GoldON Resources Ltd.: Acquires Paterson Lake Lithium Prospect

Located in the Separation Rapids Pegmatite Group, Northwestern Ontario

Victoria - GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has acquired by staking a 100% interest in seven mineral claims, covering approximately 1,008 hectares, in the Paterson Lake area of Northwestern Ontario’s Kenora Mining Division.


Property Highlights:

- lithium pegmatite property strategically located in same structural corridor as Big Whopper pegmatite;

- lithium oxide (Li2O) grades (1.03 to 1.64 wt.%) and rare metal mineralogy similar to Big Whopper and Big Mack pegmatites;

- under-explored property with road access and close to major service centre (Kenora).

The GoldON Property lies immediately north of Pacific Iron Ore’s Separation property that hosts the Big Mack pegmatite as well as Avalon Advanced Materials’ Separation Rapids property that hosts the Big Whopper deposit (Figure 1).

The Big Whopper deposit was discovered in 1996 by Frederick Breaks of the Ontario Geological Survey and is one of the largest “complex-type” rare metal pegmatite deposits in the world (See Avalon’s website to learn more about the Separation Rapids project and the Big Whopper).

GoldON’s Property is host to three significant pegmatites (Glitter, Wolf and Rattler) along with a number of other, smaller, under-explored lithium (Li) – niobium (Nb) – tantalum (Ta) – rubidium (Rb) – tin (Sn) bearing pegmatite occurrences within the same structural zone that contains the Big Whopper and Big Mack pegmatites.

The most significant lithium-rich pegmatite occurring on the Property is the Glitter Pegmatite that has similar mineralogy to the Big Mack and Big Whopper pegmatites. The Glitter Pegmatite is a highly deformed petalite-bearing pegmatite exposed by mechanical stripping along its southeastern strike-length for 75 meters and achieves a maximum width of 25 meters. It has not been drill tested, and select channel samples taken in approximately 2001 by Champion Bear Resources reported Li2O values between 1.03 and 1.64% accompanied by anomalous trace levels of other metals (Source: Ministry of Northern Development and Mines Historical Assessment Files).

The Wolf and Rattler rare metal pegmatites are hosted within the 300 meter by 2,000 meter Skidder Pluton, a highly evolved parent granite that is similar to the nearby Separation Rapids pluton from which the Big Whopper pegmatite was derived.

The Wolf Pegmatite is a mass of pink-weathering pegmatite covering an area of approximately 40 meters by 100 meters that is also hosted within a westward striking apophysis of the Skidder Pluton. The zone consists mostly of tourmaline-garnet-biotite-muscovite potassic pegmatitic leucogranite characterized by graphic intergrowths of quartz-potassium feldspar up to 0.7 meter by 1 meter and abundant coarse books of silver coloured muscovite up to 5 centimeters thick.

Oxide minerals cassiterite, manganotantalite and microlite, up to 5 millimeters in diameter, were identified by electron microprobe work by the Ontario Geological Survey (1999 OGS Open File Report 6000). These minerals are mainly confined to small pods and layers of sodic aplite up to 0.8 meter by 1 meter in size.

Previous claim holder Champion Bear registered maximum values from grab sampling of 1000 ppm cesium (Cs), 160 ppm Ta2O5, 240 ppm Nb2O5, 859 ppm Sn, 1700 ppm Rb2O and 0.39% Li2O from the pegmatitic segregations at the Wolf Pegmatite (Source: Ministry of Northern Development and Mines Historical Assessment Files).

The Rattler Pegmatite consists of pink-weathering pegmatite segregations up to 7 meters by 12 meters hosted in the most westward striking apophysis of the parent granite (Skidder Pluton). The segregations composed of tourmaline-muscovite potassic pegmatite and grade imperceptibly into the medium-to-coarse grained, garnet-biotite bearing granitic host. Previous claim holder Champion Bear registered maximum values from grab sampling of 831 ppm Cs, 210 ppm Ta2O5, 150 ppm Nb2O5, 124 ppm Sn, 4100 ppm Rb2O and 0.20% Li2O from the pegmatitic segregations.

“While we remain focused on gold exploration in Ontario, the Paterson Lake prospect is an opportunity to diversify into the lithium exploration space at a very low cost,” said GoldON President, Michael Romanik. “The Property is strategically situated within an eastern extension of the same field that contains the famous Tanco pegmatite of southeastern Manitoba; and, with the Big Whopper 200 meters from our southern boundary, it provides us with an under-explored target area that is known to host lithium deposits.”

Steven Siemieniuk, P.Geo. and independent Qualified Person as defined by NI 43-101, has reviewed and approved the contents of this news release on behalf of the Company.


About GoldON Resources Ltd.

GoldON Resources Ltd. is an exploration company geographically focused on the prolific gold mining belts of Ontario, Canada. All of its properties are in good standing and include the Slate Falls gold-silver property in northwestern Ontario and the Swayze gold property adjoining the Côté Gold Project owned by Trelawney Mining and Exploration, a subsidiary of IAMGOLD Corporation. For more information, visit www.goldonresources.com.


ON BEHALF OF THE BOARD

Signed “Michael Romanik”
Michael Romanik, President



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Contact:

GoldON Resources Ltd.
Michael Romanik, President
(204) 724-0613
info@goldonresources.com