Golden Share Mining Corporation

Golden Share Mining Corporation

January 20, 2010 09:00 ET

Golden Share Intersects 88 m of Altered Felsic Intrusives With Grades Up to 2.88 g/t Au Over 0.80 m on Malartic Lakeshore

MONTREAL, QUEBEC--(Marketwire - Jan. 20, 2010) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to provide an update on its Malartic Lakeshore 2009 fall drilling program ("Malartic Lakeshore") located in Northwestern Quebec, Canada.

Two deep holes were drilled to transect the entire RLM shear zone and reach depths where resistivity and chargeability anomalies are best developed.

Hole ML-09-41 was drilled on section 1230E to a depth of 471 m and intersected 88 m of heavily altered sections containing quartz bearing felsic intrusive as follows. See attached figure.1:

- 260.25 - 274.18 m: 13.93 m of heavily altered QFP (silica, sericite, and hematite) hosting 49% quartz veins, up to 0.25 m in individual width and containing up to 5% pyrite. Three anomalous intervals of 0.11, 0.28 and 0.30 g/t Au over up to 2.00 m were obtained.

- 318.30 - 392.40 m: 74.10 m section containing five highly altered felsic intrusive bodies (silica, sericite, and hematite) up to 26.50 m in width hosting 36% quartz-tourmaline veins, up to 0.65 m in individual width containing up to 10% pyrite, 1% chalcopyrite and 1% galena. Five anomalous intervals between 0.10 and 0.53 g/t Au over up to 2.00 m were obtained.

These sections are flanked by auriferous, meter-size quartz veins:

- 257.95 - 259.05 m: 1.10 m quartz veining containing up to 7% pyrite and 1% chalcopyrite which assayed 0.58 g/t Au over 1.10 m (80% quartz, individual veins up to 0.40 m).

- 395.60 - 396.40 m: 0.70 m quartz vein containing 4% pyrite, 2% chalcopyrite and 1% galena which assayed 2.88 g/t Au over 0.80 m (100% quartz).

Additionally, hole ML-09-41 intersected Zone 66 over 17.55 m:

- 423.25 - 440.80 m: 75 % quartz veins with individual veins up to 1.45 m in width and containing up to 4% pyrite, 2% chalcopyrite and 1% galena which returned five anomalous intervals comprised between 0.10 and 0.40 g/t Au over up to 0.70 m.

Hole ML-09-20 was drilled on section 1050E to a depth of 417 m and shows the mineralization to be associated with an altered intermediate volcanic unit returning two mineralized intervals. See attached figure.2:

- 309.00 - 313.27 m: 4.27 m section of quartz-carbonate stockwork mineralized with up to 1% pyrite, 2% chalcopyrite and 1% galena which assayed 0.67 g/t Au over 4.27 m (including 1.69 g/t over 0.79 m).

- 348.00 - 354.00 m : 6.00 m section of sheared and fractured volcanics with local quartz veins and 3% pyrite which assayed 0.23 g/t Au over 6.00 m.

Drilling was performed at high angle to the mineralized structures but true widths are unknown.

Philippe Giaro, President and CEO, stated "The results of our fall 2009 drill program clearly demonstrate the intensification of the mineralization at depth and validate the results of the IP survey. Moreover, the mineralization is in all points similar to what was observed in our shallow drilling on the RLM prospect where Golden Share reported grades of up to 123.50 g/t Au. We are now tapping into a much wider system and we are extremely encouraged by the thorough impregnation of gold in these first two deep holes."

The Malartic Lakeshore exploration program was supervised by Mrs Laurence Huss, M.Sc., P. Geo. and Vice-president Exploration of Golden Share. Laurence Huss is a "Qualified Person" as defined in National Instrument 43-101.

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 Val d'Or, Quebec, 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 850 to 1000g 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. A series of 51 samples were subjected to a check analysis by fire assay in a second laboratory at SGS of Lakefield, Ontario.

Philippe Giaro, P. Geo., President and CEO of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of this release.

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Contact Information

  • Golden Share Mining Corporation
    Philippe Giaro
    President & CEO
    Golden Share Mining Corporation
    Denis Tremblay
    CHF Investor Relations
    Alison Tullis
    Senior Account Manager
    416-868-1079 x233