Writer: Kevin Dwyer CEO,Head Trader November 4, 2024
Stock Chart Golden Lake Exploration
Golden Lake Reports High Silver Values from the Newly Staked Pinto Property in White Pine County, Nevada
Introduction
Golden Lake Exploration Inc. (CSE: GLM) (GOLXF-OTC) has announced high-grade silver and base metal results from its newly acquired Pinto Property in White Pine County, Nevada. The Property comprises approximately 440 acres and is located 15 kilometres from the company's keystone Jewel Ridge Property. The new claims are 100% owned by the company and do not have royalty obligations or work commitments.
High-Grade Silver and Base Metal Results
A total of 23 rock grab samples were collected by Company personnel over the Property, returning precious and base metal values up to 0.31 grams gold per tonne (g/t Au), 2600 grams silver per tonne (g/t Ag), 5.56% copper (% Cu), 14.05% lead (Pb), and 10.6% zinc (Zn). Samples from quartz veins consistently showed high tin (Sn) values that exceeded the assay package detection limits (>500 ppm). The geochemical signature, including elevated pathfinder elements like Bi, Mo, and W, suggests an intrusion-related hydrothermal system.
Significance of the Discovery
Donald Hoy, Golden Lake's Vice President of Exploration, commented, "The addition of the Pinto Property to our portfolio adds significant value to our Eureka land position given McEwen Mining's (MUX-TSX) recent acquisition of our southern neighbour, Timberline Resources (TBR -TSXV), and i-80 Gold having acquired our northern neighbour Paycore Minerals last year. Additionally, North Peak Resources (NPR-TSXV), our neighbour to the west, will shortly commence a diamond drilling program evaluating several quality targets on their Prospect Mountain property; one of their prime targets is situated proximal to our western property boundary. This all augurs well for a busy year for exploration and development in the South Eureka gold belt."
CEO Mike England stated, "Being financed now and guided by our extensive geophysics recently completed at Jewel Ridge, we look forward to drilling our exciting, new targets on trend with I-80 this summer."
Pinto Mining District
The Pinto Mining district primarily worked for high-grade silver from approximately 1869 to 1922, evidenced by numerous adits, shafts, and prospect pits throughout the district. A small open-pit operation was initiated in the early 1980s by Mars Mining. Carbonate replacement deposits (CRDs) and polymetallic quartz veins are the mineralization styles present in the district.
Mineralization
Mineralization is primarily hosted in Devonian carbonate units, with the Devil's Gate Limestone being the host rock for all of the significant CRD (carbonate replacement deposit) mineralization. The Devil's Gate is an essential host at the Pan Gold mine, owned by Calibre Mining Corp, located approximately 29 kilometres southeast of the Property.
Conclusion
Golden Lake Exploration's announcement of high-grade silver and base metal results from its newly acquired Pinto Property in White Pine County, Nevada, is a significant development for the company and the South Eureka gold belt. The Property's proximity to the company's keystone Jewel Ridge Property and high-grade silver and base metals make it an exciting addition to its portfolio. With the company's financing in place and extensive geophysics recently completed at Jewel Ridge, Golden Lake Exploration is well-positioned to commence drilling its new targets on trend with I-80 this summer.
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