GoldON Resources Ltd. announced that diamond drilling will commence early in the first quarter of 2023 on its McDonough gold property located 15 kilometres north of the town of Red Lake, Ontario. Drilling will target induced polarization (IP) chargeability anomalies coincident with wide anomalous gold-in-soil anomalies that straddle a key structural feature associated with many gold deposits within the Red Lake Greenstone Belt . The Property lies along the contact and unconformity of the Huston Assemblage conglomerates (2733-2743 million years [(Ma]) and the Slate Bay Assemblage (Confederation) (<2903 Ma) clastic sediments. The same Huston Assemblage conglomerates are in unconformable contact with the Balmer Assemblage mafic and ultra-mafic rocks where the Red Lake Mine Complex (Campbell and Red Lake gold mines) lie in close proximity. Sediment unconformities are also proximal to the
Madsen and Starratt-Olsen gold mines southwest of Red Lake. To date, GoldON has completed a high-resolution magnetic survey followed by compilation of all known historical information along with a geological and structural reinterpretation. Results from the geological and structural interpretation provided targets where A-horizon soil samples were taken at 25 metre (m) intervals over an interpreted iron formation clast supported conglomerate of the Huston Assemblage in unconformable contact with the Slate Bay Assemblage. Wide intervals of gold-in-soil anomalies were encountered over the unconformity between the Huston and Slate Bay Assemblages into the overlying Graves Assemblage which is comprised of intermediate volcanic rocks. Local grid L9+00 E contained a gold-in-soil anomaly over 225 m with values ranging from 32 to 206 ppb gold. Local grid L30+00E produced a gold-in-soil
anomaly 425 m wide with values ranging from 17 to 253 ppb gold. The gold-in-soil anomalies provided further vectoring of exploration efforts where an IP survey was completed in March 2021. The IP survey, interpreted by Dynamic Discovery Geoscience, defined a total of 23 chargeable IP axes. Many of these were coincident with the gold-in-soil anomalies and along the unconformity. Only one drill hole exists in the target area that was drilled in 1987 by Noramco and targeted a break in the magnetic signature. The 203 m diamond drill hole (NMD87-20) missed an IP chargeability anomaly and a gold-in-soil anomaly. The last 1.5 m of the hole ended in quartz-veined stringer-sulphide metasediments. This hole was never followed up on.