VANCOUVER, BC, Jan. 21, 2021 /CNW/ - Gold Line Resources
Ltd. (TSXV: GLDL) ("Gold Line") (the
"Company") is pleased to provide an overview of its 2020
exploration programs undertaken on several of its 100% owned gold
exploration projects, and announces that subsequent Base of Till
sampling is underway.
The 2020 programs covered extensive portions of the Paubäcken,
Storjuktan and Blåbärliden project areas, all located on the Gold
Line Mineral Belt in north central Sweden (the "Projects"; see Image 1). These
exploration programs consisted of extensive groundwork including
detailed geologic mapping, extensive geochemical sampling and
geophysical surveys. Geochemical sampling continued to be a focus
of this year's work, and included rock chip, soil, glacial till and
stream sediment sampling campaigns. Both ground and aerial (drone)
geophysical surveys were also used to compliment geologic mapping
in select areas.
This work is actively being followed up with more intensive
exploration methods, including Base of Till ("BoT") and Top of
Bedrock ("ToB") drilling. The BoT/ToB drill data will be used to
further refine exploration targets and select locations for diamond
drill testing during the upcoming 2021 winter and summer
exploration seasons.
Adam Cegielski, the Company's CEO
commented, "Results from our initial and ongoing Base of Till
sampling program is revealing some promising results, and we are
encouraged that this program will further refine the new and
expanded targets identified during our 2020 exploration programs.
The Base of Till exploration methodology our team is employing, has
proven successful in areas with glacial till cover, and has led to
great successes in the region, including those witnessed by Rupert
Resources at their Pahtavaara Project. We are the largest
holder of mineral rights in the Gold Line Belt, and with over
$6,000,000.00 dedicated to a
multi-asset drill program, we are excited about the potential of
the Company's prospects."
Overview of the Gold Line
The Gold Line of north central Sweden was the subject of intensive
exploration by the Swedish government in the 1980s that led to the
discovery of a series of gold deposits and occurrences along a
roughly 200 kilometer long north-south trend west of Skellefteå.
This belt became known as the "Gold Line", where several mines have
since been developed. As well, there are ongoing exploration
programs at the nearby Barsele project (operated as a joint venture
between Agnico Eagle Mines Ltd. and Barsele Minerals Corp.), and
the Fäboliden development project (Dragon Mining Ltd.).1
Gold Line Resources controls a large portfolio of exploration
licenses along the northern and southern extensions of the Gold
Line, making it the largest holder of mineral rights in the
area.
A considerable amount of historic work has been conducted in
past decades, yet much of the Gold Line Belt remains underexplored,
and many of the historic gold occurrences within the Company's
Projects have only seen limited drill testing, if any. This
presents a unique opportunity to revisit these historic exploration
areas with modern methods and approaches. This is the core strategy
of the Company; apply a blend of new and well-established
exploration techniques to further advance the historic gold
occurrences that lie within the Projects and to make additional
novel discoveries along the belt.
Exploration Methodology:
Exploration work on the projects was conducted using systematic
approaches with newly developed geochemical sampling techniques as
well as well-established methods for exploration in glaciated
terrains. The first step after the compilation of historic data was
to cover the entirety of the project areas with stream sediment
surveys (using bulk leach extractable gold, or "BLEG"
methods).2 This work was completed in 2019-2020 and
highlighted a variety of new targets for exploration. Additionally,
historically known occurrences were clearly identifiable in the
BLEG results, providing "proof of concept" and reinforcement of the
utility of the method.
Areas with strong BLEG gold anomalies were then further assessed
with surface soil and till sampling programs using combinations of
conventional geochemical analyses and newly developed Ionic Leach
("IL") technologies. Control lines have been run across several
historic drill defined zones of gold mineralization and served to
confirm the utility of these methods in the geological environment
of the Gold Line.
Over the past two summers 3,153 soil and till samples were
collected and analyzed, which served to further refine exploration
targets.3 Ground based and drone supported geophysical
surveys were run in selected areas, along with detailed geologic
mapping. Prioritized targets are now being tested with BoT/ToB
drilling to assist in defining diamond drill
targets.4
The BoT/ToB approach has been utilized throughout Fennoscandia
for many years and remains the most widely applied tool for making
new discoveries. Preeminent examples include the recent discoveries
of satellite gold deposits on Rupert Resources' (TSX.V: RUP)
Pahtavaara gold property in Finland, and AngloAmerican plc's Sakatti
nickel-copper discovery, also in Finland.
BoT/ToB sampling will also be supplemented by less expensive and
more rapid snowmobile mounted power augers and percussion drilling
devices. These methods will allow for even broader sampling
coverage in areas of till and overburden cover.
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References to
regional mines and development and exploration projects provide
context for Gold Line's properties, which occurs in similar
geologic settings. However, this is not necessarily indicative that
Gold Line's properties will host mineralization with similar tenor,
tonnages or grades.
