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Golden Share Minerals Corporation
Shebandowan Project

  • 150,699 oz Au Inferred Resource (NI 43-101 compliant) on JF West zone : 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off
  • 251,271 oz Au historical resources on Band Ore deposit : 706,000 t at 6.86 g/t Au* in the Main zone and 616,000 t at 4.83 g/t Au* in the Zone # 4
ProjectsGolden Share Minerals Corporation
ONTARIO -- SHEBANDOWAN AREA

Golden Share considers that the southern part of Northwestern Ontario is increasingly being recognized as an emerging gold province. In the Fort Frances area, Rainy River Resources has so far defined 8 M oz Au in Indicated and Inferred Resources on their Rainy River Project. In the Atikokan area, Osisko Mining Corporation acquired Brett Resources Inc. following the discovery of the 10.52 M oz Au Hammond Reef deposit.

The Shebandowan greenstone belt lies at the eastern end of this prolific province and is the object of intensifying exploration.

In February 2013, Moss Lake Gold Mines Ltd. announced a material increase in resource estimates at its 100%-owned Moss Lake gold deposit located 100 km west of Thunder Bay with Indicated Resources of about 40 Mt at 1.1 g Au/t (about 1.4 M oz Au) and additional Inferred Resources of about 50 Mt at 1.1 g Au/t or (about 1.7 M oz Au).

In December 2011, Foundation Resources Inc. reported a NI 43-101 compliant resource estimate of 763,276 ounces of gold in the Inferred category and 96,400 ounces of gold in the Indicated category on the Osmani deposit located 15 km west of Golden Share's Shebandowan Project (The mineral resources were developed on two parallel gold bearing zones at a gold cut-off grade of 0.40 g/t Au, and contain Indicated Resources of about 3.5 Mt at 0.85 g/t Au and Inferred Resources totaling 30.5 Mt at 0.78 g/t Au).


SHEBANDOWAN PROJECT

The Shebandowan Gold Project is located 70 km west of Thunder Bay, Ontario, Canada, in the Shebandowan greenstone belt and is serviced by a railroad line, a high tension power line and the Trans-Canada highway all providing excellent infrastructure to the project.

Acquisition terms

The Shebandowan Gold Project comprises the Pistol Lake, Conacher and Band Ore properties which have been acquired under different terms.

Pistol Lake
The Pistol Lake property is located 80 km west of the city of Thunder Bay, consists in 45 claims and covers a total area of 53.5 km².

In October 2012, Golden Share executed the final property payments and all work commitments have now been realized. The Pistol Lake property is therefore now under a 100% ownership by Golden Share.

The Vendor retains a 3% Royalty (the "Royalty") and Golden Share has the right to purchase a portion equal to a first third of the Royalty for $500,000 (1% Royalty). Additionally, Golden Share also has the right to purchase a portion equal to a second third of the Royalty for $1,000,000 (1% Royalty). The Vendor will thereafter retain the final third of the Royalty (1% Royalty).

Moreover, Golden Share shall make the Vendor annual advance-royalty payments for a total sum of $20,000 per year. Such yearly advance-royalty payments will be payable each future anniversary date starting on the 5th anniversary date of signature of the agreement. Such payments are to be deducted from any Royalty payments to be made to the Vendor as defined above. Before the 9th anniversary date of signature of the agreement, Golden Share may elect, at its sole discretion, to execute half of the yearly $20,000 payments by the issuance of a number of common shares representing the sum of $10,000 according to the market price at such date.

Conacher
The Conacher property is located 70 km west of the city of Thunder Bay, consists in 9 claims and covers a total area of 8.8 km².

In February 2013, Golden Share executed the final property payments and all work commitments have now been realized. The Conacher property is therefore now under a 100% ownership by Golden Share. The vendor retains a 1% Net Smelter Return on the property.

Band Ore
The Band Ore property is located 65 km west of the city of Thunder Bay, consists in 28 claims (11 unpatented and 17 patented claims) and covers a total area of 5 km².

In June 2011, the Company signed the definitive agreement to acquire Lake Shore Gold's 100% interest in the Band Ore property against the issuance of 21.69 million common shares of Golden Share representing 19.9 per cent of the outstanding shares, as well as warrants to acquire an additional 10,845,000 common shares of Golden Share (representing 9 per cent of the outstanding shares on a partially diluted basis) at an exercise price of $0.20 per common share during the 36-month period following its issuance. The June 2011 definitive agreement also specifies that, amongst other things, Lake Shore Gold will retain a 1% Net Smelter Return Royalty ("NSR") on all minerals produced from the Band Ore property.

Geological setting

The Shebandowan Gold Project is located in the Shebandowan greenstone belt, a classic Archean sequence exhibiting strong similarities to the Hemlo, Timmins, Kirkland Lake and Val d'Or gold camps both in geological and tectonic evolution. The belt contains east trending mafic to intermediate metavolcanics consisting of basalt, andesite and dacite flows and tuffs with minor felsic volcanilastics and metasediments underlying the Shebandowan Lake area. Gabbro, peridotite and feldspar (+/- quartz) porphyry sills and plugs intrude the metavolcanics.

