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MONTREAL, QUEBEC--(Marketwire - March 29, 2012) -
Editor's Note: Two figures are associated with this press release.
Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to provide an update on the Pistol Lake sector of its Shebandowan Gold Project ("SGP") located 90 km west of Thunder Bay, in Northwestern Ontario, Canada.
Highlights:
-- NI 43-101 compliant Inferred Resource of 150,699 oz Au on the JF West
Zone (2,857,200 MT @ 1.64 g/t Au at a cut-off grade of 1.00 g/t Au),
-- The 2011 trenching and geophysical surveys show a 3 km long auriferous
corridor ("Pistol Lake Corridor"),
-- Trench GSH-11-14 located 150 m east of the JF West resource yielded a
weighted average grade of 0.90 g/t Au over a width of 28 m,
-- Trench GSH-11-09 located 2.2 km east of the JF West resource yielded
1.03 g/t Au over 1 m in a shear cross-cutting the volcanic rocks,
-- The induced polarization surveys confirm the presence of several sub-
parallel anomalies within the Pistol Lake corridor,
-- Eight holes totalling 1,358 m were drilled in the immediate eastern
extension of the JF West resource and yielded results up to 0.54 g/t Au
over 32.59 m and 1.28 g/t Au over 6.45 m,
-- The 2012 compilation work following the 2011 Golden Share work program
shows large alteration areas overprinting the Pistol Lake corridor,
-- A high resistivity, 1.5 km long zone, located along the Pistol Lake
corridor south of trenches GSH-11-10 to GSH-11-15 represents an
important new target that will be object of further surface work during
the summer of 2012.
For additional details on the above highlights please see Figure.1 "Pistol Lake Corridor" (http://file.marketwire.com/release/pistol1.pdf). A section across the Pistol Lake corridor at the level of recent Golden Share drilling is shown in Figure.2 "Pistol Lake Extension Section 900E" (http://file.marketwire.com/release/pistol2.pdf) (Figures are also available at: http://www.goldenshare.ca).
President and Chief Executive Officer Philippe Giaro commented:
"The importance of the Pistol Lake corridor is demonstrated by our 2011 field work confirming a 3 km auriferous structure. Near the JF West Zone which is located at the western end of the Pistol Lake corridor, the results of trench GSH-11-14 and of our drilling demonstrate the continuity of a favorable geology with a strong alteration package over 150 m wide and a shallow dip, positive elements for a bulk tonnage mining scenario. The strike extent of the system is highlighted by the encouraging results obtained in trench GSH-11-09 located at the eastern end of the Pistol Lake corridor, 2.2 km east of the JF West resource, where a strong 1.5 km resistivity anomaly overprints the corridor. This area has seen little work and will be the object of a detailed summer surface campaign in 2012."
2011 trenching
A total of eight trenches were excavated in the Pistol Lake corridor (GSH-11-8 to GSH-11-15) :
-- Trenches GSH-11-08, GSH-11-09 and GSH-11-11 expose pillow basalts and
intermediate volcanic rocks transected by shear zones. In trench GSH-11-
09, alteration typical of major shear zones with high ankeritization and
sericitization of the protoliths is also observed and the mineralization
is closely associated with a major deformation zone.
-- Trenches GSH-11-10, GSH-11-12 and GSH-11-13 expose granodioritic
intrusives in contact with mafic volcanics. Both lithologies are
transected by shear zones up to 11 m wide.
-- Trench GSH-11-14 shows a major 37 m wide shear zone containing intrusive
xenoliths hosted in highly altered volcanic rocks. Trench GSH-11-14
yielded a weighted average grade of 0.90 g/t Au over a width of 28 m
from 66 channels (included in 0.68 g/t Au over 36 m, calculated from 86
channels sampled along 85.2 linear meters). Individual grades obtained
for the channels vary between trace and 4.61 g/t Au.
-- Results of trenches located in the eastern extension of the Pistol Lake
corridor are presented below :
GSH-11-09 :
-- 1.03 g/t Au over 1 m
-- 0.82 g/t Au over 1 m
-- 0.25 g/t Au over 1 m
GSH-11-10 :
-- 0.16 g/t Au over 1 m
-- 0.11 g/t Au over 1 m
GSH-11-13 :
-- 0.14 g/t Au over 1 m
2011 geophysics
A 31 km line grid has been cut on Pistol Lake and was covered by a ground magnetometer survey. Golden Share also contracted Insight Geophysics Inc. of Oakville, Ontario, to execute a detailed IP chargeability and resistivity survey.
