GoldON Resources Corporate Update

Victoria, British Columbia--(Newsfile Corp. - February 16, 2021) - GoldON Resources Ltd. (TSXV: GLD) ("GoldON" or the "Company") is a Canadian gold explorer focused on discovery through the exploration of overlooked and underexplored properties, and is pleased to provide an overview of the Company.

Capital Structure:

GoldON has no debt other than current trade payables and has raised approximately $2,856,000 over the last five months at an average price of $0.73 per share, with the latest financing closed with Mr. Eric Sprott. Share capitalization includes 22,318,292 common shares issued, 4,882,633 common share purchase warrants exercisable at an average price of $0.77, 2,616,000 incentive stock options exercisable at an average price of $0.41, and 29,816,925 common shares outstanding on a fully diluted basis assuming all warrants and options are exercised. Insider ownership is approximately fifteen percent of shares issued and GoldON's President Michael Romanik is the largest individual shareholder. The current market cap based on shares issued is ~$11,000,000.

A Geographic Focus:

The Company is focused on exploring discovery-stage properties in the pro-mining jurisdictions of northwestern Ontario, a region that contains some of the most prolific gold producing belts in the world. Our current projects include the West Madsen, Pipestone Bay, McDonough and Bruce Lake properties all located in the Red Lake Mining District and the Slate Falls property in the Patricia Mining District (see regional map with property locations).

All our properties are in good standing and a summary of each project follows:

West Madsen Property

A fully funded Phase II exploration drilling program is in progress at the West Madsen property that is contiguous with the Pure Gold Red Lake Mine property, where they poured first gold on December 29, 2020 and anticipate being in commercial production by the end of Q1 2021 (see Pure Gold's news release of December 30, 2020). Pure Gold's reserves and resources are hosted in a seven-kilometre-long gold system that follows the major crustal break or contact between the Balmer and Confederation assemblages. GoldON's drilling recently intersected this same Balmer-Confederation contact on its property 1.6 kilometres (km) west of the Pure Gold property boundary (see news release of February 9, 2020). This prospective contact is interpreted to continue for ~8 km across Block A of GoldON's property (see area map with drilling plan).

To date, 4,150 metres of the proposed 7,000 metre Phase II program have been drilled over nine holes to test the strike extension of both the known gold mineralization to the east and follow-up on the gold mineralization discovered during GoldON's Phase I drilling in 2020. The prospective Balmer Assemblage volcanic rocks have been identified in six of nine holes and drill core sample assays are pending from four holes.

The West Madsen property covers 5,862 hectares in the heart of the Red Lake Gold Camp and is comprised of the original Block A and B claim groups, where GoldON has the right to earn a 100% interest through an option agreement with Great Bear Resources (see news release of May 28, 2019); the Flat Lake and Madsen-Medicine Stone claim groups that GoldON purchased from Bounty Gold (see news release of January 7, 2021); and claims GoldON acquired via staking in December (see Red Lake regional map).

Pipestone Bay Property

The Pipestone Bay property is a drill-ready project hosted along the Pipestone Bay Deformation Zone and has many key geological signatures that make the Red Lake Greenstone Belt such a prolific gold camp including silicification, sericite, biotite and chlorite alteration, visible gold in quartz veins, D2 folding and crustal-scale structures. The property is located approximately 32 km west of the town of Red Lake in an active area with multiple drill programs in progress by other junior explorers (see area map).

In 2020, GoldON hired Prospectair Geosurveys to complete a heliborne high-resolution magnetometer (MAG) survey to cover the property; and then had Orix Geoscience complete a data compilation and reinterpretation study incorporating the MAG survey data with all known lithological and mineralogical information, and structural measurements. The Orix study provided a greater understanding of the geological and structural framework of the property and recommended diamond drilling to target the 991 Zone mineralization that may be controlled by an early E-W structure that is likely a second-order structure to the Pipestone Bay - St Paul Bay Deformation Zone (see news release of August 27, 2020). Drill permits are in place.

GoldON has an option agreement to acquire a 100% interest in the 914-hectares property.

McDonough Property

Located ~15 km north of the town of Red Lake, the McDonough property straddles a regional unconformity that is a key structural signature of many deposits within the Red Lake Greenstone Belt. The property is contiguous with Battle North Gold's Slate Bay and DMC gold properties in an area that should see increased activity this year with Battle North announcing a $10 million regional exploration budget for their Red Lake properties last fall and applying for winter drill permits (see Battle North news releases of September 29, 2020 and November 16, 2020).

In 2020, GoldON hired Orix Geoscience to complete a data compilation and reinterpretation study incorporating data from a 2020 MAG survey with all known historical information on the property. Results from the Orix study included the identification of a primary target area within the property where elevated soil samples overly the contact between an iron-formation clast dominated conglomerate (Huston Assemblage) and intermediate to felsic volcanics at northeast and northwest intersecting structures (see geology map and news release of September 29, 2019). GoldON is now in the process of planning an induced polarization (IP) survey to further define the target(s). Drill permits are in place.

GoldON has an option agreement to acquire a 100% interest in the 1,062-hectare property.

Bruce Lake Property

Located ~36 km southeast of the town of Red Lake, the Bruce Lake property is in a structurally active area spatially associated with east-west trending deformation zones and northeast-trending faults. Historical gold-in-soil and gold-in-sediment anomalies suggest the property could be the source of the gold and targets remain undrilled. Additionally, drilling by BTU Metals on the adjoining Dixie Halo property has discovered a potential Cu-Au-Ag VMS-style system called the TNT Target that borders the western claim boundary. Further drill testing in the area by BTU is anticipated this year and GoldON has drill permits in place (see plan view map)

GoldON has an option to acquire a 100% interest in the 3,103-hectare property.

Slate Falls Property

The 5,657-hectare Slate Falls property is located within the southwestern extension of the Meen-Dempster Greenstone Belt between the Red Lake and Pickle Lake gold camps. Key regional-scale structures correlate with numerous high-grade gold and silver showings that have been identified including the Carpenter, Fly, FTM, J. Loon, L1, L15, Path, Sanderson and Trail Zones These showings are part of the Slate Falls Deformation Zone and extend for over 10 km in strike and 1.5 km in width within the land package.

In 2020, GoldON hired Orix Geoscience to take a broader look at the property and complete a structural study incorporating data from a 2020 MAG survey with all known lithological and mineralogical information and structural measurements. Results from the study include a vastly improved geological understanding of the property and recommendations for exploration in five new areas where deformation, folding, shearing and faulting have been mapped (see geology map with target areas and National Instrument 43-101 Technical Report).

Despite the compelling exploration potential Slate Falls has demonstrated, GoldON's current focus is on its Red Lake area projects. The property is 100% owned, subject to a 2% net smelter returns (NSR) royalty, and GoldON may consider bringing in a joint-venture partner or a spinout of Slate Falls in the near future.

Mike Kilbourne, P. Geo, an independent qualified person as defined in NI 43-101, has reviewed and approved the technical contents of this news release on behalf of the Company.

Strategic Advisor

Referred to as a one-man project generator, Perry English joined GoldON as strategic advisor in early 2019. Perry is an experienced prospector specializing in northwestern Ontario and has been instrumental in helping the Company source quality projects in the Red Lake area. The camp remains extremely active and we are always reviewing new opportunities to bring into the project portfolio that offer intriguing risk/reward metrics.

"While our current focus is squarely on the drilling campaign in progress at our West Madsen Project, we are also continuing to advance our other projects to the drill-ready stage," said Mike Romanik president of GoldON. "The goal is to create value for our shareholders through discovery."

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74496