Gold Lakes Corp. (OTCQB: GLLK) is engaged in the exploration, production, and development of precious metals projects. Shares of the gold exploration company are rallying 60%, during afternoon trading Monday, October 24, 2016. Over the past three month, Gold Lakes Corp. has seen average daily volume of 591,518 shares. However, the company has seen volume of nearly 7.9 million shares or dollar volume of $316,000, during afternoon trading Monday.
Shares of Gold Lakes Corp. are rallying Monday, after management announced it has hired Canadian Exploration Services Limited in order to begin phase 1 exploration. The exploration will focus on Gold Lakes Corp.’s “Big Monty” property and its 72 claims, spanning 2,846 acres. Management continues to plan for phase 2 exploration, which will feature 10 diamond drilling holes. Here is the full press release from Gold Lakes Corp.:
Gold Lakes Corp. Press Release:
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.