VANCOUVER, BC, Oct. 4, 2022
/CNW/ - Gold Line Resources Ltd. (TSXV:
GLDL) ("Gold Line" or the "Company") is pleased to announce
commencement of a diamond drilling program at the 100% owned
Paubäcken project located in the Gold Line Belt, northern
Sweden.
The Company plans to complete up to 1500 metres of diamond
drilling at the Aida target on the Paubacken Project using one
drill rig. The program is designed to test over 800 metres of
identified structural corridor coincident with anomalous top of
bedrock gold and pathfinder anomalism. The program will step out on
the 22.5 m @ 2.4 g/t Au intercept
(see Dec. 27, 2021 news release) to
understand size, geometry, and structural controls of
mineralization along the Aida structural corridor.
Aida Target
The recently completed 5-hole 760 metre winter drilling program
was encouraging and confirmed bedrock mineralization identified in
the 2021 regional BoT/ToB drilling program. The campaign included
22.5 m of 2.4 g/t Au in PAU21003,
located under approximately 20 m of
glacial till cover. The 2022 diamond drilling program intends to
step out on this intercept to depth and along strike to the north
and south on the Aida structural corridor. In 2021 wide-spaced
regional BoT/ToB drilling identified several additional anomalous
Au and pathfinder anomalies at Aida coincident with sub-parallel
structural corridors.
Gold Line's Paubacken Project consists of three main target
zones, Aida, Belle and Harpsund. Summer work programs
continued systematic exploration of the target areas and leave the
company well positioned with extensive targets in the project
area. "We are following up a very exciting technical
milestone in our exploration programs to date, and expect to be
busy throughout the fall and winter drilling seasons",
Commented CEO Adam Cegielski.
About the Paubäcken
Project
The Paubäcken Project consists of 3 licenses covering 17,097
hectares that cover the central part of an emerging district in
north central Sweden known as the
"Gold Line Belt". The Gold Line Belt is host to several significant
gold deposits, including the nearby Barsele project (operated as a
joint venture between Agnico Eagle Mines Ltd. and Barsele Minerals
Corp) as well as the Svartliden mine and Fäboliden development
project (operated by Dragon Mining Ltd). The Svartliden mine was in
production from 2005 to 2015 and a total of 3.18 million tonnes of
material grading 4.1 g/t Au was processed during its operation
(http://www.dragonmining.com/svartliden).
The Paubäcken Project is strategically positioned between
Barsele and Fäboliden, is a few hundred meters northeast of the
Svartliden mine, within the Gold Line Belt in northern Sweden. The Project contains 22 kilometres of
the regionally significant "Gold Line" structure which can be
traced for over 200 kilometres in regional geophysics data. All
mineralization discovered to date shows a spatial relationship to
this structural corridor, occurring mainly on second and third
order splay structures. The Geology of the Paubacken project
consists of a sequence of inverted basin sediments and mafic
volcanic rocks intruded by small syn-kinematic granitic intrusions
within a broad, anastomosing high strain structural corridor. The
rocks are regionally metamorphosed to upper greenschist and
amphibolite grade and gold mineralization is associated with
intense sericite, carbonate, biotite, and calc-silicate alteration
assemblages and sulphide minerals pyrite, arsenopyrite, and
pyrrhotite. These lithological sequences are highly prospective for
orogenic gold deposits.
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
Benjamin Gelber, M.Sc., P.Geo., a
Qualified Person.
About Gold Line Resources
Ltd.
Gold Line Resources is focused on acquiring mineral properties
with exceptional exploration potential in the most prolific
gold-producing regions of Sweden
and Finland. Gold Line is working
in two of the world's top mining jurisdictions and emerging
exploration frontiers due to their strong mineral endowment, stable
tenure, straightforward permitting, favourable tax regime and
supportive geopolitical landscape.
Gold Line currently holds a prospective portfolio of gold
exploration projects in Sweden and
Finland. In Sweden projects are located in the Gold Line
Mineral Belt and Skellefteå Belt of north-central Sweden, and the Mjøsa-Vänern Belt in southwest
Sweden. In Finland Gold Line holds the entire
underexplored Oijärvi Greenstone Belt located in northern
Finland.
On behalf of the Board of Directors of Gold Line
Resources,
Adam Cegielski
CEO & Director
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this release.
Cautionary Note Regarding
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking statements." Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Gold Line's actual results, performance or
achievements, or developments to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this news release include
statements that are not historical facts. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors and risks include, among others: that
exploration and development activities will not be completed as
planned; that the results of exploration and development activities
will not be as anticipated. Gold Line may require additional
financing from time to time in order to continue its operations
which may not be available when needed or on acceptable terms and
conditions; compliance with extensive government regulation;
domestic and foreign laws and regulations could adversely affect
Gold Line's business and results of operations; the stock markets
have experienced volatility that often has been unrelated to the
performance of companies and these fluctuations may adversely
affect the price of Gold Line's securities, regardless of its
operating performance; and the impact of COVID-19. The
forward-looking statements contained in this news release represent
the expectations of Gold Line as of the date of this news release
and, accordingly, are subject to change after such date. Readers
should not place undue importance on forward-looking information
and should not rely upon this information as of any other date.
Gold Line undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
SOURCE Gold Line Resources Ltd.