Gold Line Resources Ltd. (TSX-V:
GLDL; OTCQB:
TLLZF) (“Gold Line”)
(the “Company”) is pleased to announce initial results from its
maiden drill program at the Company’s Paubäcken Project
(“
Paubäcken”) in Sweden.
Five widely spaced reconnaissance drill holes
were completed at Paubäcken for a total of 670 meters (m) in
October and November 2021. Data from three of the five holes have
been certified and received, and the Company is excited to report
an intercept of 22.5 m core length averaging 2.40 grams per
tonne (g/t) gold (Au); including a higher grade zone of
9.5 m averaging 4.6 g/t Au beginning at 46.5 m in
drillhole (DH) PAU21003 (see Table 1). The Company is awaiting
results from the remaining drillholes, PAU21004 and PAU21005.
This current drill program represents phase one
(“Phase I”) of a two phase 1,500 m maiden drill
program (the “Program”) that will be completed
early summer 2022. Phase I drilling of the program was completed at
the end of November, and in agreement with the local reindeer
husbandry, Phase II will commence once the reindeer have left the
area.
DH PAU 21003 targeted a gold-in-bedrock anomaly
of 1.43 g/t Au, previously identified at Paubäcken’s Aida target in
fall 2021, as a result of a base of till/top of bedrock
(“BoT/ToB”) drilling and sampling program (Figures
1 and 2). This target was “blind” in the sense that all bedrock in
the area is covered by a veneer of glacial till, and there is no
bedrock exposure in the target area. The 22.5m intercept within DH
PAU21003 is hosted by a strongly sheared amphibolite with intense
biotite and calc-silicate alteration. The entire thickness of the
amphibolite intersection was mineralized, which suggests there is
additional exploration potential in other similar amphibolite units
and structural targets. The Company is highly encouraged by the
53.9 gram-meter (grade thickness)1 intercept in DH21003 and plans
to utilize these early exploration results to refine additional
targets for Phase II of the drill program.
Zones of anomalous gold were also intersected in
DH PAU21002, which was drilled approximately 450 meters to the
southeast of DH PAU21003. This includes a sample with 0.55 g/t Au
and numerous samples in the 0.1-0.5 g/t Au range. While not as
enriched as the zone of mineralization intercepted in PAU21003, the
mineralized intervals in PAU21002 also showed intense biotite and
calc-silicate alteration as well as narrow amphibolite zones. The
mineralization in PAU21002 appears to occupy a different structural
trend than the intercept seen in PAU21003.
Table 1: Paubäcken Maiden Drill
Results
Hole ID |
Grid |
Northing |
Easting |
Target |
Azimuth/Inclination (°) |
Total Depth (m) |
Results |
PAU21005 |
SWEREF99 TM |
7190927 |
629221 |
Aida |
240/50 |
151 |
Results pending |
PAU21004 |
SWEREF99 TM |
7191096 |
629065 |
Aida |
237/50 |
161 |
Results pending |
PAU21003 |
SWEREF99 TM |
7191136 |
629025 |
Aida |
237/50 |
121.9 |
22.5 m at 2.40 g/t Au including 9.5 m at 4.67 g/t Au |
PAU21002 |
SWEREF99 TM |
7190934 |
629403 |
Aida |
220/50 |
103 |
Multiple (7) intercepts between 0.1 and 0.6 g/t Au |
PAU21001 |
SWEREF99 TM |
7190880 |
629357 |
Aida |
40/50 |
133 |
No significant intercepts |
Note: A cut-off grade of 0.5 g/t Gold with
internal dilution limited to less than 3m was used to calculate the
reported intercepts. True widths are not known at this time due to
the limited exposure and drilling in the area. However, the
amphibolite contacts seen in the drill hole are at relatively high
angles to the core axis.
Gold Line considers these initial results to be
significant due to the:
- lack of exposure and previous
exploration in the area; this structural/geochemical trend has not
been previously drill tested.
- shallow nature of the intercepts;
DH PAU21003 was drilled at an angle of 50 degrees, which means that
depths below surface are 35-55 meters (see Figure 2).
