Golden Share files NI 43-101 technical report on Berens River, Ontario, Canada
MONTREAL, QUEBEC–(Marketwire – July 5, 2012) –
Editors' Note: There are maps associated with this press release.
Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to announce the filing of a NI 43-101 report on the Berens River property located in the Favourable Lake greenstone belt north of Red Lake in northwestern Ontario, Canada.
The past producing Berens River Mine was operated by a subsidiary of Newmont Mining from 1939 to 1948 and produced 158,000 ounces of gold and 5.8 million ounces of silver as well as 1.7 million pounds of zinc and 6.1 million pounds of lead. The historical production originates from the No. 1 Vein, one of the ten veins recognized on the project and the only one having undergone mining. The No. 1 Vein was mined by shaft No. 1 which was sunk to a depth of 990 m although no production has been recorded below the 518 m level. A second shaft was sunk to a depth of 232 m on the No. 3 Vein but has not yet entered into production. Vein No. 3 has been investigated by 121 diamond drill holes and bottom historical diamond drill holes on two of the main sections show the mineralization to widen and to remain open at depth :
– 10.16 g/t Au and 178.20 g/t Ag over 10.50 m (DDH GZ-82-225-05, 525 m vertical depth).
– 9.26 g/t Au and 145.03 g/t Ag over 14.06 m (DDH G-15, 260 m vertical depth).
InnovExplo Inc., a Val d'Or based geological and mining consulting group, was mandated in April 2012 to complete an evaluation of the project and a Technical Report in compliance with Regulation 43-101/NI 43-101 and Form 43-101F1 on the Berens River property.
The Technical Report confirms the potential for epithermal and VMS deposits and indicates a potential for future production. Numerous types of mineralization are present and grab samples from veins confirm the presence of high-grade mineralization. Samples from the No. 1 Vein returned up to 31.88 g/t Au and 547 g/t Ag and those from the No. 3 Vein returned 37.71 g/t Au and 1,630 g/t Ag. A large part of the property, although having been mined in the past, is still at an early stage of exploration. The property has the potential for hosting several rich Au/Ag-bearing veins and occurrences, such as Young and Newconex, which yielded positive results from drilling and prospecting, indicating the potential for further discoveries.
The authors recommend a two-phase program. Phase 1 would consist in diamond drilling targeting the high grade mineralization on veins 3, 10 and 19 while Phase 2 would comprise prospecting, whole rock geochemistry and geological mapping, particularly on the new claims acquired in 2011.
Philippe Giaro, President and CEO, stated : "This report marks an important milestone for the Berens River project as it is the first ever NI 43-101 compliant document to be executed on the historical Berens River Mine and its immediate surrounding claims. Golden Share controls a strategic position in the Favourable Lake belt which represents one of the last Canadian high grade precious metal frontiers. The Berens River project is located on the Sandy Lake First Nation traditional territory and our foremost objective has been to establish a constructive relationship with the Community. We are hopeful that our diligent and respectful approach will bear fruit in the near future."
About Berens River
The Berens River property consists in 21 unpatented mining claims covering 37.6 km² and results in the consolidation of two distinct claim blocks acquired under different terms providing Golden Share with a 100% option to acquire the overall project. In October 2010, Golden Share first acquired the past-producing Berens River Mine through a one to one share exchange with Nanoose Gold Limited, a private Canadian Company (see news release dated October 28th 2010). In December 2011, Golden Share then secured the land package surrounding the past-producing Berens River Mine by entering into an option agreement with Favourable Lake Gold, another private Canadian company (see news release dated December 20th 2011).
Several historical, non NI 43-101 compliant resource estimates, have been completed on the No. 3 Vein and the most recent and conservative estimate executed in 1989 by Watts, Griffis, McOuat Ltd. outlined a mineral inventory of 43,000 ounces of gold and 981,000 ounces of silver above the 300 m level (174,000 tonnes at a grade of 7.72 g/t Au and 175.22 g/t Ag***). No resource calculation has ever been executed on the other Berens River veins.
About Golden Share Mining Corporation
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of properties in the greenstone belts of eastern Canada, namely in the Val d'Or-Malartic, Red Lake and Shebandowan areas.
Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2%* interest in Golden Share which is led by a technically focused management team strengthened by an experienced board of directors and a proven advisory board including successful geologists Roy Corrans and Sethu Raman as well as seasoned financier Anthony Frizelle. Golden Share's development strategy involves advancing a well balanced portfolio of gold properties in a politically stable environment with a history of gold endowment through systematic exploration, resource definition and acquisitions. Highlights of the current portfolio include:
- NI 43-101 and historical resources on Shebandowan Gold Play (150,699 oz Au Inferred** and 251,271 oz Au historical***),
- Past producing high grade Au-Ag Berens River Mine to be redeveloped,
- NI 43-101 compliant resources on Forsan (35,000 oz Au Inferred Resources****),
- New discoveries in the Cadillac break environment.
* Lake Shore Gold Corp. acquired direct ownership of a total of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of 20 cents per common share
** 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off – established in 2010
*** These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon.
**** 536,500 MT @ 2.03 g/t Au at 1.00 g/t Au cut off – established in 2009
Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a « Qualified Person » as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.
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