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Golden Lake Exploration reports results from first 3 holes from Jewel Ridge property in Nevada, including 5.85 g/t Au over 18.68 meters and 8.93 g/t gold over 8.09 meters

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The keystone 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.

Additional Information:

Company: Golden Lake Exploration
Website: http://www.GoldenLakeX.com
Stock Symbol: CSE: GLM
Date Published: Jul 23, 2021
Transcript: Available

Video Transcript:

I’m Katriina Cotten for Investmentpitch Media

Golden Lake Exploration has reported assay results from the first three diamond drill holes at its Eureka Target at its Jewel Ridge gold property near Eureka, Nevada.

The keystone 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, which comprises 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares or 1,800 acres, contains several historic small gold mines.

All three holes were collared within 10 meters of discovery hole JR-20-12DD to determine the dip of the CRD zone and to test the width and continuity of the Carlin-style mineralization.

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 have a combined endowment of more than 250 million ounces, with approximately 85% concentrated in only four trends or camps, namely the Carlin, Cortez, 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.

The results from discovery Hole 20-12DD, which were announced in February, reported 9.16 g/t gold and 65.8 g/t silver over 24.54 meters, including 57.2 g/t gold and 452 g/t silver over 3.2 meters, which the company referred to as an intensely oxidized “bonanza zone”.

Hole JR-21-14DD, drilled to the southwest at -45 degrees and lost at 37.2 meters, returned 3.17 g/t gold and 27.22 g/t silver over 3.41 meters, starting at less than 10 meters below surface, possibly in the CRD Zone.

Hole JR-21-15DD, drilled to the southwest at -70 degrees, ended at 175.3 meters.

It returned 3.56 g/t gold and 27.02 g/t silver over 4.69 meters, also starting at less than 10 meters below surface, again thought to possibly be in CRD Zone.

Hole JR-21-16DD was drilled at -70 degrees in a northeast direction to a depth of 201.8 meters.

With hole JR-21-16DD, the mineralized zone extends from 6.86 meters to 25.54 meters, over a core width of 18.68 meters averaging 5.85 g/t gold, 18.3 g/t silver, 0.38% lead and 1.28% zinc.

A CRD section from a depth of 18.78 meters within this interval returned 1.98 meters averaging 5.93 g/t gold, 111.2 g/t silver, 2.83% lead and 3.50% zinc.

A unit of jasperoid mineralization within the Carlin-style portion of the interval from a depth of 10.68 meters, over a width of 8.09 meters, averaged 8.93 g/t gold, 9.4 g/t silver, 0.12% lead, and 1.72% zinc.

Mike England, CEO, stated: "These drill results are very encouraging for the continuation of the near-surface Carlin-style mineralization and represent early confirmation of the high-grade bonanza CRD mineralization. In addition to diamond drilling, a program of surface and underground geological mapping and sampling is also in progress. We believe the discovery of the high-grade "bonanza" CRD zone represents a significant "game-changer" for the property and the Company.”

To date, 7 holes have been completed of the planned 20,000-foot diamond drill program.

The company is well funded, having raised gross proceeds of $10,055,432 from the placement of 22,345,404 units priced at $0.45 per unit, with each unit consisting of 1 share and one-half a warrant, with each full warrant exercisable at $0.60 for 24 months.

The up-sized non-brokered private placement, which closed in March, included an investment of $2 million from Eric Sprott, through his private company.

The shares are trading at $0.245.

For more information, please visit the company’s website www.GoldenLakeX.com, contact Mike England, CEO, at 604-683-3995.

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I’m Katriina Cotten for Investmentpitch Media