golden lake expands land position adjacent to kodiak copper corp.'s mpd property with new property acquisition
Vancouver, British Columbia – September 22nd, 2020 – Golden Lake Exploration Inc. (CSE: GLM) (“GLM” or the “Company”) is pleased to announce the acquisition of an additional strategic property known as the “Conglin Creek Copper Property” located contiguous and north-west of the “MPD Property” owned by Kodiak Copper Corp. (“Kodiak”) (TSX-V: KDK). Kodiak previously reported an intercept in drill hole MPD-20-004 of 282 meters averaging 0.70 percent copper and 0.49 grams gold per tonne (see PR Kodiak, September 3, 2020).
The Conglin Creek property covers a strong magnetic high anomaly (see Figure 1) that trends in a north-west, south-east direction from the Gate and Prime zones on Kodiak’s MPD property. A soil geochemistry survey completed in 1973 indicates strong copper-in-soil anomalies trending north-west to north-south. Copper values of + 400 parts per million (“ppm”) occur of strike lengths of 125 to 150 meters, enclosed by copper anomalies with values of 200 - 400 ppm Cu over strike lengths of 400 to 500 meters. Note that the Company has not verified the values in government assessment filings, and they are not to be relied upon, and additional sampling, assaying and verification is required. The Company’s recent acquisition also covers the “Conglin Creek Showing” (Minfile 092HNE132, BC government designation). There has not been drilling on the Conglin Creek property, to the best of the Company’s knowledge.
Figure 1. Location map of the Conglin Creek Property on the BC Airborne Magnetic Overlay
Golden Lake further announces it has also staked an additional 6,009 hectares of land in the region which now brings its Copperview Project to 27,238 hectares in size.
Figure 2. Overall land package map now held by Golden Lake
Cumulative terms of the acquisition to earn a 100% interest in the Conglin Creek property call for Golden Lake to pay $100,000 cash and issue a total of two million shares over a 2 year time frame. A 2.5% NSR will be granted to the vendor of which 1.5% can be purchased back by the Company for $1.5 million.
About Golden Lake Exploration Inc.
Golden Lake Exploration is a junior public mining exploration company engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to acquire, explore and develop economic precious and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property. The Jewel Ridge property is located on the south end of Nevada's prolific Battle Mountain - Eureka trend, along strike and contiguous to Barrick Gold's Archimedes/Ruby Hill gold mine to the north and Timberline Resources' advanced-stage Lookout Mountain project to the south.
Golden Lake Exploration's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Justin Rensby, P.Geo., who serves as a qualified person under the definition of National Instrument 43-101.
ON BEHALF OF THE BOARD
Mike England, CEO & DIRECTOR
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Neither the Canadian Stock Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward -looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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