Jewel Ridge Property Has Outstanding Assays In All Gold, Silver and Pb+Zn

VANCOUVER - Golden Lake Exploration Inc. (GLM) reported on surface rock sampling undertaken on the Jewel Ridge property located in the Battle Mountain-Eureka gold belt of Nevada. While completing geological mapping during the 2021 and 2022 field seasons, a total of 586 rock samples were collected for examination and assay. The samples were collected from outcrop, float and rock dumps, situated over large a part of the Property. The best and most encouraging results were obtained over the western half of the Jewel Ridge land holdings.

Outstanding assays in all of gold, silver and Pb+Zn, highlight the prominent carbonate replacement deposit (CRD) mineralization associated with the Hamburg dolomite-Dunderberg shale contact at the Atlas shaft, Dunderberg decline, Catlin shaft & Uncle Sam tunnel. Along this favorable one kilometer-long stratigraphic and structural trend, maximum values of 45.2 g/t Au, 547 g/t Ag & 25.2% Pb+Zn were obtained, attesting to the high-grade nature of CRD mineralization. Notably, the Hamburg dolomite is one of the most important litho-types for hosting CRD mineralization, given its brittle nature of deformation and favorable chemical properties.

The Eureka Tunnel locale yielded high-grade assays over a 400-meter long trend, returning up to 11.2 g/t Au, 1,460 g/t Ag & 4.6% Pb+Zn. At this particular occurrence, CRD mineralization is known to have been overprinted by a younger Carlin-style event, resulting in an enrichment or higher-grade tenor to precious-metal mineralization.

Encouraging results were also obtained on the Elise and Lord Byron patents, close to the Alexandra shaft and Sterling tunnel occurrences. Here, a clustering of samples returned best values of 6.6 g/t Au, 459 g/t Ag & 5.0% Pb+Zn from CRD mineralization. Diamond drilling has never been completed in this area of the Property.

The Adelphi patent situated to the west of the Jewel Ridge property, returned excellent results from very limited sampling. Assay values of up to 38.6 g/t Au, 118 g/t Ag & 4.1% Pb+Zn were obtained, pointing to significant, largely untapped CRD mineralization potential in the El Dorado dolomite, in this area. Mineralized mantos in this locale are structurally controlled and appear to be related to the Silver-Connor fault and a NNW-trending fault.

Collectively, the high-grade assays obtained over the western half of the Property comprise a broad, two kilometer-wide north-trending corridor, hosting high-grade CRD mineralization. This surface mineralization is thought to be a shallow manifestation of a widespread CRD hydrothermal system situated at depth, on the Jewel Ridge property. The deeper bonanza-grade CRD intercepts over wide widths, recently obtained by I-80 Gold and Paycore Minerals, occur at depths of 500 meters and greater, underscoring a real need for deep exploration and deeper drilling at Jewel Ridge.

In view of the relatively shallow depths of diamond drilling completed on the Property to date and the depth of high-grade CRD mineralization being encountered, a MagnetoTelluric (MT) geophysical survey will be undertaken at Jewel Ridge to assist in targeting future deeper drilling.

Given that the key factors governing the formation of CRD deposits involve interplay between structure, rock types and proximity to magmatic centers (causative intrusions), a high-resolution drone magnetic survey will be completed over the Jewel Ridge property as well. The survey will of great assistance in an ongoing interpretation in mapping faults, intrusive centers (Ruby Hill intrusion) as well as key contacts between respective rock types and their relationships with mineralization.

The MT and high-resolution drone magnetic survey are slated for completion in late winter-early spring due to winter access issues (drone survey) and other challenges affecting the quality of the data (MT survey). Once complete, all data will be processed, modeled in 3D and integrated with all other data, including drill assays and known zones of mineralization. It is anticipated that several quality targets will be generated by said surveys in preparation for an initial drill program, slated for the spring of 2023.