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 | Malartic Lakeshore Property
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Recent Updates A detailed IP survey was executed in July 2009 with the objective to define the depths extensions of the auriferous mineralization recognized on the RLM prospect. Golden Share execute an Insight Section Array / Tuned Gradient Array induced polarisation and resistivity survey over 7.2 line km to cover the RLM prospect and its immediate extensions. Specific testing was executed in areas with a high density of drilling information and demonstrated a very good correlation between zones of intense auriferous quartz veining and higher resistivity measurements. The IP survey confirmed the vertical extension of the mineralized system at depth and clearly outlines deeper drill targets associated with resistivity highs characteristic of quartz veining. Chargeability anomalies, indicative of the probable presence of sulphides, are also associated with some of the resistivity anomalies. The RLM prospect consists in a 320 m long by 75 m wide mineralized zone comprising a network of gold bearing quartz veins where grades of up to 39.84 g/t Au over 1.60 m from 24.30 to 25.90 m were obtained during Golden Share's first drilling program in 2008. The first phase of the 2009 diamond drilling program is now completed and consisted in eighteen holes totalling 1,396 m. Nine new holes were drilled and nine of the drill holes executed by Golden Share in 2008 were lengthened to investigate the mineralized system at greater depths. The spring 2009 drilling results are particularly significant as zone 66 intersected in hole ML-08-11 is the widest mineralized interval intersected to this date in the history of the Malartic Lakeshore property and contains internal sections displaying intense quartz veining with up to 8% pyrite, 4% chalcopyrite and 1% galena. Moreover, hole ML-08-11 was the last drill hole of the spring 2009 campaign and the only one to intersect the new zone 66. Given its width, its location within the Norbenite-Marbanite shear and its close proximity to the Lapa and Canadian Malartic projects, the RLM mineralised system represents a priority target. The discovery of the new gold zone 66 confirms the adequacy of Golden Share approach, the exploration potential of the property at depth as well as the importance of the vein system which is controlled by an intense deformation corridor unexplored below the 200 m level. As demonstrated by the Lapa, Sigma and Laronde orebodies, economic mineralization of the Val d'Or -- Malartic mining camp show a recognized vertical continuity up to a depth of 2,900 m. Given the widening of the mineralization observed within the first vertical 200 m, Golden Share are looking forward to continue exploration work on this new zone which, to this date, has only been intersected by one drill hole.
The Malartic Lakeshore property consists in 22 contiguous claims for a total property surface area of 962 hectares. As of October 2007, Golden Share holds an option to acquire a 100% interest over 3 years by paying the Vendors a total of $30,000; issuing 450,000 shares and incurring a total of $250,000 in exploration expenditures. An additional 300,000 shares can be issued at any time in the event that measured and indicated resources representing a metal content of 500,000 ounces of gold or more can be defined; a first tranche of 150,000 shares would be issued when a first threshold of 250,000 ounces of gold is achieved. 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 Malartic Lakeshore informations. Access The Malartic Lakeshore property is located 25 km west of the town of Val d'Or in the central part of the Malartic Township, in the Abitibi area of northwestern Quebec, Canada. It is situated north of highway 117 and easily accessible via a township road which crosses the entire property. Geology The Malartic Lakeshore property is located in the Abitibi greenstone belt which is recognized for its copper-zinc-lead-gold volcanogenic orebodies as well as its gold deposits. This greenstone belt comprises a large number of volcanosedimentary sequences as well as a diversified set of intrusive rocks. It is also characterized by the Cadillac -- Larder Lake fault which stretches from Larder Lake, in Ontario to east of Val d'Or, in Quebec. Most of the gold mines in the region are located in close proximity to this major structure. The rocks in the area of the Malartic Lakeshore Property comprise ultramafic to intermediary lavas as well as a few felsic flows, pyroclastics and sediments. Several intrusive bodies of varying composition intrude the volcanic sequence. The regional metamorphic grade is at the greenschist level while locally the amphibolite facies might occur within the contact zone of large instrusive masses. Mineralization The Malartic Lakeshore Property is host to several types of mineral occurrences, gold being the dominant metal. The bulk of the gold mineralization is found in quartz-carbonate veins and veinlets which are locally tourmaline bearing. These auriferous veins are hosted in a major shear zone located in the mafic and ultramafic units of the Dubuisson Formation. This zone has been traced over a maximum distance of 2.4 km with a maximum width of 330 meters. Several sulfide-bearing quartz and quartz-carbonate veins were previously recognized on surface and have been the object of diamond drilling. Two of these veins, « veine C » and « veine E », were the object of more intense work and intersections of 9.60 g/t Au over 4.57 m and 8.10 g/t Au over 2.13 m were obtained in a previous drilling program. The property is strategically located between Agnico Eagle's new Lapa mine, located 5 km to the west, and the past producing Norlartic and Marban mines located 6 km to the east. The Lapa mine is now under construction with initial production expected in late 2008. Osisko's Canadian Malartic project is located 6 km due south of the Malartic Lakeshore property. |
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