VANCOUVER, BC / ACCESSWIRE / January 11, 2022 / Golden Lake Exploration Inc. (CSE:GLM) ('GLM' or the 'Company') is pleased to announce the acquisition of two claims blocks that expands the North Copperview property by over 50% and covers a historic soil-in-copper geochemical anomaly and the northward extension of a recently defined airborne MT geophysical anomaly. The two claims are located north and northeast of the Company's Copperview North property, which is located north of, and contiguous to the 'MPD Property' owned by Kodiak Copper Corp. ('Kodiak') (TSX-V: KDK).
The two new claims comprise 4,017 hectares, with the total North Copperview property nearly 120 square kilometers (11,979 hectares). Claim '1078594' is contiguous to the northern boundary of the Company's North Copperview property and covers the following targets:
- ULC Target - located wholly on the newly acquired claims, this target is defined by historic soil geochemistry completed in 1991 by Fairfield Minerals Inc., the owners and operator of the Elk Gold Mine (Siwash) property, currently being developed for production by Gold Mountain Mining Corp., (GMTN). The ULC Target is approximately 8.0 kilometers due west of the past producing Elk Gold mine, and 800 meters west of the boundary with GMTN's Elk Gold Property. Data on the ULC target was reported in BC Assessment Report # 22259 , and indicated copper-in-soil values of + 100 parts per million copper ('ppm Cu') over an area of 500 meters by 600 meters, with a peak value of 324 ppm Cu. This geochemical anomaly is similar in copper values and area to the Conglin Creek targets on the North Copperview property, where recent sampling by the Company compared well with history geochemical results, are completed by Fairfield in the 1990's. Company personnel have not yet visited nor investigated the ULC target area in the field. While remote in the 1990's, the target area is now readily accessible by a network of active logging roads.
- MT Anomaly 'B' -- In June 2021 the Company commissioned Expert Geophysics Ltd to carry out a helicopter-borne MobileMT electromagnetic and magnetic geophysical survey over the North Copperview property (see Press Release September 7, 2021). The purpose of the survey was mapping bedrock structure and lithology, including possible alteration and mineralization zones by observing apparent conductivity corresponding to different frequencies, inverting EM data to obtain the distribution of resistivity with depth, and using very low frequency electromagnetic and magnetic data to study properties of the bedrock units. A north-south resistivity low trends off the property into the newly acquired claim '1078594'. This anomaly is mostly coincident with low magnetic susceptibilities, and has strong low resistivities on all altitude slices, from 1000 meters to -500 meters. The Company's consulting geophysicist indicated: 'Anomaly 'B' is a north-south tending resistivity low with unlimited depth extent that is coincident with low magnetic susceptibilities, and as such is considered as a moderate to high priority target.'
Location map of the newly acquired claims and targets
Mike England, president of Golden Lake, reports: 'The recent acquisition of additional claims near the North Copperview property strengthens our strategic position, between Kodiak Copper to the south and Gold Mountain Mining to the east. Compilation and interpretation of our work completed in 2021 continues, directed towards an aggressive field season in 2022. Exploration activities are expected to be at a high level this year in this area of BC.'
Golden Lake will issue 200,000 shares and grant a 1% NSR to acquire a 100% interest in the claims.
About Golden Lake Exploration Inc.
Golden Lake Exploration 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. The 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.
Golden Lake Exploration's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Garry Clark, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.
ON BEHALF OF THE BOARD
Mike England, CEO & DIRECTOR
FOR FURTHER INFORMATION PLEASE CONTACT:
Toll Free: 1-888-945-4770
Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
SOURCE: Golden Lake Exploration Inc.
View source version on accesswire.com: