Vancouver, BC, Canada – November 24, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line” or the “Company”) is pleased to announce initial result from its 2022 drill program at the Company’s Paubäcken Project (“Paubäcken”) in Sweden.
The company is excited to report that its initial hole in the Phase 2 drill program. Hole 2022-AID-001 has intercepted 14.55 metres averaging 2.44 grams per tonne (g/t) gold (Au) incl. 0.85m at 9.60 g/t Au and 1.1m at 9.14 g/t Au from 142.25m depth (see Table 1). Hole 2022-AID-001 intercepted mineralization approximately 50 metres down dip from PAU-21-003 drilled in 2021 (see Dec. 27, 2021 news release) (See Figure 1 and Table 2). The Company is awaiting further drill results and expects them later this year, and in early 2023. Drilling is currently ongoing in Sweden and expected to continue until permitted by the local reindeer husbandry. This current drill program represents a continuation of Phase 1 drill program that was initiated in late 2021.
The Company plans to complete up to 1500 metres of diamond drilling at the Aida target on the Paubäcken Project using one drill rig. The program is designed to test over 800 metres of a 5 kilometer 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 encountered in 2021 (see Dec. 27, 2021 news release) to understand size, geometry, and structural controls of mineralization along the Aida structural corridor.
Figure 1: Plan map of Aida target drilling including first hole of 2022 drilling results
The Phase 1 program in late 2021 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 excited to confirm mineralization on this step down hole and continue to be encourage by what is being identified in this program. We are testing an 800m section of a 5km long structural corridor which resides less than 5km NE of the operating Svartliden mill”, Commented CEO Adam Cegielski.
Table 1: Initial drill results from hole 2022-AID-001 in 2022 drilling program
Figure 2: Drill collar table of 2022-AID-001 drill hole from the 2022 drill program
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.
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.