TORONTO, CANADA (September 21, 2020) – Golden Share Resources Corporation (“Golden Share” or the “Company”) (TSX-V: GSH) is pleased to announce the acquisition of the Ratte Lake Property (“Property”).
Golden Share has staked a 308 hectare claim block comprising 15 single cell mining claims in the Ratte Lake area of northwestern Ontario, approximately 35 km northeast of the community Armstrong, located northwest of Lake Nipigon. Armstrong is 250 km north of Thunder Bay at the end of Highway 527. The Property is accessible from Armstrong via local forestry access roads, approximately 62 km.
The Property lies in the north central portion of the Caribou Lake greenstone belt (“CLGB”). The CLGB ranges from 3.5 to 15 km wide and extends from the Caribou Lake area easterly for 80 to 100 km where it merges along strike with the Onaman–Tashota greenstone belt. The Property is underlain mafic and dacitic metavolcanic assemblages.
In 1980, the New Jersey Zinc Exploration Company (Canada) Ltd. (“New Jersey Zinc” or “NJZ”) flew an airborne DIGHEMII electromagnetic (EM)/resistivity/EM magnetite/magnetometer survey in the Armstrong area which included the Ratte Lake Property area. Numerous conductor targets were located for which ground follow-up work was recommended.
In 1981, New Jersey Zinc followed up airborne targets within the Ratte Lake Property area with ground magnetic, horizontal loop EM (HLEM) and gravity surveys. The ground surveys highlighted two HLEM conductors (16 and 17) as potential volcanogenic massive sulphide (VMS) targets. NJZ conductors 16 and 17 are parallel, strong, shallow, east southeast trending conductors that are up to 50m apart and approximately 1 km long. Trenching or overburden drilling was recommended but no further work was recorded.
Forestry operations in the Ratte Lake area has since provided road access to the immediate area of the two HLEM conductors of interest, and in 2014, GeoFortune Resources Corp. completed a two-line orientation MMI soil survey over NJZ conductors 16 and 17. Samples were collected every 25 m at 38 sites. The main commodity element response included Cu, Pb, Ga, Ag and Au on Line 1. Line 2 was marked by two areas of elevated responses and includes one of weakly elevated Au, Ag, Cu, and Zn and another of elevated Cu, Ag and Au. Prospecting, trenching and additional MMI soil sampling were recommended as a follow-up. No further fieldwork was completed.
Planned work by Golden Share at the Ratte Lake Property aims to test the NJZ conductors 16 and 17 for VMS potential. Initial work will include grid line cutting and ground HLEM/magnetometer surveys to confirm the location of the NJZ conductors. Geological mapping and prospecting will also be conducted. Additional MMI sampling, surface trenching and follow-up diamond drill testing of the NJZ conductors will be completed based on the results of the geological and geophysical surveys.
The technical content disclosed in this press release was reviewed and approved by Wes Roberts, P. Eng., a Qualified Person as defined under National Instrument 43-101 ("NI 43-101").The QP has been unable to verify the historical exploration information derived from the Ontario Assessment File Database and presented in this press release. Golden share intends to complete initial geological and geophysical surveys to confirm the historical exploration results.
About Golden Share
Golden Share Resources Corporation is a mineral exploration company focusing on 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