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The geochemical
sampling was performed and reported by EMX Royalty Corp in
2019-2020. Samples were prepped in Malå, Sweden before they were
sent for analysis at ALS Ireland. Accredited control samples
(blanks and standards) were inserted into the sample intervals
regularly. BLEG samples were analysed using super trace analytical
methodology Au-CN44A.
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The geochemical
sampling was performed and reported by EMX Royalty Corp in
2019-2020. Samples were prepped in Malå, Sweden before they were
sent for analysis at ALS Ireland. Accredited control samples
(blanks and standards) were inserted into the sample intervals
regularly. Ionic Leach samples were analysed using static sodium
cyanide leach technique ME-MS23. Traditional soil samples were
collected at the "C" soil horizon, sieved using 64 micron and
analysed using AuME-ST44.
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BoT/ToB samples
were sampled with track-mounted drill rig and collected at the
till-bedrock interface. Till samples were dried and sieved to 180
micron at the ALS Malå prep lab and sent to ALS Ireland for
analysis with super trace gold in soils and sediment technique
AuME-ST43. Bedrock samples were logged and prepped at ALS Malå
where they were crushed to 70% less than 2mm, riffle split off
250g, pulverized split to better than 85% passing 75 microns. Next
the samples were assayed at ALS Ireland with complete
characterization package CCP-PKG01 with an additional fire assay
for precious metals characterization PGM-ICP23.
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Paubäcken Gold Project:
Over the past two field seasons, 1,443 ionic leach samples and
66 conventional "C-horizon" soil samples were collected at
Paubäcken along with drone magnetometer surveys. These data served
to highlight multiple gold anomalies and delineate previously
unrecognized structural trends (see Image 2). BoT/ToB drilling is
now underway, focusing on two target areas where soil sampling and
mapping have indicated the presence of a mineralized structure
projecting beneath the overburden cover. Favorable styles of
veining and alteration were seen in the initial BoT/ToB sample
lines and early assay results are highly encouraging.
Storjuktan Gold Project:
At Storjuktan a total of 912 ionic leach samples and 37
conventional "C-horizon" soil samples have been collected, along
with drone magnetometer surveys. These data served to identify 3
strong gold anomalies along key structural corridors (see Image 3).
These anomalies are located in the vicinities of historical drill
defined zones of gold mineralization, but several represent
fundamentally new targets.
The next phase of work will include BoT/ToB drilling and power
auger sampling. Also slated for testing are areas with historical
drill defined zones of gold mineralization that remain open at
depth and along strike.
Blåbärliden Gold Project:
645 ionic leach samples and 50 conventional "C-horizon" soil
samples have been collected at Blåbarliden over the past two summer
field seasons. Sampling was focused around areas with historical
drill defined zones of gold mineralization. The results are
promising and show clear extensions of the historical zones of
mineralization (see Image 4). Some of the strongest anomalism lies
at the far southern end of the sampling lines, which has expanded
the key target area.
BoT/ToB drilling commenced in November
2020 at Blåbärliden, with an initial series of 267 holes
planned. This work will continue through the winter months of 2021.
The BoT/ToB targets are focused along the northern and southern
extensions of the historically defined zones of gold mineralization
at Blåbärliden.
The Company also announces that it has retained Independent
Trading Group ("ITG") to provide market-making services in
accordance with TSX Venture Exchange ("TSX-V") policies. ITG
will trade shares of the Company on the TSX-V and all other
applicable trading venues with the objective of maintaining a
reasonable market and improving the liquidity of the Company's
common shares.
Under the agreement ITG will receive a monthly fee of
C$5,000 plus applicable taxes.
The initial term of the agreement will last three (3) months, and
such term will be automatically renewed for subsequent one (1)
month periods unless terminated earlier by either party upon 30
days' prior written notice. ITG will not receive any common shares
or options as compensation. ITG does not currently own any
securities of Gold Line Resources Ltd.; however, ITG and its
clients may acquire a direct interest in the securities of the
Company. Gold Line Resources Ltd. and ITG are unrelated and
unaffiliated entities. ITG is a member of the Investment Industry
Regulatory Organization of Canada.
Qualified Person:
The technical information in this news release has been prepared
in accordance with the Canadian regulatory requirements set out in
National Instrument 43-101 and reviewed and approved by
Michael Dufresne, M.Sc., P.Geol.,
P.Geo., a Qualified Person.
About Gold Line Resources Ltd.
Gold Line Resources Corp. is a new gold exploration company with
a prospective portfolio of high-grade gold exploration projects
located on the Gold Line Mineral Belt of north central Sweden and one gold exploration project in the
Skellefteå Mineral Belt of north central Sweden. Located on a 200km mineralized
greenstone belt that is host to multiple high-grade gold deposits.
High-grade gold occurrences across the properties were
identified by state run programs in the 1970's and 1980's with
little to no modern exploration. Historical drill intercepts
including 11.4 g/t Au over 6.0m at
the Blåbärliden property5 and additional areas of
high-grade gold mineralization sampled in boulders and outcrop of
60+ g/t Au6 at the Paubäcken Project.
