Tickers: XCNQ:GL, PINX:GLIOF
Vancouver, British Columbia - TheNewswire - June 23, 2020 - Gold Lion Resources Inc. ("Gold Lion" or the "Company") (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2BC) is pleased to announce it has staked an additional ground adjoining to the southwest of its Robber Gulch gold Property ("Robber Gulch" or the "Property") located near Burley, Idaho, as a result of its recently completed work program that showed the gold-in-soil anomaly extending off the original claim block. The gold-in-soil anomaly trends to the south underneath a thin cover of post-mineral volcanic rocks and emerges again south of the basalt flows. It is interpreted that the mineralization may continue underneath the basalt that mantles the Oquirrh Formation host rocks.
In addition, a second program of mapping and rock sampling has now been completed and several significant new outcroppings of Carlin-type alteration, including decalcification, silicification and jasperoid alteration was observed in many locations to the south, along strike from the strongest portion of the soil anomaly. The gold-in-soil values over the altered outcrops appear to be diluted by barren talus boulders that have shed off the post-mineral basalt outcrops upslope. Eighty-one rock samples were collected and have now been submitted for geochemical analysis, the results of which will be released upon receipt.
The project is under option from EMX Royalty Corp. 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. 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 gold-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 rocks1.
Oliver Friesen, CEO of Gold Lion, stated: "We are excited to be able to expand our land package at Robber Gulch and extend the footprint of Carlin-type alteration further to the south. We look forward to planning our next phase of ground-work upon receipt of the rock geochemical results and further refining our drill targets on the project."
Maps for the Project can be found on the Company's website at the following URL:
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 Internal Report on Artesian City Project, Cassia County, Idaho. 1986. Exvenco Resources Inc.
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