First Nordic Metals

Gold Line Announces Completion of the Phase 1 Uav Magnetic Survey Over Its 100% Owned Oijärvi Gold Project in Finland

Gold Line Announces Completion of the Phase 1 Uav Magnetic Survey Over Its 100% Owned Oijärvi Gold Project in Finland

Vancouver, BC, Canada – May 26, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line” or the “Company”) is pleased to announce that it has completed Phase 1 (of 2) of an unmanned aerial vehicle (UAV) magnetic survey over its 100% owned ~17,600 Hectare Oijärvi Greenstone Belt Project in northern Finland conducted by Radai Oy based in Oulu Finland. The aim of the survey is to collect data in order to map underlying geology and structural architecture over the entire greenstone belt and determine priority target areas for its 2022 exploration programs and beyond.

Highlights – UAV Magnetic Survey of Oijärvi Greenstone Belt

  • Adopted because it is faster, more cost-efficient, environmentally friendly, and safer than existing survey techniques.
  • Provides dense high-quality data at tight line spacing and low flight elevation
  • Completion of 2100 line km phase 1 (of 2) over northern and western portion of Oijärvi belt

Gold Line commissioned Radai Oy, an industry leader in UAV magnetic surveys, to conduct the survey. The Phase 1 survey consisted of 2100 line km over the northern and western portions of the Oijärvi greenstone belt (See Figure 1). The central portion of the belt will be flown in early fall in cooperation with local indigenous groups reindeer calving schedules.

Figure 1: Phase 1 UAV magnetic coverage over the Oijärvi greenstone belt flown in April/May 2022 showing Total Magnetic Intensity (TMI)

Figure 1: Phase 1 UAV magnetic coverage over the Oijärvi greenstone belt flown in April/May 2022 showing Total Magnetic Intensity (TMI).

UAV aeromagnetic geophysical surveys consist of flying an unmanned drone fitted with a magnetometer measuring the intensity of the geomagnetic field over the ground that it flies to detect local magnetic variations between different geological units and structures.

The Oijärvi greenstone belt has been subjected to at least two recent glaciation events, depositing extensive glacial till cover over the underlying bedrock ranging from zero in the north to >30 m in some areas of the south. The glacial till layer transports and masks the geochemical signal of bedrock hosted mineral deposits and limits direct field observation of geological and structural information.

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.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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