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| It’s an old saw in the mining industry that the best place to look for gold is where you’ve already found it.
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| Golden Lake Exploration (GLM.CN; GOLXF.OTC) has taken that truism to a new level, securing a key land position along the southern end of Nevada’s prolific Battle Mountain-Eureka Gold Trend.
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| The trend has produced some 40 million ounces of gold since the late 19th century and is currently home to major players like Nevada Gold Mines, McEwen Mining, SSR Mining and i-80 Gold.
With i-80 Gold’s Ruby Hill project located immediately to the north of Golden Lake’s Jewel Ridge property, Golden Lake has a project that’s surrounded by more than 10 million ounces of gold equivalent material.
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| It’s not surprising why this area has recently seen an explosion of interest, with high-grade gold results and mergers serving to focus the mining world on the region.
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| The best news here is that Golden Lake has just finished identifying targets at Jewel Ridge and plans to begin drilling soon.
So while this still-tiny company has yet to get a take-out offer from its neighbors or make discovery headlines on its own, that could all change in the days just ahead.
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| The Right State
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| According to the Nevada Division of Minerals, the state produced 4.5 million ounces of gold in 2021.
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| That was more than enough to make Nevada the largest gold producer in the United States, and one of the most prolific gold jurisdictions in the world.
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| As befits a state with that much economic output from gold, Nevada is a very mining friendly locale, with a straightforward permitting regime and a workforce well-trained in mining.
Since gold was first discovered in the state in 1835, Nevada has produced more than 200 million ounces of the yellow metal.
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| The Right Trend
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| Within the state are a number of key trends, led by the Carlin Trend and including the Battle Mountain-Eureka Trend and the Walker Lane Trend.
As mentioned, Golden Lake’s Jewel Ridge property is located on the southern end of the Battle Mountain-Eureka trend, an area that has produced fully 40 million ounces of gold historically.
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| Other major, active deposits along the trend include SSR Mining’s Marigold mine, NGM’s Phoenix mine, its Cortez District and the Goldrush deposit. Also on the trend are McEwen’s Goldbar deposit and i-80 Gold’s Ruby Hill project.
The trend has excellent gold potential along with highly prospective silver and base metal potential.
Both Carlin-type and Carbonate Replacement Deposit (“CRD”) gold deposits exist within the belt.
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| Surrounded By More Than 10 Million Ounces
Of Gold Equivalent
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| Jewel Ridge itself sits just south of Ruby Hill within a cluster of deposits that host more than 10 million ounces of gold equivalent.
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| And this is the important point: Despite its commanding land position in the midst of the trend, the companies that surround Jewel Ridge boast far higher market caps than Golden Lake Exploration.
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| i-80 Gold’s market cap is more than C$600 million and McEwen Mining, which is in the process of buying the Eureka property to the south of Jewel Ridge, has a market cap of over C$700 million.
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| Click image to enlarge.
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| The mineralized corridor, which contains Ruby Hill and Jewel Ridge, runs for 10 kilometers and is centered on the Jackson Fault. The area hosts i-80 Gold’s Ruby Deeps, Hilltop, 426, Blackjack and FAD deposits...and trends directly onto Jewel Ridge.
It is home to both Carlin-type disseminated gold deposits and CRD polymetallic deposits.
Jewel Ridge hosts Carlin-type mineralization, while Golden Lake’s Eureka Tunnel and Hamburg targets host hybrid CRD/Carlin-type mineralization.
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| Drills Will Turn This Summer
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| Amazingly — considering all the attention and market love that its neighbors have garnered — Golden Lake’s primary targets have already produced some eye-popping historical drill results.
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- Jewel Ridge has returned 56.4 meters of 1.24 g/t gold, including 10.7 meters of 4.79 g/t gold.
- Hamburg has yielded 67.6 meters of 2.37 g/t gold and 2.49 g/t silver, including 8.6 meters of 10.72 g/t gold and 9.3 g/t silver.
- And the Eureka Tunnel target has returned 3.2 meters of 56.2 g/t gold 452.0 g/t silver, 7.23% lead and 11.99% zinc.
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| Geophysical work has not only confirmed gold trends extending onto the Jewel Ridge property, but also identified several new targets. Those will see 2,000 meters of drilling in the coming months.
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| With significant metals deposits nearby and on-trend, it’s obvious that Jewel Ridge has an excellent chance to deliver market-moving news from this program.
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| With gold hitting new highs and investors scouring the market for overlooked gems, this is the ideal time to begin doing your homework on Golden Lake Exploration.
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