The geophysics, and notably the induced polarization, confirm a significant number of lineaments, faults and structures associated with the Pistol Lake corridor. Figure 1 shows the Pistol Lake corridor data against a resistivity survey backdrop. Several low resistivity, east-west trending lineaments appear in magenta to purple and are interpreted as shear zones. Trench GSH-11-14 overlaps such a structure. In contrast, areas of high resistivity are shown in light blue to white, as is the case for the 1.5 km high resistivity zone located south of trenches GSH-11-10 to GSH-11-15. These areas may represent silicified zones and are therefore considered important targets, especially when they are transected by low angle lineaments.
2011 drilling
Eight holes totaling 1,358 m have been drilled on Pistol Lake with four holes targeting the trench GSH-11-14 discovery where a composite interval of 0.90 g/t Au over 28 m was obtained in the immediate eastern extension of the JF West Zone. A three hole, north-south, geological cross section 150 m east of the JF West resource area was also drilled while one hole was drilled within the inferred resource to fill an information gap. A typical section across the alteration corridor is presented at Figure.2 "Pistol Lake Extension Section 900E" (Figures are also available at: http://www.goldenshare.ca). The following compilation table of drilling results highlights significant mineralized intervals above 0.50 g/t Au or 8 m.
DDH From To Length Au (g/t)
PL-11-14 14.45 20.90 6.45 m 1.28
PL-11-15 124.91 126.91 2.00 m 0.64
PL-11-15 147.72 156.65 8.93 m 0.31
PL-11-15 248.00 254.07 6.07 m 0.92
PL-11-15 266.00 268.00 2.00 m 0.59
PL-11-15 287.60 288.60 1.00 m 0.68
PL-11-15 345.50 345.80 0.30 m 2.22
PL-11-15 440.00 441.00 1.00 m 0.51
PL-11-16 53.00 61.00 8.00 m 0.59
PL-11-16 71.00 72.00 1.00 m 2.67
PL-11-17 33.50 43.00 9.50 m 0.79
Including 40.00 40.70 0.70 m 5.03
PL-11-17 61.00 62.00 1.00 m 0.64
PL-11-18 14.61 47.20 32.59 m 0.54
PL-11-19 36.00 44.55 8.55 m 0.32
Including 43.80 44.55 0.75 m 1.48
PL-11-20 10.00 11.00 1.00 m 0.73
PL-11-20 33.00 34.00 1.00 m 0.84
PL-11-20 87.30 89.00 1.70 m 1.10
PL-11-21 22.50 30.50 8.00 m 0.51
Including 27.50 28.50 1.00 m 3.07
PL-11-21 35.50 36.50 1.00 m 1.07
About the drilling program
The drilling is performed at high angle to the mineralized structures and the above intersections represent near true widths. Individual samples weighting 3kg on average have been taken from sawn half core at +/- 1 meter intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of mineralized standards, duplicates and blanks at the sample collection and preparation stage. The samples are shipped to the ALS laboratory in Thunder Bay, Ontario, for analysis by fire assay on 50g pulp samples. The sample preparation procedure involves the crushing of the entire 3kg sample followed by quartering to obtain a representative 250g sample which is entirely pulverized and out of which a 50g sample is isolated for analysis by fire assay. Samples suspected to contain visible gold or higher grade mineralization are assayed using the metallic sieve technique on a 1000g sample.
About the Shebandowan Gold Project (SGP)
The SGP is located 90 km west of Thunder Bay, north-western Ontario, in the Rainy River - Atikokan - Shebandowan emerging gold province where Osisko Mining Corporation is currently developing the 10.52 M oz Au Hammond Reef gold deposit 100 km to the West of the Company's project. The SGP is serviced by a railroad line, a high tension power line and the Trans-Canada highway all providing excellent infrastructure to the project.
Following completion of the recent transaction with Lake Shore Gold Corp. for the acquisition of the Band Ore property, Golden Share controls 25 km of strike length along the northern part of the Shebandowan belt highlighted by two advanced gold targets :
-- Pistol Lake JF's West zone : 150,699 oz Au Inferred Resource(ii),
-- Band Ore deposit : 251,271 oz Au in historical resources(iii) within two
principal zones.
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%(i) 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(ii) and 251,271 oz Au historical(iii)),
-- 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(iv)),
-- New discoveries in the Cadillac break environment.
(i) 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
(ii) 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off
(iii) 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.
(iv) 536,500 MT @ 2.03 g/t Au at 1.00 g/t Au cut off
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.
FOR MORE INFORMATION, CONSULT : http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT:
http://www.facebook.com/people/Golden-Share/100001472712018
To view the figures, please click on the following links:
http://www.marketwire.com/library/20120329-pistol1.jpg
http://www.marketwire.com/library/20120329-pistol2.jpg
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