Golden Lake Exploration (GLM.C) has reported on their ongoing activities for 2021 directed at exploring their Jewel Ridge gold property, located near Eureka, Nevada.
The highlights of the exploration include:
- 14,000 feet minimum diamond drill program.
- Geophysics surveys planned.
- Long Wave Infrared Survey (LWIR) in progress.
- An update on hyperspectral imaging.
The most noteworthy of these exploration activities are the diamond drill programs. Golden Lake will be targeting multiple areas and, weather permitting, hopes to begin on May 1, 2021, with the first drill contractor conducting a minimum of 14,000 feet of drilling. GLM is also in discussion with a second drill contractor, who, if they reach an agreement, would operate on a single-shift basis for a minimum of 6,000 feet of core drilling beginning later in May 2021.
Golden Lake is also planning a detailed gravity survey and an induced polarization (IP) survey in the northern portion of the property. The surveys will be directed at both Carlin-type and CRD-type (carbonate replacement deposit) oxide mineralization, and if successful would help them get more information on the area.
GLM has partnered with DIRT Explorations for the LWIR exploration, which will use satellite data to attempt to map mineral distribution over large areas covered by vegetation and shallow cover. Golden Lakes Exploration expects to receive an interpretive report by DIRT within two weeks.
Golden Lakes is working with Terracore Geospectral Imaging to produce hyperspectral imaging for three core holes. Hyperspectral imaging reveals alteration patterns that cannot be observed by the human eye and most alteration minerals can be identified and mapped in the infrared, and their presence can be objectively and consistently quantified. Terracore’s report is forthcoming, and Golden Lakes hopes it will help them better map what they have dubbed “the bonanza hole” in hole JR-20-12DD (3.23 metres at57.16 g/t Au, 452.0 g/t Ag, 7.23 per cent Pb and 11.99 per cent Z).
“With the success of our 2020 drilling on the Eureka Tunnel and Hamburg targets, the Company is aggressively preparing for a very active 2021 field season, to expand and extend known zones of gold-silver mineralization and test multiple new targets discovered last year,” stated Mike England, CEO of Golden Lakes Exploration.
Golden Lakes is hoping to get some serious exploration going after the discovery of the “bonanza hole” shot their stock price up. The news sent the stock up more than 300% in a single day, and although the stock has declined from its highs, it is still up over 145% from before the discovery.
Nevada is generally considered to be a mining-friendly state, which has allowed them to move fast after their discovery. Golden Lakes is attempting to grab the bull by the horns and get things done in 2021.
Following this announcement, the stock price has gone down slightly to $0.37.
Full disclosure: Golden Lake Exploration is an Equity.Guru marketing client.