It reported a 24.54m intercept from surface grading 9.16g/t gold, 65.8g/t silver, 1.03% lead and 1.9% lead.

The intercept also included "a higher ‘bonanza' grade portion" of 3.23m averaging 57.16g/t gold, 452g/t silver, 7.23% lead and 11.99% zinc, with president and CEO Mike England saying the hole had exceeded their highest expectations at the historically-mined property.

"The discovery of a high-grade ‘bonanza' zone is a great success and a ‘game-changer' for the property and the company, and we await assays from one remaining core hole," he said.

The company was quick to capitalise on investor interest, announcing late yesterday it had arranged a C$5.4 million placement at 45c per unit, to advance Jewel Ridge and for general working capital.

It had last raised about $1.2 million at 15c per unit in June 2020.

Golden Lake describes Jewel Ridge as on the south end of Nevadas prolific Battle Mountain-Eureka trend, along strike and contiguous to Barrick Gold's Archimedes/Ruby Hill gold mine to the north and Timberline Resources' advanced-stage Lookout Mountain project to the south.

It had drilled 10 RC holes and three diamond holes in 2020 and said planning was in progress for a spring drill programme.

Under a 2019 agreement, Golden Lake has the option to acquire Jewel Ridge by issuing a total of 5 million shares, paying $155,000 in cash and spending $750,000 on exploration by November 5, 2022.

It also has the option to acquire several copper properties in British Columbia.

The company, which was incorporated in 2018, had about $766,000 in cash at August 31.

Its shares (CSE: GLM) shot up to an all-time high of 63c intraday, before closing up 266.7% to 55c, capitalising it at $19 million (US$15 million).