Golden Share Mining Corporation

Golden Share Mining Corporation

March 08, 2011 10:52 ET

Golden Share Acquires Conacher Property East of Pistol Lake in Shebandowan Belt, Ontario, Canada

MONTREAL, QUEBEC--(Marketwire - March 8, 2011) - Golden Share Mining Corporation « Golden Share » (TSX VENTURE:GSH) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the 9 claims Conacher Gold Property ("Conacher") located in Northwestern Ontario, Canada.

The Conacher property is situated approximately 70 km west of Thunder Bay, is accessible by road and located in the Shebandowan greenstone belt, a classic Archean sequence exhibiting strong similarities to the Hemlo, Timmins, Kirkland Lake and Val d'Or gold camps both in geological and tectonic evolution.

The Conacher property is contiguous to the west with Golden Share's Pistol Lake property and covers a 5 km strike length of the favourable geological sequence hosting the JF West Zone where the company recently defined a NI 43-101 compliant 150,000 oz Au Inferred Resource (2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off).

On its eastern boundary, the Conacher property is contiguous with Lake Shore Gold Corp.'s Shebandowan property hosting the Band Ore deposit which contains historical resources of 251,271 ounces of gold within two principal zones (706,000 tonnes at a grade of 6.86 g/t Au* in Main zone and 616,000 tonnes at a grade of 4.83 g/tonne Au* in #4 zone).

The most systematic work completed on the Conacher property was performed by Noranda Exploration in the early 1980's and a follow-up drilling program by North Coast Industries was executed towards the end of the decade. The property has been unexplored since that period.

A geological context similar to the Pistol Lake property has been recognized on the Conacher property where a mafic to intermediate Archean metavolcanic sequence has been intruded by felsic intrusives displaying shearing and alteration. The property also straddles the contact between the volcanic sequence and the synvolcanic Shebandowan Felsic Intrusive Complex which bears similarities to other prolific synvolcanic gold bearing complexes such as the Bourlamaque batholith and the Kirkland Lake stock of the Val d'Or and Kirkland Lake mining camps.

The presence of both lower grade and higher grade mineralization have been demonstrated on the Conacher property with historic diamond drilling returning 0.93 g/t Au over 12 m and 12.09 g/t Au over 4.03 m. These intercepts were obtained in close association with sheared and altered felsic intrusives.

Golden Share can acquire a 100% interest in the Conacher Property over two years by meeting the following conditions :

  • By paying the Vendor a total of $48,500; $8,500 upon signature of the agreement, $15,000 on the first anniversary date of signature of the agreement and $25,000 on the second anniversary date of signature of the agreement;
  • By issuing the vendor a total of 200,000 Golden Share common shares in tranches of 100,000 shares upon signature, 50,000 shares on the first anniversary date and 50,000 shares on the second anniversary.

Following the acquisition of a 100% interest by Golden Share, the vendor will retain a 1% Net Smelter Return on the Property.

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. 

*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.

FOR MORE INFORMATION, CONSULT OR OUR FACEBOOK PAGE AT!/profile.php?id=100001472712018&v=wall

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information