South Eureka Zone Significant Silver And Gold Values

VANCOUVER - Golden Lake Exploration Inc. reported additional anomalous and significant silver and gold values from surface rock samples from several targets on the company's keystone Jewel Ridge gold property located near the town of Eureka, Nevada. "While we await assays from three diamond drill holes completed in November, the Company is very encouraged to identify additional areas of widespread silver and gold mineralization over the Jewel Ridge property. The Company is looking forward to an aggressive and expansive drill program (RC and core) in 2021 to define and expand the targets outlined in 2020, and to test the new targets identified by rock and soil geochemistry, magnetics and induce polarization geophysics and structural mapping." said, Mike England, CEO.

The area northeast of the Eureka Tunnel portal was drilled by the Company with five drill holes (four Reverse Circulation (RC) holes and 1 core hole (assays pending)). Highlights included RC hole JR-20-06 which intersected two zones of mineralization. An upper mineralized zone (UMZ) of 1.25 grams gold per tonne gold (Au g/t) and 5.5 grams silver per tonne (Ag g/t) silver over 16.76 meters was intersected from surface, and a second, lower mineralized zone was intersected at a depth of 160 meters, averaging 1.48 g/t Au and 1.3 g/t Ag over 10.67 meters, hosted in dolomite. Similar to the UMZ, the lower grade mineralization (halo mineralization) underlies this interval, with a wider zone returning 0.83 g/t Au and 1.0 g/t Ag over 21.34 meters from a depth of 160.02 meters. Hole RC-20-09 was the only hole on the east flank of the valley that was drilled to depth (190 meters) to test this mineralized horizon (holes RC-20-06, 07, and 08 were too shallow). The multiple stacked nature of the oxide gold mineralized horizons significantly enhances the tonnage potential of the Northeast Eureka Zone in hole JR-20-09. Surface sampling was conducted northeast of the Company's drill holes, in an area of intense road building and shallow, historic drill holes over an area of 200 meters in a northeast direction, by 160 meters wide. Many samples were retrieved from piles around historic RC holes that the Company does not have data for. The results strongly indicate a continuation of the Northeast Eureka Zone to the north and northeast. Silver and base metals values are markedly lower on samples from this target area and are interpreted to reflect Carlin-style, oxide gold mineralization. Additional sampling will be conducted with drilling to follow.

The South Eureka Target is centered approximately 230 meters due south of the Eureka Tunnel adit in in a North-south trending steeply incised valley. Diamond drill hole JR-20-DD13 (assays pending) tested this target. Four rock samples of highly oxidized, gossanous material from dumps and workings in the area have returned good gold, silver and base metal values indicative of Carbonate Replacement Deposit (CRD) mineralization. The area is located just south-west of, and on-trend with the Northeast Eureka Zone.

The Hamburg mine target is located in the south-central portion of the Jewel Ridge property and represents both Carlin-type and CRD-type oxide gold mineralization hosted in the Hamburg dolomite at or near the contact with the Dunderberg shale. Three angled reverse circulation holes, comprising 548.64 meters, were completed by the Company in 2020 with the best intercept in RC hole JR-20-02 of 0.936 grams gold per tonne (g/t Au) over 16.76 meters from a depth of 152.4 meters in the recent program. Significantly, holes JR-20-02 and JR-20-03 both intersected wide intercepts of anomalous gold values (defined as greater than 0.1 g/t Au). Hole JR-20-02 intersected 0.436 g/t Au over 57.91 meters from a depth of 123.44 meters, and hole JR-20-03 returned 0.161 g/t Au over 106.7 meters from 73.2 meters. A total of seven rocks samples were collected north and northwest of the area drilled by the company, to investigate determine the extent and style of the gold mineralization. All samples, except J-32 were in areas previously unsampled, and no known drilling. These recent rock results are encouraging and indicate excellent potential for gold mineralization to continue to the northwest of the historic Hamburg mine and open pit. A program of soil geochemistry is proposed when weather permits to better define the gold mineralization followed by drilling.

The West Eureka Target is located on the west flank of the valley, approximately 200 meters southwest of the Eureka Tunnel adit. The target covers portions of the historic Industry Tunnel mine with extensive workings and dumps, and no known drill holes. Many samples are extensively oxidized and the higher silver and associated base metals are characteristic of CRD mineralization.

The Company is awaiting assay results from three diamond drill core holes completed in November on the Eureka Tunnel area. Drilling on the Jewel Ridge property during 2020 comprised 10 RC holes 5,200 feet (1,585 meters), and three diamond drill holes 1236 feet (376.6 meters). Planning is in progress for a spring 2021 drill program on multiple target areas on Federal (BLM) and patented lands, with EM Strategies of Reno, Nevada engaged to lead the permitting process.