Gold Line Announces 2022 Winter Phase 2 Drill Program Results From The Paubäcken Project

Gold Line Announces 2022 Winter Phase 2 Drill Program Results From The Paubäcken Project

Vancouver, BC, Canada – February 21, 2023 – Gold Line Resources Ltd. (TSX-V: GLDL) (OTCQB:<TLLZF) (“Gold Line” or the “Company”) is pleased to announce results from the 2022 winter drill program at the Company’s Paubäcken Project (“Paubäcken”), located Västerbotten County in northern Sweden.

HIGHLIGHTS OF THE COMPLETED DRILLING PROGRAM

  • Follow-up diamond drilling along the Aida shear corridor on the Paubäcken Project completed in November 2022 consisted of six new diamond drill holes for a total of 882 metres.
  • Drilling intersected Au mineralization over 250 metres and confirmed structural corridor over 650 metres.
  • All samples have been analysed at MSA Laboratories and all assay data received.

 

2022 WINTER EXPLORATION PROGRAM

The Company is excited to report that its 2022 winter drilling program has been completed and all results received. The program consisted of 882 metres in 6 diamond drill holes drilled with one drill rig.

The program tested 650 metres of the >5 km Aida structural corridor identified using airborne magnetic geophysics with wide spaced step outs. 2022 drilling stepped down dip and along strike of mineralization encountered in the 2021 discovery hole (22.5 m @ 2.4 g/t Au in PAU-21-003. See Dec. 27, 2021 news release).

Mineralization is hosted within a sheared and altered mafic volcanic unit located within the structural corridor. Hanging wall and footwall units consist of black shale and greywacke metasedimentary units. Mineralization within the volcanic unit has been encountered over 250 metres along strike and remains open to depth and along strike in both directions. Intercepts encountered include 14.55 m @ 2.44 g/t Au in 2022-AID-001, 9.75 m @ 0.78 g/t Au in 2022-AID-002, 3.35 m @ 1.61 g/t Au and 4.7 m @ 2.12 g/t Au in 2022-AID-003, and 7.2 m @ 1.35 g/t Au in 2022-AID-006.

Drill hole locations are shown in Figure 1 and a section through PAU-21-003 and 2022-AID-001 is shown in Figure 2.

Drill hole 2022-AID-005 was drilled a further 460 metres along strike to the northwest and encountered 1 m @ 1.04 g/t Au within an alteration envelope of 18 m @ 0.29 g/t Au. No significant intercepts were encountered in 2022-AID-004 although it did intersect the Aida structural corridor. Mineralization in this area is hosted within a sheared and altered greywacke metasedimentary unit.

Initially planned for 1500 metres testing 800 metres of structural corridor, the program was cut short due to delays caused by winter weather conditions and expiry of seasonal permit agreements with local indigenous Sami groups to make way for seasonal migration of reindeer herds.

 

Figure 1: Plan map of Aida target drilling

 

Figure 2: Geological section through PAU-21-003 and 2022-AID-001

 

AIDA TARGET

The Aida target is a five kilometre long second order splay structure off the regional first order Gold Line structural corridor. Gold mineralization was first identified at the Aida target in November 2021 during the Phase 1 winter drilling program that followed up on anomalous regional top of bedrock drilling results. Phase 1 consisted of five holes for 760 metres and confirmed bedrock mineralization. The campaign included 22.5 m of 2.4 g/t Au in PAU21003, located under approximately 20 m of glacial till cover. Interpretation of magnetic geophysics data identified the Aida structural corridor and the 2022 Phase 2 diamond drilling program was designed to step out on PAU-21-003 to depth and along strike. Mineralization along the Aida structural corridor is hosted within highly sheared and hydrothermally altered mafic volcanic and greywacke metasedimentary units and appears to be controlled by rheological contrast between lithologies and flexures and intersections within the structural corridor.

Follow up work planned for 2023 on the Aida target will consist of top of bedrock drilling and diamond drilling. There remains >4 kilometres of identified and untested strike length of the Aida structural corridor which is 100% under >15 metres of glacial till cover. 2023 top of bedrock drilling will systematically test the remaining extent of the structural corridor and diamond drilling continuing to step out on known mineralization and test other identified anomalous zones.

Table 1: 2022 winter dill hole coordinates

Gold Line’s Paubacken Project consists of three main target zones, Aida, Belle and Harpsund.

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, and 5 kilometres 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.

QAQC AND CORE SAMPLING PROTOCOLS

All drill core samples were collected under the supervision of Gold Line employees. Drill core was transported from the drill rig to the on-site logging facility where it was logged and photographed, and standard and blank material inserted. Core was transported by Gold Line employees to MSALABS in Storuman, Sweden, where it was cut and prepared for analysis according to MSA methods SAW-100 and PRP-920. Samples are then sent to MSALABS in Langley, British Columba, Canada, for gold, multi-element, and whole rock analysis using MSA method FAS-114 for gold and IMS-230 for multi-element and WRA-360 for whole rock.

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

For further information:

Email: investor@goldlineresources.com

Telephone: 1-800-858-9710

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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.

Certain statements contained in this news release constitute “forward-looking statements”. When used in this document, the words “anticipated”, “expect”, “estimated”, “forecast”, “planned”, and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. Gold Line does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.

On behalf of the Board of Directors of Gold Line Resources,
Taj Singh

President & CEO

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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.

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

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.

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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.