Golden Share Mining Corporation
TSX VENTURE : GSH

Golden Share Mining Corporation

October 04, 2011 09:30 ET

Golden Share Reports Trench Results up to 23.90 g/t Au and Multiple Parallel Zones on Band Ore

MONTREAL, QUEBEC--(Marketwire - Oct. 4, 2011) -

Editors Note: There is a map associated with this press release.

Golden Share Mining Corporation ("Golden Share" or the "Company") (TSX VENTURE:GSH) is pleased to provide trench results from the Band Ore Main Zone recent stripping program.

Highlights:

  • Historical mineralization confirmed over a strike length of 500 m between trenches A, B and D on Band Ore Main Zone.
  • The Band Ore Main Zone system consists in a series of up to four anastamozing sub-parallels pyrite-bearing shear zones exposed over a width of 30 m in trench D with each individual shear and its auriferous envelope showing widths up to 8 m (see details in table below).
  • High grade results of 23.90 g/t Au over 1 m, 12.85 g/t Au over 1 m and 12.05 g/t Au over 1 m were obtained by Golden Share in the central cores of the pyrite bearing shears.
  • The widening observed locally on surface is also recognized at depth as some historical drill holes reported 14.84 m of 4.80 g/t Au and 7.50 m of 4.46 g/t Au.
  • While Golden Share's trenching focussed on the Main Zone, the pattern of sub parallel shears zones is also recognized at the property scale with the presence of the Main North Zone and the Main South Zone.
  • The Band Ore Main Zone system has never been tested below a depth of 150 m and remains entirely open to the west were it has never been drill tested.

For additional details on the trenching program, see attached figure "Band Ore 2011 Trenching and Compilation" or visit : http://www.goldenshare.ca.

Trench mapping and sampling

All trenches underwent detailed geological mapping and sampling and key observations include :

  • Anastamozing shears can develop broad zones of mineralization, especially when several shears occur in close proximity. This may explain some of the broad mineralized intercepts intersected in previous historical drilling on the Main Zone.
  • While the main strike direction is well developed at 090°, a cross-cutting direction at 060° was systematically observed and appears to play a key role in the control of the mineralization. This may explain an apparent irregularity encountered in previous drilling focussed on east-west striking targets.

A total of 365 linear meters of channel samples were collected in 8 trenches. Meaningful grades above 1.00 g/t Au are reported in the table below. Some of the channels were only 1 m in length as indicated in the last column of the table.

Trench Shear Channel Higher grade core Core and enveloppe
number g/t Au over m g/t Au over m
A Main Zone R 18 23.90 over 1 1 m channel
A Main Zone R 17 12.85 over 1 5.61 over 3
A Main Zone R 9-1 9.38 over 1 1 m channel
A Main Zone R 10 5.44 over 2 3.87 over 3
A Main Zone R 9-2 4.28 over 1 1 m channel
A Main Zone R 6 3.30 over 1 1.72 over 2
A Main Zone R 19 2.84 over 2 1.84 over 4
A Main Zone R 4 2.20 over 1 1 m channel
A Main Zone R 2 1.90 over 1 1.05 over 2
A Main Zone R 15 1.62 over 1 0.85 over 4
A Main Zone R 22 1.46 over 1 0.74 over 2
A Main Zone R 1 1.27 over 1 1 m channel
A Main Zone R 23 1.23 over 1 0.80 over 2
A Shear 060° R 16 1.13 over 1 0.59 over 2
A Main Zone R 5 1.04 over 1 0.58 over 2
A Main Zone R 3 1.22 over 1 0.58 over 3
B Main Zone R 9-10 1.02 over 2 0.61 over 8
D Main Zone R 16 12.05 over 1 6.04 over 2
D Main Zone R 4 5.14 over 1 2.63 over 2
D Shear south 1 R 6-7 3.53 over 1 1.29 over 4
D Main Zone R 15 1.58 over 1 0.86 over 2
D Shear south 2 R 11 1.46 over 1 0.75 over 2
D Shear south 1 R 8 1.12 over 1 0.62 over 2
D Shear south 1 R 4 1.00 over 2 0.56 over 4
GSH-11-1 Main Zone R 4 1.20 over 1 1 m channel

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 6.7 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 (2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off / NI 43-101 compliant).
  • Band Ore deposit : 251,271 oz Au in historical resources within two principal zones (706,000 tonnes at a grade of 6.86 g/t Au** in the Main Zone and 616,000 tonnes at a grade of 4.83 g/t Au** in the # 4 zone).

The Pistol Lake - Band Ore trend ("PLBO") represents a 10 km segment of the belt on which Golden Share is executing advanced work with a view to increase the current known resources.

About Golden Share Mining Corporation

Golden Share Mining Corporation is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada. Golden Share is 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. The Company 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* and 251,271 oz historical**),
  • 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***),
  • New discoveries in the Cadillac break environment.

* 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off

**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.

*** 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 map associated with this press release, please visit the following link: http://www.marketwire.com/library/20111004-gsh1004.jp

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