04:16:51 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Gold Lion Resources Inc
Symbol GL
Shares Issued 31,044,070
Close 2020-07-14 C$ 0.57
Market Cap C$ 17,695,120
Recent Sedar Documents

Gold Lion Resources closes Ohadi Geoex acquisition

2020-07-15 12:20 ET - News Release

Mr. Oliver Friesen reports

GOLD LION PROVIDES EXPLORATION UPDATE; CLOSES DEFINITIVE AGREEMENT TO ACQUIRE OHADI GEOEX INC.

Further to the news release dated July 9, 2020, Gold Lion Resources Inc. has closed the previously announced agreement to acquire, through the purchase of a private Idaho corporation, four additional gold properties located to the south of Gold Lion's South Orogrande property, located near Dixie, Idaho.

The Company acquired all issued and outstanding shares of the Idaho company in exchange for issuing an aggregate of 2.6 million common shares of Gold Lion priced at $0.56 per share to the Idaho company's shareholders. Each of the selling shareholders was arm's length to Gold Lion. The common shares issued as payment for the Idaho company have a statutory four month and one day hold period that expires on November 14, 2020. No finders' fees were paid in connection with the transaction.

Exploration update

The Company is also pleased to provide an update on the work programs recently completed on its portfolio of gold exploration projects located in Idaho, USA. High-resolution Volterra 3D array Induced Polarization (IP) geophysical surveys covering 25.85 line-km and 41.1 line-km were recently completed over its Erikson Ridge, and South Orogrande projects respectively. Additionally, 1,271 soil samples were collected on the South Orogrande Property covering the IP survey area as well as to the south where Gold Lion recently acquired an additional 40 lode claims (See Gold Lion news release dated June 12 th , 2020) which cover the projected extension of the X-zone Au-in-soil anomaly.

At Robber Gulch, Gold Lion has staked additional ground which covers silica and jasperoid altered outcrops discovered while investigating a new gold-in-soil anomaly on trend to the south of the Company's claim boundary. The staking increases the strike length of known Carlin-type alteration and mineralization to over 2 kilometers from historic drill hole AC-4. Additionally, the company completed a second high-resolution geochemical program which saw the collection of 943 additional samples infilling and extending the strongest Au-in-soil anomaly identified by the recent work program (See Gold Lion news release dated June 16, 2020). The results of all above programs will be released once the data has been received and compiled in the coming weeks.

Qualified Person

Agnes Koffyberg, PGeo, 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 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.

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