In 1994 government geologists first coined the term "Matawin Gold Belt (MGB)" to describe the 75 km long, six kilometres wide geological structure that contains more than 75 gold occurrences, including the Band Ore deposits. Gold mineralization in the MGB shows a close spatial association between Timiskaming type alkalic metavolcanics and intrusives in contact with Archean greenstones and metasedimentary units.

A great number of gold occurrences with assays up to 124.80 g/t Au are recorded on the Shebandowan Gold Project over a great variety of geological settings. These gold occurrences are at various stages of development and offer great exploration potential for additional discoveries. The current focus of the project, and presently the most advanced area, is the Pistol Lake-Band Ore ("PLBO") trend highlighted by two advanced gold targets:

  • Pistol Lake JF's West zone: 150,699 oz Au Inferred Resource**.
  • Band Ore deposit: 251,271 oz Au in historical resources within two principal zones (706,000 tonnes at a grade of 6.86 g/t Au*** in the Main zone and 616,000 tonnes at a grade of 4.83 g/t Au*** in the #4 zone).

    ** 2,857,200 MT @ 1.64 g/t Au at 1.00 g/t Au cut off - established in 2010
    *** These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon.


    Exploration history

    On Pistol Lake, the most advanced historical exploration was performed by Chabela Resources in the late 1980's which carried out the bulk of the historical diamond drilling used by Golden Share for the calculation of NI 43-101 resources on the JF West Zone. On the Conacher property, the most systematic historical work completed was performed by Noranda Exploration in the early 1980's and a follow-up drilling program by North Coast Industries was executed towards the end of the decade. The main historical milestones for the Band Ore's past exploration history can be summarized as follows: :
  • 1936-1945 : Gold was first reported on the Rochon-Maney Mining Syndicate forming the Mud River Property which was transferred and optioned to several companies that executed trenching, stripping and diamond drilling,
  • 1946 : Band Ore Mines Ltd was incorporated and drilled 68 holes (11,277 m),
  • 1974 : Bonnacord Exploration Limited optioned the property and
    conducted a feasibility study and bulk sampling (results unavailable),
  • 1980 : Watts Griffis and McOuat report for property,
  • 1980-1982 : Mattagami Lake Exploration drilled 36 holes
    (6,170 m) and executed the following surveys : IP/Res (114 km),
    VLF (44 km), Mag (131 km), HEM (19 km),
  • 1982 : Noranda Exploration Co Ltd (Norex) drilled 31 holes (3,758 m), executed 18 trenches (1,463 m) and carried out humus and soil geochemistry,
  • 1995 : Band-Ore - 1 drill hole (213 m),
  • 2003 : Staccato - 7 drill holes (1,848 m) IP/Res testing, resampling of some trenches.


    Golden Share exploration history


    2008
    An initial 2008 exploration program comprising systematic compilation, prospecting, geological mapping, channel sampling and a first limited diamond drilling program was executed by Golden Share on the JF West Zone, the Calchris Zone and the Contact Zone. The program highlighted the potential of the virtually unexplored Contact Zone on the property and confirmed the importance of the JF West system.

    2009
    The 2009 program was aimed at evaluating the mineralization hosted in the Shebandowan Felsic Intrusive Complex ("SFIC"). Surface field reconnaissance was executed in the fall 2009 prior to a short drilling campaign. The main trench was mapped over 160 m across the Martin Bay zone and exposes strongly altered monzonite hosting trace to 5% pyrite. Several quartz vein networks have been recognized in association with the altered system, the main ones being the historical "Haines vein" with grades of up to 25.50 g/t Au in the vein and wall rock and the new GSH vein with grades of up to 12.25 g/t Au also in the vein and wall rock. A total of 9 holes for 537 m were drilled principally on the Martin Bay Zone of the SFIC and showed anomalous gold values.

    2010
    In Q2 2010, a NI 43-101 compliant resource calculation was released on the JF West Zone. The work was executed by InnovExplo, a Val d'Or based geological and mining consulting group, to establish a geological model for the mineralization and to confirm the presence of sufficient mineral resources to justify further exploration work by Golden Share.

    Based on InnovExplo's recommendation, a cut-off grade of 2.00 g/t Au was used, which results in an Inferred Resource of 851,000 metric tonnes grading 2.62 g/t Au for a total of 71,700 ounces of gold on the JF West zone. When a cut-off of 1.00 g/t Au is used, an Inferred Resource of 2,857,200 metric tonnes grading 1.64 g/t Au containing a total of 150,700 ounces of gold is obtained.

