November 8, 2016 - 9:00 AM EST
Beachwood, Ohio (FSCwire) - Gold Lakes Corp., (OTCQB: GLLK) an exploration stage Blue-Sky company that specializes in acquiring and developing mining assets announces that the Company has received approval of the exploration work permit plan to the Ontario Ministry of Northern Development and Mines (MNDM).
The exploration permit # PR-16-10942 is effective for a period of three (3) years. This approval allows Gold Lakes to continue its development and begin phase 2 of the Big Monty Claims.
Phase 2 of the exploration program will entail assaying and diamond drilling of geological and geophysical targets of up to 10 holes totaling 3000 meters.
The first stage of phase 2 will entail line cutting of the area. Line cutting is often the first exploration work done on a claim. It involves clearing vegetation and bushes and cutting a main base line through the middle of the mining claim with a series of grid or wing lines running off of the base line at 90-degree angles.
The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of NE Ontario Canada. The Big Monty property is near existing producing gold mines, and borders property owned by Harte Gold Corp and St Andrew Goldfields Ltd. who was recently bought for $178 million CAD by Kirkland Lake Gold Inc.
Gold Lakes Corporation strategy is to identify and acquire prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.
Beachwood, Ohio, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Gold Lakes Corp., (OTCQB: GLLK) an exploration stage Blue-Sky company that specializes in acquiring and developing mining assets announces that the Company entered into a Consulting Agreement with Canadian Exploration Services Limited to conduct a mineral exploration program on the Company’s "Big Monty" property culminating in the drilling of up to ten holes totaling 3000 meters in geographic targets.
The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of NE Ontario Canada. The Big Monty property is near existing producing gold mines, and borders property owned by Harte Gold Corp and St Andrew Goldfields Ltd. who was recently bought for $178 million CAD by Kirkland Lake Gold Inc.
Phase I of the exploration program will be focused on data acquisition of geochemical, geological and alteration vectors towards diamond drillhole targeting. Exploration work will consist of geological mapping and sampling, and interpretation of prior airborne survey.
Specifics include: preparing work permits, advising Wahgoshig First Nations of the intended preliminary field work; and obtaining the raw geophysical data from the airborne Mag survey for re- interpretation.
Phase 2 of the exploration program will entail assaying and diamond drilling of geological and geophysical targets of up to 10 holes totaling 3000 meters.
Gold Lakes’ President and CEO, Christopher Vallos, stated, "This is an exciting time for Gold Lakes and now that we are starting Phase 1 of the Exploration Program, and we are confident that this will add to shareholder value. It is our intention to prove that the gold bearing veins of our bordering neighbor St. Andrews run thru the Big Monty”.
Upon the completion of Phase 2, Gold Lakes Corp plans to initiate a 43-101 technical report of the "Big Monty" Property.
Gold Lakes Corporation strategy is to identify and acquire prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.
Gold Lakes Corp. Announces $835k Private Financing
Beachwood, Ohio, July 27, 2016 (GLOBE NEWSWIRE) -- Gold Lakes Corp., (OTCQB: GLLK) an exploration stage Blue Sky company that specializes in acquiring and developing mining assets, closed an agreement with an institutional investor for a private offering of convertible debentures with gross proceeds of $835k in two closings.
At the first closing, Gold Lakes Corp sold convertible debentures in the principal amount of $535,000 for a purchase price of $285,000. At a second closing, to occur after the company's resale registration statement for shares underlying the debentures is declared effective by the Securities and Exchange Commission; the company will sell convertible debentures in the principal amount of $300,000 for a purchase price of $300,000. The debentures mature one year from their dates of issuance and bear interest at 8% per annum, payable in cash or stock, subject to a make-whole payment if converted or redeemed prior to maturity.
Company management commented “This funding allows Gold Lakes to develop and execute the current work plan for the “Big Monty” which consists of extensive geophysical work and a drill program and allows us to capitalize on our strategy of identifying and acquiring prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. We believe there is a significant opportunity to acquire complementary properties or assets in the metals market" For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.
The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of NE Ontario Canada. An Airborne Survey has noted a variety of features characteristic of gold within the Big Monty property. The Airborne Survey will be used in coordination with the planned geophysical survey and surface geological mapping to determine mineralization targets for future prospecting and conducting the drilling program.
The Big Monty property is near existing producing gold mines, and borders property owned by Harte Gold and St Andrew Goldfields Ltd. who was recently bought for $178 million CAD by Kirkland Lake Gold Inc.
I don't think GLLK is going nowhere...
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