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| November 25, 2009 |
| Golden Share Provides its First 43-101 Resource Estimate on Forsan |
MONTREAL, QUEBEC--(Marketwire - Nov. 25, 2009) - Golden Share Mining Corporation (TSX VENTURE:GSH) ("Golden Share") is pleased to provide an update on its Forsan property ("Forsan"), Quebec, Canada. The objective of the work executed by Golden Share to date on Forsan was two fold:
1. Upgrade the historical resources to NI 43-101 standards,
2. Open up the potential of the property by the discovery of extensions to the known historical mineralization.
Philippe Giaro, President and CEO, stated "We are pleased to report that the Forsan Property now holds a 43-101 compliant resource on the Forsan Main Zone with a new, near surface, drill discovery of 56.86 g/t Au over 4.00 m located 600 m to the southeast in a similar geological context. Moreover, as stated by InnovExplo, according to the spatial distribution of the known mineralized lenses; it is very likely that the pattern of lens distribution could repeat, particularly at depth. Given the recent surge in the gold price, the work to date provides a solid foundation to further advance the project and increase overall shareholder value."
A mandate was given to InnovExplo, a Val d'Or based geological and mining consulting group, to establish an up-to-date, 43-101 compliant resource calculation based on historical drilling data from the Forsan Main zone ("FMZ"). The main objective of the work carried out by InnovExplo was to establish a geological model for the mineralization and to confirm the presence of sufficient mineral resources to justify further exploration work by Golden Share.
Based on InnovExplo's recommendation, a cut-off grade of 2.50 g/t Au was used, which results in an Inferred Resource of 132,000 metric tonnes grading 3.52 g/t Au for a total of 15,000 ounces of gold on the FMZ. When a cut-off of 1.00 g/t Au is used, an Inferred Resource of 536,500 metric tonnes grading 2.03 g/t Au containing a total of 35,000 ounces of gold is obtained thereby validating the historical data for the FMZ.
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Inferred Resource
Cut-Off grade Metric Grade Ounces
g/t Au Ton (t) g/t Au Au
1.0 536,500 2.03 34,981
1.5 322,600 2.57 26,650
2.0 203,100 3.07 20,026
2.5 132,000 3.52 14,936
3.0 85,000 3.95 10,810
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(i) Notes: Golden Share owns 100% of the Forsan property. Mineral Resources
are not Mineral Reserves having demonstrated economic viability.
Results are presented undiluted and in-situ. The estimate includes 4
gold-bearing zones and covers the Forsan project area over 450 meters
NW-SE, 200 meters NE-SW, and from an elevation of 0 to -225m. The cut-
off grade must be re-evaluated in light of current market conditions
(gold price, exchange rates and mining cost). InnovExplo is not aware
of any environmental, permitting, legal, taxation, socio-political,
marketing or other relevant issue that could materially affect the
Mineral Resource estimate.
The geological interpretation of the mineralized zones was entirely redone by Bruno Turcotte, P.Geo., and Donald Gervais, P.Geo., using a set of sections looking towards an azimuth of N335 degrees.
See attached figure 1: http://media3.marketwire.com/docs/Forsan_figure_1.pdf
The geological model and current resource estimate demonstrate that the FMZ contains at least four (4) continuous mineralized lenses having a minimum width of 2.2 m corresponding to the necessary minimum for an open-pit operation or underground bulk mining. The lenses were visually and statistically interpreted based only on the trend of high-gold values in Diamond drill holes. These high-gold values pass alongside the hanging wall of a quartz-feldspar porphyry dyke. Each lens was defined by the gold values and the geological continuity of each lens from one section to another was established. A fixed density of 2.78 g/cm3 was used. High grade capping was done on the raw data and established at 20 g/t Au. The sections were generated using Gemcom software version 6.2.1. Each lens was linked in three dimensions to form 3D solids. The visual and statistical 3D interpretation using Gemcom software allowed InnovExplo to establish a new geological continuity at N115 degrees.
Golden Share's strategy for the development of Forsan was to immediately focus on opening up the potential of the property by the discovery of extensions to the known historical mineralization on the FMZ. The current resource estimate is therefore intentionally based on the small number of historical drill holes and as a result, the current Mineral Resource Estimate can only be classified as Inferred Resources.
In order to confirm the historical data, two verification drill holes were executed by Golden Share in 2009; they also provided material for density measurements. InnovExplo considers this estimate to be reliable, rigorous, based on quality data and in conformity to CIM standards and guidelines for reporting mineral resources and reserves.
The observations during the resource calculation led InnovExplo to believe that the mineral potential of the property has not yet been fully evaluated by Diamond drilling and stripping.
One of the most important findings of the resource estimate on Forsan is the definition of geological continuity at N115 degrees. This observation further reinforces the significance of the Forsan East Zone ("FEZ") located 600 m south-east of the FMZ.
See attached figure 2: http://media3.marketwire.com/docs/Forsan_figure_2.pdf
The FEZ consists in a network of auriferous quartz-pyrite-tourmaline veins hosted in tuffaceous volcanic rocks at the contact with a felsic porphyry dyke, a geological context similar to that of the FMZ. An intersection of 56.86 g/t Au over 4.00 m (including 113.64 g/t Au over 2.00 m) was obtained between 42 and 46 m on the FEZ during the spring 2009 drilling campaign (see news release dated May 13th 2009) along with additional intercepts of 4.52 g/t Au over 1.35 m and 10.75 g/t Au over 0.40 m between the surface and 100 m vertical depth (Gold grade are uncut value over core length.). Moreover, the geological continuity at N115 degrees shows a subparallel orientation to the Cadillac fault, the eastern most extension of which is interpreted to underlie the Forsan property.
See attached figure 3: http://media3.marketwire.com/docs/Forsan_figure_3.pdf
The following additional conclusions can be stated:
- At the current drill spacing, geological continuity is uniform throughout the FMZ in the hanging wall of the quartz-feldspar porphyry intrusive,
- The Inferred Resources are contained in four (4) main lenses in close proximity, which is a positive factor for future potential mining operations,
- The new interpretation of the mineralized zones enabled InnovExplo to confirm that the FMZ lenses are continuous enough to be exploited by open-pit or underground method if a future economic study demonstrates economic viability for the project,
- The potential is high for upgrading the Inferred Resources to Indicated Resources through additional drilling,
- The potential is high for adding new resources in the extensions of known zones through additional drilling.
The 2009 Mineral Resource Estimate was performed by Bruno Turcotte, M.Sc., P.Geo., and Donald Gervais, B.Sc., P. Geo., under the supervision of Carl Pelletier, B.Sc., P.Geo., using all available results. The work performed on the Forsan property has been executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., and Golden Share's Vice-President Exploration. This press release has been reviewed by all parties and the technical report for this resource estimate will be filed on SEDAR within 45 days.
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. | |
| CONTACT INFORMATION:
Golden Share Mining Corporation
Philippe Giaro, President & CEO
32-473-52-30-29
phgiaro@skynet.be
or
Golden Share Mining Corporation
Denis Tremblay, Vice-President
1-514-866-4224
info@goldenshare.ca
www.goldenshare.ca
or
CHF Investor Relations
Cathy Hume, CEO
1-416-868-1079 x231
cathy@chfir.com
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| INDUSTRY: Manufacturing and Production - Mining and Metals | |
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