Gold Lion Provides Exploration Update; Closes Definitive Agreement to Acquire Ohadi GeoEx Inc.
305-1770 Burrard St. Vancouver, British Columbia V6J 3G7
T: (778) 772-1751/ W: https://goldlionresources.com/
GOLD LION RESOURCES INC.
NEWS RELEASE
Gold Lion Provides Exploration Update; Closes Definitive Agreement to Acquire
Ohadi GeoEx Inc.
Vancouver, British Columbia / July 15, 2020 – Gold Lion Resources Inc. (“Gold Lion ” or the
“Company”) (CSE: GL) (OTC: GLIOF) (FWB: 2BC) is pleased to announce that further to the news
release dated July 9, 2020, it has closed the previously announced 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 Company acquired all issued and outstanding shares of the Idaho company in exchange for issuing an
aggregate of 2,600,000 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 fou r month and one day hold period that expires on
November 14, 2020. No finder’s 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 12th, 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 16th, 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, P.Geo., is the Qualified Person as defined by National Instrument 43 -101 who has
reviewed and approved the technical data in this news release.
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About Gold Lion Resources Inc.
Gold Lion Resources Inc. 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 . For more information please visit:
https://goldlionresources.com/.
ON BEHALF OF THE BOARD OF DIRECTORS
Oliver Friesen
CEO
T: +1 (778) 772-1751
The CSE and Information Service Provider have not reviewed and does not accept responsibility for the
accuracy or adequacy of this release.
Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward -looking information"
within the meaning of applicable securities law. Forward-looking information is frequently characterized
by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements
are based on the opinions and estimates at the date the statements are made, and are su bject to a variety
of risks and uncertainties and other factors that could cause actual events or results to differ materially
from those anticipated in the forward -looking statements including, but not limited to delays or
uncertainties with regulatory ap provals, including that of the CSE. There are uncertainties inherent in
forward-looking information, including factors beyond the Company’s control. There are no assurances
that the business plans for Gold Lion Resources described in this news release will come into effect on the
terms or time frame described herein. The Company undertakes no obligation to update forward -looking
information if circumstances or management's estimates or opinions should change except as required by
law. The reader is cautione d not to place undue reliance on forward -looking statements. Additional
information identifying risks and uncertainties that could affect financial results is contained in the
Company’s filings with Canadian securities regulators, which are available at www.sedar.com.