Property-Wide Magnetotelluric (MT) Survey Jewel Ridge Property

VANCOUVER - Golden Lake Exploration Inc. reported that a property-wide Magnetotelluric (MT) survey has commenced on its flagship Jewel Ridge property, located in the prolific Battle Mountain-Eureka gold belt of central Nevada. The Property is located along structural and stratigraphic trend from i-80 Gold's Ruby Hill property, situated immediately to the north and contiguous with the Company's Jewel Ridge property.

In view of the relatively shallow depths of diamond drilling completed by Golden Lake to date at Jewel Ridge, coupled with the depths of carbonate replacement deposit (CRD) mineralization encountered at the neighbouring FAD, Ruby Deeps, Black Jack and Lower Hilltop deposits (500 to 600 metres below surface), MT is thought to be the optimal geophysical method for detecting deep and conductive bodies of mineralization, in this part of the South Eureka gold belt.

MT is a frequency-based electromagnetic survey (EM) that utilizes electric and magnetic field measurements to calculate resistivity. Resistivity lows (or conductors) respond to and reflect the presence of metallic sulphide deposits, including semi-massive to massive CRD deposits. Resistivity highs, assist in mapping out alteration such as silicification and jasperoid, common alteration styles associated with CRD and Carlin-type gold deposits. MT surveys are capable of detecting sulphide bodies to depths of at least 1 kilometer, ensuring that the survey is seeing through and beyond the depths of oxidation, that persist to depths of 250 to 300 metres below surface, in this part of the district.

Such surveys have proven to be successful in detecting CRD mineralization in the district, in particular at the neighboring Upper Hilltop zone, currently being explored by i-80 Gold. MT conductors at this locale are known to be intimately associated with high-grade CRD mineralization, yielding drill intercepts of 28.9% Pb, 18.5% Zn, 515 g/t Ag and 0.9 g/t Au over 28.3 metres.The MT survey at Jewel Ridge comprises 40 line kilometres of detailed survey work and is anticipated to take 4 weeks to complete. Preliminary results will be released as they become available.

District-scale structures at Jewel Ridge (Jackson Fault & parallel faults) are part of a 10 kilometre-long, north-south trending structural corridor. At Jewel Ridge, historic shallow intercepts of CRD mineralization occur at the Hamburg mine, returning 10.7 g/t Au, 9.3 g/t Ag over 8.6 metres as well as at the Eureka Tunnel mine, yielding 9.2 g/t Au, 65.8 g/t Ag, 1.0% Pb & 1.9% Zn over 24.5 metres (Figure 1). These CRD occurrences together with the numerous other historic mines at Jewel Ridge comprise a two kilometer-wide, north-trending corridor, transecting the entire length of the Jewel Ridge property. Such mineral occurrences are the surface manifestation of a wide-spread high-grade CRD mineralizing system thought to be at depth on the Property. The deeper bonanza-grade intercepts over significant widths obtained by i-80 Gold immediately to the north, occur at depths of 500 metres and greater, underscoring a real need for deeper exploration methodology and subsequent deeper drilling at Jewel Ridge.

Michael England, CEO, said, "We are excited to be getting this long-awaited geophysical program started. The MT results coupled with the recently completed drone magnetic survey supplemented by Golden Lake's historic drill results, will generate numerous quality intrusion-related targets, for an early fall diamond drilling program at Jewel Ridge."