TORONTO, CANADA (February 26, 2019) – Golden Share Resources Corporation (“Golden Share” or the “Company”) (TSX-V: GSH) is pleased to announce the recent acquisition of its 100% owned Sandridge Project (“Sandridge” or the “Project”) through map staking. The Project is located approximately 150 km east of Thunder Bay, Ontario, Canada.
Sandridge is hosted in the Winston Lake Greenstone Belt (“WLGB”), within the northern part of the Wawa terrane of the Archean-age Superior Province. It is characterized by mafic to felsic volcanic and siliciclastic sedimentary rocks, collectively intruded by tonalite-trondhjemite-granodiorite and gabbroic stocks.
The WLGB hosts three past producing mines: Zenith, Winston Lake and Pick Lake. Approximately 180,000 tons at 16.6% Zn was mined at the Zenith mine between 1966 and 1970. Past production at the Winston Lake mine was approximately 3 million tons at 14.1% Zn and 1.0% Cu. Past production at the Pick Lake mine was 172,956 tons at 9.9% Zn and 0.7% Cu. Mining operations at Winston Lake and Pick Lake ceased in 1998 due to poor metal prices. All three deposits are classified as bimodal-mafic volcanic-hosted massive sulphide (VMS)-type. Historical geophysical and geochemical data suggest that the favourable WLGB stratigraphy hosting the Winston Lake and Pick Lake deposits extends northwest into the Sandridge Project area.
The Company previously held the past-producing Pick Lake deposit through a 2011 option agreement. A 1,061 km helicopter-borne geophysical survey (“VTEM”) was completed over a portion of the WLGB in the same year. In 2015, the Company decided to terminate the Pick Lake option agreement due to unfavorable business terms and difficult market conditions. The Company now considers it appropriate to re-acquire part of the area surveyed in 2011.
Sandridge is located approximately 8 km northwest of the former Winston Lake Mine, where a substantial infrastructure is in place. Sandridge consists of a block of 18 contiguous single cell mining claims totaling 378 hectares covering VTEM conductors on regional strike with the Winston Lake and Pick Lake deposits. The Company regards conductors within the Project prospective in part because of their favourable regional setting. Golden Share considers Sandridge a drill ready project.
Throughout the development of its energy storage business in 2017 and 2018, and the recent successful spinout of that business into an American technology company, Golden Share as a mineral exploration company, has never stopped exploring. The market conditions for junior mineral exploration companies has been challenging for several years and may persist, however Golden Share will take this opportunity to position itself with an improved portfolio of exploration properties through acquisitions and fine tuning of certain existing mining claim holdings.
All technical information in this release has been reviewed and approved by Wes Roberts., P.Eng., who is the Qualified Person for the Company.
About Golden Share
Golden Share Resources Corporation is a junior natural resource company focusing on mineral exploration in the province of Ontario, Canada, a mineral rich and politically stable jurisdiction.
WARNING: Certain statements in this press release may be forward-looking, including those with respect to the timing and content of up-coming work programs, geological interpretations etc. Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Actual results may differ materially from those currently anticipated in such statements. The Company relies upon litigation protection for forward-looking statements. The reader is warned against undue reliance on these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information, please visit www.goldenshare.ca or contact:
Golden Share Resources Corporation
Nick Zeng, President & CEO
Tel: (905) 968-1199