Vancouver, British Columbia / March 8, 2021 – Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) wishes to provide an update on the exploration activities currently underway on its Robber Gulch Property, near Burley, Idaho. Further to its news release of February 10, 2021, the Company completed the first hole (RG-RC-21-02) of its 2021 Phase II RC drill program and submitted all samples for geochemical analysis. Following completion of the first hole, snowstorms and poor weather conditions lead to the Company’s decision to take a short hiatus for safety and cost-efficiency reasons, to allow the snow to melt and the steep access roads to dry up prior to commencing the second hole. The Company is pleased to announce that favourable weather conditions have now returned and drilling operations have safely and efficiently resumed with the collaring of hole RG-RC-21-03 on March 4, 2021.
The phase II drill program is designed to test the depth extent of oxide gold mineralization encountered in trenches RG-TR-20-02 and RG-TR-20-03 within the newly discovered Raider Zone (see January 4, 2020 news release). The mineralization uncovered in the two trenches occurs within a gently dipping calcareous sandstone unit which outcrops at surface. The thickness of the gold bearing unit will be tested by a fence of up to 5 drill holes totaling 2,700 feet in length, across the mineralized unit.
The phase I and II drill programs are being carried out under a notice level permit with the United States Bureau of Land Management (BLM). Soil and rock sampling by the Company indicates that the mineralized unit continues south onto land administered by the United States Forest Service (USFS). Gold Lion has begun the process of obtaining a permit to drill on the portion of the gold-in-soil anomaly lying on USFS ground. The permit application is currently underway and aims to utilize an existing road for the placement of drill pads, to minimize disturbance and potentially accelerate the permitting process.
Agnes Koffyberg, 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, 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.