Toronto, ON / ACCESSWIRE / May 27, 2014 / Golden Share Mining Corporation ("Golden Share" or the "Company" - TSXV:GSH) is pleased to announce that TomaGold Corporation ("TomaGold") and IAMGOLD Corporation ("IAMGOLD") have disclosed very encouraging drilling results on the Monster Lake property ("Monster Lake"), directly adjacent to the Company's Monster Island property ("Monster Island") located about 40 km southeast of Chibougamau in Northwestern Quebec, Canada.
Highlights of recent drilling on Monster Lake include:
-10.47 metres grading 11.55 g/t Au from 457.0 metres depth (including 48.90 g/t Au over 2.0 metres) in hole ML-14-108 (325-Megane Zone).
-Intersection of a footwall zone grading 13.65 g/t Au over 3.77 metres from 636.86m depth, including 46.0 g/t Au over 1.1 metres in hole ML-14- 110 (referred to as the Lower 325-Megane Zone).
TomaGold and IAMGOLD further report that the drilling to date has confirmed the presence of three sheared, altered and mineralized zones: the Upper 325-Megane Zone (new identified structure), the 325-Megane Zone previously outlined by TomaGold's most recent drilling and the Lower 325-Megane Zone (tested only in a few areas by previous drilling). With the limited drilling completed to date, the three zones appear sub-parallel and are spaced approximately 100 metres apart. The targeted 325-Megane Zone is interpreted to be hosted within a regional shear zone that can be traced along strike within the current property.
Golden Share's Monster Island is located in the heart of the new Monster Lake gold play, immediately adjacent to the east of Monster Lake, the main focus of a November 2013 $17.6M option agreement between TomaGold and IAMGOLD. The Company recently optioned Monster Island from Vanstar Mining Resources, another important player in the sector.
President and Chief Executive Officer Philippe Giaro commented:
"We are very encouraged to see the recent results confirming the depth continuity and grade of the previously identified high grade gold mineralization at Monster Lake. We are equally encouraged by the confirmation of the existence of sub-parallel structures on the Monster Lake property. The repetition of gold-bearing northeast trending shear zones in the area is important for our Monster Island property and shall guide our future investigations. We have recently completed a $400,000 hard cash financing at an 80% premium to our market price with the support of our Chinese main shareholder and look forward to participating in the Monster Lake gold rush".
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).
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 30.88% 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 rich 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.
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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.
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Figure. 1 - Monster Island and Monster Lake play
Figure. 2 - Monster Island and Monster Lake play magnetic gradient
SOURCE: Golden Share Mining Corporation