- mineralization being associated
with a distinctive style of alteration and hosted by a readily
identifiable rock type in the area.
- position of the mineralized
intervals along pronounced geophysical and structural trends known
to contain other zones of gold mineralization.
- numerous comparable
structural/geochemical targets identified by the recently completed
BoT/ToB drilling and sampling in the area.
The initial results from widely spaced
reconnaissance holes underscore the potential of the Paubäcken
project, with some of the strongest anomalies identified through
the BoT/ToB program in the area, yet to be tested in the current
drill program.
The Paubäcken Project:
The Paubäcken Project consists of three licenses
(17,097 ha) that cover the central part of an emerging gold belt 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 Paubäcken Project is strategically
positioned between Barsele and Fäboliden, and a few hundred meters
north east of the Svartliden mine and features a regional shear
zone with multiple untested gold anomalies.
Sampling:
Samples were collected in accordance with
industry standard best practices. Samples were collected by Arctic
Drilling AS and submitted for preparation at the MSALABS in
Storuman, Sweden. Accredited control samples (blanks and accredited
standards) are inserted into the sample intervals
regularly. Drill core is sawed with a semi-automatic core saw,
then core samples are crushed to a 70% pass 2mm, split (1000g), and
pulverized to 85% passing 75µm (SAW-100 and PRP-920, respectively).
Pulps are analyzed at the MSALABS in Langley, BC, Canada with a
four-acid digestion and ICP-MS/AES finish (IMS-230) as well with a
30g Fire Assay and ICP-AES finish for gold analysis (FAS-114). A
gravimetric determination for samples above 10g/t Au is used
(FAS-415).
Comments on Nearby Mines and
Deposits
The nearby mines and deposits discussed in this
news release provide context for Company’s Paubäcken Project, which
occurs in a similar geologic setting, but this is not necessarily
indicative that the Project hosts similar styles, grades and
tonnages of mineralization.
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 is focused on acquiring
mineral properties with exceptional exploration potential in the
most prolific gold-producing regions of Fennoscandia, and further
delineating the historic. Gold Line is working in one of the
world’s top mining jurisdictions and emerging exploration frontiers
due to its strong mineral endowment, stable tenure, straightforward
permitting, favourable tax regime and supportive geopolitical
landscape.
Gold Line currently holds a prospective
portfolio of five gold exploration projects in Sweden: one project
is in the Skelleftea belt of north-central Sweden and four
projects, including the Långtjärn property, are located within the
Gold Line Mineral Belt of north-central Sweden. The projects are
located on a 200-kilometre Proterozoic greenstone sedimentary belt
that is host to multiple gold showings and deposits
On behalf of the Board of Directors of
Gold Line Resources,Adam CegielskiCEO & Director
For further information:Email:
investor@goldlineresources.com Telephone: 1-800-858-9710
FOLLOW US:
Website:
https://www.goldlineresources.com/Facebook:
https://www.facebook.com/Gold-Line-Resources Twitter:
https://twitter.com/GLDL_Resources Instagram:
https://www.instagram.com/gold_line_resources/LinkedIn:
https://www.linkedin.com/company/gold-line-resources-ltd
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
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, that are not historical facts. Forward-looking statements
are based on Gold Line’s current beliefs and assumptions as to the
outcome and timing of future events, including, but not limited to,
that the exploration and development activities will be completed
as planned, and that the results of the exploration and development
activities will be as anticipated. By their nature, forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause our 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.
Figure1: Plan View of Paubäcken Maiden
Drill
Programhttps://www.globenewswire.com/NewsRoom/AttachmentNg/b13488ee-7ef7-4e90-a7b8-abe4d1acc829
Figure 2: Cross-Section of
PAU21003https://www.globenewswire.com/NewsRoom/AttachmentNg/e716a026-73c6-4c86-a21e-40412d334f51
1 Calculated as average grade*thickness in meters (as measured
in the drill hole) with applied cutoff and internal dilution
factors.
Gold Line Resources (TSXV:GLDL)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Gold Line Resources (TSXV:GLDL)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025