Golden Share Mining Corporation

Golden Share Mining Corporation

May 06, 2009 09:00 ET

New 27 M Wide Gold Zone Intersected in Malartic Lakeshore Drill Program

MONTREAL, QUEBEC--(Marketwire - May 6, 2009) - Golden Share Mining Corporation ("Golden Share")(TSX VENTURE:GSH) is pleased to announce that a new gold zone has been discovered in association with the Rive du Lac Malartic prospect ("RLM") during the recent drilling campaign on the Malartic Lakeshore property, Quebec, Canada.

The RLM prospect consists in a 320 m long by 75 m wide mineralized zone comprising a network of gold bearing quartz veins where grades of up to 39.84 g/t Au over 1.60 m from 24.30 to 25.90 m were obtained during Golden Share's first drilling program in 2008. The first phase of the 2009 diamond drilling program is now completed and consisted in eighteen holes totalling 1,396 m. Nine new holes were drilled and nine of the drill holes executed by Golden Share in 2008 were lengthened to investigate the mineralized system at greater depths.

A new auriferous zone, zone 66, recognized over a width 27 m was intersected between 254 m and 281 m down hole ML-08-11 at a vertical depth of 185 m, to the north-east of the RLM prospect.

Zone 66, the widest mineralized interval intersected to this date in the history of the Malartic Lakeshore property, consists in a sheared basalt hosting 5 to 15% quartz-calcite veinlets mineralized with 1 to 2% pyrite. In the upper part of the zone, the host andesite is locally hematised with 5% hematite-specularite veinlets and a shows a 0.80 m quartz vein containing 2% pyrite. Zone 66 is especially well mineralized with sulphides over an interval of 6.95 m, from 269.15 m to 276.10 m, which comprises five quartz veins ranging in width from 0.45 to 1.30 m each and containing 8% pyrite, 4% chalcopyrite and up to 1% galena. The end of the zone is brecciated and cut by two faults.

This new zone is anomalous in gold and the following intervals show grades above 0.30 g/t Au :

- 255.35 - 255.90 m : 1.19 g/t Au over 0.55 m

- 257.00 - 258.30 m : 0.53 g/t Au over 1.30 m

- 269.15 - 270.20 m : 0.33 g/t Au over 1.05 m

- 272.00 - 273.50 m : 0.31 g/t Au over 1.50 m

- 273.50 - 276.10 m : 0.56 g/t Au over 2.60 m

Philippe Giaro, President and CEO, stated "Given its width, its location within the Norbenite-Marbanite shear and its close proximity to the Lapa and Canadian Malartic projects, the RLM mineralised system represents a priority target which we are evaluating in a systematic fashion. The discovery of the new gold zone 66 confirms the adequacy of our approach, the exploration potential of the property at depth as well as the importance of the vein system which is controlled by an intense deformation corridor unexplored below the 200 m level. As demonstrated by the Lapa, Sigma and Laronde orebodies, economic mineralization of the Val d'Or - Malartic mining camp show a recognized vertical continuity up to a depth of 2,900 m. Given the widening of the mineralization observed within the first vertical 200 m, we are looking forward to continue exploration work on this new zone which, to this date, has only been intersected by one drill hole.".

The property is situated in Quebec's Val d'Or mining camp and is located 5 km east of Agnico Eagle's Lapa mine and 6 km north of Osisko's Canadian Malartic project. The property is located on the Norbenite-Marbanite deformation corridor, a second order structure to the Cadillac break, which hosts the Kierens, Norlatic and Marban past producing mines. Golden Share controls 5 km of this geologically favourable structure host to numerous mines and gold showings.

Hole ML-08-11 was initially drilled to a depth of 180 m during Golden Share's first drilling campaign in the fall of 2008. Hole ML-08-11 was lengthened to a depth of 285 m during the recent 2009 campaign. The hole was initially drilled at high angle to the mineralized structures and structural measurements confirm that zone 66 was also intersected at a proper angle as schistosity measurements and veins contacts are reported at an average angle to core axis of 60 degrees. A total of 672 samples were collected during this first 2009 drilling program and results are being received and interpreted. Moreover, given the importance of the new zone 66, the samples corresponding to this new 27 m structure are being reassayed using the metallic sieve technique. Quartering of the drill core is also being executed and the samples will be assayed in a second laboratory. A press release will be issued once all assays have been received and interpreted.

The Malartic Lakeshore exploration program is supervised by Mr. Alain Carrier, M.Sc., P. Geo of InnovExplo. Alain Carrier is a " Qualified Person " and is independent as defined in National Instrument 43-101. Individual samples weighting 3 kg on average have been taken from sawn half core at +/- 1 meter intervals in the mineralized zones with consideration of the geological contacts. A rigorous QA/QC program involves the random inclusion of mineralized standards, duplicates and blanks at the sample collection and preparation stage. The samples are shipped to the ALS laboratory in Val d'Or, Quebec, for analysis by fire assay on 50 g pulp samples. The sample preparation procedure involves the crushing of the entire 3 kg sample followed by quartering to obtain a representative 850 to 1000 g sample which is entirely pulverized and out of which a 50 g sample is isolated for analysis by fire assay. Samples suspected to contain visible gold or higher grade mineralization are assayed using the metallic sieve technique.

Golden Share's exploration programs are under the supervision of Mrs. Laurence Huss, P. Geo., and Vice-President Exploration. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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