Drilling Update On Jewel Ridge Property

VANCOUVER - Golden Lake Exploration Inc. reported an update on its phase 1 reverse circulation (RC) drill program on the company's keystone Jewel Ridge gold property, located near the town of Eureka, Nevada. Hole JR-20-05, the second hole on the South Eureka Tunnel target, has intersected a significant width of oxide mineralization at depths greater than previously tested. Hole JR-20-05 is a vertical RC drill hole, which intersected a void (i.e. cavity) at 500 feet, and upon extension, intersected strong alteration and oxidation at 600 to 675 ft, at which depth the hole was still in mineralization but lost. Attempts to deepen the hole were unsuccessful, due to ground conditions.

"While the Jewel Ridge gold project has many attributes, the lack of exploration at depth historically provides one of the greatest opportunities. Hitting oxide mineralization at this never before tested depth is a very good step in the right direction." said, Mike England, CEO and President.

The occurrence of alteration and strong oxidization at these depths on the South Eureka Tunnel target represents a new target that will require additional drilling. The deepest previous hole on this target was drilled in the 1980s to a depth of 340 ft. The Company is proposing to deepen two of its planned holes of this Phase 1 program to test the deep oxide target. Golden Lake is negotiating with the drill contractor for a return to the Jewel Ridge property for a Phase 2 drill program. As part of this planned program, the Company will make necessary site preparations to allow the drilling of deeper holes (750 to 900 ft) to test the new deep oxide target.