MONTREAL, QUEBEC--(Marketwire - Oct. 25, 2012) -
Editor's note: There is a map associated with this press release.
Golden Share Mining Corporation ("Golden Share" or the "Company") (News - Market indicators) is pleased to provide the results of its Larose Property ("Larose") 2012 summer work program in Northwestern Ontario, Canada.
This recent campaign focused mainly on the 2011 freshly cut grid that covers the southern, yet unexplored, 4 km strike length of the Larose Shear Zone ("LSZ"). Other targets also being investigated on the property in parallel were :
- Parallel shears to the LSZ,
- Soil geochemical anomalies from Freewest,
- Pressure shadows and dilational jogs in the southwestern extension of the Obadinaw pluton.
The following highlights are reported (Please see the attached figure or visit http://www.goldenshare.ca) :
- A total of 72.6 km of lines was prospected and mapped for a total of 622 new outcrops for a total of 407 surface rock samples collected.
- In the south western part of the property, the LSZ is hosted by metasedimentary rocks and shows a thickness between 5 and 15 m. A total of 3 samples yielded results above 0.15 g/t Au with a maximum value of 1.14 g/t Au.
- Two new shear zones parallel to the LSZ were also identified, the Tribute Shear Zone ("TRSZ") and the Lys Shear Zone ("LYSZ") :
- The TRSZ is located to the northwest and is well defined over a strike length of 2.5 km (with a possible 6.5 km). The observed alteration is also similar to that of the LSZ and feldspar porphyry intrusives have been identified within the TRSZ. A total of 6 samples yielded results above 0.15 g/t Au with a maximum value of 2.24 g/t Au.
- The LYSZ is located to the southwest and has so far been defined over a 300 m strike length. One gold value of 0.18 g/t Au has been recorded so far.
A total of 2 claims (21 units) covering a surface area of approximately 3.64 km² have been staked by Golden Share to secure the northeastern extension of the TRSZ were gold values of up to 2.24 g/t Au were obtained.
SRK Consulting (Canada) Inc. (« SRK ») was mandated to perform structural geology investigations of stripped outcrops and available drill core on the Larose property. SRK's preliminary conclusions are :
- Gold mineralization at the Larose is associated with stockworks of quartz pyrrhotite ± pyrite ± sphalerite ± chalcopyrite veinlets hosted within strongly foliated metagreywacke or feldspar porphyry dykes.
- The deformed character of auriferous stockwork veins and veinlets suggests that the auriferous veins were introduced before or during deformation in the LSZ.
- The LSZ is a high strain corridor of variable dip angles characterized by strongly foliated rocks. Kinematic indicators suggest both strike-slip (sinistral) movement and dip-slip (northwest over southeast) movement.
- Three-dimensional analysis using Leapfrog indicates that the auriferous zone in the Larose Trench is offset to the southeast relative to the auriferous zone in the P1 Trench. Such an offset may be related to late faults or may alternatively indicate the occurrence of multiple "stacked" auriferous zones.
Golden Share will further integrate SRK's conclusions in the planning of the next work phases for Larose.
The Larose property is object of an option agreement with Viking Gold Exploration Inc. ("Viking") whereby Golden Share can acquire a 50% interest. It is located 120 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 10.52 M oz Au Hammond Reef gold deposit 70 km to the West of the Larose project.
About Golden Share Mining Corporation
Golden Share Mining Corporation is a Canadian-based mining exploration company 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.
Lake Shore Gold Corp., a Canadian emerging gold producer, holds a strategic 27.2%* interest in Golden Share which 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 Au 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.
| * |
Lake Shore Gold Corp. acquired direct ownership of a total of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of 20 cents per common share |
| ** |
2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off - established in 2010 |
| *** |
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 - established in 2009 |
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/20121025-2012_summer_surface_work_Larose.jpg.
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