Toronto, October 2, 2013 - Golden Share Mining Corporation ("Golden Share" or the "Company" - TSXV:GSH) is pleased to provide a further update on its recent Ontario work program.
Pursuant to the July 2013 merger with Silvore Fox Minerals Corp. ("Silvore Fox"), the Pick Lake project is now part of Golden Share's portfolio and the Company recently finalized a first pass surface program on this new project with three main objectives:
-
-Localization and sampling of historical showings and follow-up on geophysical anomalies
-
-Prospection of the Winston Lake and the Pick Lake-Ciglen horizons
-
-Prospection of the Sandridge-Carib Lake trend in the northern part of the project
A total of 102 surface outcrop grabs samples and 16 channel samples were collected and were shipped for assaying (Please see the attached figure or visit http://www.goldenshare.ca). A total of 35 grab samples and 8 channel samples report over 2% sulfides and two separate geological domains can be defined.
In the historical Winston-Pick Lake southwestern domain the Ciglen occurrence consists in a low angle dip, intense gossan, displaying mm to cm size bands of semi massive sulfides comprising pyrite, pyrrhotite and sphalerite. The Anderson occurrence consists in a moderately dipping intense gossan with up to 5% chalcopyrite and a maximum overall sulfide content of up to 10%. Historical data compilation of the project is currently underway and will further contextualize these occurrences and the recent prospecting work.
In the new Sandridge-Carib Lake northeastern domain several new mineralized showings reporting more than 7% sulfides were identified (Please see the attached figure).
Of particular interest is a new discovery immediately west of Carib Lake where an oxidized and silicified horizon associated with a marked airborne geophysical anomaly hosts quartz veins and stockworks with up to 20% pyrite on a series of outcrops scattered over a 400 m strike length. The exact width of this zone is undetermined at present but it correlates well with the airborne geophysical anomaly.
These recent discoveries confirm the potential of the Sandridge-Carib Lake northeastern domain which has so far undergone significantly less exploration than the historical Winston-Pick Lake southwestern domain.
About Pick Lake
As reported in press release dated August 27, 2013, Pick Lake is located within the northern Wawa terrane in the Archean Superior Province. It is hosted in the Winston Lake Greenstone Belt ("WLGB"), between the Shebandowan Greenstone Belt ("SGB") located to the west and the Manitouwadge Greenstone Belt ("MGB") to the east. All three belts are bounded to the north by the Quetico sedimentary terrane and host notable base metal past producers* :
-
- SGB : Shebandowan mine, past production of 8 MT at 2.0% Ni, 1.2% Cu
-
- WLGB : Winston Lake mine, past production of 3 MT at 14.1% Zn and 1.0% Cu
- MGB : Geco mine, past production of 58 MT at 3.5% Zn and 1.9% Cu
Golden Share's Pick Lake project is located immediately adjacent to First Quantum's Winston Lake property which hosts the past producing Winston Lake mine. Golden Share's past-producing Pick Lake deposit was accessed by the Winston Lake shaft through an underground drift and mined by Inmet from 1995 to 1999 producing 172,956 t grading 9.9% Zn and 0.7% Cu. The Pick Lake deposit hosts historical resources of 598,000 t at 21.2 % Zn and 1.0% Cu**.
About Golden Share
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising portfolio of properties in the mineral belts of Eastern Canada with a development strategy focused on a well-balanced property portfolio in a politically stable environment with a history of rich mineral endowment.
On July 25, 2013 shareholders of the Company approved the merger with Silvore Fox, a Canadian junior explorer listed on the TSX Venture Exchange (see press release dated July 25, 2013). Following this transaction Beijing Donia Resources Co. Ltd., a Chinese state owned company, has become Golden Share's largest shareholder with approximately 21.9% of its issued and outstanding shares. Sinotech Minerals Exploration Co. Ltd., a leading Chinese mineral exploration and development company, is a 50.03% shareholder of Beijing Donia Resources Co. Ltd (For further details please see the recent Sinotech corporate presentation on : http://www.goldenshare.ca).
This new Chinese partner recognizes the value of Golden Share's well balanced portfolio of properties located in Quebec and Ontario and sees the merged entity as an ideal platform to further develop its activities in exploration and development in North America, and notably in Eastern Canada, a politically stable environment with a history of mineral endowment.
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.
* These three mines produced accessory precious metals and PGEs but the historical production figures of in this release present only the main base metals with rounded-off numbers and were taken from non-compliant 43-101 reports.
** 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.
FOR MORE INFORMATION, CONSULT: http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT:
http://www.facebook.com/#!/profile.php?id=100001472712018&v=wall
Golden Share Mining Corporation
Philippe Giaro, President & CEO
Tel: 1-905-968-1153 or Tel: 32-473-52-30-29
E-mail: [email protected] or E-mail: [email protected]
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.
Click Image To View Full Size