Golden Lake Secures Jewel Ridge Mining Lease in Nevada
Mining News | 2025-12-31 06:46:27
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.
By Paul Ploumis
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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Will Golden Lake Exploration successfully develop the Jewel Ridge project under the new lease?
Frequently Asked Questions
- What is the purpose of the new lease agreement?
The lease consolidates Golden Lake’s control over the Jewel Ridge project and allows for continued exploration and potential production.
- What are the financial terms of the lease?
Annual lease payments are $25,000, with a minimum $1 million in exploration spending in the first three years. Golden Lake may purchase the property for $3 million, less cumulative lease payments.
- What royalties apply if production occurs?
A 4% net smelter return royalty will apply, with structured buy-down options available.
