Golden Share Mining Corporation

Golden Share Mining Corporation

September 19, 2011 09:30 ET

Golden Share Trenching Shows 36 m Wide Shear and Defines 2.3 km Strike Potential for Pistol Lake's JF West

MONTREAL, QUEBEC--(Marketwire - Sept. 19, 2011) -

Editors Note: There are 2 maps associated with this press release

Golden Share Mining Corporation ("Golden Share" or the "Company")(TSX VENTURE:GSH) is pleased to provide an update on its 2011 Shebandowan Gold Project ("SGP") on-going work program.

The first trenching results have been received from the Pistol Lake area and highlight the potential of the JF West Zone and notably its eastern extension. Pistol Lake JF's West zone contains a NI 43-101 compliant 150,699 oz Au Inferred Resource (2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off).

Trench GSH-11-14 provides the direct eastern extension of JF West's Inferred Resource and is the first one of a series of north-south sub-parallel trenches defining a 2.3 km strike potential to the JF West zone. Please see attached figure "Pistol Lake Extension" or visit : Trench GSH-11-12, situated at the eastern end of the trend, shows a very intensely sheared felsic intrusive displaying strong carbonatization and hematization exposed over a width of 41 m. Trench GSH-11-12 is located 2.3 km east of JF West's western boundary were surface grab samples yielding grades up to 25.80 g/t have recently been announced (see news release dated September 15th 2011).

Trench GSH-11-14

Trench GSH-11-14, excavated in the immediate eastern extension of Pistol Lake's JF West zone, displays a 36 m wide, east-west striking, very intensely sheared, felsic intrusive showing strong carbonatization and hematization with locally up to 15% quartz-carbonate veins containing up to 20% pyrite and chalcopyrite. Grab and channel samples have been received for Trench GSH-11-14 and show the following results.

Grab sampling results

Sample Alteration Mineralization Au g/t
L224158 Ak++, Cb+, Hm+, Sil+ 3-4% Py 0.03
L224159 Sil++, Hm+, Cb+, Sr+, Ak- 3-4% Py 7.81
L224160 Ak++, Hm+, Cb+, Sil, Sr+ 2-3% Py 0.48
L224161 Ak++, Sil++, Hm, Cb, Sr+ 5-7% Py 2.34
L224162 Sil++, Ak+, Hm+, Cb 10% Py 2.86
L224163 Sil++, Hm+, Cb+, Ak+ 10-13% Py 1.06
L224164 Sil++, Hm+, Ak+, Cb+ 7-10% Py 2.00
L224165 Sil++, Hm+, Ak+, Cb+ 10% Py 9.90
L224166 Sil++, Hm+, Ak+, Cb, Sr+ 7-8% Py 2.43
L224167 Sil++, Hm+, Ox+, Sr+, Cb 15-20% Py 1.72
L224168 Sil++, Hm++, Cb+, Ak+ 7% Py 2.71
L224169 Sil++, Hm++, Cb+, Ak+ 5% Py 1.28
L224170 Sil++, Hm++, Cb+, Ak+ 7% Py 2.60

Channel sampling results

The trench shows two domains of mineralization :

  • North domain : Average weighted grade of 0.90 g/t Au over a width of 28 m (66 channels)
  • South domain : Average weighted grade of 0.04 g/t Au over a width of 8 m (20 channels)

Please see attached figure "Trench GSH-11-14" or visit :

Additionally :

  • Within the North domain a higher grade zone averaging 3.28 g/t over 2 m has been defined by three sub parallel channels (2.78, 2.98 and 4.08 g/t Au over 2 m in every instance) and trends in an east-west direction, parallel to the main shear orientation,
  • The entire trench shows an average weighted grade of 0.68 g/t Au over 36 m computed from 86 channels sampled over 85.2 linear meters,
  • Individual grades obtained for the channels vary between trace and 4.61 g/t Au,
  • It was not possible to expose more than 36 m of shearing in the trench and the full width of zone remains unknown and open to the north and to the south,
  • No previous drilling has tested Trench GSH-11-14 which is a new Golden Share discovery.

Geological model

Following the summer surface work and the recent trenching, a much clearer picture is now emerging for the Pistol Lake area. While it was previously inferred that the mineralization was mostly related to the JF West intrusive, it now appears that a shear zone sub parallel to the southern boundary of this intrusive, and so far recognized over a 2.2 km strike length, acted as the engine for the gold mineralization.

Additionally, the geological model used in the NI 43-101 resource estimate is based on the JF West Zone containing at least seven (7) continuous mineralized lenses having a minimum width of 1.5 m and a length between 360 and 1,250 m. It now appears that these seven mineralized lenses could be part of a 200 m wide envelope with much more considerable strike length.

President and Chief Executive Officer Philippe Giaro commented:

"We are very pleased with these recent developments in the JF West area. It is still early days but we are clearly dealing with a larger system than previously anticipated. Grab and channel samples confirm the presence of both high grade and low grade-type mineralization contained in a broad envelope of lower grade material within a pluri-kilometric system. The next phase of the work program will address both potential scenarios and will systematically define the extensions of the current mineralized zones with a view to rapidly increase our resource base. To our knowledge, this is the first time in the region's history that a cohesive and unified land package has been established and the resulting regional strategic approach we have implemented over the summer is starting to pay off. The JF West / Pistol Lake area was previously part of a fragmented land package and only 47 diamond drill holes have ever been drilled on this target which could represent the starting point of an emerging, larger scale system".

About the Shebandowan Gold Project

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.


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