TORONTO, CANADA (January 14, 2020) – Golden Share Resources Corporation (“Golden Share” or the “Company”) (TSX-V: GSH) is pleased to provide the updates about its exploration projects.
In December of 2019, Golden Share received the necessary exploration permits for drilling the remaining one Ogoki diamond target and the other Kagiami targets. The Ogoki diamond project hosts 15 drill ready potential kimberlite pipe targets. The Kagiami project encompasses 10 drill ready base and/or precious metal targets. (Please refer to the Press Releases dated June 4, 2019 and June 18, 2019.) Having received the necessary exploration permits for the Sandridge Project, (Please refer to the Press Release dated July 19, 2019.) Golden Share has in effect transitioned itself to an expanded exploration portfolio comprising 27 drill ready targets during a very difficult market period for junior explorers. Drill testing of these the 27 primary targets at Ogoki, Kagiami and Sandridge will remain the main focus of Golden Share.
Pursuant to a Settlement, Golden Share has transferred the Property known as “Pistol Lake”.
As well, Golden Share will be able to continue advancing its Band-Ore Project. (Please refer to the Press Releases dated January 31, 2017, October 10, 2017 and May 1, 2018.) The Band-Ore project contains two main zones of mineralization, “Band-Ore Main Zone” and “Band-Ore No. 4 Zone”. Historical Resources include 155,728 oz gold (706,000 tonnes at 6.86 g/t, Non NI 43-101 Compliant) at the Band-Ore Main Zone and 95,668 oz gold (616,000 tonnes at 4.84 g/t, Non NI 43-101 Compliant) at the Band-Ore No. 4 Zone. The Historical Resource estimates extend to a depth of approximately 150 meters (500 feet) below surface.
Based on exploration to date, open-pitable shear/stockwork–hosted gold is the most probable exploration target at the Band-Ore project. Golden Share intends to re-evaluate the historical gold deposits for lower grade bulk tonnage open pit potential where the deposits have been previously evaluated primarily on the basis of narrower somewhat higher-grade zones. Given the size of the Project area, the number of recognized structural zones with associated gold occurrences and alteration and lack of extensive drill testing, Golden Share believes that the project area has the potential to host additional yet undiscovered gold mineralization. An exploration goal of defining a mineral resource of one of gold from several open pitable deposits within the Band-Ore Project is considered to be a reasonable exploration objective.
Advancing the Band-Ore Project and bring it to drill ready status will be another priority for Golden Share in the near term.
In September of 2019, the Company has received the necessary exploration permits for Basking Project. (Please refer to the Press Release dated May 28, 2019.) For Berens River Project, larger production induced polarization and drone magnetic surveys in the two focus areas were proposed and the exploration permit applications were already submitted. (Please refer to the Press Release dated March 19, 2019.) The company will cautiously and systemically continue to advance Basking and Berens River in line with market conditions.
We have recognized the market conditions have been very challenging for Golden Share as an exploration company. However, we do not believe that its market price currently reflects the value of the assets and potential of the Company. In and for the best interests of shareholders, irrationally diluting by issuing shares during such a historic bear market is not an appropriate business decision. Golden Share will continue conducting exploration work as it has been doing in order to better position itself for a possible market upturn.
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Wes Roberts, P. Eng., a Qualified Person under NI 43-101.
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