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Gold Line Announces Reinterpretation Of Historic Geophysical Survey Data To Enhance Targeting For 2022 Exploration Program

Gold Line Announces Reinterpretation Of Historic Geophysical Survey Data To Enhance Targeting For 2022 Exploration Program

Vancouver, BC, Canada – May 11, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line” or the “Company”) reports that it has successfully concluded a reinterpretation of a 2015 helicopter airborne magnetic geophysical survey by SkyTEM Surveys ApS over the 100% owned Paubäcken project located in the Gold Line Belt, northern Sweden.

The survey results have been integrated with known surface and bedrock geology, alteration, and mineralization as well as data from 141 drill holes to produce a 2D structural architecture map. The interpretation was completed by Dr. Perry Eaton, a consulting geophysicist with 35 years experience working primarily during this time for Newmont Mining Corp. (www.minexgp.com)

Highlights – Paubäcken Geophysics Interpretation

  • First and second order high strain structural network mapped.
  • Demagnetization zones and potential small intrusions identified along structural corridors.
  • Multiple priority areas of interest identified with significant discovery potential.
  • Provides foundation for systematic till and bedrock sampling programs in 2022.

The completed geophysical interpretation has identified and confirmed numerous high priority targets. The study also demonstrated that gold and pathfinder element anomalism observed in glacial till and bedrock geochemistry are coincident with high strain structural corridors interpreted from the geophysical data at all target areas on the Paubäcken project.

“The targets delineated from this reinterpretation of the aeromagnetic survey data, historical rock sampling and historic diamond drill results have provided Gold Line with high priority targets for this year’s exploration program,” said Adam Cegielski, CEO of Gold Line Resources. “We are excited to use this information to potentially expand current, and identify new, large hydrothermal footprints associated with significant orogenic gold systems.

Structural interpretation maps of the Paubäcken project area have now been created combining geophysical data with known basement and outcrop geology.

Structural framework interpretation of the Paubäcken project area
Figure 1: Structural framework interpretation of the Paubäcken project area showing interpreted first and second order structural features, known intrusions and zones of demagnetization.

The geophysical interpretation has identified the regionally significant N-S trending first order Gold Line structural corridor to which all known mineralization within the gold line belt displays a spatial relationship. At Paubäcken, this structure forms the western margin of a package of highly folded and deformed basin sedimentary, volcanic and intrusive rocks that host historic and newly identified mineralization within the belt. Of particular interest is the identification of multiple NW-SE trending second order structural corridors interpreted to be conjugate splay structures off the main structural corridor. These second order structures commonly control and host mineralization in orogenic systems and are high priority exploration targets. The study also identified several areas of apparent demagnetization coincident with first and second order structural corridors which may be associated with hydrothermal alteration footprints related to gold mineralization, and with small intrusions that can act as hosts for gold mineralization and that are also high priority exploration targets.

Paubäcken – Project Overview

The Paubäcken Project consists of 3 licenses (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.

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.

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