Golden Share Mining Corporation

Golden Share Mining Corporation

September 08, 2010 09:55 ET

Golden Share Consolidates Pistol Lake Property With High Potential Gold Claims

MONTREAL, QUEBEC--(Marketwire - Sept. 8, 2010) - Golden Share Mining Corporation (TSX VENTURE:GSH) ("Golden Share") is pleased to announce the staking of additional claims on its Pistol Lake property ("Pistol Lake"), Ontario, Canada.

The area recently staked consists of four claims comprising 49 claim units covering approximately 784 hectares and increases the property to approximately 3,500 hectares. The new claims are contiguous over 7 kilometres and are considered strategic as they cover the potential down dip and strike extensions of the JF West zone. See attached figure or visit :

Initial compilation and preliminary field investigations suggest that these new claims host features that are common to the known gold mineralization at Pistol Lake including the presence of porphyry units, carbonate altered zones, magnetite altered zones, Au in soil-till-rock and IP anomalies. The area covered by the new claims has received only preliminary exploration and initial observations indicate several areas that demonstrate potential for hosting significant gold mineralization which merit further exploration.

Three target zones have been identified on the new claims.

Target # 1 demonstrates excellent potential for gold mineralization as it hosts altered volcanics and porphyry units and potentially represents the strike extension of the JF West and North Porphyry zones. The area occurs at the eastern limit of a large Fe-oxide-Au-Cu alteration zone centered around the JF West zone. Previous operators identified the following features :

  • Numerous IP anomalies,
  • A bulls-eye magnetic high that may represent intense Fe-oxide alteration,
  • Numerous gold-in-soil anomalies with values ranging from 5 to 30 ppb Au,
  • Significant alteration and structure as well as related porphyry units recorded in a previous drill hole.

Target # 2 demonstrates high potential for gold mineralization as it hosts a felsic to mafic volcanic stratigraphy and porphyry units. Previous operators identified the following features :

  • Extensive carbonate and sericite alteration,
  • IP and weak airborne EM anomalies anomalies,
  • Numerous gold-in-soil anomalies with values ranging from 5 to 125 ppb Au with an impressive cluster occurring north of Pistol Lake.

Additionaly, sheared QFP and large quartz veins were observed in the western part of Target # 2 area during recent preliminary field reconnaissance by Golden Share.

Target # 3 demonstrates good potential for gold mineralization as it also hosts a felsic to mafic volcanic stratigraphy with felsic to mafic intrusive units. Previous operators identified the following features :

  • Numerous IP anomalies that appear stratigraphic and extensive,
  • A reverse circulation drilling program by Newmont in 1988 outlined a kilometre long gold-in-till anomaly that includes a significant return of gold grains from basal till that Newmont interpreted as indicating a bedrock source within 800 metres up-ice.

During Q2 2010, Golden Share announced a NI 43-101 compliant resource on the JF West zone of the Pistol Lake project (150,000 oz Inferred Resource, 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off). This recent estimate provides Golden Share with NI 43-101 compliant resources on a second property and shows strong potential to increase resources as the zone remains open in all directions.

The Shebandowan area has also been the object of increased activity as Foundation Resources Inc. (FDN : TSX-V) reported results of 4.88 g/t Au over 27.3 m in their 2010 winter drilling program on the East Coldstream Deposit located 15 km west of Golden Share's JF West zone where gold is hosted in a similar geological context. On the basis of these strong results, Foundation initiated a 8,000-metre summer drill program which has already yielded 3.07 g/t gold over 13.9 m within a 34.5 m zone averaging 1.93 g/t gold as recently announced in July 2010. Also in July 2010, Moss Lake Gold Mines ltd. (MOK : TSX-V) provided an upgraded NI 43-101 resource estimate for its + 1,000,000 oz Moss Lake deposit and as has stated its intention to expeditiously advance this project to the development stage.

The Company also wishes to announce it has granted insiders a total of 600,000 stock options exercisable at $0.10 per share until September 7th 2014.

Additionally the Company has also initiated a social media program accessible through :!/profile.php?id=100001472712018&v=wall&ref=ts

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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