Golden Lake Exploration (GLM.C) announced they have engaged Big Sky for their upcoming core drill program at the Jewel Ridge project.
GLM had previously announced that their explorations plans were going to include up to 20,000 feet of diamond core drilling. In their previous announcement, Golden Lake had said they are hoping to have the first drill contractor begin at the beginning of May and drill 14,000 feet.
Today’s press release also stated that negotiations are underway for GLM to bring a second drill on in Q2 2021, which will drill 6,000 feet.
“We are very pleased to have secured Big Sky for our upcoming program at Jewel Ridge set to commence the first week of May. Our objectives will be to follow up on last season’s core drilling success and to begin testing numerous other targets also defined.” stated Golden Lake CEO Mike England.
Golden Lake saw their share price surge after they discovered “bonanza” grade gold at the Jewel Ridge property in February. Then, as March went on, their share price slid down, dropping below their pre-bonanza high, before inching up in April.
Golden Lake is not waiting around, and have four forms of exploration planned. Beyond the 20,000 feet of drilling, they are also a Long Wave Infrared (LWIR) survey and hyperspectral imaging going on, as well as geophysics surveys planned.
The project is located near Eureka, in Nevada, a state famously friendly to mining interests. The Fraser Institute ranked Nevada first on their Investment Attractiveness Index.
Speaking about the planned drilling in their press release, Golden Lake wrote:
“Golden Lake will embark on a 20,000-foot core drilling campaign to follow up and begin delineating the size extent of drill hole JR-20-DD12 which intersected from surface an intercept of 24.54 meters 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)including 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 (see PRD dated Feb 23, 2021). 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 also be a focus of the 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.”
Following the news, GLM’s share price declined slightly and is currently trading at $0.39.
Full disclosure: Golden Lake Exploration is an Equity Guru marketing client.
