Vancouver, British Columbia / November 10, 2020 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) is pleased to announce the results of its 2020 soil and rock sampling program on its South Orogrande Property (the “Property) and its recently acquired Doc, Majestic, Mammoth and Red Cloud Properties (collectively the “Dixie Properties”) located near Dixie, Idaho. The South Orogrande Property is under option from EMX Royalty Corp., and the Dixie Properties are 100% owned by Gold Lion (see news release dated July 9th, 2020). A total of 76 rock grab samples (Fig. 1) and 1158 soil samples (Fig. 2) were collected during the program. The Dixie Properties collectively encompass eight (8) past-producing gold mines which operated throughout the early 1900’s and to the best of the Company’s knowledge, have not been explored since World War II.
- Rock grab sample results ranging up to 45.8g/t Au with 11 rocks returning > 5g/t Au (0.0 – 0.1 g/t: 33, 0.1 – 0.5 g/t: 18, 0.5 – 1.0g/t: 6, 1.0 – 5.0g/t: 11, 5.0 – 45.8g/t: 11)*.
- Additional ground staked over the new ‘CP Vein’ discovery, a ~10m wide mineralized quartz vein striking for over 300m on surface and returning values of up to 11.8g/t Au and 44.8g/t Ag*.
- Strong gold-in-soil anomalies on the newly acquired Dixie Properties, including a 600m x 200m anomaly (up to 2,766 ppb Au) on the Mammoth, a 600m x 400m anomaly (up to 303ppb Au) on the Red Cloud and a 1000m x 350m anomaly (up to 489 ppb) on the Doc, all of which remain open along strike.
- Extended the 5-kilometer-long gold-in-soil anomaly on the X-Zone by an additional 2.6 kilometers to the south. The soil anomaly now spans >7.5 kilometers in length and remains open toward the new CP Vein discovery. The current soil grid covers newly staked claims reported in the Company’s June 12, 2020 news release (the “June 12 claims”). As the latest soil coverage extends the anomaly to the border of the June 12 claims, additional claims were acquired again in October, further extending the Property to the south and covering the new CP Vein discovery.
- A new ~700m long gold-in-soil anomaly (up to 287 ppb) over the historic Goldmaster mine, which remains open both to the north and south.
- A new ~600m long gold-in-soil anomaly in the northeast portion on the Property, which is not associated with any known historic mineralization.
Table 1 – Highlight Grab Samples (>10g/t Au)*
*Note: 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.
Oliver Friesen, CEO of Gold Lion, stated: “We are very encouraged by the Phase I sampling results on our South Orogrande and Dixie Properties. This is the first time the Dixie Properties have been explored since World War II and our results to date have been very positive. We look forward to receiving a drill permit for the South Orogrande Property in the coming weeks.”
Maps for the Project can be found on the Company’s website at the following URL:
All soil samples were prepared and analyzed at MS Analytical’s laboratory in Langley, B.C. Samples were prepared by drying and sieving to -180 micron (80 mesh). Following preparation, gold values are determined by the fire assay method on a 30 gram subsample of the prepared pulp, with atomic absorption finish (code FAS-111),which reports results in parts per million (ppm) (equivalent to grams per tonne (g/t)).
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 greater 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)). Ore grade Ag results were determined by ICA-6Ag.
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/.
ON BEHALF OF THE BOARD OF DIRECTORS
T: +1 (778) 772-1751
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the accuracy or adequacy of this release.
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.