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Monday, 02/01/2021 6:49:02 PM

Monday, February 01, 2021 6:49:02 PM

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Golden Lake Exploration Inc. has released 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, Nev.

"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," stated Mike England, chief executive officer of Golden Lake.

Northeast Eureka target

The area northeast of the Eureka Tunnel portal was drilled by the company with five drill holes (four reverse circulation (RC) holes and one 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 (g/t) gold (Au) and 5.5 g/t silver (Ag) over 16.76 metres was intersected from surface and a second, lower mineralized zone was intersected at a depth of 160 metres, averaging 1.48 g/t Au and 1.3 g/t Ag over 10.67 metres, 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 one g/t Ag over 21.34 metres from a depth of 160.02 metres. Hole RC-20-09 was the only hole on the east flank of the valley that was drilled to depth (190 metres) 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 metres in a northeast direction by 160 metres 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.

South Eureka target

The South Eureka target is centred approximately 230 metres due south of the Eureka Tunnel adit 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 southwest of, and on trend with, the Northeast Eureka zone.

Hamburg mine target

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 metres, were completed by the company in 2020 with the best intercept in RC hole JR-20-02 of 0.936 g/t Au over 16.76 metres from a depth of 152.4 metres 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 metres from a depth of 123.44 metres and hole JR-20-03 returned 0.161 g/t Au over 106.7 metres from 73.2 metres. 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.

West Eureka (Industry Tunnel mine) target

The West Eureka target is located on the west flank of the valley, approximately 200 metres 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.

While grab rock samples are not representative of the grade of mineralization of an occurrence or target, they are useful in determining prospectivity and geological features. The rock samples in an attached table were delivered by the company consulting geologist to the ALS prep facility in Elko, Nev. All samples are analyzed for copper, gold, silver and 31 other elements. Gold is determined by ALS method Au-AA23, which is a fire assay with an atomic absorption spectroscopy finish on a 30-gram split. Copper, silver and the remaining 31 elements are determined by ALS method ME-ICP61, which is a four-acid digestion and inductively coupled plasma atomic emission spectroscopy assay. Golden Lake is reliant on ALS Labs in Reno, Nev., for its quality assurance/quality control (QA/QC) protocol as these are preliminary samples and limited in number.

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 metres)) and three diamond drill holes (1,236 feet (376.6 metres)). 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, Nev., engaged to lead the permitting process.

Drilling quality assurance and quality control statement

Procedures have been implemented to assure QA/QC of drill hole assaying is being done at an ISO accredited assay laboratory. All intervals of drill holes are being assayed and samples have been securely shipped and received by ALS Labs in Reno, Nev., with chain-of-custody documentation through delivery. Mineralized commercial reference standards and coarse blank standards are inserted every 20th sample in sequence. All results will be analyzed for consistency. Assays are pending and will be reported when available.

About 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.

The property comprises 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares (1,800 acres). The Jewel Ridge property contains several historic small gold mines. The company's focus is on Carlin-style disseminated gold deposits, the primary focus in the area since the late 1970s.

Nevada Carlin-type gold deposits (CTGD) have a combined endowment of more than 250 million ounces, which are concentrated (85 per cent) in only four trends or camps of deposits -- Carlin, Cortez (Battle Mountain-Eureka), Getchell and Jerritt Canyon. The company cautions thatresults on adjacent and/or nearby projects are not necessarily indicative of results on the company's property. /b]