TORONTO, CANADA (July 12, 2021) – Golden Share Resources Corporation (“Golden Share” or the “Company”) (TSX-V: GSH) is pleased to provide updates for its 100% owned portfolio of projects which include the Band-Ore Gold Project, the Ogoki Diamond Project, and the Ratte Lake Base Metals Property.
The Ogoki Diamond Project is located in the James Bay Lowlands of Ontario, approximately 200km southwest of the De Beers’ Victor diamond mine. Ten of the Ogoki magnetic targets form a distinct cluster or field along a 20 km long northwest trending axis, underlain by Paleozoic sedimentary rocks and similar in size and orientation to the Attawapiskat kimberlite field hosting the Victor diamond mine. Drill testing of select primary targets at the Ogoki Diamond Project remain a priority task for Golden Share.
The Band-Ore Gold Project is a well located with adjacent power and transportation infrastructure, about 65 km west of Thunder Bay, Ontario. The project is hosted in the Shebandowan Greenstone Belt (“SGB”), part of the Wawa Subprovince. The SGB displays a classic Archean greenstone belt sequence and subsequent deformation, comparable to other notable greenstone belts hosting the Hemlo, Timmins and Kirkland Lake gold camps.
Two significant zones of gold mineralization have been outlined at Band-Ore: the Main Zone and Zone No. 4. The Main Zone was first discovered in the 1930’s and contains a historical mineral resource of 155,600 ounces of gold (705,790 tonnes at 6.86 g/t Au). Zone No. 4 was discovered in the 1980’s and is approximately 800m southwest of the Main Zone. A historical mineral resource of 95,671 ounces of gold was calculated by Noranda (616,000 tonnes at a grade of 4.83 g/t Au and 7.71 g/t Ag). With Golden Share’s focus on new discoveries, proposed confirmation drilling at Zone No. 4 has been postponed. Proposed work programs include line cutting, IP orientation surveys and drilling for which permits have been received. Results of the orientation IP surveys will be interpreted together with historical IP survey results including those from the Band Ore Main Zone area. Golden Share is also investigating a property wide high-resolution helicopter magnetic survey as a possible alternative to a drone magnetic survey. The goal of the IP and magnetic surveys is to gain a better understanding of the local geology and structures to assist in targeting new gold mineralization discoveries.
Golden Share is seeking expressions of interest in the sale or option of its Ratte Lake Base Metals Property. Historical exploration conducted by New Jersey Zinc Exploration Company (Canada) Ltd. in the 1980’s outlined potential volcanogenic massive sulphide (VMS) targets which were recommended for trenching or overburden drill testing, however no follow-up work was recorded. Forestry operations in the Ratte Lake area have since provided road access to the immediate area. Golden Share holds exploration permits for grid line cutting, ground HLEM/magnetometer surveys, and diamond drilling. Please refer to the Press Release dated September 21, 2020 for more information about Ratte Lake.
In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company’s operation or ability to finance its operations.
The reader is cautioned that the information with respect to the Attawapiskat kimberlite field has not been verified and that this information is not necessarily indicative of potential mineralization that may be discovered at the Ogoki Project.
Golden Share has not done sufficient work to classify the Band-Ore historical mineral resource estimates as current mineral resources in accordance with National Instrument 43-101 ("NI 43-101”); they are presented for informational purposes only.
The technical content disclosed in this press release was reviewed and approved by Wes Roberts, P. Eng., a Qualified Person as defined under NI 43-101.
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.