(TheNewswire)
Vancouver, British Columbia / TheNewswire / July 5, 2022 – Gold Lion Resources Inc. (“ Gold Lion ” or the“ Company ”) ( CSE:GL) (OTC:GLIOF) (FWB:2BC) advisesthat further to the acquisition of 1000173975 Ontario Inc.(“Numco”) on June 6, 2022, Gold Lion has assumed certain cashpayments, common share issuances and property expenditures required toearn a 100% interest in the Nickel Plate project located innortheastern Saskatchewan. The Nickel Plate project comprises 22mineral claims originally referenced as the Black Lake mineralproperty (the “Property”) which were acquired by Numco pursuant toan option agreement entered into on March 7, 2022 (the “OptionAgreement”) with Gem Oil Inc. and Bartaine Investments Co. Ltd. (the“Optionors”). To earn 100%, Gold Lion will complete the followingschedule of cash payments, share issuances and propertyexpenditures:
Payment Date | Cash Payments | Share Issuances | Property Expenditures |
On or before October 5, 2022 | - | 300,000 shares | - |
On or before April 5, 2023 | $50,000 | 300,000 shares | $100,000 |
On or before April 5, 2024 | $50,000 | 300,000 shares | $100,000 |
On or before April 5, 2025 | $50,000 | 300,000 shares | $100,000 |
TOTAL | $150,000 | 1,200,000 Shares | $300,000 |
Upon completion of the property expenditures, notedcash payment and share issuances to the Optionors, the Company willhave earned a 100% right, title and interest in and to the Property.The Optionors have retained a 2% NSR in respect of the Property,one-half of which (1% NSR) can be purchased by the Company at any timefor a purchase price of $1,000,000 for a period of 5 years after theearn-in date.
The Company has issued an aggregate of 300,000 commonshares to the Optionors at a price of $0.05 per share in satisfactionof the first share issuance due. Subsequent share issuances will beissued at a deemed price equal to the fair market value on the tradingdate immediately preceding the date on which the share issuance isdue.
All securities issued in connection with the OptionAgreement will be subject to a statutory hold period of four monthsand one day from issuance pursuant to applicable securities laws.
Gold Lions Resources Nickel PlateProject
GoldLions Resources Nickel Plate project is adjacent to properties/claimsowned by Kobolt Metals Inc and Faith in Gravity Holding which runsnortheast of Black Lake and is backed by some of the world’swealthiest people. Gold Lion’s Nickel Plate project comprises 22mineral claims covering 25,442 hectares located in northeasternSaskatchewan in an area of active metal exploration.
GoldLion’s Nickel Plate property is prospective for nickel, copper,cobalt, platinum, palladium and gold. Known mineral occurrencesinclude the Butch gold occurrence where previous workers collectedgrab samples grading up to 50.98 g/t gold, 2.96 g/t platinum and 4.01g/t palladium. The Butch showing occurs in hematite altered, fracturedand sheared amphibolite outcrops in the vicinity of the regionalNNE-trending Platt Creek shear zone.
Inaddition, the Nickel Plate claims are host to approximately 40nickel-copper occurrences with grab sample values ranging up to 4615ppm nickel and 2801 ppm copper. This value was from a 2008 grab samplecollected at the “Laura showing”. The Laura showing is associatedwith an airborne electromagnetic survey by previous workers. Largeportions of the Nickel Plate project are covered by airborne surveysincluding powerful MegaTEM and VTEM surveys.
CEOGuy Bourgeois commented, “As we reimagine and rebuild the globalenergy infrastructure, it will require an extensive amount of batterymetals and materials to modernize a reliable, resilient, and secureelectric grid. Much of the world’s cobalt supply is a by-product ofnickel and copper mining, with the majority sourced from theDemocratic Republic of Congo, therefore, North American sources arecritical. For instance, Cobalt has specific properties to manage heatand is essential to stabilize and improve battery performance inelectric vehicles, microgrids and other prevalent battery-powereddevices. Several factors are pushing demand for battery materials andGold Lion is well-positioned to supply the internationalmarket.”
GoldLion is planning an exploration program to be completed in the summerof 2022. This work will include ground investigations and surveys overthe Butch gold, platinum, palladium occurrence as well as a number ofthe more prospective nickel, copper occurrences.
About Gold Lion Resources Inc.
Gold Lion Resources Inc. is a mineral explorationcompany actively involved in the exploration of its precious metalfocused portfolio including Black Lake, Cuteye and Fairview Propertieslocated in British Columbia, Saskatchewan and Idaho, USA. For moreinformation please visit: https://goldlionresources.com/ .
ON BEHALF OF THE BOARD OF DIRECTORS
Guy Bourgeois, CEO
T: 902.225.8881
info@goldlionresources.com
The CSE and Information ServiceProvider have not reviewed and does not accept responsibility for theaccuracy or adequacy of this release.
Qualifying Statements: Mike Taylor P. Geo, a qualified person as defined by NationalInstrument 43-101, approves the technical information contained inthis news release.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Often, but not always,forward-looking information and information can be identified by theuse of words such as “plans”, “expects” or “does notexpect”, “is expected”, “estimates”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words andphrases or state thatcertain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.Forward-looking information in this news release includes statementsregarding: o mineral resources, the Company’s plans with respect tothe exploration and development of its properties, the timing of cashpayments, share issuance and expenditure requirements. Theforward- looking information reflects management's current expectations based on information currently available and are subject to a number of risks and uncertainties that may cause outcomes to differ materially from those discussed in the forward-looking information. Such risk factors may include, among others, that general business andeconomic conditions will not change and risks associated with mineralexploration. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information and no assurance can be given that such events will occur in the disclosed time frames or at all. Factors that could cause actual results or events to differ materially from current expectations include: (i) adverse market conditions; and (ii) other factors beyond the control of the Company. New risk factors emerge from time to time, and it isimpossible for the Company’s management to predict all risk factors, nor can the Company assess the impact of all factors on Company’s business or theextent to which any factor, or combination of factors, may causeactual results to differ from those contained in any forward-lookinginformation. The forward-looking information included in this newsrelease are made as of the date of this news release and the Companyexpressly disclaims any intention or obligation to update or reviseany forward-looking information whether as a result of new information, future events or otherwise, except as required byapplicable law. Additional information identifying risks anduncertainties that could affect financial results is contained in the Company’s filings with Canadian securities regulators, which are available at www.sedar.com.
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