Golden Lake Secures Jewel Ridge Mining Lease in Nevada
The agreement carries a seven-year term, requiring annual lease payments of US$25,000 and a minimum of US$1 million in exploration and development spending during the first three years.
SEATTLE (Scrap Monster): Golden Lake Exploration Inc. (CSE: GLM) (OTCQB: GOLXF) has entered into a new mining lease with option to purchase covering a majority stake in its Jewel Ridge project near Eureka, Nevada.
The Lease Agreement, dated December 22, 2025, was signed with GM Squared, LLC and replaces an earlier agreement from 2004, consolidating Golden Lake’s control over 96 unpatented and 11 patented mining claims, representing roughly 80 percent of the project area.
The agreement carries a seven-year term, requiring annual lease payments of US$25,000 and a minimum of US$1 million in exploration and development spending during the first three years. Golden Lake will also be responsible for all Bureau of Land Management filings, taxes, and fees to keep the claims in good standing.
Golden Lake holds an option to purchase the property for US$3 million, less cumulative lease payments. Upon production, a 4.0 percent net smelter return royalty will apply, with structured buy-down options available.
The Jewel Ridge project also includes the adjacent Rainbow Claims and Lord Byron claims, along with additional staked lode claims, strengthening Golden Lake’s long-term exploration footprint in Nevada.
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