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Gold Line Announces Positive Exploration Progress on Sweden Projects

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Gold Line Announces Positive Exploration Progress on Sweden Projects

Toronto, ON, Canada – Sept 20, 2023 – Gold Line Resources Ltd. (TSX-V: GLDL; OTCQB: TLLZF) (“Gold Line” or the “Company”) is pleased to provide an update on exploration activities on its 100%-owned Paubäcken and Storjuktan projects located in the Gold Line Belt, northern Sweden. The summer 2023 exploration was designed to progress existing targets and identify additional targets through execution of systematic exploration programs consisting of regional till sampling and base-of-till / top of bedrock (“BoT”) drilling.

Taj Singh, President and CEO states: “The 2023 summer exploration program was focused on target generation within our exciting district-scale flagship Paubäcken and Storjuktan projects within the Gold Line belt in Sweden. We are eagerly anticipating results from the systematic program and have high hopes they will deliver additional high priority targets which we plan to follow up on with additional base-of-till drilling in the following months.”

Program Overview

  • Paubäcken: 1,181 meters (“m”) in 71 BoT drill holes were completed at the Aida zone. These holes were designed to systematically test prospective structural corridors at the Aida target to define additional drill targets and increase the footprint size of anomalous 2021 and 2022 results. Logging of drill chips and assays of samples is underway. In addition, 3,050 regional B Horizon (below topsoil) till samples were collected covering 1,350 hectares (“ha”) over a 12 kilometer (“km”) strike length of the northern extent of the first order Gold Line Belt structural corridor and associated second-order structures within the Paubäcken exploration permit. Results are pending.
  • Storjuktan: 4,357 regional B Horizon samples covering approximately 2,000 ha over multiple untested structural corridors within the central portion of the 25,000 ha Storjuktan project area were completed to identify additional areas of hydrothermal anomalism and assess regional upside. Results are pending.
  • BoT sampling: Two BoT samples from directly above the till bedrock interface and two bedrock samples within the top of bedrock are collected for all drill holes. All samples are screened with X-ray fluorescence (“XRF”) and analysed using a multi-element suite at MSALABS in Storuman, Sweden.
  • Glacial till geochemical sampling: All samples are collected from the glacial till-derived B Horizon soil layer and screened using handheld XRF for pathfinder elements. The sampling density was very high, every 20 m on 100 m spaced lines. Anomalous areas identified will be tested for gold (“Au”) at an external laboratory in Q4 2023.

Paubäcken 2023 Exploration Program

The 2023 exploration program at Aida was designed to step out on known mineralization and identify additional areas of hydrothermal alteration and mineralization along the structural corridor and develop additional targets for follow up. A total of 1,181 m in 71 BoT samples were completed, testing 1.8 km of identified structural corridors.

The Aida zone was identified in a wide spaced regional BoT drilling program under glacial till cover. Interpretation of airborne magnetic data confirmed a 5 km structural corridor coincident with the anomalism and diamond drill testing in 2021 and 2022 encountered economic mineralized intercepts. The 2021 campaign included 22.5 m of 2.4 g/t Au in PAU-21-003, located under 20 m of glacial till cover. Follow up drilling in 2022 included 14.6 m of 2.5 g/t Au starting at 142 m depth in AID-2022-001 along the structure, 50 m down drip from the initial intercept.

In addition, a regional till sampling survey was completed over the northern portion of the project area. The survey focused on the northern extension of the regional Gold Line first order structure corridor and associated second order splay structures within the Paubäcken permit area. In total 3,050 regional B Horizon soil samples were collected covering 1,350 ha over a 12 km strike length of the regional structural corridor. The objective of the program was to identify additional zones of anomalous hydrothermal alteration within the larger Paubäcken project area for follow up investigation.

Figure 1 presents a plan-view map of the 2023 program at Paubäcken.

Storjuktan 2023 Exploration Program

The 2023 exploration program was designed to identify multiple till anomalies for follow up investigation. A regional till sampling program was completed over the central portion of the project area testing a region of several major flexure zones and structural intersections along the regional Gold Line structure corridor. A total of 4,357 regional B Horizon soil samples were collected covering approximately 2,000 ha over multiple untested structural corridors within the central portion of the 25,000 ha Storjuktan project area. The objective of the program was to identify additional zones of anomalous hydrothermal alteration within the Storjuktan project area for follow up investigation.

Figure 2 presents a plan-view map of the 2023 program at Storjuktan.

Figure 1: The Paubäcken 2023 exploration program showing location of surface till samples (yellow circles) over the northern extent of the regional structural corridor and 2023 base-of-till drilling locations (blue circles) on the Aida structural corridor. Current target areas are outlined in red.

Figure 2: The Storjuktan 2023 exploration program focused on a regional flexure within the regional Gold Line structural corridor. Results are pending.

ABOUT THE PAUBÄCKEN PROJECT

The Paubäcken Project consists of 3 licenses totalling 17,097 ha 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, is a few hundred meters northeast of the Svartliden mine, and features a regional shear zone with multiple untested gold anomalies.

ABOUT THE STORJUKTAN PROJECT

This Storjuktan project is a large, early-stage project strategically positioned north of the Barsele deposit. It consists of seven contiguous licenses covering 30,000 ha located in the northern portion of the Gold Line belt. The Storjuktan project contains over 60 km of the Gold Line structure. All mineralization discovered to date shows a spatial relationship to this structural corridor, occurring mainly on second and third order splay structures.

ABOUT THE GOLD LINE BELT GEOLOGY

The geology of the Gold Line belt consists of an inverted volcano-sedimentary sequence intruded by small pre- to syn-kinematic granitic intrusions within a broad, anastomosing high strain structural corridor. Lithologies are regionally metamorphosed to upper greenschist and amphibolite grade facies, and gold mineralization is associated with intense sericite, carbonate, biotite, and calc-silicate alteration assemblages and sulphide minerals pyrite, arsenopyrite, and pyrrhotite. The regional Gold Line structural corridor runs up the axis of the belt with many jogs, splays, and zones of structural complexity that are potential locations for dilation and deposition of gold bearing fluids. These lithological sequences are deemed to be highly prospective for orogenic gold deposits.

ABOUT GOLD LINE RESOURCES LTD.

Gold Line is focused on acquiring mineral properties with exceptional exploration potential in the most prolific gold-producing regions of Sweden and Finland, which are both regarded as top-tier mining jurisdictions and emerging exploration frontiers. Both countries possess very prospective mineral endowments, stable tenures, straightforward permitting, favorable tax regimes and supportive geopolitical landscapes. Gold Line’s Swedish projects are located in the Gold Line Mineral Belt and Skellefteå Belt of north-central Sweden and the Mjøsa-Vänern Belt in the southwest. In Finland, Gold Line holds the entire underexplored Oijärvi Greenstone Belt located in the north of the country.

ON BEHALF OF THE BOARD OF DIRECTORS OF GOLD LINE RESOURCES LTD.,

Taj Singh, M.Eng, P.Eng, CPA
President, CEO & Director

For further information:
Email: [email protected]
Telephone: 1-416-568-1027

FOLLOW US:

Website: https://www.goldlineresources.com/
Twitter: https://twitter.com/GLDL_Resources
LinkedIn: https://www.linkedin.com/company/gold-line-resources-ltd

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.

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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 www.sedarplus.ca.

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.

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.