VANCOUVER, BC, Oct. 4, 2022 /CNW/ - Gold Line Resources Ltd. (TSXV: GLDL) ("Gold Line" or the "Company") is pleased to announce commencement of a diamond drilling program at the 100% owned Paubäcken project located in the Gold Line Belt, northern Sweden.
The Company plans to complete up to 1500 metres of diamond drilling at the Aida target on the Paubacken Project using one drill rig. The program is designed to test over 800 metres of 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 (see Dec. 27, 2021 news release) to understand size, geometry, and structural controls of mineralization along the Aida structural corridor.
The recently 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 following up a very exciting technical milestone in our exploration programs to date, and expect to be busy throughout the fall and winter drilling seasons", Commented CEO Adam Cegielski.
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, is a few hundred meters 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.
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.
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,
CEO & Director
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.
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.
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