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Gold Lion Enters into Agreements to Acquire the Cuteye Group of Properties
VANCOUVER, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (FWB: 2BC) is pleased to announ
About this update from Panther Minerals Inc.
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Gold Lion Resources Inc. (“Gold Lion” or the “Company”) (CSE: GL) (FWB: 2BC) is pleased to announce it has entered into an acquisition agreement and an amalgamation agreement (collectively, the “Agreements”) with a private British Columbia numbered company (“Numberco”) pursuant to which Gold Lion will acquire the Cuteye Group of Properties (the “Property”). Under the Agreements, Gold Lion and Numberco will complete a “three-cornered amalgamation” pursuant to which Gold Lion will issue an aggregate of 6,000,000 Gold Lion common shares to the shareholders of Numberco, and Numberco will amalgamate with Gold Lion’s wholly-owned subsidiary that was recently formed for this transaction. No finders fees are payable in connection with the transaction. About the Cuteye Group of Properties The Property includes the Mister Jay (2373 ha), Lady Jane (242 ha), Lama (69 ha), and Missus Jay (468 ha) claim blocks covering twelve mineral showings in BC’s Golden Triangle, roughly 25km southwest of Glenora, British Columbia. The Property is underlain by Upper Triassic Stuhini Group volcanic and sedimentary rocks which are locally intruded by Late Triassic-Early Jurassic stocks and dykes. Multiple gold-silver-copper-lead-zinc showings have been discovered on the Property dating back to 1914, which have received little to no follow-up and no modern-day exploration. Highlights Historic rock sampling values ranging up to 11.3g/t Au (9 samples >1g/t Au), 347g/t Ag (18 samples >30g/t Ag), 7.9% Cu (20 samples >1% Cu), 5% Pb (6 samples >1% Pb), and 5% Zn (7 samples >1% Zn).1 Historic soil samples on the Lady Jane block returned up to 1.7g/t Au (6 samples > 100ppb Au).1 Historic heavy mineral sampling of streams within the Property returned values up to 11 g/t Au. 1 QUEST-Northwest magnetic survey completed by Geoscience BC in 2011 identified a roughly 25km long northeast-southwest oriented magnetic lineament which is contiguous with the location and trend of the historic showings. Property lies less than 15km from a service road. Gold Lion is planning a 2020 exploration program which will involve detailed mapping, prospecting and soil sampling over prospective targets on the Property including along the linear magnetic anomaly. All sampling, geology, and geophysics ...