Golden Share Mining Corporation

Golden Share Mining Corporation

April 01, 2010 08:30 ET

Golden Share Acquires Property Near Eagle Hill's Find of 14.2 G/T Au Over 52 M, Quebec, Canada

MONTREAL, QUEBEC--(Marketwire - April 1, 2010) - 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 29 claims, 16.2 km² Vent d'Or Gold Property ("Vent d'Or") located in Northwestern Quebec, Canada. The property is accessible by road and located in the southern part of the Chibougamau-Matagami greenstone belt 40 km south of the city of Chibougamau.

The property straddles the Opawica-Guercheville east-west structure host of the Joe Mann gold mine which operated between 1955 and 2005 and produced 1.2 million ounces of gold (4,607,522 tonnes at 8.32 g/t Au). See attached map:

Eagle Hill Exploration Corp. (TSXV:EAG) recently reported a drill intersection of 14.2 g/t Au over 52 m on their Windfall property located in a similar geological context 70 km southwest of Golden Share's Vent d'Or property. Eagle Hill Windfall's property is located at the intersection of east-west and north-east structures (Urban deformation zone and Urban Barry shear zone) while Golden Share's Vent d'Or property is located at the junction of the Opawica-Guercheville structure and the Fancamp fault zone in a similar structural setting.

One of the main structural features recognized on the Vent d'Or property is a recently discovered 10 m wide shear zone on which Golden Share collected surface grab samples reporting up to 10.10 g/t Au ("Vent d'Or shear zone") during a property visit. This shear zone is on strike with the Opawica-Guercheville structure which is host of the Joe Mann mine.

The additional following highlights enhance the potential of the Vent d'Or property :

  • A large gold till anomaly was outlined in the east-central part of the property by a 1994 Quebec Government regional survey. The source of this gold anomaly has never been identified and suggests the Vent d'Or shear zone as a possible source. See attached map:
  • The Vent d'Or shear zone can be clearly identified on historical geophysical surveys and transects the entire property.
  • The Vent d'Or shear zone is a virgin target which has never been targeted specifically by any drilling campaign.

Elsewhere on the property, sporadic historical work targeted mostly subsidiary structures to the Vent d'Or shear zone. A few previous drill holes to the south returned mineralized intercepts of up to 11.30 g/t Au over 0.30 m and 4.19 g/t Au over 1.30 m.

Golden Share can acquire a 100% interest in the Vent d'Or Property over two years by issuing the Vendor a total of 500,000 Golden Share common shares (300,000 shares upon signature, and 200,000 shares on the first anniversary date) and by incurring a total of $200,000 in exploration expenditures ($100,000 in the first year and $100,000 in the second year).

Additionally 400,000 shares can be issued at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined; a first tranche of 200,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved. The Vendor will retain a 2% NSR that Golden Share can buy back for $1,000,000 per 1% NSR bracket, or for a total of $2,000,000 for the 2% NSR.

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. 

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.

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