Golden Lake Exploration CSE:GLM

VANCOUVER, BC / ACCESSWIRE / August 20, 2020 / Golden Lake Exploration Inc. (CSE:GLM) ("GLM" or the "Company") is pleased to issue an update on its phase 1 reverse circulation ("RC") drill program on the company's keystone Jewel Ridge gold property, located near the town of Eureka, Nevada. Hole JR-20-05, the second hole on the South Eureka Tunnel target, has intersected a significant width of oxide mineralization at depths greater than previously tested. Hole JR-20-05 is a vertical RC drill hole, which intersected a void (i.e. cavity) at 500 feet (152 meters), and upon extension, intersected strong alteration and oxidation at 600 to 675 ft (183 to 206 m), at which depth the hole was still in mineralization but lost. Attempts to deepen the hole were unsuccessful, due to ground conditions.

"While the Jewel Ridge gold project has many attributes, the lack of exploration at depth historically provides one of the greatest opportunities. Hitting oxide mineralization at this never before tested depth is a very good step in the right direction." stated Mike England, CEO and President of Golden Lake.

The occurrence of alteration and strong oxidization at these depths on the South Eureka Tunnel target represents a new target that will require additional drilling. The deepest previous hole on this target was drilled in the 1980s to a depth of 340 ft (104 m). The Company is proposing to deepen two of its planned holes of this Phase 1 program to test the deep oxide target.

The Company is negotiating with the drill contractor for a return to the Jewel Ridge property for a Phase 2 drill program. As part of this planned program, the Company will make necessary site preparations to allow the drilling of deeper holes (750 to 900 ft, or 230 to 275 m depth) to test the new deep oxide target.

The South Eureka Tunnel oxide gold target area was previous drilled with shallow holes (average depth 47.4 meters) by General Minerals Development Corp. -- Peter Galli Exploration (1971-1980), and by Norse-Windfall Inc (1983-1988). There has been no drilling on this target since the late 1980s.

Here is depth, market looks fairly balanced

The stock has been consolidating around 20 cents for a few weeks now. Could break to the upside anytime

Junglist, welcome aboard, I bought some more today also

I took some profits in Blackrock and bought some GLM today at 20, so it can start going higher now

Here is depth, quite a few bids at 19 cents

Since volume picked up in May, a nice uptrend channel

Short video here, just has a few highlights

Picked up a good position in this one, lets get those drills turning

I like this one too and added to my position Friday. Might buy some more if I take profits else where

Awesome GB, I bought a good postiion. I see Vic Bradley and the Nevada project as very big positives

Got ok from RonS to use some of his report to start this

Highlights:

Very low market capitalization
Top notch management and technical team
Jewel Ridge project, a great location in Nevada
Advance stage with over 300 historic drill holes
South Eureka zone has not had much drilling since 1980s with 50 shallow (average depth 47.5M)
Historic holes returning an average thickness of 17.1 meters assaying 1.16 g/t gold


Management

Michael B. England, CEO & President is an astute team builder and has been involved in the public markets since 1983. Since 1995, Mr. England has been directly involved with public companies in various roles, including investor relations, directorships and senior officer positions. To date, Mr. England has been directly responsible for raising in excess of $60-million for mineral exploration and acquisitions.

Vic Bradley, Chairman has more than 50 years experience in the mining industry, including more than 15 years with Cominco Ltd. and McIntyre Mines Ltd. in a wide variety of senior financial positions from Controller to COO. Over the past 30 years Vic has founded, financed and operated several mining and advanced stage exploration and development companies, including the original Yamana Gold Inc., Aura Minerals Inc. and Nevoro Inc. (sold to Starfield Resources). Vic founded the original Yamana in early 1994, and served as President and CEO and then Chairman of the Board and Lead Director until 2008. He served as Chairman of Osisko Mining Corp from November 2006 up to its sale for $4.1 billion to Agnico Eagle and Yamana in June, 2014.


Projects - Jewel Ridge, Nevada

Jewel Ridge is located on the south end of Nevada's prolific Battle Mountain - Eureka trend, strategically along strike and contiguous to the former Barrick Gold, two million gold ounce Archimedes/Ruby Hill mine to the north and Timberline Resources' advanced-stage Lookout Mountain project to the south. The property claims cover approximately 728 hectares (1800 acres). There is year around road access to the property and it is 3.2 km south of Eureka.

The Jewel Ridge property contains several historic small gold mines which align along a north-south-trending stratigraphic contact of Lower Paleozoic sedimentary rocks, as well as several other gold-mineralized zones with a variety of structural and lithological controls.



The South Eureka is the first priority drill target. It has 82 historic drill holes and 50 hit mineralization. The last drilling on this target was in the late 1980s and has not been drilled/explored since because tenure issues with the claims, which was resolved in 2012 with the purchase of 13 patented claims. This will be the first time in decades that this priority target will see modern exploration techniques and deeper drilling."