TORONTO, CANADA (March 19, 2019) – Golden Share Resources Corporation (“Golden Share” or the “Company”) (TSX-V: GSH) is pleased to provide exploration update on its Berens River Project (“Berens River” or the “Project”).
The Berens River Project is located 200 km north of Red Lake, hosted in the Favourable Lake Greenstone Belt of Northwestern Ontario. The Project includes the past producing Berens River Mine, operated by Newmont Mining from 1939 to 1948. The Berens River Mine is reported to have produced 158,000 ounces of gold at an average grade of 9.6 g/t, 5.8 million ounces of silver, 1.7 million pounds of zinc and 6.1 million pounds of lead (Please refer to the press release dated March 27, 2017).
In 2017, a Project wide VTEM survey was planned but postponed after the Ontario Geological Survey (OGS) announced it would be surveying the area with high resolution helicopter EM/magnetics. The Company’s planned VTEM survey was to test for potential base metal massive sulphide conductors within volcanic rock sequences in the eastern and southern parts of the Project area. The magnetic component of the VTEM survey would assist in delineating stratigraphic and structural trends within the Project. (Please refer to the press releases dated July 31, 2017 and May 1, 2018.)
The Company has completed its review of the OGS 2017-2018 Favourable Lake VTEM survey results over and around its Berens River Project. The results of the 17,511 km, 200 m 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 favourable geology and airborne geophysics, concentrations of historic precious metal occurrences and strong support from the exploration history, especially Golden Share’s earlier field work. The Company has also added 3 single cell mining claims to better cover one of the focus areas.
In addition to generating exploration targets in the two focus areas, the OGS VTEM survey provides a regional high-resolution image of the electromagnetic and magnetic character of the Berens River Project area, its surroundings and much of the Favourable Lake Greenstone Belt. This survey shows the unique structural setting of the Berens River gold deposit and related vein systems. It also identifies bands of formational conductors in and around the Project which are considered areas of limited exploration interest.
In 2016, a small IP/Magnetic and soil sampling program were completed. The results of these orientation surveys showed coincident or near coincident shallow, clear and well-formed IP anomalies over parts of mineralized veins #3, #11 and #12. A number of new IP targets just north of the known vein systems were also identified. (Please refer to the press releases dated September 20, 2016 and December 12, 2016.)
Having confirmed the potential role for IP in the exploration of the Berens River Project area, larger production IP and drone magnetic surveys in the two focus areas are under consideration. With exception to the 2016 orientation survey, neither focus areas have been surveyed with IP or high-resolution magnetics. The Company will cautiously and systemically continue to advance the Berens River Project in line with market conditions.
Golden Share is pleased with the new information derived from the Favourable Lake VTEM survey and thank the OGS for their sponsorship and management of this work. The Company regards such work by the Government of Ontario as strong support for the struggling mineral exploration industry of Ontario.
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