Golden Lake drills 3.31 g/t gold over 3.96 metres at Jewel Ridge, Nevada

Golden Lake Exploration Inc. [GLM-CSE; GOLXF-OTC] reported the remaining assay results from its phase 2 diamond drill program on the 100%-optioned keystone Jewel Ridge property, located in the prolific Eureka gold district, Nevada. The Jewel Ridge property is located along strike and contiguous to I-80 Gold Corp.’s Archimedes/Ruby Hill gold mine to the north, Paycore Minerals Inc.’s FAD property to the northwest, and Timberline Resources’ advanced-stage Lookout Mountain project to the south.

Drilling comprised 9 holes (1,513.3 metres) on the Hamburg Zone at the south end of the property, and the initial drilling on the Catlin Zone comprised of 2 holes (398.9 metres). As previously reported the Hamburg Zone returned a significant intercept of 26.37 metres averaging 5.38 g/t golld from a shallow depth of 42.64 metres in hole JR-22-36DD.

A total of 11 holes (1.912.3 metres) are reported in this press release, including holes JR-22-39DD to JR-22-50 DD (note JR-22-43DD was lost).

The highest grade intercept was returned in hole JR-22-50DD on the Hamburg Zone from a depth of 132.28 metres, returning 3.31 g/t gold, and 209.5 g/t silver with 1.55% lead and 0.70% zinc over a core width of 3.96 metres.

The most significant intersection (based on core width times gold grade) was returned in hole JR-22-40DD, on the Hamburg Zone, averaging 41.15 metres of 1.05 g/t gold and 3.9 g/t silver from a depth of 128.63 metres.

Only two holes were drilled on the Catlin Zone, and both returned higher silver values associated with Carbonate Replacement Deposit (“CRD”) mineralization. Hole JR-22-45DD returned 0.17 g/t gold and 308.6 g/t silver over 4.05 metres from a depth of 62.09 metres, and hole JR-22-46DD returned 5.23 g/t gold and 84.0 g/t silver over 1.52 metres from a depth of 9.75 metres. Additional drilling is required to determine the extent and orientation of CRD mineralization at the Catlin Zone.

The Hamburg target is approximately 1.8 km south-southeast of the Eureka Tunnel target, where the company was actively exploring throughout most of 2021. At the Hamburg Mine, historic gold production from the underground and open pit workings, and previous exploration activities had focused on oxide gold mineralization in the Hamburg Dolomite unit, and/or at the contact of the Hamburg Dolomite with the Dunderberg Shale.

Drilling has stopped on the Jewel Ridge project while the company awaits the approval of the comprehensive Plan of Operation (PoO) over most of the Jewel Ridge property. EM Strategies, based in Reno, has led the preparation and submission to the Bureau of Land Management (BLM) for the PoO process.

The company has recently completed a ground gravity survey over the entire Jewel Ridge property. The survey was contracted to MaGee Geophysical Services and the results are currently being reviewed by Golden Lake geologists.

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.

The company also owns a large (37.814 hectare) early-stage property in south-central British Columbia, contiguous to Kodiak Copper Corp., and Gold Mountain Mining Inc., that is highly prospective for copper-gold porphyry and mesothermal gold-bearing quartz-vein mineralization.