GOLDEN SHARE MINING CORPORATION : http://goldenshare.ca/ : QwikReport
La Fortune Property
Property Status
The Lake Fortune West property is a 17 claim property under 100% ownership by Golden Share. The Lac Fortune West was recently acquired by Golden Share from SearchGold. A 1.5% NSR is payable to the previous owner.
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 Lac Fortune informations.
Access
The property is located approximately 25 km west of the town of Rouyn-Noranda in the Abitibi area of Northwestern Quebec, Canada. It is easily accessible by national road 117 which passes just south of the property.
Geology
The property is situated in Abitibi greenstone belt, a world famous geological province. The rocks of the area are Archean in age and are part of the Blake River Group, a east-west trending, differentiated volcanic sequence, bounded to the north by the Destor and Parfourou faults and by the Cadillac fault to the south. The Blake River volcanic pile comprises mafic and felsic flows and their associated volcaniclastic rocks. The mafic flows most often exhibit pillow textures while the felsic flows, tuffs and agglomerates form units of varying widths intercalated between the mafic flows.
Several intrusive bodies (dykes, stocks or sills) of granodioritic composition transect the volcanic rocks of the area which are also intruded by three syenitic stocks : the Aldermac syenite to the north-east; the Baie Renault massif to the west and the lac Renault stock to the south-east. The principal megastructures affecting the rocks of the area are the Cadillac fault to the south, the Francoeur-Wasa shear towards the center and the Beauchastel and Ruisseau Horne faults at the center and to the north-east.
At the level of the property, the southern part of the claim block comprises the Cobalt Group proterozoîc sediments composed of wackes and polygenic conglomerates; these rocks are subhorizontal and are discordant with the Archean units. North of the sediments, Archean rocks are represented by andesitic flows transected by a diorite and a rhyolite unit.
Mineralization
Mining activities in the area were initiated in the early 1900's with the discovery of the small Lac Fortune deposit located about 2 km east of the property. The past producing Kerr Addison Mine, which produced 10 million ounces of gold, is located 15 km to the west along the Cadillac-Larder Lake Break. The closest source of mineralization consists in a series of mines located on the Francoeur-Wasa shear zone located just north of the property.
The Francoeur mine is part of a group of 11 similar deposits located within the Francoeur-Wasa shear zone. From west to east they are : Francoeur #3, #2, et #1 ; Arntfield #1, #2, et #3, main zone, zones #1 and #2 of the Wasamac mine; and the Wingate prospect. The four principal deposits located in the west part of the Francoeur-Wasa shear and situated to the north-east of SearchGold's Lake Fortune West property (Francoeur #1, #2, #3 et #8) produced, from 1938 to 1989, a total of 174.964 ounces of gold from 1.220.909 tons of ore at an average grade of 6,98 g/t Au. The South King zone is located on SearchGold's Lake Fortune West property, less than 2 km south west of the Francoeur # 3 orebody, and shows similarities with the Francoeur deposits.
Work History
The presence of gold mineralization in the area has been known since 1929. On the property the mineralization and work history is best described in terms of two main sectors, the East sector and the West sector.
The West sector has been the object of most of the previous work and comprises three sub-parallel mineralized zones. They are from south to north : South zone, Main zone and NW zone. They consist essentially in quartz injected shear zones displaying ankerite and tourmaline alteration / assemblages. A total of 183 diamond holes have been drilled into these zones by various companies including Golden Shaft, Toburn Gold Mines, Macfie Exploration, Hollinger, Mac Fort Gold Mine, Pepperess, Marosa Mines, Northwest stakers and Mac Intosh. However, the most comprehensive and detailed work was carried out by Exploration Brex and Ressources Forbex in the late 1980's. A stripping program was undertaken by SearchGold in the fall of 2004 on the Lake Fortune West property and targeted principally the Main zone located in the West sector. The trenching exposed a quartz-ankerite vein mineralized with pyrite and chalcopyrite and a tourmaline-quartz-ankerite horizon mineralized with chalcopyrite. The best grades from channel sampling were obtained in the tourmaline-quartz-ankerite horizon with results of up to 12.45 g/t Au over 0.32 m. A diamond drilling program was executed by SearchGold during the 2004-2005 winter season and returned encouraging gold grades : in the West sector, the Main zone returned grades of up to 11.89 g/t Au on lengths of up to 2.3 m.
The East sector had been the object of relatively little exploration until work was carried out by Exploration Brex and Ressources Forbex in the late 1980's. Both companies drilled a total of 20 diamond holes and their results highlighted Francoeur-style mineralization with the presence of a felsic intrusive body associated with a north dipping gabbro and pervasive hematization. During SearchGold's first drilling campaign, a mineralized interval of 2.5 g/t Au over 4.1 m was returned from in hole LF-04-19 within a broader halo of mineralization yielding 1.21 g/t Au over 11.37 m. The East sector was then renamed "South King Zone". In the fall 2005, a second diamond drilling program was executed on the Lake Fortune West property specifically targeting the South King zone. The program consisted in 28 holes totaling 2,917 m and a total of 27 diamond drill holes were executed on the South King zone for a total metrage of 2,668 m. The strategy of the program was to drill short vertical holes on 25 m centers to properly test the geometry and grade of the mineralization. A total of 22 such short holes were drilled near the center of the South King zone for a total of 1,888 m. The highlights of these holes are:
• FOR-05-03 : 0.92 g/t Au over 12.94 m from 6.24 to 19.18 m (including 1.84 g/t Au over 4.43 m from 13.90 to 18.33 m),
• FOR-05-07 : 855.58 g/t Au over 0.35 m from 29.83 to 30.18 m, 0.92 g/t Au over 0.83 m from 45.62 to 46.45 m and 60.43 g/t Au over 0.27 m from 69.18 to 69.45
• FOR-05-08 : 1.74 g/t Au over 6.20 m from 40.82 to 47.02 m
• FOR-05-09 : 0.95 g/t Au over 14.05 m from 30.95 to 45.00 m (including 1.48 g/t Au over 7.32 m from 32.39 to 39.71 m),
• FOR-05-10 : 1.66 g/t Au over 1.56 m from 55.07 to 56.63 m and 1.10 g/t Au over 1.24 m from 82.82 to 84.06 m
• FOR-05-12 : 1.02 g/t Au over 11.43 m from 73.90 to 85.33 m
• FOR-05-18 : 1.16 g/t Au over 0.79 m from 117.00 to 117.79 m
• FOR-05-20 : 1.83 g/t Au over 10.94 m from 72.50 to 83.44 m in hole (including 11.42 g/t Au over 1.50 m from 77.14 to 78.64 m)
• FOR-05-26 : 3.52 g/t Au over 0.33 m from 57.00 to 57.33 m
A total of 5 holes were drilled to test the eastern extensions of the South King zone for a total of 780 m. The highlights of these holes are:
• FOR-05-16 : 16.81 g/t Au over 0.50 m from 42.23 to 42.73 m
• FOR-05-23 : 1.91 g/t Au over 2.57 m from 50.45 to 53.02 m and 5.37 g/t Au over 0.80 m from 51.75 to 52.55 m
These most recent drill results clearly indicate:
• Mineralization associated with a southerly dipping felsic intrusive hosted in a north dipping gabbro,
• Hematite and fuchsite alteration associated with shearing and gold mineralization,
• Presence of mineralization in the range of 1 g/t Au over broad intervals (+ 10 m),
• Presence of very high grade zones associated with fractures on the border of the felsic intrusive,
• Extension of known mineralization towards the east.