WEST MADSEN

Our recently completed Phase II drill program focused on areas where no prior drilling had been done. Drilling returned consistently anomalous gold values and highly prospective geology with the key Balmer Assemblage rocks identified in 10 of 16 drill holes," Michael Romanik president of GoldON.

The West Madsen project (the "Project") is located in the heart of the Red Lake Gold Camp and adjoins Pure Gold's Red Lake mine property that hosts Canada's newest high-grade gold mine where they are ramping up ore production (see Pure Gold's news release of May 13, 2021).

The Project covers 5,862 hectares and is comprised of the West Madsen - Block A and B, where GoldON is earning a 100% interest through an option agreement with Great Bear Resources (see news release of May 28, 2019); claims GoldON acquired via staking in December 2020; and the Flat Lake and Madsen-Medicine Stone claim groups that GoldON acquired a 100% interest in from Bounty Gold (see news release of January 7, 2021).

Figure 1: Location of West Madsen Project & GoldON's Other Properties (click on image to enlarge)

GoldON recently reported final assay results and provided a summary of its Phase II drilling program that focused on the eastern portion of the Project (see news release of June 1, 2021) and the area of the black ellipse (Figure 2 below) that is contiguous with the Pure Gold Red Lake Mine property.

Pure Gold's reserves and resources include the Madsen deposit and the Fork, Russet South, and Wedge deposits that are hosted in a seven-kilometre-long gold system that follows the major crustal break or contact between the Balmer and Confederation assemblages. This same Balmer-Confederation contact has been exposed in outcrop 1.6 kilometres (km) west of the Pure Gold property boundary and is interpreted to continue for ~8 km across GoldON's property.

The Pure Gold property had historical production of 2.6 million ounces (Moz) of gold; and current resources from the Madsen, Russet South, Fork and Wedge deposits include a 2.1 Moz Indicated Resource (7.2Mt at 8.9 g/t gold) and a 0.5 Moz Inferred Resource (1.9Mt at 7.7g/t gold). Mineral resources are inclusive of Probable Mineral Reserves of 1 Moz of gold grading 9g/t (in 3.5 million tonnes) (see Pure Gold's Reserves and Resources). Mineralization hosted on adjacent and/or nearby properties is not necessarily indicative of the mineralization hosted on the GoldON's property.

Figure 2: Plan View of West Madsen - Block A with Phase I & II Drill Hole Collar Locations (click on image to enlarge)

GoldON's Phase II drill program was designed to test the newly identified corridor of Balmer Assemblage stratigraphy that was recently discovered to host high-grade gold (see GoldON's news release of July 22, 2020) by expanding on the reconnaissance drill program carried out in the summer of 2020. A total of 7,041 metres (m) were drilled over the course of 16 holes and targeted an east-west structural corridor interpreted to be separating the Balmer and Confederation assemblages (see GoldON's news release of April 6, 2021 drill hole details and Figure 2 above).

_Phase II Program Highlights:_

The Balmer Assemblage rock package hosts most of the current gold resources and historical gold production in the Red Lake Greenstone Belt, and Phase II drilling was successful in identifying rocks of the Balmer Assemblage in 10 of the 16 holes.

Predictable intersections of Balmer Assemblage extrusive mafic to ultramafic volcanic rocks that display textures, alteration and mineralization identical to those hosting gold mineralization at the Pure Gold mine. Observed thicknesses of this stratigraphy suggest a widening to the west and down-dip.

Gold values within the Balmer rocks are consistently elevated above background levels with assays up to 5.72 g/t over 0.50m returned from a newly recognized corridor of highly strained and altered basalt that structurally, mineralogically and geochemically resemble other gold-bearing rocks within the Red Lake Greenstone Belt.

Porphyritic felsic volcanic rocks within the Confederation Assemblage that returned a broad intercept of anomalous gold values (up to 0.51 g/t over 10.90m within hole WM-21-22, Table 1) are similar to those that host the No. 1 Vein target on the Pure Gold property (see Pure Gold's news release of March 4, 2021). This may indicate the presence of broad low-grade gold mineralization, which is becoming increasingly relevant in the Red Lake Camp.

Newly documented high-strain felsic volcanic rocks in the Confederation Assemblage rock package contain sphalerite and arsenopyrite mineralization and bear textural, mineralogical and genetic similarities to other gold-bearing felsic volcanic rocks.

Although the gold values returned from this program are not as high as in our initial discovery, this phase of drilling further defined a previously unexplored package of the highly prospective Balmer Assemblage. This mafic package paired with the highly anomalous gold values and increased focus of exploration in the Confederation Assemblage presents an excellent opportunity for exploration within our West Madsen project," Michael Romanik president of GoldON.

Red Lake specialists, Rimini Exploration & Consulting, are managing the West Madsen Project for GoldON. Rimini's principals have over 40 years of combined management and exploration experience specific to the Red Lake Greenstone Belt that spans grassroots exploration to reserve replacement. Rimini was recently acknowledged for its contribution to Great Bear's Dixie Project and the new high-grade gold discovery, the "Bear-Rimini Zone".

_Terms of the Great Bear Resources Option Agreement_

To earn an initial 60% interest in the West Madsen - Block A and Block B, GoldON must:

a) incur minimum Exploration Expenditures on the Property, as follows:

(i) $100,000 on or before the first anniversary of the Agreement (exceeded);

(ii) a cumulative total of not less than $350,000 on or before the second anniversary (exceeded); and

(iii) a cumulative total of not less than $750,000 on or before the third anniversary (exceeded); and

b) pay cash to Great Bear as follows:

(i) $50,000 within 10 days of signing the Agreement (paid);

(ii) $50,000 on or before 10 days after the first anniversary (paid); and

(iii) $75,000 on or before 10 days after the second anniversary (paid); and

c) issue common shares of GoldON to Great Bear as follows:

(i) 250,000 Shares within 10 days of signing the Agreement (paid);

(ii) 250,000 Shares on or before 10 days after the first anniversary (paid); and

(iii) 375,000 Shares on or before 10 days after the second anniversary(paid).

In order to earn the remaining 40% interest, for a total of 100% interest, GoldON must:

a) incur additional Exploration Expenditures on the Property of at least $750,000 on or before the fourth anniversary of the Agreement, and

b) pay $500,000 cash or issue 500,000 Shares to Great Bear at GoldON’s election on or before 15 days after the third anniversary of the Agreement.

Great Bear will retain a 2.5% net smelter returns (NSR) royalty after GoldON completes the initial 60% earn-in. GoldON shall have the right to buy back 1% of the Royalty for $500,000 at any time prior to a production decision being made on all or part of the West Madsen property.

_Terms of the Bounty Gold Option Agreement_

GoldON paid Bounty Gold a total of $80,000 in cash and 250,000 common shares and now owns a 100% interest in the claim groups with Bounty retaining a 2% NSR royalty of which GoldON may purchase half for $1,000,000.