VANCOUVER, BC, Nov. 24,
2022 /CNW/ - Gold Line Resources Ltd. (TSXV:
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.
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
Target
Are
|
Hole
ID
|
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au (g/t)
|
Aida
|
2022-AID-001
|
|
142.25
|
156.8
|
14.55
|
2.44
|
Incl.
|
142.25
|
143.1
|
0.85
|
9.6
|
Incl.
|
153.7
|
154.8
|
1.1
|
9.14
|
Figure 2: Drill collar table of 2022-AID-001 drill hole from the
2022 drill program
Target Area
|
Hole ID
|
Easting
(SWEREF99)
|
Northing
(SWEREF99)
|
Elevation
(m)
|
Depth
(m)
|
Dip
|
Azimuth
|
Aida
|
2022-AID-001
|
7191161.2
|
629068.47
|
427.52
|
172.85
|
-50
|
240
|
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
(http://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.
On behalf of the Board of Directors of Gold Line
Resources,
Adam Cegielski
CEO & Director
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Cautionary Note Regarding
Forward-Looking Statements
This news release contains statements that constitute
"forward-looking statements." Such forward looking statements
involve known and unknown risks, uncertainties and other factors
that may cause Gold Line's actual results, performance or
achievements, or developments to differ materially from the
anticipated results, performance or achievements expressed or
implied by such forward-looking statements. Forward looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects,"
"plans," "anticipates," "believes," "intends," "estimates,"
"projects," "potential" and similar expressions, or that events or
conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this news release include
statements that are not historical facts. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause actual results,
performance or achievements, or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors and risks include, among others: that
exploration and development activities will not be completed as
planned; that the results of exploration and development activities
will not be as anticipated. Gold Line may require additional
financing from time to time in order to continue its operations
which may not be available when needed or on acceptable terms and
conditions; compliance with extensive government regulation;
domestic and foreign laws and regulations could adversely affect
Gold Line's business and results of operations; the stock markets
have experienced volatility that often has been unrelated to the
performance of companies and these fluctuations may adversely
affect the price of Gold Line's securities, regardless of its
operating performance; and the impact of COVID-19. The
forward-looking statements contained in this news release represent
the expectations of Gold Line as of the date of this news release
and, accordingly, are subject to change after such date. Readers
should not place undue importance on forward-looking information
and should not rely upon this information as of any other date.
Gold Line undertakes no obligation to update these forward-looking
statements in the event that management's beliefs, estimates or
opinions, or other factors, should change.
SOURCE Gold Line Resources Ltd.