Golden Share Resources acquires Sandridge project in Ontario
Golden Share Resources (TSXV: GSH) announced this week that it has acquired the Sandridge project through map staking.
The project is located approximately 150 kilometres east of Thunder Bay, in eastern Canada, and it sits on the Winston Lake Greenstone Belt, known by its initials WLGB.
This is not Golden Share's first incursion in the area. The Ontario-based firm previously held the past-producing Pick Lake zinc deposit through a 2011 option agreement. However, in 2015, the company decided to terminate the deal, citing unfavourable business terms and difficult market conditions.
Golden Share considers Sandridge a drill-ready project.
Now that things are looking better, the junior miner wants to re-acquire some of the lands it got rid of, in particular, some of the terrains that were subject to a 1,061-kilometre helicopter-borne geophysical survey or VTEM.
"Sandridge is located approximately 8 km northwest of the former Winston Lake Mine, where a substantial infrastructure is in place. Sandridge consists of a block of 18 contiguous single cell mining claims totaling 378 hectares covering VTEM conductors on regional strike with the Winston Lake and Pick Lake deposits. The company regards conductors within the project prospective in part because of their favourable regional setting. Golden Share considers Sandridge a drill-ready project," the company stated in a press release.
Besides Pick Lake, the Winston Lake Greenstone Belt hosts two additional past producing mines: Zenith, where some 180,000 tonnes at 16.6% Zn were mined between 1966 and 1970, and the Winston Lake mine, where approximately 3 million tonnes at 14.1% Zn and 1.0% Cu were mined before operations ceased in 1998.