🕐15.09.09 - 17:03 Uhr
Update on Lac Fortune West, Richmont to Restart Production to the North East of Golden Shares Property
Marketwire
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Golden Share Mining Corporation
TSX VENTURE:
GSH
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Recent News
September 15, 2009
Update on Lac Fortune West, Richmont to Restart Production to the North East
of Golden Shares Property
MONTREAL, QUEBEC--(Marketwire - Sept.
15, 2009) - Golden Share Mining
Corporation ("Golden Share")(TSX VENTURE:GSH) is pleased to provide an
update on its 100% owned Lac Fortune West property ("Lac Fortune") located
in Northwestern Quebec, Canada.
The property is strategically located on the
Cadillac fault, 25 km west of Rouyn Noranda and directly to the southwest of
the Francoeur gold mine.
It is easily accessible by national road 117 which
passes just south of the property.
See attached figure:
http://media3.marketwire.com/docs/LacFortuneWest_Francoeur1.pdf.
The Francoeur gold mine owned by Richmont Mines ("Richmont") is part of a
group of 11 similar deposits located within the Francoeur-Wasa shear zone, a
very important east-north-east trending regional gold bearing structure
which transects the northeast corner of Golden Shares Lac Fortune.
The
principal deposits located in the Francoeur-Wasa shear zone have produced
over 500,000 ounces of gold from approximately 2.6 million tonnes of ore
with a recovered grade of 6.07 g/t of gold (Richmont Mines Inc.
press
release dated August 7th 2009).
In the light of the recent strength in the gold price near $1,000 per ounce,
Richmont has announced its intention to restart production at the
underground Francoeur gold mine in 2011.
A recent economic study indicates
that the Francoeur project has probable reserves of 615,664 tonnes grading
6.91 g/t Au (Richmont Mines Inc.
- NI 43-101 Compilation Technical Report
for the Francoeur Gold Project dated August 5th, 2009, Adam, D.).
Golden Shares Lac Fortune hosts the South King Zone, an east-west trending
gold zone recognized by drilling over a strike length of 780 m and located
500 m south of the Francoeur-Wasa shear zone.
It displays several geological
similarities with the Francoeur-Wasa shear zone orebodies, notably
mineralization hosted at an andesite - gabbro lithological contact in close
spatial association with an hematite - altered felsic intrusive showing some
local breccia textures.
Diamond drilling by previous operators yielded the
following mineralized intercepts :
Drilling by SearchGold Resources Inc.
in 2004 - 2005 :
- 855.58 g/t Au over 0.35 m from 29.83 to 30.18 m
- 60.43 g/t Au over 0.27 m from 69.18 to 69.45 m
- 16.81 g/t Au over 0.50 m from 42.23 to 42.73 m
- 1.02 g/t Au over 11.43 m from 73.90 to 85.33 m
- 1.83 g/t Au over 10.94 m from 72.50 to 83.44 m (including 11.42 g/t Au
over 1.50 m)
- 1.21 g/t Au over 11.37 m from 52.73 to 64.10 m
- 1.74 g/t Au over 6.20 m from 40.82 to 47.02 m
- 1.48 g/t Au over 7.32 m from 32.39 to 39.71 m
Drilling by Forbex Resources Inc.
in 2001 :
- 10.30 g/t Au over 2.75 m from 57.10 to 59.85 m
- 1.13 g/t Au over 12.40 m from 44.40 to 56.80 m
The presence of both higher grade intercepts and mineralization over broad
intervals clearly demonstrate the potential of the South King Zone.
Additionally, the geological setting of the mineralization, which is
associated with shearing in a felsic intrusive hosted in a gabbro along with
the presence of hematite and fuchsite alteration, shows key positive
indicators for the sector.
Given the resurgence of nearby mining activity adjacent to its Lac Fortune
property, Golden Share will evaluate all scenarios moving forward to fully
benefit from the renewed interest in this strategic sector of the mining
camp.
Golden Shares exploration programs are under the supervision of Mrs.
Laurence Huss, P.
Geo., and Vice-President Exploration.
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.
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.
CONTACT INFORMATION:
Golden Share Mining Corporation
Philippe Giaro
President & CEO
32-473-52-30-29
or
Golden Share Mining Corporation
Denis Tremblay
Vice-President
1-514-866-4224
http://www.goldenshare.ca
or
CHF Investor Relations
Cathy Hume
CEO
1-416-868-1079 x231
INDUSTRY: Manufacturing and Production - Mining and Metals
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