Golden Lake and i-80 Gold to Collaborate on a Drone Magnetic Survey on Their Respective Properties, in the South Eureka Gold Belt, Nevada

VANCOUVER, BC / ACCESSWIRE / May 4, 2023 / Golden Lake Exploration Inc. (CSE:GLM) ("GLM" or "Golden Lake") (OTCQB:GOLXF) is pleased to announce that it will partner with i-80 Gold Corp. (TSX: IAU) (NYSE: IAUX) ("I-80") in the undertaking of a high-resolution drone magnetic survey on their respective properties, located in the South Eureka Gold Belt (SEGB), Eureka County, Nevada. Specifically, the joint-survey will provide geophysical coverage over Golden Lake's Jewel Ridge property and part of i-80's Ruby Hill property including its recently acquired FAD property; these properties being contiguous with one another.

High-Resolution Drone Magnetic Survey:

High-resolution magnetic data collected from a drone provides an excellent tool for mapping rock type and structure and when processed, produce maps of exceptional detail. Three-D inversions of data from such a survey will yield information related to depth to the source, dip of the body and its overall size and shape. Non-magnetic bodies reflect certain rock types, structural trends and hydrothermal alteration associated with mineralization, while magnetic highs in the SEGB may reflect the presence of intrusions, both near-surface and at depth.

The survey will be flown at 25-metre line spacing, ensuring maximum data resolution and will closely drape the topography of the survey area for optimal precision. It will comprise a total of 1,540 kilometres of flying and is anticipated to commence in mid-May, taking 7 to 10 days to complete.

The partners have agreed to split the cost of the survey on a 50-50 basis and to share equally the data generated by it.

South Eureka Gold Belt:

The Jewel Ridge property is located along structural and stratigraphic trend to the south, of i-80 Gold's Ruby Hill property. District-scale structures at Jewel Ridge (Jackson Fault & parallel faults) are part of a 10 kilometre-long, north-south trending structural corridor, intimately related with neighboring deposits to the north at Ruby Hill, including the FAD, historic Ruby Hill, Ruby Deeps, Hilltop, 426, Blackjack and Archimedes deposits (Figure 1).

At Jewel Ridge, shallow intercepts of CRD mineralization occur at the Hamburg zone, returning 10.72 g/t gold & 9.30 g/t silver over 8.56 metres as well at the Eureka Tunnel zone, yielding 9.16 g/t gold, 65.77 g/t silver, 1.03% lead & 1.90% zinc over 24.54 metres.

The distribution of precious and base-metal deposits within the SEGB district is controlled by structure, lithology and proximity to intrusive centres. The effect of each control varies from deposit to deposit, that include carbonate replacement deposits (CRD), skarns, Carlin-type disseminated gold deposits, as well as hybrid CRD-Carlin type styles of mineralization.