Vancouver, British Columbia, May 10, 2021 Gold Line Resources Ltd. (TSXV: GLDL) (OTC: TLLZF) (“Gold Line” or the “Company”) is pleased to announce that it has executed an agreement (the “Agreement”) with EMX Royalty Corporation (“EMX”) whereby Gold Line  will acquire all of EMX’s newly acquired exploration reservation (the “Oijärvi Extension” or the “Extension Property”) in Finland’s Oijärvi Greenstone Belt (the “Greenstone Belt” or the “Belt”) (the “Transaction”).  The acquisition of the Oijärvi Extension from EMX, will add approximately 16,000 hectares (ha) to the Company’s land position within the Greenstone Belt which, along with the Company’s proposed acquisition of the Oijärvi Gold Project (or the “Project”) from Agnico Eagle Mines Ltd. (“Agnico”) (the “Agnico Transaction”)  (see GLDL news release dated March 22, 2021) will establish Gold Line as the largest land package holder in the region, as well as the controlling interest holder of the Oijärvi Greenstone Belt, an emerging gold belt in Finland.

The Oijärvi Gold Project is a 1,641 ha advanced exploration project located approximately 350 kilometers (km) south of Agnico’s Kittilä Mine and 85 km east of the city of Kemi, Finland. The Project is located within Oijärvi Greenstone Belt, an Archean-age greenstone belt, very similar to other greenstone belts found in Finland and the Canadian Shield, and includes the drill defined Kylmäkangas deposit (”Kylmäkangas“).  Kylmäkangas has been delineated by Agnico with an historical resource (inferred category) of 1.89 million tonnes (Mt) grading 4.11 grams per tonne (g/t) gold (Au) for 250,000 oz Au and 31.11 g/t silver (Ag) for 1,896,000 oz Ag¹ based upon a total of 75 drillholes, with several holes intersecting significant gold values over large thicknesses, including 22.6 g/t Au and 126.3 g/t Ag over 11.0m (estimated true width)².  A qualified person has not done sufficient work to classify the historical estimate discussed above as a current mineral resource and Gold Line is not treating the historical estimate as a current mineral resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate can be classified as a current mineral resource. The historical estimate is presented only for the purpose of describing the extent of gold mineralization and to outline the exploration potential. This historical estimate should not be relied upon.

The Oijärvi Greenstone Belt is approximately 35 km in length and is a relatively under-explored region, with only 217 holes, with an average depth of ~150 meters, in closely situated clusters or fences, having been drilled outside of the drill defined Kylmäkangas deposit itself (see Figure 1).  Most of the historical drilling outside of the Kylmäkangas zone was completed by the Geological Survey of Finland (GTK) and represents a low drill density in an otherwise prospective ‘belt-scale’ property. The historical drill results suggest that the Kylmäkangas zone remains open at depth and along strike towards the southwest and northeast, and the Oijärvi Greenstone Belt extends for a further 20 kilometers northeast of Kylmäkangas and a further five kilometers to the southwest.  Additional analysis of the historical data provides evidence of several other parallel gold mineralized trends within the Project perimeters.   Of particular note is the reconnaissance drilling 1.8 km to the southwest of the Kylmäkangas deposit which has intersected gold mineralization in the same stratigraphic position as Kylmäkangas, with little to no drilling in between or to follow up this intersection. This same stratigraphic horizon remains untested further to the southwest within the Oijärvi Extension Property.

The Company believes that the Oijärvi Extension will be a highly prospective addition to the Gold Line portfolio, and that the relatively low amount of exploration within the Belt to date could result in significant upside potential for Gold Line.  This is a rare opportunity for a single company to be able to control the entirety of an underexplored, but yet highly prospective, greenstone belt. The Company plans to develop a robust exploration program within the region and build upon the promising data available to date.

Terms of the Transaction

• At closing of the Transaction, Gold Line will hold all interests in the Oijärvi Extension.
• At closing of the Transaction, Gold Line will also issue to EMX 1,125,000 common shares of Gold Line.
• EMX will receive an uncapped 3% NSR royalty on the Project. Within six years of the transfer date, Gold Line can exercise its right under the transfer agreement to buy down up to 1% of the royalty owed to EMX (leaving EMX with a 2% NSR) by paying EMX 2,500 ounces of gold, or the cash equivalent thereof.
• EMX will receive annual advance royalty (“AAR”) payments of 30 ounces of gold on the Project, commencing on the second anniversary of the closing of the transfer, with each AAR payment increasing by five ounces of gold per year up to a maximum of 75 ounces of gold per year. EMX will have an option to receive the AAR payments in gold bullion, a gold bullion cash equivalent, or a value equivalent in shares of Gold Line, subject to certain and agreed upon conditions.
• Gold Line will also reimburse EMX for the original acquisition costs incurred for the Oijärvi Extension.
• EMX will also remain as the Company’s strategic exploration partner and will continue to assist with advancement of the Company’s projects in a technical advisory capacity.

Completion of the Transaction is subject to customary closing conditions, including the approval of the TSX Venture Exchange.

Comments on Historical Exploration Results and Nearby Mines and Deposits

Gold Line has not performed sufficient work to verify the projects’ historical drill results and historical resource estimate but considers this information as reliable and relevant based upon independent field review, including inspection and resampling of historical drill core. Agnico’s Kylmäkangas Au-Ag historical resource estimate was based upon: angle core drilling and fire assaying of half-core samples, a 3D model of the geologic controls (e.g., shear-hosted steeply dipping quartz veining and brecciation) to the Au-Ag mineralization based upon reconciled interpretations on section and plan, inverse distance squared interpolation with controls to assay outliers that included grade capping, and reporting based upon a 2 g/t cutoff grade.

The nearby mines and deposits discussed in this news release provide context for the projects, which occur in a similar geologic setting, but this is not necessarily indicative that the projects host similar 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 (the “Instrument”) and has been reviewed and approved by Michael Dufresne, M.Sc., P.Geol., P.Geo., a Qualified Person as defined by the Instrument.