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Tuesday, 02/23/2021 1:44:29 PM

Tuesday, February 23, 2021 1:44:29 PM

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"Golden Lake Exploration Inc. has discovered a high-grade (gold-silver-lead-zinc) mineralized oxide zone in diamond drill hole JR-20-DD12, completed in November, 2020, on the Northeast Eureka target on the company's keystone Jewel Ridge gold property located near the town of Eureka, Nev. From surface an intercept of 24.54 meters was intersected returning 9.16 grams gold per tonne (g/t Au), 65.8 grams silver per tonne (g/t Ag), 1.03 percentage lead (% Pb), and 1.90 percentage zinc (% Zn). This intercept is hosted in Hamburg Dolomite and comprises both Carlin-type and CRD -type ("Carbonate Replacement Deposits") oxide mineralization.

A higher "bonanza" grade portion from 15.21 meters to 18.44 meters returned 3.23 meters averaging 57.16 g/t Au, 452.0 g/t Ag, 7.23 % Pb, and 11.99% Zn. This "bonanza" intercept is interpreted by the Company geologists as similar to the historic Ruby Hill mines and can be described as an oxidized carbonate-hosted, structurally and lithologically controlled gold-silver (with associated lead-zinc) mineralization. The Jewel Ridge property hosts over a dozen past producing mines and prospects over a 4-kilometer strike on the Dunderberg-Windfall Belt, most worked in the late 1800's for gold, silver and lead, from shallow oxide deposits.

Recently announced surface sampling of the South Eureka target area returned very similar mineralization averaging 3.43 Au, 196.3 g/t Ag, 8.8% Zn and 0.88% Pb (see Company PR dated Feb 1, 2021) and will become a focus of an upcoming diamond drill program. This sample area is located approximately 125 meters from the collar of hole JR-20-DD12, and on-trend, and interpreted as the south-west extension of the Northeast Eureka Zone.

"Given our successful efforts to date we anticipated positive results, but this hole has definitely exceeded our highest expectations. We are excited to aggressively continue our work program to define and expand the targets identified in 2020 by drilling, rock and soil geochemistry, magnetics and Induced Polarization geophysics and structural mapping. Congratulations to our first-rate team of geologists and project managers." stated Mike England, CEO and President of Golden Lake. "The discovery of a high-grade "bonanza" zone is a great success and a "game-changer" for the property and the Company, and we await assays from one remaining core hole"