Vancouver, British Columbia / February 1, 2022 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) is pleased to report the results of a Fall 2021 soil sampling program completed on it’s Erickson Ridge Property (“Erickson Ridge” or the “Property”). The Property is located along the Orogrande Shear Zone near Elk City, Idaho. Previous soil sampling completed in 2019 by Bronco Creek Exploration, a subsidiary of EMX Royalty Corp., returned an anomalous gold-in-soil value of 101 ppb on a reconnaissance soil line located approximately 1.4 kilometers to the southwest of the historically drilled area. The anomalous 2019 soil sample was coincident with a topographic lineament, interpreted to represent the location of the regional Orogrande Shear Zone. In Fall 2021, Gold Lion crews followed up on the 2019 work with a tightly spaced grid of soil samples centred along the Orogrande Shear Zone. The 2021 results returned strong gold values including 658 ppb, 503 ppb and 341 ppb Au over the historically drilled area, as well as a new area located 1.4 kilometers to the southwest highlighted by a result of 447ppb Au. The results suggest a possible along strike extension to the historical at surface gold mineralization, which also remains open at depth where previous drillholes were terminated at the oxide/sulfide interface for metallurgical reasons.
A link to figures showing the gold-in-soil results from the 2021 survey can be found at the following link: https://goldlionresources.com/projects/erikson-ridge-property/erickson-ridge-soil-sample-results/
The Elk City region is covered by a thick blanket of clay, which formed when the region was covered by a glacial lake during the last ice age. Thicker portions of the clay layer tend to mask the underlying bedrock geochemistry, however anomalous gold values were returned in the upland regions, where the clay has been mostly removed by erosion. As a result, there may be further undiscovered gold mineralization in areas further along strike with undisturbed clay cover.
Chris Paul, CEO, comments: “The 2021 soil survey results are encouraging and show good potential for extending the historically drill defined gold mineralization along strike to the southwest. We see gold-in-soil values of up to 447 ppb, which are similar in magnitude to those results obtained over the historically drilled area. We look forward to drill testing this exciting new geochemical target, as well as the large IP chargeability anomaly discovered in 2020, which is located below the historically drilled area, and may represent a body of deeper sulfide mineralization.”
Drill Permitting Update
Gold Lion is in the late stages of drill permitting on its Erickson Ridge Property, with a maiden drill program planned for 2022, once the final authorizations from the Nez Perce Forest Service have been received. The permit application was submitted by the Company in 2020 and includes drill sites located over the newly discovered geochemical anomaly as well as the IP chargeability anomaly. The results from the Company’s 2020 IP survey were previously released on January 19th 2021 and can be found at the following link:
Wolfgang Schleiss, P.Geo., is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the scientific or technical information 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, Cuteye and Fairview Properties located in Idaho and British Columbia. For more information please visit: https://goldlionresources.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Christopher Paul, CEO
T: +1 (250) 717-3151
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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.