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Erikson Ridge Property

Idaho, U.S.A.

Highlights

  • Targeting multi-million-ounce resource in Idaho’s Elk City district.
  • Large land position covering a productive portion of the under-explored Orogrande Shear Zone.
  • Widespread placer gold occurrences sourced from property.
  • Drill intercepts from the 1980s work include 33.5 meters of 4.1 g/t gold (hole ER-84-13 from 16.8m to 50.3m) and 21.3 meters of 3.15 g/t gold (hole ER-84-23 from 77.7 to 99.0m) (disseminated-style mineralization, true thicknesses unknown).4
  • The Project lies approximately 20 kilometers north of Endomines AB’s recently commissioned processing facility.5
  • Elk City District hosts multiple Historic Resources including:
    • 15 Km South: Measured + Indicated 20 MT @ 1.0 g/t Au, Inferred 21 MT @ 0.88 g/t (1.2 Moz Au total) at Endomines’ Friday Mine.1
    • 5 km South: Buffalo Gulch, historic M&I resource of 6.75 MT @ 0.53 g/t Au (114,700 oz Au).2 Similar host rocks.

Project Details

  • Location: 10 km NW of Elk City, Idaho. Lodging, food and airstrip.
  • Access: 10 Km paved and gravel roads.
  • Claims: 8.9km2. USFS and BLM unpatented lode claims.
  • Ownership: Option to earn 100%.
  • Infrastructure: Low power costs. Rail line 30 km NW. 34 KV Power Line 10km SE.
  • Permitting: USFS directive to permit early-stage drilling in under one year.

Vectors to Discovery

  • Rock Chip Anomaly: 0 to 9.8 ppm Au, (n=17, Avg. 1.8 g/t Au), coincident with soil anomaly.
  • Soil Anomaly: 300m x 100m, >100 ppb Au soil anomaly (up to 2.6 g/t n=34). Most of property covered by thin post-mineral conglomeratic cover limiting effectiveness of soil sampling.
  • Regional shear structures associated with gold mineralization.
  • Placer gold occurrences in multiple streams on site.
  • Minimal outcrop (<5%): opportunity to discover overlooked mineralization.
  • Elk City District: 1 Moz historic gold production.3 Mines in active construction.
  • Local community and government support. Abundant labor.

Targets

Historical exploration on the Project focused on shallow oxide gold mineralization, with drill holes typically less than 100 meters in depth.  Modern exploration has not been conducted over much of the Project area, and Gold Lion will be targeting extensions of the historical resource area in addition to structural intersections along strike of the Orogrande Shear zone.

  1. Bulk tonnage, oxide and/or sulfide gold
    • Confirmation of historic non-NI 43-101 resources
    • Disseminated mineralization in outcrop. Rock chips: 0 to 9.8g/t Au (n=17, avg. 1.8g/t Au).
    • 300m x 100m, >100ppb Au soil anomaly (up to 2.6g/t Au). Open to NE and SW along shear zone.
    • Anamalous gold in rock chip, and placer gold in streams, over 9 km
  1. Orogenic Au-Quartz veins:
    • Regionally important deposit style, commonly occurring with disseminated gold.
    • Historic occurrences of gold-quartz veins mined underground throughout property position.3

Geology

  • Host rocks: Mesoproterozoic biotite gneiss, augen gneiss, and minor schist; all excellent sources of Fe for sulfidation and disseminated mineralization.
  • Structure: Northern extension of regionally mineralized Orogrande shear zone. The intersection of two major shears is prospective.
  • Alteration: coarse muscovite alteration of metamorphic biotite, fine muscovite (sericite) alteration of feldspar, minor quartz; intense goethite-jarosite-hematite, likely after pyrite ± arsenopyrite.
  • Geochemistry: Strong Au-Ag-As-Sb correlation in soils and rock chips.

References

1NI 43-101: Technical Report, Idaho Gold Project. Prepared by Geosim for Premium Exploration Inc. 4/8/13.

2The mineral resources reported for the Buffalo Gulch projects in Idaho, USA, are from Endomines Ore Reserve and Mineral Resource Estimate update April 9, 2019 are classified in accordance with standards defined by Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”), “CIM Definition Standards – For Mineral Resources and Mineral Reserves”

3Greater Elk City District Production: USGS: Koschmann and Bergendahl, 1968. Principal Gold- Producing Districts of the United States. Professional Paper 610.

4Internal drill sections from Erickson Reef Project, Idaho County, Idaho. 1985. United Gold Corp.

5See Endomines news release dated April 2, 2020.

Maps

Erikson Ridge Permitting Map

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Erikson Ridge Property Map

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Gallery

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