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Golden Share Mining Updates on Berens River Property, Ontario

Golden Share Mining Corporation (TSX VENTURE:GSH) has provided an update on the Berens River Property in the Red Lake district of Northwestern Ontario, Canada.

Berens River is host to the past producing Berens River Mine which was operated by a subsidiary of Newmont Mining from 1939 to 1948 and produced 158,000 ounces of gold and 5.8 million ounces of silver as well as 1.7 million pounds of zinc and 6.1 million pounds of lead.

Gold assays from the late fall surface program executed by Golden Share have now been received. All accessible veins were sampled and the results confirm the potential of the property.

Highlights of this program include :

  • Vein No.1 returned grades of up to 7.53 g/t Au in a quartz-sulphide assemblage containing up to 5-10% chalcopyrite, 1-3% pyrite and 55-60% sphalerite and galena.
  • Vein No.3 returned grades of up to 31.88 g/t Au in a quartz-sulphide assemblage containing up to 2-5% chalcopyrite, 2-5 % pyrite and 20% sphalerite.
  • Of particular significance are results obtained on Vein No.19 which yielded the highest grades with up to 37.71 g/t Au. While this vein was known, it has not been the object of much historical work. The vein is similar in composition to Veins No.1 and No.3 and is part of a volcanic hosted quartz stockwork with all four samples collected on this vein assaying between 9.25 g/t Au and 37.71 g/t.
  • Also, in the western extension of Vein No.1, a value of 3.51 g/t Au was obtained in a brecciated gossan developed in a conglomeratic unit suggesting the presence of varying gold bearing geological environments.

Philippe Giaro, President and CEO, stated "We are very pleased with this first round of results form Berens River. The high grades results from Vein No.19 are particularly exciting as this opens up the blue sky potential of the property. Our compilation is progressing well and we have now initiated contacts with diamond drilling companies to secure equipment for Q1 2011. We look forward to receiving the silver assays as the reported historical silver grades provide additional upside to the project given current market conditions for this metal."

A team of three geologists was on site to maximize surface work and a total of 61 surface rock samples weighting 1 to 3 kg were collected with geological hammers. Golden Share is still waiting for silver and base metal assays.

Historical production on Berens River originates from the No.1 Vein and mining was executed by shaft No.1 sunk to a depth of 990 m; no production has been recorded below the 518 m level. A second shaft was sunk to a depth of 232 m on the No.3 Vein but has not yet entered into production. Considerable exploration potential remains as only two of the nine zones recognized so far on the property have been the object of production or detailed exploration. Golden Share will integrate the recent results in its on-going compilation of historical works on the property (see news release dated November 24th 2010). A first pass drill program will be established with the objective to initiate drilling during Q1 2011.

Golden Share's exploration programs are executed under the supervision of Mrs. Laurence Huss, M.Sc., P. Geo., a Qualified Person as defined in National Instrument 43-101, and Vice-president Exploration of Golden Share. Philippe Giaro, P.Geo., President and CEO of Golden Share and Qualified Person for Golden Share, has reviewed and approved the content of this release.

Source: Golden Share Mining Corporation


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