VANCOUVER, BC, Oct. 21, 2021 /CNW/ – Gold Line Resources Ltd. (TSXV: GLDL) (“Gold Line”) (the “Company”) is pleased to announce successful initial results from the base of till/top of bedrock (“BoT/ToB”) drilling program at its Paubäcken gold project in Sweden (Figure 1). The Company has been drilling reconnaissance BoT/ToB holes through glacial till materials and several meters into the underlying bedrock. The intent of the program is to test previously unexplored areas for signs of gold mineralization, either in the glacial till materials (dispersion signals from nearby sources of gold mineralization) or in the underlying bedrock, understood to be a direct signal of gold mineralization being present in the area.
Results from BoT/ToB drilling at Paubäcken include a 3 meter (m) sample of bedrock with 3.9 grams per tonne (g/t) gold (Au)1 at the Aida target, demonstrating the presence of previously unrecognized bedrock-hosted gold mineralization in the area. This, and results from adjacent holes, warranted immediate follow-up. Gold Line is currently drilling additional BoT/ToB holes in the area and is also permitting a diamond drilling program, slated for later this year.
Initial results include data from 31 BoT/ToB drill holes aimed at testing the Aida target area (Figure 2). The Aida target lies along a regional shear zone developed in greenstone host rocks of Paleoproterozoic age. There is a 3-kilometer trend of glacially transported, gold-mineralized boulders to the south of the Aida target, down the ice flow direction of glacial transport, suggesting derivation from a nearby source. Gold Line also conducted surface sampling programs across the target area (utilizing “Ionic Leach” methods), which show strong gold signatures. The coincidence of key structural features, mineralized boulders and geochemical signatures led Gold Line to prioritize the Aida area for BoT/ToB and diamond drilling.
The Paubäcken Project:
The Paubäcken Project consists of 3 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, TSX:BME) as well as the Fäboliden development project (operated by Dragon Mining Ltd). The Paubäcken Project is strategically positioned between Barsele and Fäboliden and features a regional shear zone with multiple untested gold anomalies.2
1 True thickness unknown. The three meter bedrock sample consisted of an upper 1.5 meter sample with 4.77 g/t Au, and a lower 1.5 meter sample with 3.03 g/t Au, for a composited average of 3.9 g/t Au, with mineralization beginning at the bedrock surface.
2 The Barsele and Fäboliden deposits are not necessarily indicative of the gold mineralization at Gold Line’s Paubäcken Project.
Samples were collected in accordance with industry standard best practices. Samples were collected by X Drill AB and submitted for preparation at the ALS Lab in Malå. Accredited control samples (blanks and accredited standards) are inserted into the sample intervals regularly. Bedrock samples crushed to 70% less than 2mm, rotary split off 250g, pulverize split to better than 85% passing 75 microns. Pulps are analyzed at the ALS lab in Ireland with a four-acid digestions and ICP-MS finish. Till samples are dried <60°C/140°F, sieved to -180 micron (80 mesh) and both fractions are retained. Sieved samples are subject to aqua-regia digestions and analyzed with full multi-element geochemical suite and ICP-MS super trace gold method.
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,
CEO & Director
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.