TORONTO / ACCESSWIRE / April 10, 2014 Golden Share Mining Corporation ("Golden Share" or the "Company" - TSXV:GSH) is pleased to announce it has entered into an option agreement with Vanstar Mining Resources (VSR:TSXV) to acquire a 100% interest in the 20 claims Monster Island Gold Property ("Monster Island") located about 40 km southeast of Chibougamau in Northwestern Quebec, Canada.
Monster Island is located in the heart of the new Monster Lake gold play, immediately adjacent to the east of the Monster Lake property ("Monster Lake"), the main focus of a November 2013 $17.6M option agreement between TomaGold Corporation and Iamgold Corporation. The deal with Iamgold was prompted by recent high grade gold diamond drill discoveries on zone Annie with 237.6 g/t Au over 5.7 m (2012 DDH M-12-60) and on zone 325 with 101.2 g/t Au over 4.5 m (2013 DDH M-25-11) and 42 g/t Au over 7.2 m (2013 DDH M-13-95). Iamgold is currently executing an initial diamond drilling program of at least 6,000 m on Monster Lake.
Gold in the area appears associated with northeast trending shear zones, the two principal ones being the Nouvelle Corridor, host of the Monster Lake mineralization, and the Fancamp Corridor host of several high grade gold occurrences located immediately to the north of Golden Share's Monster Island on the Murgor Resources property (Please see figure.1 below or visit : http://www.goldenshare.ca). Preliminary interpretation suggests such structures may also underlie Golden Share's Monster Island (Please see figure. 2 below).
As highlighted on the regional figure (Please see figure. 3 below), gold mineralization is also well developed to the south of the property with the historical Joe Mann deposit located about 8 km southeast of Monster Island. Additionally, Vanstar reported a new discovery on their Nelligan property in November 2013 with a drill intercept of 1.84 g/t Au over 31 m.
Golden Share can acquire a 100% interest in Monster Island over three years by meeting the following conditions :
-By paying the Vendor a total of $45,000; $5,000 upon signature of the agreement, $20,000 on the first anniversary date and $20,000 on the second anniversary date;
-By issuing the vendor a total of 450,000 Golden Share common shares in tranches of 100,000 shares upon signature of the agreement, 150,000 shares on the first anniversary date and 200,000 shares on the second anniversary date;
-By incurring a total of $350,000 of exploration expenditures in tranches of $100,000 during the first year, $100,000 during the second year and $150,000 during the third year.
Following the acquisition of a 100% interest by Golden Share, Vanstar will retain a 2% Net Smelter Return (the "NSR"). In the event that Commercial Production would be achieved on the Property, Golden Share will have the right to purchase 1% NSR of the 2% NSR held by Vanstar for $1,000,000.
About Golden Share
Golden Share Mining Corporation is a Canadian-based mining exploration company developing a promising and well-balanced property portfolio in the mineral belts of Eastern Canada, 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 Minerals Corp., 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-controlled company, has become Golden Share's largest shareholder with approximately 24.37% 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 and sees the merged entity as an ideal platform to further develop its activities in mining 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.
FOR MORE INFORMATION, CONSULT: http://www.goldenshare.ca
OR OUR FACEBOOK PAGE AT: https://www.facebook.com/golden.share.9
Golden Share Mining Corporation
Philippe Giaro, President & CEO
Tel: 1-905-968-1153 or Tel: 32-473-52-30-29
E-mail: email@example.com or E-mail: firstname.lastname@example.org
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.
Figure. 1 - Monster Island and Monster Lake play
Figure. 2 - Monster Island and Monster Lake play magnetic gradient
Figure. 3 - Monster Island and Monster Lake play regional geology
SOURCE: Golden Share Mining Corporation
Leave a comment...