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.
Silver and base metal assays from the recent 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 these assays include :
- Vein No.1 returned grades of up to 1,130 g/t Ag (36.3 oz/t Ag), 15% Zn and 3.8% Pb in a quartz-sulphide assemblage comprising chalcopyrite, sphalerite and galena. Gold grades of up to 7.53 g/t Au (0.24 oz/t Au) were reported on Vein No.1 by Golden Share in December 2010.
- Vein No.3 returned grades of up to 547 g/t Ag (17.6 oz/t Ag), 15.1 % Zn and 7.4% Pb in a quartz-sulphide assemblage comprising chalcopyrite, sphalerite and galena. Gold grades of up to 31.88 g/t Au (1.02 oz/t Au) were reported on Vein No.3 by Golden Share in December 2010.
- The highest silver values were obtained on Vein No.19 which yielded up to 1,630 g/t Ag (52.4 oz/t Ag) thus confirming its significance. Gold grades of up 37.71 g/t Au (1.21 oz/t Au) were reported on Vein No.19 by Golden Share in December 2010.
Philippe Giaro, President and CEO, stated "We are equally pleased with this second round of results from Berens River. The high silver grade results from Vein No.19 are particularly exciting and provide additional upside to the project given the current market price for this metal. Our on-going compilation of historical works includes all available past diamond drilling, underground exploration and development work. All historical information is also being reviewed to refine the geological modeling for the Berens River Property and we will provide steady updates as work progresses".
A team of three geologists was on site in October 2010 to maximize surface work and a total of 61 surface rock samples weighting 1 to 3 kg were collected with geological hammers. 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'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