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Gold Line Announces Results 2021 Drill Program At Paubäcken Property

Gold Line Announces Results 2021 Drill Program At Paubäcken Property

Vancouver, BC, Canada – April 20, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line” or the “Company”) is pleased to provide further results from its base of till/top of bedrock (“BoT/ToB”) drill program at its Paubäcken gold project in the Gold Line Mineral Belt in north central Sweden. 2021 BoT/ToB drilling and follow-up diamond drilling confirm structural and geophysical model and identify multiple mineralized corridors along second order structure network.

Highlights – Paubäcken Target

  • Final 117 additional BoT/ToB holes from fall 2021 drill program at Aida, Belle and Harpsund target areas
  • Follow up results at Aida target extended Au and pathfinder anomalism 500 metres (m) north along the shear zone, and discovered new Au and pathfinder anomaly on a sub parallel structure.
  • Initial BoT testing of Harpsund Ionic Leach till anomaly show elevated gold and additional pathfinder indications.
  • In total 7.7% of bedrock samples from the 2021 BoT/ToB drilling program showed anomalous Au values over 0.1 ppm and elevated pathfinder anomalism coincident with interpreted structural corridors and gold in till anomalism
  • Results from final 2 drillhole results from maiden 5 hole 670m diamond drilling program at Aida target (PAU21004 and PAU21005)
    • PAU21004 intercepted the structure, alteration, geology observed in discovery hole PAU21003 (see Gold Line News Release dated December 27, 2021) and encountered two zones of broad low grade Au mineralization
    • PAU21005 was situated several tens of metres east of the structural trend and did not incept the targeted structural corridor

Paubäcken Property

Previous highlights from Paubacken BoT/ToB drilling included a 3-meter sample of bedrock with 3.99 grams per tonne (g/t) gold (Au) and a 1.5 metre sample with 1.425 g/t Au at the Aida target, demonstrating the presence of a blind previously unrecognized bedrock-hosted gold mineralization in the area. Gold Line Resources continued to explore several targets in the Paubäcken project area with additional BoT/ToB sampling in early fall 2021 and subsequently commenced a maiden diamond drill program at the Aida target in late fall 2021. Diamond drilling of the 1.43 g/t ToB target resulted in a 22.5 m intercept of 2.4 g/t Au including 9.5 m of 4.6 g/t Au (see Gold Line News Release dated December 27, 2021). The mineralization is mainly hosted by calcsilicate-altered amphibolite within a large shear corridor.

Previously unreleased drillholes PAU21004 and PAU21005 were drilled southeast along strike of PAU21003. Although significant mineralization was not encountered, PAU21004 intercepted similar structure, alteration, and geology. Two zones of low-grade mineralization correlate to the zone encountered in PAU21003 situated 60m along strike to the north. PAU21005 was situated 220 m southeast of PAU21004 parallel to the main structural trend and did not intercept same geology or structure. In total 670 m were drilled in 5 diamond drill holes. See Figure 1.

In addition to BoT/ToB results previously announced in Gold Line News Release November 4th, 2021, the Company has now received all BoT/ToB assay results from its 2021 campaign at the Harpsund, Belle and Aida targets:

  • All targets occur along identified structural features identified from magnetics data and BoT geology, with the anomalism broadly related to zones of structural deformation.
  • Harpsun Target: New BoT/ToB results show a cluster of 8 anomalous bedrock samples of >0.1 g/t Au (21% of the holes) and elevated As anomalism (figure 1). The drill program was designed to test a large Ionic Leach till anomaly and large area of coincident demagnetization located in an interpreted flexure within the Harpsund structural corridor. These results correspond to a ~400 m portion of a 1900 m gold and associated pathfinder element Ionic Leach till anomaly and interpreted structural corridor (see Gold Line News Release dated November 4th, 2021).
  • Belle Target: Approximately 500 meters to the southwest of the Harpsund target and 1km to the north of the already known Belle anomaly (see Gold Line news release dated November 4, 2021), the Company extended the ToB anomaly with a line of step-out holes. Twenty percent (20%) of the holes in that extension returned samples with anomalous gold values of >0.1 g/t Au (figure 1).
  • Aida Target: Follow up results at Aida target extend Au and pathfinder anomalism 500m north along Aida shear zone and discover new Au and pathfinder anomaly on a sub parallel structure. Seven samples with anomalous gold values of >0.1 g/t Au and elevated pathfinders were reported in five holes (figure 1). Drilling has confirmed gold and pathfinder anomalism along two interpreted structural trends from airborne magnetic data, including where diamond drill hole PAU21003 intersected a 53.9 gram-meter (grade-thickness) intercept (see Gold Line News Release dated December 27, 2021). The anomalies on these structural trends are priority drill targets for 2022.

In total, 201 BoT/ToB holes have been drilled at Paubacken for 2623m in 2020/2021 (170 in 2021 and 31 in 2020). Of these, 7.7% of the 402 bedrock samples collected returned with anomalous gold values of >0.1 g/t Au, all of which correspond to interpreted structural corridors. See Figure 2.

Further BoT drilling and follow up diamond drilling is planned in the 2022 exploration program to infill and extend along identified structural corridors and confirm bedrock sources of till anomalies.

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.

2021 Exploration Program Overview

The Company has now drilled a total of 6,028 meters divided over 561 reconnaissance BoT/ToB holes through glacial till materials and several meters into the underlying bedrock on its Paubäcken (2624 metres), Storjuktan (1638 metres), and Blåbärliden (1799 metres) licenses. The intent of the programs were to test previously unexplored areas for signs of gold mineralization, either in the glacial till materials (dispersion signals from nearby sources of gold mineralization) or in the underlying bedrock. Initial results from till drilling at Paubäcken and Storjuktan were announced previously (see Gold Line news releases dated August 10, October 21, and November 4, 2021). Gold Line has been steadily receiving new data from its 2021 BoT/ToB campaign. The latest results include numerous newly identified clusters of bedrock samples with anomalous gold values of over 0.1 g/t distributed over several key target areas.

Sampling:

Samples were collected in accordance with industry standard best practices. Samples were collected by X Drill AB and Lejon Geo AB and submitted for preparation at the ALS Lab in Malå. Accredited control samples (blanks and accredited standards) are inserted into the sample intervals regularly. Bedrock samples are crushed to 70% less than 2mm, rotary split off 250g, pulverize split to better than 85% passing 75 microns. Pulps are analyzed at the ALS lab in Ireland with a four-acid digestions and ICP-MS finish, gold is analyzed by Fire Assay. Till samples are dried <60°C/140°F, sieved to -180 micron (80 mesh) and both fractions are retained. Sieved samples are subject to aqua-regia digestions and analyzed with full multi-element geochemical suite and ICP-MS super trace gold method.

The BoT/ToB sampling approach has been successfully utilized as an exploration technique throughout Fennoscandia for many years and remains the most widely applied tool for making new discoveries. Preeminent examples include the recent discoveries of satellite gold deposits on Rupert Resources’ Pahtavaara gold property in Finland, and Anglo American Plc’s Sakatti nick-copper discovery, also in Finland.

Notes on nearby mines and deposits:

The nearby mines, deposits and projects discussed in this news release provide context for Gold Line’s projects in the area, which occur in a similar geologic setting, but they are 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 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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