Vancouver, BC, Canada – January 21, 2021 – Gold Line Resources Ltd. (TSX-V: GLDL) (“Gold Line”) (the “Company”) is pleased to provide an overview of its 2020 exploration programs undertaken on several of its 100% owned gold exploration projects, and announces that subsequent Base of Till sampling is underway.
The 2020 programs covered extensive portions of the Paubäcken, Storjuktan and Blåbärliden project areas, all located on the Gold Line Mineral Belt in north central Sweden (the “Projects”; see Image 1). These exploration programs consisted of extensive groundwork including detailed geologic mapping, extensive geochemical sampling and geophysical surveys. Geochemical sampling continued to be a focus of this year’s work, and included rock chip, soil, glacial till and stream sediment sampling campaigns. Both ground and aerial (drone) geophysical surveys were also used to compliment geologic mapping in select areas.
This work is actively being followed up with more intensive exploration methods, including Base of Till (“BoT”) and Top of Bedrock (“ToB”) drilling. The BoT/ToB drill data will be used to further refine exploration targets and select locations for diamond drill testing during the upcoming 2021 winter and summer exploration seasons.
Image 1: Map of Projects
Adam Cegielski, the Company’s CEO commented, “Results from our initial and ongoing Base of Till sampling program is revealing some promising results, and we are encouraged that this program will further refine the new and expanded targets identified during our 2020 exploration programs. The Base of Till exploration methodology our team is employing, has proven successful in areas with glacial till cover, and has led to great successes in the region, including those witnessed by Rupert Resources at their Pahtavaara Project. We are the largest holder of mineral rights in the Gold Line Belt, and with over $6,000,000.00 dedicated to a multi-asset drill program, we are excited about the potential of the Company‘s prospects.”
Overview of the Gold Line
The Gold Line of north central Sweden was the subject of intensive exploration by the Swedish government in the 1980s that led to the discovery of a series of gold deposits and occurrences along a roughly 200 kilometer long north-south trend west of Skellefteå. This belt became known as the “Gold Line”, where several mines have since been developed. As well, there are ongoing exploration programs at the nearby Barsele project (operated as a joint venture between Agnico Eagle Mines Ltd. and Barsele Minerals Corp.), and the Fäboliden development project (Dragon Mining Ltd.).1 Gold Line Resources controls a large portfolio of exploration licenses along the northern and southern extensions of the Gold Line, making it the largest holder of mineral rights in the area.
A considerable amount of historic work has been conducted in past decades, yet much of the Gold Line Belt remains underexplored, and many of the historic gold occurrences within the Company’s Projects have only seen limited drill testing, if any. This presents a unique opportunity to revisit these historic exploration areas with modern methods and approaches. This is the core strategy of the Company; apply a blend of new and well-established exploration techniques to further advance the historic gold occurrences that lie within the Projects and to make additional novel discoveries along the belt.
Exploration Methodology:
Exploration work on the projects was conducted using systematic approaches with newly developed geochemical sampling techniques as well as well-established methods for exploration in glaciated terrains. The first step after the compilation of historic data was to cover the entirety of the project areas with stream sediment surveys (using bulk leach extractable gold, or “BLEG” methods).2 This work was completed in 2019-2020 and highlighted a variety of new targets for exploration. Additionally, historically known occurrences were clearly identifiable in the BLEG results, providing “proof of concept” and reinforcement of the utility of the method.
Areas with strong BLEG gold anomalies were then further assessed with surface soil and till sampling programs using combinations of conventional geochemical analyses and newly developed Ionic Leach (“IL”) technologies. Control lines have been run across several historic drill defined zones of gold mineralization and served to confirm the utility of these methods in the geological environment of the Gold Line.
Over the past two summers 3,153 soil and till samples were collected and analyzed, which served to further refine exploration targets.3 Ground based and drone supported geophysical surveys were run in selected areas, along with detailed geologic mapping. Prioritized targets are now being tested with BoT/ToB drilling to assist in defining diamond drill targets.4
The BoT/ToB approach has been utilized 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’ (TSX.V: RUP) Pahtavaara gold property in Finland, and AngloAmerican plc’s Sakatti nickel-copper discovery, also in Finland.
BoT/ToB sampling will also be supplemented by less expensive and more rapid snowmobile mounted power augers and percussion drilling devices. These methods will allow for even broader sampling coverage in areas of till and overburden cover.
Paubäcken Gold Project:
Over the past two field seasons, 1,443 ionic leach samples and 66 conventional “C-horizon” soil samples were collected at Paubäcken along with drone magnetometer surveys. These data served to highlight multiple gold anomalies and delineate previously unrecognized structural trends (see Image 2). BoT/ToB drilling is now underway, focusing on two target areas where soil sampling and mapping have indicated the presence of a mineralized structure projecting beneath the overburden cover. Favorable styles of veining and alteration were seen in the initial BoT/ToB sample lines and early assay results are highly encouraging.
Image 2: Paubäcken Gold Project
Storjuktan Gold Project:
At Storjuktan a total of 912 ionic leach samples and 37 conventional “C-horizon” soil samples have been collected, along with drone magnetometer surveys. These data served to identify 3 strong gold anomalies along key structural corridors (see Image 3). These anomalies are located in the vicinities of historical drill defined zones of gold mineralization, but several represent fundamentally new targets.
The next phase of work will include BoT/ToB drilling and power auger sampling. Also slated for testing are areas with historical drill defined zones of gold mineralization that remain open at depth and along strike.
Image 3: Storjuktan Gold Project
Blåbärliden Gold Project:
645 ionic leach samples and 50 conventional “C-horizon” soil samples have been collected at Blåbarliden over the past two summer field seasons. Sampling was focused around areas with historical drill defined zones of gold mineralization. The results are promising and show clear extensions of the historical zones of mineralization (see Image 4). Some of the strongest anomalism lies at the far southern end of the sampling lines, which has expanded the key target area.
BoT/ToB drilling commenced in November 2020 at Blåbärliden, with an initial series of 267 holes planned. This work will continue through the winter months of 2021. The BoT/ToB targets are focused along the northern and southern extensions of the historically defined zones of gold mineralization at Blåbärliden.
Image 4: Blåbärliden Gold Project
The Company also announces that it has retained Independent Trading Group (“ITG”) to provide market-making services in accordance with TSX Venture Exchange (“TSX-V”) policies. ITG will trade shares of the Company on the TSX-V and all other applicable trading venues with the objective of maintaining a reasonable market and improving the liquidity of the Company’s common shares.
Under the agreement ITG will receive a monthly fee of C$5,000 plus applicable taxes. The initial term of the agreement will last three (3) months, and such term will be automatically renewed for subsequent one (1) month periods unless terminated earlier by either party upon 30 days’ prior written notice. ITG will not receive any common shares or options as compensation. ITG does not currently own any securities of Gold Line Resources Ltd.; however, ITG and its clients may acquire a direct interest in the securities of the Company. Gold Line Resources Ltd. and ITG are unrelated and unaffiliated entities. ITG is a member of the Investment Industry Regulatory Organization of Canada.
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 Michael Dufresne, M.Sc., P.Geol., P.Geo., a Qualified Person.
