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MONTREAL,
QUEBEC--(Marketwire - Sept. 15, 2009) - Golden Share Mining Corporation
("Golden Share")(TSX VENTURE:GSH) is pleased to provide an
update on its 100% owned Lac Fortune West property ("Lac
Fortune") located in Northwestern Quebec, Canada. The property is
strategically located on the Cadillac fault, 25 km west of Rouyn
Noranda and directly to the southwest of the Francoeur gold mine. It is
easily accessible by national road 117 which passes just south of the
property. See attached figure: http://media3.marketwire.com/docs/LacFortuneWest_Francoeur1.pdf.
The Francoeur gold mine
owned by Richmont Mines ("Richmont") is part of a group of 11
similar deposits located within the Francoeur-Wasa shear zone, a very
important east-north-east trending regional gold bearing structure
which transects the northeast corner of Golden Share's Lac Fortune. The
principal deposits located in the Francoeur-Wasa shear zone have
produced over 500,000 ounces of gold from approximately 2.6 million
tonnes of ore with a recovered grade of 6.07 g/t of gold (Richmont
Mines Inc. press release dated August 7th 2009).
In the light of the recent strength in the gold price near $1,000 per
ounce, Richmont has announced its intention to restart production at
the underground Francoeur gold mine in 2011. A recent economic study
indicates that the Francoeur project has probable reserves of 615,664
tonnes grading 6.91 g/t Au (Richmont Mines Inc. - NI 43-101 Compilation
Technical Report for the Francoeur Gold Project dated August 5th, 2009,
Adam, D.).
Golden Share's Lac Fortune hosts the South King Zone, an east-west
trending gold zone recognized by drilling over a strike length of 780 m
and located 500 m south of the Francoeur-Wasa shear zone. It displays
several geological similarities with the Francoeur-Wasa shear zone
orebodies, notably mineralization hosted at an andesite - gabbro
lithological contact in close spatial association with an hematite -
altered felsic intrusive showing some local breccia textures. Diamond
drilling by previous operators yielded the following mineralized
intercepts :
Drilling by SearchGold Resources Inc. in 2004 - 2005 : - 855.58 g/t Au over 0.35 m from 29.83 to 30.18 m - 60.43 g/t Au over 0.27 m from 69.18 to 69.45 m - 16.81 g/t Au over 0.50 m from 42.23 to 42.73 m - 1.02 g/t Au over 11.43 m from 73.90 to 85.33 m - 1.83 g/t Au over 10.94 m from 72.50 to 83.44 m (including 11.42 g/t Au over 1.50 m) - 1.21 g/t Au over 11.37 m from 52.73 to 64.10 m - 1.74 g/t Au over 6.20 m from 40.82 to 47.02 m - 1.48 g/t Au over 7.32 m from 32.39 to 39.71 m Drilling by Forbex Resources Inc. in 2001 : - 10.30 g/t Au over 2.75 m from 57.10 to 59.85 m - 1.13 g/t Au over 12.40 m from 44.40 to 56.80 m
The presence of both higher
grade intercepts and mineralization over broad intervals clearly
demonstrate the potential of the South King Zone. Additionally, the
geological setting of the mineralization, which is associated with
shearing in a felsic intrusive hosted in a gabbro along with the
presence of hematite and fuchsite alteration, shows key positive
indicators for the sector.
Given the resurgence of nearby mining activity adjacent to its Lac
Fortune property, Golden Share will evaluate all scenarios moving
forward to fully benefit from the renewed interest in this strategic
sector of the mining camp.
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.
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.
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