BERENS RIVER PROJECT
The Berens River Project is located 200 kilometers north of Red Lake, Ontario. The Project is host to the past-producing Berens River Mine. Access to the Berens River Project is by winter road or by float and ski-plane services operating out of Red Lake. The town of Red Lake is a mining town currently host to many gold deposits and a producing gold mine. All necessary services to support exploration and mining activities are available in Red Lake.
Golden Share now holds 100% interests for all claims but one 15 unit claim in which the Company has an 80% interest and the rights to earn the remaining 20%. Certain claims are subject to underlying Net Smelter Return Royalties.
The Berens River Project is located in the Favourable Lake Greenstone Belt (FLGB), part of the North Caribou Terrane. The portion of the ground underlying the Berens River Project consists of a sequence of folded Archean metavolcanic and metasedimentary rocks which have been intruded by gabbroic and granitic rocks. The mineralized system present near the Berens River mine is composed of 10 strongly silicified and hydrothermally altered veins.
These veins are developed in steeply dipping, fracture-shear-fault systems with a general strike of 110°, dipping 75° towards the southwest and cross-cut the stratigraphy at a high angle. The zones vary in thickness from 15 centimeters to 4.50 meters and show lateral extents of up to several hundred meters. Past exploration efforts have concentrated on only two of these veins: the N°1 Vein system, site of the former Berens River Mine; and the nearby N°3 Vein system.
Note: The N°3 Vein mineral resource estimate is considered to be ‘historical’ in nature. Golden Share has not done sufficient work to classify the historical estimates as current mineral resources or mineral reserves in accordance with NI 43-101. Golden Share is not treating the historical estimate as a current mineral resource or mineral.
The past producing Berens River Mine was operated by a subsidiary of Newmont Mining from 1939 to 1948 and produced 158,000 ounces of gold and 5.8 million ounces of silver as well as 1.7 million pounds of zinc and 6.1 million pounds of lead. The historical production originates from the N°1 Vein, one of the ten veins recognized on the Property and the only one having undergone mining. The No.1 Vein was mined by shaft N°1 which was sunk to a depth of 990 m although no production has been recorded below the 518 m level. A second shaft was sunk to a depth of 232 m on the N°3 Vein but it did not enter into production.
Several historical, non-NI 43-101 compliant resource estimates, have been completed on the N°3 Vein and the most recent and conservative estimate executed in 1989 by Watts, Griffis, McOuat Ltd. outlined a mineral inventory of 43,000 ounces of gold and 981,000 ounces of silver above the 300 m level (174,000 tonnes at a grade of 7.72 g/t Au and 175.22 g/t Ag). No resource calculations have ever been executed on the other Berens River veins.
The 2016 orientation ground IP/magnetic and soil sampling programs were done safely, successfully and within budget in the Fall of 2016. Sandy Lake First Nation gave consent and provided assistance. Golden Share was honored by and appreciated the Blessing given by the elders of Sandy Lake First Nation.
Nine prioritized IP targets were delineated (T1 to T9) for follow-up prospecting, mapping and diamond drilling if warranted. All of nine IP targets are located north of N°3 Vein. There is no record of historic drilling at or near these IP targets.
The orientation MMI survey analysis has identified a number of weak to strong multi-element anomalies in the vicinity of the surface exposures of Veins 3, 4, 19 and 12. These anomalies warrant infill/bracketing sample lines to confirm the orientation of the MMI responses and their potential for lateral extension.
The 2016 geophysical and geochemical results demonstrated the continued exploration potential of the Berens River Project. Golden Share intends to conduct more detailed follow up of these orientation survey results in the near future together with potential other new targets generated by the planned VTEM Survey. The VTEM survey will test for potential base metal massive sulphide conductors within the volcanic rock sequence in the eastern and southern parts of the project. The magnetic component of the VTEM survey will assist in delineating stratigraphic and structural trends within the project.
Golden Share has submitted the applications for the Exploration Permit to conduct the proposed IP surveys at Berens River. The applications were placed on Temporary Hold on July 5, 2019.