Mr. Mike England of Golden Lake reports

GOLDEN LAKE AND I-80 GOLD TO COLLABORATE ON A DRONE MAGNETIC SURVEY ON THEIR RESPECTIVE PROPERTIES, IN THE SOUTH EUREKA GOLD BELT, NEVADA

Golden Lake Exploration Inc. will partner with i-80 Gold Corp. in the undertaking of a high-resolution drone magnetic survey on their respective properties, located in the South Eureka gold belt (SEGB) in Eureka county, Nevada. Specifically, the joint survey will provide geophysical coverage over Golden Lake's Jewel Ridge property and part of i-80's Ruby Hill property, including its recently acquired Fad property; these properties are contiguous with one another.

High-resolution drone magnetic survey

High-resolution magnetic data collected from a drone provide an excellent tool for mapping rock type and structure and, when processed, produce maps of exceptional detail. Three-dimensional inversions of data from such a survey will yield information related to depth to the source, dip of the body, and its overall size and shape. Non-magnetic bodies reflect certain rock types, structural trends and hydrothermal alteration associated with mineralization, while magnetic highs in the SEGB may reflect the presence of intrusions, both near surface and at depth.

The survey will be flown at 25-metre line spacing, ensuring maximum data resolution, and will closely drape the topography of the survey area for optimal precision. It will comprise a total of 1,540 kilometres of flying and is anticipated to commence in mid-May, taking seven to 10 days to complete.

The partners have agreed to split the cost of the survey on a 50-50 basis and to share equally the data generated by it.

South Eureka gold belt

The Jewel Ridge property is located along structural and stratigraphic trend to the south of i-80 Gold's Ruby Hill property. District-scale structures at Jewel Ridge (Jackson fault and parallel faults) are part of a 10-kilometre-long, north-south-trending structural corridor, intimately related with neighbouring deposits to the north at Ruby Hill, including the Fad, historic Ruby Hill, Ruby Deeps, Hilltop, 426, Blackjack and Archimedes deposits.

At Jewel Ridge, shallow intercepts of CRD (carbonate replacement deposit) mineralization occur at the Hamburg zone, returning 10.72 grams per tonne gold and 9.30 grams per tonne silver over 8.56 metres, as well at the Eureka Tunnel zone, yielding 9.16 grams per tonne gold, 65.77 grams per tonne silver, 1.03 per cent lead and 1.90 per cent zinc over 24.54 metres.

The distribution of precious metal and base metal deposits within the SEGB district is controlled by structure, lithology and proximity to intrusive centres. The effect of each control varies from deposit to deposit, including carbonate replacement deposits, skarns, Carlin-type disseminated gold deposits as well as hybrid CRD/Carlin-type styles of mineralization.

Within such an environment, large-scale vertical and horizontal fluid flow along structures and permeable rock types suggest that prospective areas for precious metal and base metal mineralization can be both large and widespread. This is indeed the case in the SEGB, as evidenced by outstanding drill results obtained recently by i-80 Gold from a spectrum of deposit types, including CRD (Hilltop and Lower Hilltop), Carlin-type disseminated gold (Ruby Deeps) and skarns (Blackjack).

The high-resolution drone magnetic survey will assist in refining the role played by rock type, structure and proximity to intrusions and their relationship with mineralization at the district scale as well as at the detailed property scale. Most importantly, the survey will assist in drill targeting, in efforts to extend known zones of mineralization and to discover new deposits at both Jewel Ridge and Ruby Hill.

Michael England, chief executive officer of Golden Lake Exploration, stated: "We are appreciative of the opportunity to partner with i-80 Gold on this important survey. The drone survey will set the stage and supplement a magnetotelluric/deep induced polarization (MT/DCIP) survey, slated to commence at Jewel Ridge in early June, followed by a mid-to-late-summer drill program. We hope to emulate some of the success at Jewel Ridge as realized by i-80 Gold in their recent drill programs at Ruby Hill."

Qualified person

Golden Lake Exploration's disclosure of a technical or scientific nature in this news release has been reviewed and approved by Don Hoy, PGeo, who serves as a qualified person under the definition of National Instrument 43-101.

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 metal and base metal properties of merit and to aggressively advance its exploration program on the Jewel Ridge property.

We seek Safe Harbor.