MONTREAL, QUEBEC--(Marketwire - April 6, 2011) -
Editors Note: Photos for this release are available via Marketwire's website.
Golden Share Mining Corporation ("Golden Share")(News - Market indicators) is pleased to provide an update on the Elwood Property ("Elwood") located 70 km west of Thunder Bay in the Shebandowan district of northwestern Ontario, Canada.
The Elwood property is located south of Golden Share's Shebandowan Project currently under consolidation through a transaction with Lake Shore Gold Corp. concerning the acquisition of a 100% interest in the Band Ore deposit (see news release dated March 28th 2011). Elwood is located south of the synvolcanic Shebandowan Felsic Intrusive Complex and shows several important, undeveloped gold showings associated with granodiorite dykes and/or sills hosted in a typical volcanic sequence (see attached figure 1 or visit : http://www.goldenshare.ca). A thorough initial exploration program comprising systematic compilation, ground geophysics, prospecting, geological mapping, channel sampling and a first diamond drilling program was executed by Golden Share and highlighted the U Zone as an important target.
The U Zone had never been drilled before Golden Share's program and a 485 m, first pass, 6 diamond drill hole program, yielded the following highlights :
- EL-08-01: 2.38 g/t Au over 8.30 m from 17.00 m to 25.30 m
- EL-08-02: 0.60 g/t Au over 7.45 m from 35.90 m to 43.35 m
- including 1.56 g/t Au over 1 m from 35.90 to 36.90 m
In December 2010, Golden Share contracted Insight Geophysics Inc. of Oakville, Ontario, to follow-up on the initial drilling. Insight Geophysics Inc. executed an Insight Section Array / Tuned Gradient Array induced polarisation and resistivity survey over 5 line km to cover the U Zone and its immediate extensions. The survey demonstrated a very good correlation between zones of intense auriferous quartz veining and higher resistivity measurements. The IP survey confirmed the vertical extension of the mineralized system at depth and outlined drill targets associated with resistivity highs characteristic of quartz veining with associated chargeability anomalies (see attached figure 2 or visit : http://www.goldenshare.ca).
While Golden Share's anticipated next work program in the Shebandowan area will primarily focus on resource expansion, promising early-stage targets such as Elwood's U zone will be the object of systematic follow-up diamond drilling.
About the Shebandowan greenstone belt
The Southern part of northwestern Ontario is increasingly being recognized as an emerging gold province (see attached figure 3 or visit : http://www.goldenshare.ca). In the Fort Frances area, Rainy River has so far defined over 5 M oz Au in Indicated and Inferred Resources on their Rainy River Project. In the Atikokan area, Osisko Mining Corporation acquired Brett Resources Inc. following the discovery of the 6.7 M oz Au Hammond Reef deposit. The Shebandowan greenstone belt lies at the eastern end of this prolific province and is the object of intensifying exploration. Foundation Resources Inc. and Alto Ventures reported diamond drilling results of 8.39 g/t Au over 11.0 m and 4.88 g/t Au over 27.3 m on the East Coldstream Deposit located 15 km west of Golden Share's Shebandowan Project. In July 2010, Moss Lake Gold Mines ltd. provided an upgraded NI 43-101 resource estimate for its + 1 M oz Au Moss Lake deposit.
About Golden Share Mining Corporation
Golden Share Mining Corporation is a young Canadian exploration company targeting the gold belts of Eastern Canada. The Company has 69 M O/S, a cash position of $1M and no debt. Golden Share development's 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.
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/#!/profile.php?id=100001472712018&v=wall
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