Business
Gold Lion Resources To Acquire Four Additional Projects in Idaho's Orogrande Gold District
Vancouver, British Columbia - TheNewswire - July 9, 2020 - Gold Lion Resources Inc. ("Gold Lion" or the "Company") (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2BC) i
About this update from Panther Minerals Inc.
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - July 9, 2020 - Gold Lion Resources Inc. (\"Gold Lion\" or the \"Company\") (CSE:GL) (CNSX:GL.CN) (OTC:GLIOF) (FWB:2BC) is pleased to announce that it has entered into an agreement to acquire, through the purchase of a private Idaho corporation, four additional gold properties which lie to the south of Gold Lion's South Orogrande property located near Dixie, Idaho. The additional land holdings compliment the Company's recent acquisition of 40 additional lode claims at South Orogrande, as previously announced in its June 10, 2020 news release. The Doc, Majestic, Mammoth and Red Cloud properties contain eight (8) past-producing gold mines which operated throughout the early 1900's before shutting due to an executive order during WWII. The properties lie within the southern extension of the district-scale Orogrande Shear Zone and have not yet seen modern systematic exploration on a significant scale. Once completed, these acquisitions will form part of the Company's corporate strategy of consolidating the highly underexplored Orogrande district, an emerging gold belt which lies within the mining friendly state of Idaho. Under the terms of the agreement under which Gold Lion will acquire all of the issued and outstanding shares of the Idaho company, Gold Lion will issue an aggregate of 2.6 million Gold Lion common shares at a price of $0.56 per share to that company's shareholders upon closing of the transaction. Each of the selling shareholders is arm's length to Gold Lion. When issued, the Gold Lion shares will be subject to a four month hold period in accordance with applicable securities laws. Supplementing the Company's ongoing Induced Polarization (IP) geophysical survey on its Erickson Ridge and South Orogrande projects, additional crews will be mobilized to the Doc, Majestic, Mammoth and Red Cloud properties to carry out further prospecting, mapping and geochemical surveys. Oliver Friesen, CEO of Gold Lion, stated: \"We are pleased to announce this agreement for the latest addition to our Idaho land holdings within a highly prospective and underexplored gold district. The latest transaction will result in the Company owning a 100% interest in four new Idaho properties, covering eight past producing gold operations, with no underlying milestone or royalty payments due. We look forwar...