Golden Lake Set to Drill Magnet Ridge Induced Polarization (IP) Anomaly & Provides Drilling Update on Its Jewel Ridge Property in The Battle Mountain-Eureka Gold Belt, Eureka County, Nevada

Rhea-AI Summary

Golden Lake Exploration Inc. (CSE:GLM)(OTCQB:GOLXF) is set to commence drilling on a prime target at its Jewel Ridge Property in Nevada's Battle Mountain-Eureka gold trend. The property is adjacent to high-profile exploration programs by North Peak Resources and i-80 Gold Corp. Geophysical surveys completed in summer 2024 revealed a prominent IP anomaly over an 800-metre strike length, persisting to at least 400 metres depth. This anomaly is associated with a corridor hosting significant carbonate replacement deposits (CRDs).

To date, 1,378 metres across 4 holes have been drilled in the current program. The latest hole, JR-24-54, yielded several gossanous intervals, including a 7.60-metre-long intensely oxidized interval in the Hamburg Dolomite, an important host for CRD and disseminated deposits. Results will be released as they become available.

Positive

• Prominent IP anomaly discovered over 800-metre strike length, persisting to at least 400 metres depth
• Property located in prolific Battle Mountain-Eureka gold trend, adjacent to successful exploration programs
• 1,378 metres of drilling completed in current program
• Latest drill hole yielded promising 7.60-metre-long intensely oxidized interval in important host rock

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 15, 2024 / Golden Lake Exploration Inc. ("Golden Lake" or the "Company") (CSE:GLM)(OTCQB:GOLXF) is pleased to announce that it will shortly commence drilling on one of its prime drill targets, on its flagship Jewel Ridge Property (the "Property"), located in the prolific Battle Mountain-Eureka gold trend of Nevada.

The Property is well-located proximal to infrastructure and is immediately adjacent to successful, high-profile exploration programs currently being undertaken by North Peak Resources Ltd. (TSX-V: NPR) & i-80 Gold Corp. (TSX: IAU), on their neighboring Prospect Mountain and Ruby Hill properties, respectively.

MAGNET RIDGE IP ANOMALY:

Geophysical surveys completed by the Company in the summer of 2024 defined a prominent IP anomaly, delineated over an 800-metre strike length. Such an anomaly is strongly defined at surface and persists to a minimum depth of 400 metres below surface, where it remains open at depth.

Figure 1. Magnet Ridge situated in the heart of the corridor.

The IP anomaly is intimately associated with a north-south trending corridor hosting significant carbonate replacement deposits (CRDs), including the Ruby Deeps/Hilltop deposits situated to the north, on i-80 Gold's Ruby Hill property to the Diamond/Excelsior deposits to the south, on North Resource's Prospect Mountain property (see Figure 1). The CRD deposits are related to a north-south trending fault complex and intersecting WNW & ENE structures, as well as lithologic contacts.

Figure 2. Magnet Ridge 800-Long IP Anomaly.

The Magnet Ridge anomaly is situated in the heart of the corridor and comprises a high-priority, untested IP target (see Figure 2). It is anticipated that it will take 2 to 3 days to drill-test the target. Results will be released as they become available.

DRILLING UPDATE:

To date, a total of 1,378 metres comprising 4 holes have been completed in the current drill program at Jewel Ridge (JR-24-51 to JR-24-54). HD Drilling, based out of Winnemuca, Nevada, have completed the drilling in a most cost-efficient and proficient manner.

The last hole completed, JR-24-54, yielded several gossanous intervals containing iron oxide minerals in strongly altered rocks. In particular, a 7.60-metre-long interval in this hole, yielded a visually promising intensely oxidized interval (95% iron oxide minerals) in karsted terrain within the Hamburg Dolomite. The Hamburg dolomite is a very important lithotype for hosting CRD as well as disseminated deposits. Results for all drill holes will be released as the they become available to the Company.

Qualified person: Golden Lake's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Don Hoy, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.

About Golden Lake Exploration Inc:

Golden Lake Exploration Inc. is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.

ON BEHALF OF THE BOARD,
Mike England
CEO, PRESIDENT & DIRECTOR

FOR FURTHER INFORMATION PLEASE CONTACT:
TEL: 1-604-683-3995
TOLLFREE: 1-888-945-4770
EMAIL: info@goldenlakex.com

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

SOURCE: Golden Lake Exploration Inc.

View the original press release on accesswire.com

FAQ

What is the size of the IP anomaly discovered at Golden Lake's Jewel Ridge Property?

The IP anomaly at Golden Lake's Jewel Ridge Property has an 800-metre strike length and persists to a minimum depth of 400 metres below surface, where it remains open at depth.

How many drill holes has Golden Lake Exploration (GOLXF) completed in its current program at Jewel Ridge?

Golden Lake Exploration (GOLXF) has completed 4 drill holes totaling 1,378 metres in its current program at Jewel Ridge.

What significant interval was found in drill hole JR-24-54 at Golden Lake's Jewel Ridge Property?

Drill hole JR-24-54 at Golden Lake's Jewel Ridge Property yielded a 7.60-metre-long intensely oxidized interval (95% iron oxide minerals) in karsted terrain within the Hamburg Dolomite.

When did Golden Lake Exploration (GOLXF) complete the geophysical surveys at Jewel Ridge?

Golden Lake Exploration (GOLXF) completed the geophysical surveys at Jewel Ridge in the summer of 2024.