Vancouver, British Columbia / June 16, 2020 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) is pleased to announce the results of its initial soil sampling program on its Robber Gulch gold Property (“Robber Gulch” or the “Property”) located near Burley, Idaho. The Property is under option from EMX Royalty Corp. The results reveal a strong Au±As±Sb±Hg±Tl geochemical anomaly, typical of Carlin-type gold systems, within a prospective sequence of Pennsylvanian-Permian calcareous rocks known as the Oquirrh Formation, which is host to gold mineralization 90 kilometres to the east on Liberty Gold’s Black Pine gold project. The results highlight two parallel north-south trending gold-in-soil anomalies, over 900 m and 1200 m long respectively, with individual values up to 481ppb gold. The gold anomaly trends underneath post-mineral volcanic rocks, where the mineralization is interpreted to continue to the south.
The primary target at Robber Gulch is Carlin-style oxide gold mineralization. A reconnaissance program by EMX Royalty Corp. in 2019 identified broad areas of alteration surrounding several mineralized north-south fault structures within the exposed Oquirrh Formation units. The alteration is zoned outwards from the mineralized faults with jasperoid developed along the structures, grading outwards to decalcification and silicification with brecciation and quartz veining.
Preliminary mapping completed last month indicates the presence of receptive carbonate units overlain by a thrust faulted package of upper plate siliciclastic rocks. Very little outcrop occurs within the anomalous zone, however the gold values are believed to be controlled by high angle north-south oriented fault structures. A primary target for drill testing is the intersection of these interpreted Au-bearing structures with the receptive carbonate rocks at depth. According to historic drill logs, the four shallow holes drilled by Exvenco Resources in 1986 were not deep enough to reach the underlying carbonate rocks. The Company is now preparing a second phase of mapping to refine targets for drill testing the underlying carbonate units later this summer.
Despite not drilling through the upper plate rocks, hole AC-4 drilled by Exvenco in 1986 returned 18.3m of 0.23 g/t Au (from 24.4 m to 42.7 m) and 24.4 m of 0.56 g/t Au (from 54.8 m to 79.2 m), including, 6.1 m of 1.25 g/t Au (from 64.0 m to 70.1 m) (true thickness unknown) and terminated in gold mineralization (final two samples assaying 0.37 and 0.32 g/t Au) 2. Exvenco geologists recommended a grid of vertical RC drill holes surrounding AC-4’s encouraging result, however that work was never carried out.
Oliver Friesen, CEO of Gold Lion, stated: “We are very pleased with the results of our first geochemical program on Robber Gulch, which until now has never seen a modern systematic exploration program. The preliminary mapping completed last month has revealed a very encouraging geological setting for Carlin-type mineralization with similarities to the Penn-Perm geology at Liberty Gold’s Black Pine project1. We look forward to completing our next phase of mapping and producing a robust geological model for drill testing later this summer.”
Maps for the Project can be found on the Company’s website at the following URL:
All soil samples were prepped and analyzed at Paragon Geochemical Laboratories Inc.’s facilities in Reno, NV. Samples were dried and sieved to -180 micron (80 mesh). Following preparation, soil analyses were determined by FSAU-25 method. A 25g aliquot of the prepared pulp was cold digested with HNO3, then HCl was added and the sample was heated at 130˚C for 40 minutes. Digestion was carried out in disposable plastic bottles to eliminate cross-contamination from digestion vessels and heated via graphite block for even heating. The resulting solution was analyzed via ICP-MS and ICP-AES and was corrected for inter-element spectral interferences.
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.
Black Pine Mine 43-101 Technical Report on the Black Pine Gold Project, Cassia County, Idaho. Prepared by MDA for Liberty Gold Corp. 9/7/2018. Historic production: pg. 27.
Internal Report on Artesian City Project, Cassia County, Idaho. 1986. Exvenco Resources Inc.
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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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.