Phase 2 Drilling At The Jewel Ridge Project

VANCOUVER - Golden Lake Exploration Inc. reported on the Phase 2 diamond drill program at the Jewel Ridge Property, located in Eureka gold district, Nevada. Drilling comprised 9 holes (1,513.3 meters) 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 meters). The Hamburg Zone had previously returned a significant intercept of 26.37 meters averaging 5.38 grams gold per tonne (g/t Au) from a shallow depth of 42.64 meter in hole JR-22-36DD.

A total of 11 holes (1.912.3 meters) 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 meters, returning 3.31 g/t Au, and 209.5 g/t Ag with 1.55 percent(%) lead (Pb) and .70 % zinc (Zn) over a core width of 3.96 meters. 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 meters over a core width of 1.05 g/t Au and 3.9 g/t Ag, from a depth of 128.63 meters. 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 Au and 308.6 g/t Ag over 4.05 meters from a depth of 62.09 meters, and hole JR-22-46DD returned 5.23 g/t Au and 84.0 g/t Ag over 1.52 meters from a depth of 9.75 meters. Additional drilling is required to determine the extent and orientation of CRD mineralization at the Catlin Zone. The Hamburg target is approximately 1.8 kilometers 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, Nev., has led the preparation and submission to the Bureau of Land Management (BLM) for the PoO process. The Jewel Ridge PoO represents a significant stage and asset for the company, as the baseline studies completed (biological, hydrological, and archeological) will be essential for any future development of a gold deposit on the property. The PoO over the property, and the larger disturbance allowance, will give the company more flexibility in planning and permitting future drill sites.