Beachwood, Ohio, Oct. 24, 2016 (GLOBE NEWSWIRE) -- Gold Lakes Corp., (OTCQB: GLLK) an exploration stage Blue-Sky company that specializes in acquiring and developing mining assets announces that the Company entered into a Consulting Agreement with Canadian Exploration Services Limited to conduct a mineral exploration program on the Company’s "Big Monty" property culminating in the drilling of up to ten holes totaling 3000 meters in geographic targets.
The "Big Monty" property consists of 72 mining claim units totaling 2,846 acres and is located in the prolific Abitibi Greenstone Belt region, in the Frecheville township of NE Ontario Canada. The Big Monty property is near existing producing gold mines, and borders property owned by Harte Gold Corp and St Andrew Goldfields Ltd. who was recently bought for $178 million CAD by Kirkland Lake Gold Inc.
Phase I of the exploration program will be focused on data acquisition of geochemical, geological and alteration vectors towards diamond drillhole targeting. Exploration work will consist of geological mapping and sampling, and interpretation of prior airborne survey.
Specifics include: preparing work permits, advising Wahgoshig First Nations of the intended preliminary field work; and obtaining the raw geophysical data from the airborne Mag survey for re- interpretation.
Phase 2 of the exploration program will entail assaying and diamond drilling of geological and geophysical targets of up to 10 holes totaling 3000 meters.
Gold Lakes’ President and CEO, Christopher Vallos, stated, "This is an exciting time for Gold Lakes and now that we are starting Phase 1 of the Exploration Program, and we are confident that this will add to shareholder value. It is our intention to prove that the gold bearing veins of our bordering neighbor St. Andrews run thru the Big Monty”.
Upon the completion of Phase 2, Gold Lakes Corp plans to initiate a 43-101 technical report of the "Big Monty" Property.
Gold Lakes Corporation strategy is to identify and acquire prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.
All current and potential shareholders are encourage to download the investor brief at http://goldlakes.com/docs/gllk_iib.pdf
About Gold Lakes Corp.: Gold Lakes Corp. is an exploration stage Blue Sky company that specializes in acquiring and developing mining assets. The Company primary asset is known as the "Big Monty" property, located in the prolific Abitibi Greenstone Belt region, in Ontario, Canada. The Big Monty property is bordered by producing gold mines and is situated within the Porcupine-Destor Fault Zone "PDFZ" and Larder Lake Cadillac Fault Zone. For more information please visit: www.goldlakes.com
Forward Looking Statements: This news release includes "forward looking statements", as that term is defined in Section 27A of the Unites States Securities Act of 1933, as amended, and Section 21E of the United States Exchange Act of 1934, as amended, that are subject to assumptions, risks and uncertainties. Statements in this news release that are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.
Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. Except as required by law, the Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Gold Lakes Corp.
Source:Gold Lakes Corp.