    Inferred Resource
    Cut-Off grade	        Metric	       Grade	Ounces
    g/t Au	                Ton (t)	      g/t Au	Au
    1,00	               2 857 200	1,64	150 699
    2,00	               851 000	        2,62	71 685
    3,00	               290 800	        3,59	33 587
    4,00	               89 100	        4,65	13 338
    5,00	               37 400	        5,78	6 937

    *Notes: Golden Share owns a 100% option for the Pistol Lake property. Mineral Resources are not Mineral Reserves having demonstrated economic viability. Results are presented undiluted and in-situ. The estimate includes 7 gold-bearing zones and covers the Pistol Lake project area over 1,250 meters E-W, 500 meters N-S, and from an elevation of 0 to -150m. The cut-off grade must be re-evaluated in light of current market conditions (gold price, exchange rates and mining cost). InnovExplo is not aware of any environmental, permitting, legal, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource estimate. Composites were taken on zones within the mineralized envelopes (composite = 1 meter). Calculations are based on metric units / Ounce (troy) = Metric tonne x Grade / 31.10348. The number of tonnes was rounded off to the closest hundred. All differences in totals are due to rounding.

    The geological interpretation of the mineralized zones was entirely redone by Pierre-Luc Richard, P.Geo., and Carl Pelletier, P.Geo. The geological model and current resource estimate demonstrate that the JF West contains at least seven (7) continuous mineralized lenses in close proximity (5 to 25 m), having a minimum width of 1.5 m and a length between 360 and 1,250 m. The geological continuity of each lens was determined from section to section using gold values, lithologies and alteration facies from 47 diamond drill holes.

    The mineralized zones are characterized by intense alteration and the development of quartz veins and breccia zones in the hanging wall (HW1 zone) and in the footwall (FW1 to FW3 zones) of a geological structure consisting in a quartz feldspar porphyry hosted in mafic volcanic units. Three additional mineralized zones are hosted in the quartz feldspar porphyry (P1 to P3 zones).

    The current resource estimate is based on a small number of drill holes and as a result, the current Mineral Resource Estimate can only be classified as Inferred Resources. A fixed density of 2.70 g/cm³ was used. High grade capping was done on the raw data and established at 10 g/t Au. The sections were generated using Gemcom software version 6.2.1. Each lens was linked in three dimensions to form 3D solids.

    The 2010 Mineral Resource Estimate was based mostly on historical information and was performed using all available results by Pierre-Luc Richard, B.Sc., P.Geo., and Carl Pelletier, B.Sc., P.Geo., both independent Qualified Persons as defined in National Instrument 43-101. The full NI 43-101 technical Report is available on www.sedar.com.

    2011
    Following the transaction with Lake Shore Gold, this was the first time in the region's history that such a cohesive and unified land package had been established. A thorough exploration program was therefore executed on the Shebandowan Gold Project and comprised systematic compilation, geological mapping and sampling, prospecting, selected ground geophysics, channel sampling and diamond drilling.

    One of the overall objectives of the 2011 campaign has been to harmonize, refine and update the geological data base while at the same time maximising the relocalizing and the discovery of historical and new mineralized surface showings with the ultimate objective to increase the existing resources.

    In November 2011, a 15 diamond drill hole first pass program totalling 3,075 m was executed mostly on newly discovered eastern the extension of the JF West zone and on the Band Ore Main target. Highlights include :

  • BO-11-01 : 17.85 g/t Au over 2.70 m from 33.00 to 35.70 m (Band Ore Main)
  • BO-11-05 : 18.27 g/t Au over 2.70 m from 117.60 to 120.30 m (Band Ore
  • PL-11-18 : 0.54 g/t Au over 32.59 m from 14.61 to 47.20 m (JF West zone)

    2012
    In March 2012, an eight hole, second pass, drilling program totalling 1,203 m was executed on the Band Ore Main target to test additional IP anomalies identified during Golden Share's 2011 geophysical survey. These anomalies are located in the volcanic rocks hosting the Main Zone porphyry and have confirmed positive for gold mineralization, thereby further strengthening the model of several anastomosing sub-parallels pyrite-bearing shear zones.

    Golden Share's 2012 summer program on the Shebandowan project focused on the recently recognized major alteration zones of the PLBO with the objective to open up the mineralization on strike with the known resource areas.

    A follow-up fall campaign targeted the main mineralized corridors within the PLBO and geological mapping, outcrop chip and channel sampling as well as several soil geochemical surveys were executed.

    2013
    During Q1 2013, Golden Share executed the final property payments on the Conacher property and all work commitments have now been realized. The Shebandowan Project is therefore now under a 100% ownership by Golden Share. Further securing this important asset, Golden Share filed assessment work representing a total of $2,350,000 in exploration expenditures with Ontario's Ministry of Northern Development and Mines in the fourth quarter of 2012.

    The Company received its Exploration Permit in early March 2013. Such permit has been issued with a period of validity of three years, cover early higher impact exploration activities and notably allow the execution of standard core diamond drilling. Golden Share remains involved in ongoing discussions with the Aboriginal communities in the area of the project to work in a collaborative way and continue to advise them of the Company's future exploration plans.

    In July 2013, a short field campaign with limited sampling was executed to revisit the Shebandowan stock and its North Contact Zone mineralized showings and key outcrops. Limited sampling was executed, notably with a view to evaluate the co-magmatic links between the felsic melts and the associated gold mineralization of the Shebandowan stock and its satellite intrusions.

    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.

    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.

     

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