Beachwood, Ohio, Nov. 08, 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 has received approval of the exploration work permit plan to the Ontario Ministry of Northern Development and Mines (MNDM).
The exploration permit # PR-16-10942 is effective for a period of three (3) years. This approval allows Gold Lakes to continue its development and begin phase 2 of the Big Monty Claims.
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.
The first stage of phase 2 will entail line cutting of the area. Line cutting is often the first exploration work done on a claim. It involves clearing vegetation and bushes and cutting a main base line through the middle of the mining claim with a series of grid or wing lines running off of the base line at 90-degree angles.
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.
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.