Golden Lake Resources Inc. [
GLM-CSE] is currently following up on encouraging exploration results at its 100%-optioned flagship Jewel Ridge gold project near Eureka on the south end of Nevada’s prolific Battle Mountain -Eureka gold trend, along strike and contiguous to the Archimedes/Ruby Hill gold mining operations to the north (
acquired in 2015 from Barrick by private equity firm Waterton Resource Management) and the Timberline Resources advanced-stage Lookout Mountain project to the south.
The Battle Mountain-Eureka gold trend hosts numerous famous gold mines, including Marigold, Cove McCoy, Pipeline, and Cortez Hills to name a few. Between 1976 and 2012, production from these Carlin-type deposits in the Eureka District totaled 1.38 million ounces of gold.
The Jewel Ridge property consists of 96 unpatented lode mining claims and 30 patented claims covering approximately 728 hectares (1,800 acres) that contains several historic small gold mines which align along a north-south-trending stratigraphic contact of Lower Paleozoic sedimentary rocks, as well as several other gold-mineralized zones with a variety of structural and lithological controls. Multiple targets occur on the property with Carlin-type gold mineralization.
During a recent ten-hole Phase I drilling program, the second hole on the South Eureka Tunnel target, has intersected a significant width of oxide mineralization at depths greater than previously tested. Hole JR-20-05, a vertical Reverse Circulation drill hole, intersected a void (cavity) at 500 feet (152 metres) and, upon extension, intersected strong alteration and oxidation at 600 feet to 675 feet (183 metres to 206 metres), at which depth the hole was still in mineralization but lost due to ground conditions. Alteration of rocks and oxidation are key indicators of a geological setting amenable for gold deposition.
“While the Jewel Ridge gold project has many attributes, the lack of exploration at depth historically provides one of the greatest opportunities. Hitting oxide mineralization at this never-before-tested depth is a very good step in the right direction,” stated Mike England, President and CEO of Golden Lake.
Since the occurrence of alteration and strong oxidization at these depths on the South Eureka Tunnel target represents a new target, the company is proposing to deepen two of its planned holes of the Phase I program to test the deep oxide target. The deepest previous hole on this target was drilled in the 1980s to a depth of 340 feet (104 metres).
Geological modeling of Jewel Ridge is targeting a large tonnage gold deposit with important silver values, over a north-south trend of at least 4 km.
Golden Lake will make necessary site preparations to allow the drilling of deeper holes to depths of 750 to 900 feet (230-275 metres) to test the new deep oxide target. The company’s focus is on Carlin-style disseminated gold deposits, the primary focus in the area since the late 1970s. These types of deposits have been responsible for more than 250 million ounces of Nevada gold production from four trends or camps: Carlin, Cortez (Battle Mountain/Eureka), Getchell and Jerritt Canyon.
The Jewel Ridge property has a data base of over 360 short drill holes (mostly RC), extensive soil and rock geochemistry, and excellent geological mapping. This represents millions of dollars of previous exploration expenditures and allows Golden Lake to fast track the vectoring of high priority targets. Golden Lake will also conduct state-of-the art airborne and geophysical surveys to aid targeting.
Historic drill results from the South Eureka area included 5.51 g/t gold over 27.4 metres and 4.21 g/t gold over 21.3 metres.
Golden Lake’s Jewel Ridge prospect represents a very attractive exploration project on the prolific Battle Mountain-Eureka gold trend in a pro-mining state. The company has 27,799,668 shares outstanding.
https://resourceworld.com/nevada-one-of-the-worlds-premier-exploration-destinations/