GoldON Makes New Gold Discovery at West Madsen within the Key Balmer Stratigraphy that Hosts All Major Deposits in the Red Lake Greenstone Belt

This is the first time that the Balmer Assemblage has been identified in drill core and clearly defines a new prospective gold exploration corridor that extends west from Pure Gold's Wedge Zone on to the West Madsen Property

VICTORIA, July 22, 2020 - GoldON Resources Ltd. (TSXV:GLD) ("GoldON" or the "Company") is pleased to provide a summary of analytical results from the initial, wide-spaced reconnaissance diamond drilling program recently completed on the West Madsen gold property (the "Property").

GoldON has the right to earn a 100% interest in the Property through an option agreement with Great Bear Resources (see news release of May 28, 2019 and regional claim map Figure 1). The Property is comprised of two contiguous claim blocks (Block "A" and "B"), each roughly six kilometres (km) by three km in size for a total area of 3,860 hectares (see Figure 2). Block A adjoins the Pure Gold Red Lake Mine property, which is the highest-grade underground development project in Canada with first gold production expected in Q4 2020.

The drilling program tested targets trending east-west that run sub-parallel to magnetic lineaments on Block A of the Property within a larger structural corridor interpreted to be the major structural break between the Balmer and Confederation assemblages. This break is a significant geological and structural contact associated with known gold deposits on the adjacent Pure Gold property and the producing mines in the Red Lake Camp. Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the West Madsen property.

A total of seven drill holes (2,237.25 metres) were completed during this initial program. Drill hole WM-20-05 intersected 14.4 g/t gold over 0.5 metres hosted by strongly altered mafic volcanic rocks of Balmer Stratigraphy, with observed visible gold. The mineralization is characterized by a blue-grey quartz amphibole calcite vein, within an interval of highly strained mafic volcanic rocks, that are in contact with a package of ultramafic rocks. The observed mineralization is analogous to some of the mineralized intervals observed at the Pure Gold property.

This is the first time that the Balmer Assemblage has been identified in drill core on the Property and clearly defines a new prospective exploration corridor extending west from Pure Gold's Wedge Zone. Two holes (WM-20-05 and WM-20-06) tested this corridor with a nominal spacing of 500 metres between the collars and the Balmer stratigraphy was observed in both holes. Several other holes intersected elevated gold values, variably hosted within felsic volcanic rocks, and will be considered for future exploration targets. A summary of the holes is presented below, as well as assay results:

Table 1: Drill hole summary table.

Table 2: Assay table summary.

*Widths are drill indicated core lengths. True widths are interpreted to be 80-95% of core length.

Chris Taylor, President and CEO of Great Bear said, "GoldON has just crossed a discovery threshold that many junior companies struggle to reach. These results validate our exploration models, which predicted the Balmer Assemblage would be present on the West Madsen property, projecting west from the Madsen mine. The discovery of gold mineralization in multiple drill holes, including high-grade gold, clearly shows the potential of the project. As GoldON shareholders and future royalty holders of the West Madsen project, we are very pleased to see these positive developments and are looking forward to seeing further drill results from West Madsen, and to testing Great Bear's other regional exploration targets at the Sobel, Dedee and Pakwash properties."

"The discovery of gold-bearing Balmer Stratigraphy in our Phase I drilling program demonstrates the untapped potential of the West Madsen property," said Mike Romanik president of GoldON. "Through a systematic, scientific approach utilizing ground mapping, sampling, geochemistry and regional geophysics, we have successfully discovered a package of highly prospective rocks that were not observed in bedrock prior to this drill program. We are currently updating our exploration model in order to select and prioritize targets for Phase II drilling."

Ian Russell, 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.

QA/QC and Core Sampling Protocols

Drill core was logged and sampled in a secure core storage facility located in Red Lake Ontario. Core samples were cut in half, using a diamond cutting saw, and were analyzed at Activation Laboratories Ltd. (Actlabs) in Thunder Bay, ON. All samples are analyzed for gold using a standard 50g Fire Assay-AA technique. Samples returning over 10.0 g/t gold are analyzed utilizing standard 50g Fire Assay-Gravimetric methods. Certified gold reference standards and blanks were routinely inserted into the sample stream, as part of GoldON's quality control/quality assurance program (QAQC). No QAQC issues were noted during this program.

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. Active projects include the West Madsen property in the Red Lake Gold Camp, an option/JV with Great Bear Resources; the Bruce Lake property that adjoins BTU Metals' Dixie Halo property and their TNT Target; and the 100% owned Slate Falls project in the Patricia Mining Division, where numerous Au-Ag mineralized zones have been identified over the 13-km breadth of the property. GoldON has 17,208,432 shares issued, all our properties are in good standing and we are fully funded for our 2020 exploration programs.

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

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SOURCE: GoldON Resources Ltd.