Golden Lake Exploration (GLM) has started ground magnetic survey on the Jewel Ridge gold property near Eureka, Nevada in the US.
Located on the south end of Nevada’s prolific Battle Mountain-Eureka trend, the Jewel Ridge property is 100% owned by mining exploration company Greencastle Resources.
As part of the agreement signed in 2019, GLM has the option to acquire 100% interest in the Jewel Ridge property from Greencastle by paying $155,000 in cash, issuing five million Golden Lake shares and investing $750,000 over a three-year period.
Additionally, Golden Lake will incur the costs of the primary lease and all the US Bureau of Land Management (BLM) and county fees.
Greencastle Resources said in a statement: “Varying net smelter return (NSR) royalties are applicable on the property with buy-downs in place to reduce the NSRs to nil and 1 per cent on various claims and leases.”
Geophysical survey covers entire Jewel Ridge property
Covering the entire Jewel Ridge property, the geophysical survey will include approximately 137 line-kilometers of high-resolution ground magnetics at 50m line spacing in an east-west direction.
The magnetic survey will be used for the structural interpretation and analysis related to oxide mineralized gold zones at the property.
Additionally, the Jewel Ridge property comprises 96 unpatented lode mining claims and 30 patented claims covering approximately 728ha.
According to Greencastle Resources, the property holds several historic small gold mines that align along a north-south-trending stratigraphic contact of Lower Paleozoic sedimentary rocks.
Commenting on the deal signed in November 2019, GLM president Mike England earlier said: “This marquee property acquisition in the heart of a prolific gold trend in Nevada gives Golden Lake year-round drilling capability and exciting potential for discovery of significant Carlin-type gold deposits.
“Gold mineralization at Jewel Ridge is present in a variety of styles over many target areas. In addition, the Company is engaging an experience team of technical personnel, familiar with Nevada and Carlin-type deposits to aggressively advance the Jewel Ridge property.”
