🕐02.10.08 - 15:32 Uhr
Golden Share Reports Results of Summer 2008 Program on Elwood and Acquisition of a New 15 Km2 Claim Bloc by Staking
Golden Share Reports Results of Summer 2008 Program on Elwood and Acquisition
of a New 15 Km2 Claim Bloc by Staking
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October 2, 2008
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Golden Share Reports Results of Summer 2008 Program on Elwood and Acquisition
of a New 15 Km2 Claim Bloc by Staking
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MONTREAL, QUEBEC--(Marketwire - Oct.
2, 2008) - Golden Share Mining Corporation (TSX VENTURE:GSH) is pleased to announce the results of the summer 2008 work surface program on its Elwood property.
A first surface reconnaissance program was carried out between mid-July and early August 2008.
The work consisted in re-localization of previous work, surface follow-up on new IP anomalies, systematic channel sampling on the principal mineralized zones of the Penziwol area as well as thorough prospecting of the western part of the property.
The most comprehensive previous work on the property was executed by INCO in the early 1990s.
INCO mainly followed-up on previous discoveries (U-Af-Ah zones or Penziwol area) and executed detailed mapping, outcrop sampling, preliminary channel sampling and limited exploratory drilling.
The Penziwol area is a 500 m long, east-west trending mineralized zone, where numerous 1-2 kg surface rock samples reported grades in excess of 30.0 g/t Au with a peak at 759.0 g/t Au.
As no systematic channel sampling had been carried out by INCO on the Penziwol area, Golden Share executed a total of 25 channel samples sections of up to 33 m in length, representing a total of 238 individual samples, and obtained the following results.
Af Zone: total of 12 channels ranging from 3 to 33 meters with best results including:
- R-01 = 1.00 g/t Au over 14.00 m including 7.59 g/t Au over 1.00 m
- R-04 = 0.47 g/t Au over 20.00 m including 1.15 g/t Au over 6.00 m
Ah Zone: total of 3 channels ranging from 4 to 14 meters with best results including:
- R-12 = 2.41 g/t Au over 3.00 m including 7.23 g/t Au over 1.00 m
U Zone: total of 10 channels ranging from 2 to 15 meters with best results including:
- R-17 = 1.98 g/t Au over 7.80 m including 10.20 g/t Au over 1.00 m
- R-19 = 0.92 g/t Au over 12.00 m including 3.24 g/t Au over 2.00 m
- R-20 = 1.69 g/t Au over 5.00 m
- R-23 = 1.30 g/t Au over 4.00 m
The prospecting of the western part of the property and the surface follow-up on new IP anomalies yielded the following outcrop sampling results:
- Quartz vein in the granodiorite: 27.60 g/t Au and 40.40 g/t Ag
- Quartz bearing granodioritic rock flanked by iron formation: 1.57 g/t Au et 1.10 g/t Ag
The lithologies mapped correspond mostly to rock types previously observed by INCO.
All gold showings and zones of auriferous mineralization outlined so far on the Elwood property are associated with granodiorite.
The Penziwol has been described by INCO as fracture zones formed during a brittle deformation regime and displaying typical vein geometries such as en-echelon veins, sigmoidal veins, tension gash veins, ladder veins and breccias.
This was confirmed by field observations during the channel sampling.
The brittle deformation effects are present mainly in the intrusive rocks while volcanic and sedimentary units show a weak foliation which intensifies near the border of the intrusives.
Acquisition of Elwood West Property
The Elwood West property comprises 10 mining titles for a total surface area of 1,472 hectares and was recently acquired by staking.
It covers the western extension of the Peewatai granodiorite which is host to the mineralized Penziwol area on the original Elwood Property.
It is directly adjoining the Elwood Property on its western boundary.
A large structure termed the Tinto Lake Fault Zone transects the western corner of Elwood West.
This north-easterly trending structure is interpreted to be a splay off of the regional-scale Crayfish Creek Fault and it marks the northwest boundary of Timiskaming-aged rocks on the property.
Quality assurance / quality control (QA/QC)
The Elwood exploration program is supervised by Mr.
Pierre Poisson, P.
Geo., of Muroc Inc., a geological consulting firm based in St-Adolphe dHoward, Quebec.
Pierre Poisson is a "Qualified Person" as defined in National Instrument 43-101.
The channel sampling program was executed with a very strict QA/QC protocol which includes mineralized standards and blanks.
Rejects were stored for future reference and analysis were performed at the ALS-Chemex laboratory in Val-dOr, Quebec, Canada.
The exploration programs are under the supervision of Mrs Laurence Huss, P Geo., and Vice-President Exploration of Golden Share.
Philippe Giaro, P.Geo., President and CEO of Golden Share Mining Corporation and Qualified Person for Golden Share, has reviewed and approved the content of this release.
About Golden Share Mining Corporation
Golden Share Mining Corporation (TSX VENTURE:GSH) is a Canadian-based mining exploration company whose primary mission is to target, explore and develop gold deposits in Canada.
Golden Share was created through the reorganization of SearchGolds Canadian gold assets and is lead by an experienced management team at the technical and corporate level.
The Companys projects straddle three greenstone belts of Eastern Canada, are accessible by road and are all located close to the established mining centers of Val dOr and Rouyn-Noranda in Quebec and Shebandowan, west of Thunder Bay, in Ontario.
Golden Share completed its initial public offering in December 2007 and finalised a $2,666,025 financing with Canaccord Capital Corporation who acted as the agent.
The Companys common shares started trading on the TSX Venture Exchange under the symbol "GSH" on January 14th 2008.
Golden Share financed and additional $1,075,000 in early July 2008 including a $500,000 flow-through financing to be allocated to the developments of its activities in Ontario and particularly for the Elwood property located near Thunder Bay.
The Company has 24 505 193 common shares issued and outstanding and with a current cash position of $2.4 million, Golden Share is fully funded and able to accomplish all of its major exploration programs for 2008 as well as proceed with additional strategic acquisitions.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
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CONTACT INFORMATION:
Golden Share Mining Corporation Philippe Giaro President & CEO 32-473-52-30-29
or
Golden Share Mining Corporation Denis Tremblay Vice-President 514-866-4224
www.goldenshare.ca
or
MI3 Communications Inc. Daniel Vine Vice-President 514-904-1333 daniel@mi3.ca
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