Vancouver, British Columbia – TheNewswire – July 2, 2020 – Gold Lion Resources Inc. (“Gold Lion” or the “Company“) (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2BC) is pleased to announce the results of its 2020 rock sampling program on its Robber Gulch oxide gold Property (“Robber Gulch” or the “Property“) located near Burley, Idaho. The Property is under option from EMX Royalty Corp. The results of the sampling demonstrate a >2km strike length of gold (“Au”) mineralized rock at surface grading up to 6.49 g/t Au1. This represents the highest gold values in rock samples collected from the property to date. The strongly anomalous samples occur along a one-kilometre trend of very minimal outcrop exposure that was identified by soil sampling completed earlier this season. Minimal rock outcroppings could be located within the new soil anomaly, which likely were not identified by previous operators.
In addition to the sampling, geologic mapping revealed an area of highly complex structure to the east of historic drill hole AC-4, characterized by strong folding and faulting, which indicates good structural ground preparation for mineralizing fluids. The mapping program also indicates that the four historic holes drilled in 1986 had targeted strongly jasperoid altered outcrops which are distal to the main area of mineralization and all are situated outside the anomalous gold zone on surface. Despite this fact, historic hole AC-4 returned 18.3m of 0.23 g/t oxide Au (from 24.4m to 42.7m) and 24.4m of 0.56 g/t oxide Au (from 54.8m to 79.2m), including, 6.1m of 1.25 g/t Au (from 64.0m to 70.1m) (true thickness unknown) and terminated in gold mineralization (final two samples assaying 0.37 and 0.32 g/t Au) 2.
Two large caps of post-mineral volcanic basalt interrupt the trend of mineralization in both soils and rocks on surface, however geological mapping indicates the thickness of the basalt to be less than 50 metres. The soils downslope from the basalt covered ridges have been heavily diluted by the weathered volcanic cover rocks and appear to be masking the true strength of the anomalous gold-in-soils in many places.
The next phase of work, planned to commence immediately, will consist of both extending and infilling the soil grid completed earlier this season with a focus on the strongly anomalous areas and having an improved understanding of the soil regions that have been diluted by post-mineral volcanic cover. Following the second phase of soil sampling will be a final phase of geologic mapping and rock sampling which will aim to select and define the best possible drill targets for the 2020 season.
Oliver Friesen, CEO of Gold Lion, stated: “We are very excited to have values of up to 6.49 g/t Au returned from our surface sampling. Strong gold values on surface are highly encouraging for a Carlin-type oxide gold system which are typically low-grade and bulk tonnage. The mapping completed continues to show strong similarities to the Penn-Perm geology at Liberty Gold’s Black Pine project1. We look forward to completing our final phase of soil sampling and mapping in advance of our maiden drill program later this season.”
Maps for the Project can be found on the Company’s website at the following URL:
All rock samples were prepared and analyzed at MS Analytical’s laboratory in Langley, B.C. Sample preparation was completed by crushing the entire sample to 70% passing -2mm, riffle splitting off 1 kilogram and pulverizing the split to better than 85% passing 75 microns. Using a 30 gram sub-sample, the gold values are determined by the fire assay method, with atomic absorption finish (code FAS-111),which reports results in parts per million (ppm) (equivalent to grams per tonne (g/t)). All analytical results are verified with the application of industry standard Quality Control and Quality Assurance (QA-QC) procedures.
Agnes Koffyberg, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release.
About Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral exploration company actively involved in the exploration of its precious metal focused portfolio including the South Orogrande, Erikson Ridge, Robber Gulch, Cuteye and the Fairview Properties located in Idaho and British Columbia. For more information please visit: https://goldlionresources.com/.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company’s control. There are no assurances that the business plans for Gold Lion Resources described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management’s estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.
1 The reader is cautioned that rock grab samples are selective by nature and may not represent the true grade or style of mineralization across the Property.