The Berens River Project is located 200 kilometers north of Red Lake, Ontario. The project is host to the past-producing Berens River Mine.
The Berens River Project is hosted in the Favourable Lake Greenstone Belt (FLGB), part of the North Caribou Terrane. The mineralized system present near the Berens River mine is composed of 10 strongly silicified and hydrothermally altered veins. These veins 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.
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 the 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 2016 geophysical and geochemical results demonstrated the continued exploration potential of the Berens River Project.
The company has completed its review of the Ontario Geological Survey (“OGS”) 2017/2018 Favourable Lake VTEM survey results over and around its Berens River project. The results of the 17,511-kilometre, 200-metre-line-spacing VTEM survey were released in October 2018. The OGS VTEM survey is the first comprehensive high-resolution airborne EM/magnetic survey of the Favourable Lake belt. Promising VTEM targets in areas with historic precious and base metal occurrences have been identified. Two focus areas were defined with favorable geology and airborne geophysics, concentrations of historic precious metal occurrences, and strong support from the exploration history.
The OGS VTEM survey has defined and confirmed northerly trending structural breaks flanking the felsic metavolcanics package hosting the Berens River Au-Ag-Cu-Pb-Zn vein system. These structural breaks warrant further study as they may have played a role in the development of secondary structures hosting the Berens River veins and thus expand the potential for additional vein structures through the felsic metavolcanics package. Golden Share will continue to evaluate the district scale structures and their potential influence on the spatial distribution of the potential gold veins within the Berens River property.
The 2016 small induced polarization/magnetic orientation survey confirmed the potential role for induced polarization in the exploration of the Berens River project area. After reviewing the OGS 2017/2018 Favourable Lake VTEM survey results, potential exploration method as till sampling is evaluated in addition to larger production induced polarization and drone magnetic surveys in the two focus areas are under consideration. With the exception of the 2016 orientation survey, both focus areas have not been surveyed with induced polarization or high-resolution magnetics.
Note: The Berens Rivier mineral resource estimates are 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 estimates as a current mineral resource s or mineral reserves; they are presented for informational purposes only and should not be relied upon.