Battle Mountain - Eureka Gold Trend

The Battle Mountain – Eureka Gold Trend is one of the premier gold producing belts in the world, with over 40M oz. Au produced to date.

• Extensive CRD (carbonate replacement deposits) mining since late 1800s with remaining multi million-ounce Au & Ag potential & excellent base-metal potential
• Carlin-type & CRD gold deposits are present within the belt
• Nevada Gold Mines, I-80 Gold, McEwen Mining, SSR Mining are major players in the belt
• Golden Lake’s Jewel Ridge property located at the south end of the belt

Players in the South Eureka Gold Belt

Four publicly-traded companies are currently exploring in the South Eureka Gold Belt:

I-80 Gold (TSX: IAU)
Ruby Hill Property, $577.3M Market Cap*
7.73M oz Au combined (non 43-101 compliant) from deposits within the Ruby Hill Complex, outstanding recent drill results from numerous deposits, also 1.6M oz Au & 38M oz Ag recovered from 1.8MT of historic production from the FAD deposit

North Peak Resources (TSX-V: NPR)
Prospect Mountain Property, $30.5M Market Cap*

McEwen Mining** (TSX: MUX)
Eureka Property, $651.9M Market Cap*
28.9MT @ 0.41 g/t Au totaling 0.58M oz Au (Measured & Indicated)

Golden Lake Exploration (CSE: GLM)
Jewel Ridge Property, $3.75M Market Cap*
57.2 g/t Au, 452 g/t Ag, 7.2% Pb & 12.0% Zn over 3.2M (Eureka Tunnel) & 10.72 g/t Au over 8.6M (Hamburg)

*Market caps as of July 2024
**Pending takeover of Timberline Resources

10+km-long Mineralized Corridor

Jewel Ridge is situated on a 10-km-long, north-trending mineralized corridor centered on the Jackson Fault. All of the Archimedes, Ruby Deeps, Hilltop, 426, Blackjack and FAD deposits on the I-80 Gold property are contained within the broad 2 km-wide corridor. The southern extension of the mineralized corridor trends directly onto the Jewel Ridge property, containing numerous historic mines & occurrences. The corridor contains both Carbonate Replacement deposits (Hilltop, 426 & FAD deposits) as well as Carlin-type disseminated gold deposits (Archimedes, Ruby Deeps deposits).

Historic Drilling

• Historic drill intercepts are from the Jewel Zone are an example of Carlin-type mineralization
• Au mineralization has been defined over a strike-length of over 700 metres with the zone remaining open along strike and to depth

Past & Proposed Holes

PAST RESULTS 

Eureka Tunnel Target

• 24.54m of 9.16 Au g/t, 65.8 Ag g/t, 1.03% Pb, 1.90% Zn
  • incl. 3.23m of 57.16 Au g/t, 452.03 Ag g/t, 7.23% Pb, 11.99% Zn
• 25.54m of 4.37 Au g/t, 13.56 Ag g/t
  • incl. 4.40m of 14.09 Au g/t, 14.53 Ag g/t, 3.05% Zn
• 79.25m of 0.55 Au g/t, 0.81 Ag g/t
  • incl. 3.66m of 1.93 Au g/t, 1.04 Ag g/t
  • incl. 10.18m of 0.49 Au g/t, 0.99 Ag g/t

Jewel Ridge Target

• 28.96m of 2.20 Au g/t
  • incl. 9.14m of 5.90 Au g/t
• 56.39m of 1.24 Au g/t, 0.19 Ag g/t
  • incl. 10.67m of 4.79 Au g/t, 0.54 Ag g/t

Hamburg Target

• 67.57m of 2.37 Au g/t, 2.49 Ag g/t
  • incl. 8.56m of 10.72 Au g/t, 9.30 Ag g/t
• 10.67m of 4.29 Au g/t, 25.68 Ag g/t, 0.98% Pb, 1.38% Zn
  • incl. 3.72m of 7.84 Au g/t, 50.10 Ag g/t, 2.22% Pb, 2.24% Zn
  • incl. 7.62m of 0.38 Au g/t, 5.73 Ag g/t, 0.27% Pb, 0.60% Zn
  • incl. 4.57m of 1.13 Au g/t, 19.37 Ag g/t, 0.41% Pb, 0.99% Zn

Magnet Ridge

CRD Deposits are aligned in a north-south trend over 10 km from the Ruby Deeps/Hilltop deposits (to the north on I-80 ground) to the Diamond/Excelsior deposits (to the south on North Peak ground). These are all related to a north-south fault complex & intersecting WNW structures as well as lithologic contacts. 

The Magnet Ridge target is situated in the heart of the corridor and comprises an untested 800-metre-long IP anomaly.

Magnet Ridge's 800-long IP anomaly is intimately associated with the known north-south trending structural corridor containing CRD deposits. No historic drilling has tested this anomaly, although one historic drill hole drilled off on the fringes of the anomaly intersected 1 g/t Au over 12.2 meters (at very shallow depth). The IP anomaly is strongly defined at surface and persists to a minimum depth of 400 metres below surface, where it remains open at depth. 

Magnet Ridge is currently the highest priority target at Jewel Ridge.

The 2023 IP Survey Identified Significant Chargeability Anomalies Along a Major Structural Corridor Hosting Carbonate Replacement Deposits in The Eureka District. A very strong chargeability response (40-100 msec.) is centered on the Lawton Fault within prospective Hamburg Dolomite (Ch) and has not been tested by drilling. The weaker eastern extent of the chargeability anomaly (10 msec.)
is associated with a drill hole returning 5.13 g/t Au over 5.43 metres (JR-22-29DD in red box) near the Jackson Fault.

Pogonip

The 2023 IP Survey Identified a Significant Chargeability Anomaly at the Goodwin Formation (Og) – Nine Mile Formation (Onm) Contact. The 30-60 msec chargeability anomaly occurs at the same contact that hosts the Carlin-type Archimedes deposit that produced 1.5 million ounces of gold on the i-80 Gold property, immediately to the north of the Jewel Ridge property. The IP anomaly is also closely associated with the H Fault enhancing the prospects for discovering significant sediment-hosted gold mineralization at this locale.

Hamburg-Dunderberg Contact

The Hamburg Formation (Ch) – Dunderberg Formation (Cd) Contact is Extremely Favorable For Hosting Both Carlin-Type Gold as Well as Carbonate Replacement Deposits. Shallow drill holes testing this contact by Golden Lake returned 10.72 g/t Au over 9.57 metres, 4.35 g/t Au over 6.10 metres and 2.72 g/t Au over 19.81 metres; all within 150 metres of surface. A deeper drill hole testing this target, 300 metres below surface is planned for 2024 drilling. The Hamburg Formation – Dunderberg Formation contact is exposed over a 10 km strike length on the Jewel Ridge property.