GOLD LION RESOURCES (CSE:GL | FWB:2BC | OTC:GLIOF)
Gold Lion Resources is pushing towards its goal of making major gold discoveries in Idaho.
Earlier this month, the Canadian junior closed a $3 million fundraise to give it the money needed to advance exploration and begin drilling across its project portfolio in the up-and-coming mining state.
This was a transformational moment.
It showed clear and overwhelming market support for the company after months of positive exploration results across all three assets.
And now, Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) is rewarding these investors by delivering on its plans to drill test the projects in the coming months.
In the last week, the company has posted not one but two updates from work completed since the fundraise began at the end of September.
And the news has been extremely promising.
DRIVING FORWARD SOUTH OROGRANDE AND THE DIXIE PROPERTIES
First up was soil and rock sampling program results across the South Orogrande and Dixie properties in north-central Idaho.
South Orogrande covers a vast portion of a 50km-long gold belt in Idaho called the Orogrande Shear Zone that drove the state’s gold rush in the early 20th Century. The Dixie properties, meanwhile, cover a set of eight historic gold prospects.
Neither project has been properly explored with modern exploration and drilling techniques. In fact, work has been almost non-existent since mining Idaho was shuttered temporarily during the Second World War!
Until now, that is.
Strong historic exploration results have led Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) to search for gold at both assets. And the results of its latest round of work take it another critical step closer to achieving this goal.
Of 76 rock grab samples taken by Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF), eleven graded more than 5 grams per tonne (“g/t”) gold.
Some contained up to 45.8 g/t gold!
Meanwhile, Gold Lion’s (CSE:GL | FWB:2BC | OTC:GLIOF) soil sampling extended the length of the gold-in-soil anomaly on South Orogrande’s prospective X-Zone to more than 7.5 kilometers. What’s more, it remains open for more strike length to the south.
Work also identified several new gold-in-soil anomalies, including three on the Dixie properties, one over the historic Goldmaster prospect, and another near the northeast corner of the South Orogrande Property.
Most exciting of all, however, was the new “CP Vein” discovery. This is a 10m wide mineralized quartz vein striking for over 300m at surface that returned grades of up to 11.8 g/t gold and 44.8 g/t silver which is located over 2km from the southern extent of the X-Zone gold-in-soil anomaly
Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) has expanded its South Orogrande land package to include this new discovery zone and is now waiting for the green light to begin drilling from the local authorities.
Given Idaho’s pro-mining legislation, this should not be a difficult milestone to cross, and it will enable Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) to assess South Orogrande and the Dixie properties’ gold potential in much greater detail.
Success here could deliver significant shareholder value.
“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”
– OLIVER FRIESEN, CHIEF EXECUTIVE OF GOLD LION RESOURCES
Ready to examine Robber Gulch’s full potential with the drill
GOLD LION RESOURCES (CSE:GL | FWB:2BC | OTC:GLIOF)
Gold Lion quickly followed its progress update in north-central Idaho with highly promising progress at its Robber Gulch property in the southern part of the state.
Robber Gulch is very quickly becoming a flagship asset for the company.
See, the project sits along the northern extent of the world-renowned Carlin gold trend in Nevada. Although Carlin has hosted some of the largest gold deposits globally over the past five decades, few have investigated its projection across the border into southern Idaho.
With exploration interest in Idaho soaring, this presents an enormous opportunity for juniors to investigate the area’s potential for the very first time. After all, the rewards for making a Carlin-type discovery would be huge.
Intermittent historic exploration on the Robber Gulch Property have shown highly promising signs of gold mineralization.
However, it wasn’t until Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) took on the project that its real potential began to emerge.
Soil sampling in June revealed two large gold-in-soil anomalies typical of Carlin-type gold systems. Shortly afterwards, rock chip sampling returned grades of up to 6.49g/t oxide gold.
And last week, Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) revealed that a 700m trenching program had unearthed Carlin-type alteration and mineralization in four separate trenches.
“SEVERAL SECTIONS OF INTENSE QUARTZ STOCKWORK VEINING WERE ENCOUNTERED IN TRENCHES 1, 3 AND 4, WHICH IS TYPICALLY ASSOCIATED WITH HIGHER GOLD GRADES ON THE PROPERTY,”
– THE FIRM ADDED.
Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) is currently waiting for assays from the trenching, which are expected in early December. This information will then be compiled and used to plan the Company’s Phase I drill program at Robber Gulch.
Drilling will test for vertical mineralization across several high priority targets and will be used to plan a second phase of drilling to test the entire extent of the two gold anomalies.
Liberty Gold has seen its valuation soar to hundreds of millions of dollars off the back of its Carlin-type discovery located 90km to the east of Robber Gulch within the same geologic host rocks. So with funding and permits in place for thousands of metres of drilling, Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) could once again be rapidly approaching a major company-making milestone.
TRENCHING AT ROBBER GULCH
With a market cap at writing of C$13.25 million, Gold Lion (CSE:GL | FWB:2BC | OTC:GLIOF) has already more-than doubled in value since the end of March, just before it optioned its Idaho portfolio.
But with cash in the bank, extremely encouraging results from all three Idaho assets, and plans for major portfolio-wide drilling in place, the Company could soon find itself trading with a much higher valuation.
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