Recent Updates

Seven holes totaling 485 m were drilled on the U Zone, a massive quartz vein structure hosted in sheared and altered granodiorite in 2008.

Visible gold was encountered in hole EL-08-01 at 18.5 m in the heart of the U zone quartz veining. The zone is described as a strong to intense white, milky, weakly brecciated quartz vein structure with granodiorite xenoliths. It contains trace to 1% fine grained disseminated pyrite and galena and locally up to 3-5% over 10 to 20 cm sections. Moreover, in hole EL-08-04, the U Zone was intersected over a 15 m down hole width.



Property Status

The Elwood property consists in a contiguous area of 21 mining titles, 20 claims and 1 patented claim for a total property surface area of 2208 hectares. As of October 2007, Golden Share holds an option to acquire a 100% interest over 4 years by paying the Vendors a total of $230,000; issuing a number of shares representing an equivalent value of $210,000 according to market price at the time of each of the three instalments and by incurring a total of $150,000 in exploration expenditures before December 31st 2008. In addition Golden Share will issue 1,440,000 shares to a private company that initially secured the Elwood option.

Laurence Huss, P.Geo., Vice-president Exploration of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of Elwood informations.

Access

The Elwood property is located 70 km west of the city of Thunder Bay, Ontario, Canada. It is situated in the Duckworth and the Lamport townships, directly south of the Lower Shebandowan Lake area. The property is situated approximately 8 km south of Trans-Canada highway 11 and can be accessed by a gravel road. Numerous bush trails provide an easy access to most parts of the property.


Geology

The Elwood property is situated in the western portion of the Shebandowan-Wawa greenstone belt which is part of the Superior Structural Province of the Canadian Shield and which consists in an assemblage of mafic volcanics and granodioritic intrusions with the presence of sediments to the south. The regional metamorphic grade is at the greenschist level while locally the amphibolite facies might occur within the contact zone of large intrusive masses.

The geology of the property is divided into three main units. The northern part of the property is underlain by mafic volcanics and gabbroic intrusions. The central portion comprises chemical and clastic metasedimentary rocks with mafic to felsic intrusive rocks. The north contact of the central portion is non-conformable and possibly faulted. The southern part of the property is a large band of felsic to mafic metavolcanics which include intermediate flows, quartz and feldspar intrusive and extrusive rocks. North-west trending diabase dykes transect the central and southern part of Elwood property area. A 5 km segment of the WNW-ESE trending Crayfish fault occurs on the property.


Mineralization

The Elwood property shows several important, undeveloped gold showings associated with granodiorite dykes and/or sills hosted in a typical volcanic sequence. A rock competency contrast resulted in the brittle behaviour of the granodiorite and the development of important quartz stockwork and veins arrays where significant surface gold grades of up to 180.62 g/t Au were obtained from punctual surface rock sampling.

The main previous operator was INCO which followed upon previous gold discoveries (Penziwol Af-U area) and outlined additional auriferous occurrences. The Elwood property mineralization is characterized by gold occurrences associated to quartz veins containing disseminated pyrite, pyrrhotite and galena. The most important occurrences on the Elwood property have been labelled: U, Af, S1 and T2. It is believed that the felsic intrusive bodies are fundamental in the control of the gold mineralization as suppliers of heat, pressure and possibly the source of the gold mineralization.


Exploration Works Completed by Golden Share

During November 2007, 42.0 km of line cutting were completed. A total of 42.0 km of magnetic surveying and 22.1 km of IP surveying were carried out over the property. A total of nineteen anomalous chargeability trends were identified as a result of this survey.

A first surface reconnaissance program was carried out between by mid-July and early August 2008. The work consisted in re-localization of previous work, surface follow-up on new IP anomalies, systematic channel sampling on the principal mineralized zones of the Penziwol area as well as thorough prospecting of the western part of the property.

Diamond drilling was initiated on November 2008 on the Elwood property. This first drilling program targets the U Zone, a massive quartz vein structure hosted in sheared and altered granodiorite.