Vancouver, British Columbia – September 10, 2020, Golden Lake Exploration Inc. (CSE: GLM) (“GLM” or the “Company”)(GOLXF-OTC) is pleased to report additional high gold and silver values from the South Eureka Tunnel target area on the company’s keystone Jewel Ridge gold property located near the town of Eureka, Nevada. Selective rock grab samples taken by the Company’s geological team in conjunction with the recent reverse-circulation (“RC”) drill program have returned the highest gold values to date by the Company on the property. Sample EU-80 returned 21.70 grams gold per tonne (g/t Au), 123.0 grams silver per tonne (g/t Ag), 0.19 percentage copper (% Cu), 2.55 % lead (Pb) , and 1.52 % zinc (Zn).
“While we await assays from the Phase one drill program it is very encouraging to come up with more indications of widespread mineralization throughout the Jewel Ridge property. New areas such as these will be considered and prioritized as targets for our Phase 2 program.” stated Mike England, CEO of Golden Ridge.
A total of fifteen (15) rock grab samples were taken by Company geologist in two areas, “Southwest of Eureka Tunnel, and “Northeast of the Eureka Tunnel”.
|SAMPLES From Southwest of South Eureka Tunnel)|
|Sample #||g/t Au||g/t Ag||Cu %||Pb %||Zn %|
Little information is known about this target area, but significant mine dumps from the Industry Tunnel workings are located topographically above, and to the west of the area sampled. Note, the recent soil geochemistry survey did not cover this target area. The geology and metal distribution are supportive of a carbonate-replacement style of mineralization at this target area.
|SAMPLES From Northeast of South Eureka Tunnel)|
|Sample #||g/t Au||g/t Ag||Cu %||Pb %||Zn %|
The area northeast of the Eureka Tunnel is located north east of the portal and is an area of intense road building and shallow, historic drill holes. Soil values from the recent geochemical survey returned gold values up to 0.47 g/t Au in the area of the rock samples reported above. Silver and base metals values are markedly lower on samples from this target area and are interpreted to reflect Carlin-style, oxide gold mineralization.
While grab rock samples are not representative of the grade of mineralization of an occurrence or target, they are useful in determining prospectivity and geological features. The above rock samples were delivered by the company consulting geologist to the ALS prep facility in Elko, Nevada. All samples are analyzed for copper, gold, silver and 31 other elements. Gold is determined by ALS method Au-AA23, which is a fire assay with an atomic absorption spectroscopy finish on a 30-gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61, which is a four-acid digestion and inductively coupled plasma atomic emission spectroscopy assay. Golden Lake is reliant on ALS Labs in Reno, Nev., for its QA/QC protocol as these are preliminary samples and limited in number.
The Company also reports that the maiden RC drill program has been completed on the Jewel Ridge property, comprising 10 holes and 5,200 feet (1,585 meters). As previously reported, the Company has also engaged EM Strategies of Reno, Nevada to lead the permitting of a Phase 2 drill program on Federal (BLM) and patented lands. EM Strategies, based in Reno and Elko, specialize in third party and proponent work with the BLM, U.S. Forest Service (USFS), and state and county governments to provide permit acquisition and regulatory compliance services.
Drilling Quality Assurance and Quality Control Statement
Procedures have been implemented to assure QA/QC of drill hole assaying being done at an ISO accredited assay laboratory. All intervals of drill holes are being assayed and samples have been securely shipped and received by ALS Labs in Reno, Nevada, with chain-of-custody documentation through delivery. Mineralized commercial reference standards and coarse blank standards are inserted every 20th sample in sequence. All results will be analyzed for consistency. Assays are pending and will be reported when available.
About the Jewel Ridge Property
The Jewel Ridge property is located on the south end of Nevada’s prolific Battle Mountain – Eureka trend, along strike and contiguous to Barrick Gold’s Archimedes/Ruby Hill gold mine to the north and Timberline Resources’ advanced-stage Lookout Mountain project to the south.
The property comprises 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares (1,800 acres). The Jewel Ridge property contains several historic small gold mines. The Company’s focus is on Carlin-style disseminated gold deposits, the primary focus in the area since the late 1970s.
Nevada Carlin-type gold deposits (CTGD) have a combined endowment of more than 250 million ounces, which are concentrated (85 per cent) in only four trends or camps of deposits: Carlin, Cortez (Battle Mountain-Eureka), Getchell and Jerritt Canyon. The Company cautions that results on adjacent and/or nearby projects are not necessarily indicative of results on the Company’s property.
About Golden Lake Exploration Inc.
Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.
Golden Lake Exploration’s disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.
ON BEHALF OF THE BOARD
Mike England, CEO & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All of the forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).