30,000 shares on the second anniversary). The vendor will retain a 1.5% net smelter returns royalty, of which the Company may repurchase 0.5% for $600,000.

"While our focus remains on the drilling program in progress at West Madsen, this seismic pronounced structure along the Red Lake Extension with similarities to the LP Fault and the Red Lake gold mines provides a new and exciting area to investigate," said Mike Romanik president of GoldON. "This type of structural and geological intuitiveness could lead to new discoveries in an underexplored volcanic-sedimentary belt."

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 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). GoldON is fully funded to complete the Phase II drilling program in progress at West Madsen.

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
Suite 108 - 800 Kelly 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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