The properties have excellent infrastructure and year-round
access to all licenses. Some of Europe's lowest energy prices.
The Company's largest strategic shareholder, EMX Royalty Corp.,
is involved in executing the exploration programs and providing
technical guidance. Management's goal is to grow shareholder value
through the continued exploration of the large and highly
prospective portfolio of projects in the Gold Line Mineral Belt and
Skelleftea Belt in Sweden.
Gold Line Resources Ltd.
"Adam Cegielski"
Adam Cegielski
CEO & Director
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The historical drill
intercept was completed by Lappland Goldminers in 2007 and was
reported and published by Geological Survey of Sweden (SGU). Gold
Line Resources has not performed sufficient work to verify the
published assay data, but believe these data to be reliable and
relevant.
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The historical
rock chip samples were collected from boulders by Lappland
Goldminers in 2005 and were reported by Geological Survey of
Sweden. Gold Line Resources has not performed sufficient work to
verify the published assay data, but believe these data to be
reliable and relevant.
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NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES
PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE
CONTENT OF THIS NEWS RELEASE.
Forward Looking Information
This news release includes certain statements that constitute
"forward-looking information" within the meaning of applicable
securities law, including without limitation, statements that
address the Property, obtaining a permit, comments regarding the
timing and content of upcoming work programs, timing of future
exploration and development, acquisition of other mineral
properties, other statements relating to the financial and business
prospects of the Company. Forward-looking statements address future
events and conditions and are necessarily based upon a number of
estimates and assumptions. These statements relate to analyses and
other information that are based on forecasts of future results,
estimates of amounts not yet determinable and assumptions of
management. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate",
"plans", "estimates" or "intends", or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved), and variations of such words, and
similar expressions are not statements of historical fact and may
be forward-looking statements. Forward-looking statement are
necessarily based upon a number of factors that, if untrue, could
cause the actual results, performances or achievements of the
Company to be materially different from future results,
performances or achievements express or implied by such statements.
Such statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the price of gold and other metals, anticipated costs and
the ability to achieve goals. While such estimates and assumptions
are considered reasonable by the management of the Company, they
are inherently subject to significant business, economic,
competitive and regulatory uncertainties and risks.
Forward-looking statements are subject to a variety of risks and
uncertainties, which could cause actual events, level of activity,
performance or results to differ materially from those reflected in
the forward-looking statements, including, without limitation: (i)
risks related to gold, base metal and other commodity price
fluctuations; (ii) risks and uncertainties relating to the
interpretation of exploration results; (iii) risks related to the
inherent uncertainty of exploration and cost estimates and the
potential for unexpected costs and expenses;(iv) that resource
exploration and development is a speculative business; (v) that the
Company may lose or abandon its property interests or may fail to
receive necessary licences and permits; (vi) that environmental
laws and regulations may become more onerous; (vii) that the
Company may not be able to raise additional funds when necessary;
(viii) the possibility that future exploration, development or
mining results will not be consistent with the Company's
expectations; (ix) exploration and development risks, including
risks related to accidents, equipment breakdowns, labour disputes
or other unanticipated difficulties with or interruptions in
exploration and development; * competition; (xi) the potential for
delays in exploration or development activities or the completion
of geologic reports or studies; (xii) the uncertainty of
profitability based upon the Company's history of losses; (xiii)
risks related to environmental regulation and liability; (xiv)
risks associated with failure to maintain community acceptance,
agreements and permissions (generally referred to as "social
licence"); (xv) risks relating to obtaining and maintaining all
necessary government permits, approvals and authorizations relating
to the continued exploration and development of the Company's
projects; (xvi) risks related to the outcome of legal actions;
(xvii) political and regulatory risks associated with mining and
exploration; (xix) risks related to current global financial
conditions; and (xx) other risks and uncertainties related to the
Company's prospects, properties and business strategy. These risks,
as well as others, could cause actual results and events to vary
significantly.
There can be no assurance that planned exploration will be
completed as proposed or at all, or that economic resources will be
discovered or developed at the Property; and there can be no
assurance that the Company will acquire other mineral properties.
Accordingly, actual results may differ materially from those
currently anticipated in such statements. Factors that could cause
actual results to differ materially from those in forward looking
statements include, but are not limited to, continued availability
of capital and financing and general economic, market or business
conditions, market prices, exploration and development successes or
failures, the loss of key directors, employees, advisors or
consultants and fees charged by service providers. Investors are
cautioned that forward-looking statements are not guarantees of
future performance or events and, accordingly are cautioned not to
put undue reliance on forward-looking statements due to the
inherent uncertainty of such statements. The forward-looking
statements included in this news release are made as of the date
hereof and the Company disclaims any intention or obligation to
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable securities legislation.
SOURCE Gold Line Resources Ltd.