Malartic Lakeshore Property
QUEBEC -- VAL D'OR-MALARTIC AREA
MALARTIC LAKESHORE PROPERTY
The Malartic Lakeshore property is located 20 km west of the town of Val d'Or, Quebec, Canada. It consists in 26 claims for a total property surface area of 10 km².
In October 2009, Golden Share executed the final property payments and all work commitments have now been realized. The Malartic Lakeshore property is therefore now under 100% ownership by Golden Share.
The property is located on the Norbenite-Marbanite shear zone host of the Kiena Mine currently operated by Wesdome and of the past producing Norlartic and Marban mines located 6 km to the east. The property is also strategically located between Agnico Eagle's new Lapa mine, located 5 km to the west, and Osisko's Canadian Malartic project located 6 km due south. To the east of Malartic Lakeshore, NioGold Mining Corporation is developing its Marban block in partnership with Aurizon Mines Ltd. Historical production from the Norlartic, Kierens and Marban past producing mines amounted to 600,000 ounces of gold and the partnership intersected 9.06 g/t Au over 7.3 m in early 2011 drilling.
Golden Share exploration history
A thorough 2008 exploration program comprising systematic compilation, mechanical stripping and a first diamond drilling program highlighted the RLM prospect as a 320 m long structure up to 50 m wide consisting in a network of over 25 individual gold bearing veins up to 1.10 m in width. This RLM target sits right on the Norbenite-Marbanite shear and is the first one developed systematically by Golden Share. The mechanical stripping yielded channel samples up to 90.88 g/t Au over 1.32 m (including 178.00 g/t Au over 0.67 m) and the first drilling campaign yielded the following highlights :
• ML-08-23 : 15.27 g/t Au over 1.20 m from 76.40 to 77.60 m
• included in 2.59 g/t Au over 8.40 m from 75.60 to 84.00 m
• ML-08-28 : 123.50 g/t Au over 0.50 m from 24.30 to 24.80 m
• included in 39.84 g/t Au over 1.60 m from 24.30 to 25.90 m
A second drill program was executed in the spring of 2009 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 auriferous Zone 66, recognized over a width 27 m, was intersected in ML-08-11 at a vertical depth of 185 m to the north-east of the RLM prospect. It consists in sheared basalt hosting 5 to 15% quartz-calcite veinlets mineralized with 1 to 2% pyrite. In hole ML-08-11 Zone 66 is especially well mineralized with sulphides over an interval of 6.95 m, from 269.15 m to 276.10 m, comprising five quartz veins ranging in width from 0.45 to 1.30 m each and containing 8% pyrite, 4% chalcopyrite and up to 1% galena. Zone 66 is anomalous in gold with grades of up to 1.19 g/t Au over 0.55 m from 255.35 to 255.90 m. Four additional anomalous intervals of 0.31, 0.33, 0.53 and 0.56 g/t Au over up to 2.60 m were also obtained.
Following this second drill program, and in order to refine drill targets, Golden Share contracted Insight Geophysics Inc. of Oakville, Ontario, to 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 Deeper drill targets associated with resistivity highs characteristic of quartz veining were outlined with a positive chargeability signature.
A third drill program was executed in the fall of 2009 for a total core length of 888 m and consisted in two deep holes drilled to transect the entire RLM shear zone and reach depths where resistivity and chargeability anomalies are best developed.
The highlight of the program was hole ML-09-41, drilled on section 1230E to a depth of 471 m, that intersected Zone 66 over a down hole length of 18 m at a 400 m vertical depth similar. The mineralization comprises 75 % quartz veins up to 1.45 m in width containing up to 7% pyrite, chalcopyrite and galena with strongly anomalous gold values. A 0.70 m quartz vein assayed 2.88 g/t Au over 0.80 m in the hanging wall of Zone 66 at a down hole depth of 396 m.
The results of the fall 2009 drill program clearly demonstrate the intensification and widening of the mineralization at depth and validate the results of the IP survey. Moreover, the mineralization is in all points similar to what was observed in our shallow drilling on the RLM prospect where Golden Share reported grades of up to 123.50 g/t Au.
A fourth, 1,233 m, diamond drilling program on the Malartic Lakeshore property was executed in Q2 2011 and the following highlights are reported :
• ML-11-42 -- total length 528 m : The hole was a 90m step out from hole ML-09-41 to intersect Zone 66 towards the southeast. A one meter pyrite bearing vein was intersected around 420 m. Zone 66 was reportedly intersected over an 8 m width at the targeted depth from 483.5 to 491.5 m. It displays good shearing with approximately 20% quartz veins up to 30 cm in width and low sulfide content.
• ML-11-43 -- total length 513 m : The hole targeted a flexure in the main RLM corridor, one of the SRK Consulting (Canada) Inc. hypotheses to be verified. A 17 m shear zone with quartz veins in excess of 3 m and showing up to 2-3% pyrite, trace chalcopyrite and trace galena was intersected from 231 to 248 m. Schistosity measurements show a very high angle to core axis.
• ML-11-44 -- total length 192 m : The hole targeted an IP anomaly associated with a mafic-intermediate volcanic contact. The target was reached and pyrite bearing felsic volcanics and sediments were intersected near the bottom of the hole.
All of Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., and Golden Share's Vice-President Exploration. Laurence Huss is a Qualified Person as defined in National Instrument 43-101. Philippe Giaro, P.Geo., President and CEO of Golden Share Mining Corporation, also acts as Qualified Person for Golden Share.