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Gold Line Drills 14.55 Metres Of 2.44 G/T Gold At Paubäcken, Including 0.85 Metres Of 9.60 G/T Gold And 1.10 Metres Of 9.41 G/T Gold

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Gold Line Drills 14.55 Metres Of 2.44 G/T Gold At Paubäcken, Including 0.85 Metres Of 9.60 G/T Gold And 1.10 Metres Of 9.41 G/T Gold

November 24, 2022
Regulatory

Vancouver, BC, Canada – November 24, 2022 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line” or the “Company”) is pleased to announce initial result from its 2022 drill program at the Company’s Paubäcken Project (“Paubäcken”) in Sweden.

The company is excited to report that its initial hole in the Phase 2 drill program. Hole 2022-AID-001 has intercepted 14.55 metres averaging 2.44 grams per tonne (g/t) gold (Au) incl. 0.85m at 9.60 g/t Au and 1.1m at 9.14 g/t Au  from 142.25m depth (see Table 1). Hole 2022-AID-001 intercepted mineralization approximately 50 metres down dip from PAU-21-003 drilled in 2021 (see Dec. 27, 2021 news release) (See Figure 1 and Table 2). The Company is awaiting further drill results and expects them later this year, and in early 2023.  Drilling is currently ongoing in Sweden and expected to continue until permitted by the local reindeer husbandry.  This current drill program represents a continuation of Phase 1 drill program that was initiated in late 2021.

The Company plans to complete up to 1500 metres of diamond drilling at the Aida target on the Paubäcken Project using one drill rig. The program is designed to test over 800 metres of a 5 kilometer identified structural corridor coincident with anomalous top of bedrock gold and pathfinder anomalism. The program will step out on the 22.5 m @ 2.4 g/t Au intercept encountered in 2021 (see Dec. 27, 2021 news release) to understand size, geometry, and structural controls of mineralization along the Aida structural corridor.

Figure 1: Plan map of Aida target drilling including first hole of 2022 drilling results

 

Aida Target

The Phase 1 program in late 2021 completed 5-hole 760 metre winter drilling program was encouraging and confirmed bedrock mineralization identified in the 2021 regional BoT/ToB drilling program. The campaign included 22.5 m of 2.4 g/t Au in PAU21003, located under approximately 20 m of glacial till cover. The 2022 diamond drilling program intends to step out on this intercept to depth and along strike to the north and south on the Aida structural corridor. In 2021 wide-spaced regional BoT/ToB drilling identified several additional anomalous Au and pathfinder anomalies at Aida coincident with sub-parallel structural corridors.

Gold Line’s Paubacken Project consists of three main target zones, Aida, Belle and Harpsund.  Summer work programs continued systematic exploration of the target areas and leave the company well positioned with extensive targets in the project area.  “We are excited to confirm mineralization on this step down hole and continue to be encourage by what is being identified in this program.  We are testing an 800m section of a 5km long structural corridor which resides less than 5km NE of the operating Svartliden mill”,  Commented CEO Adam Cegielski.

Table 1: Initial drill results from hole 2022-AID-001 in 2022 drilling program

Figure 2: Drill collar table of 2022-AID-001 drill hole from the 2022 drill program

About the Paubäcken Project

The Paubäcken Project consists of 3 licenses covering 17,097 hectares 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 (https://www.dragonmining.com/svartliden).

The Paubäcken Project is strategically positioned between Barsele and Fäboliden, and 5 kilometres northeast of the Svartliden mine, within the Gold Line Belt in northern Sweden. The Project contains 22 kilometres of the regionally significant “Gold Line” structure which can be traced for over 200 kilometres in regional geophysics data. All mineralization discovered to date shows a spatial relationship to this structural corridor, occurring mainly on second and third order splay structures. The Geology of the Paubacken project consists of a sequence of inverted basin sediments and mafic volcanic rocks intruded by small syn-kinematic granitic intrusions within a broad, anastomosing high strain structural corridor. The rocks are regionally metamorphosed to upper greenschist and amphibolite grade and gold mineralization is associated with intense sericite, carbonate, biotite, and calc-silicate alteration assemblages and sulphide minerals pyrite, arsenopyrite, and pyrrhotite. These lithological sequences are highly prospective for orogenic gold deposits.

QAQC and Core Sampling Protocols

All drill core samples were collected under the supervision of Gold Line employees. Drill core was transported from the drill rig to the on-site logging facility where it was logged and photographed, and standard and blank material inserted. Core was transported by Gold Line employees to MSALABS in Storuman, Sweden, where it was cut and prepared for analysis according to MSA methods SAW-100 and PRP-920. Samples are then sent to MSALABS in Langley, British Columba, Canada, for gold, multi-element, and whole rock analysis using MSA method FAS-114 for gold and IMS-230 for multi-element and WRA-360 for whole rock.

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 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.