Golden Share Mining Corporation ("Golden Share" or the "Company")is pleased to hereby provide an update on its Pick Lake project ("Pick Lake").
Pick Lake was part of the Silvore Fox Minerals Corp. ("Silvore Fox") property portfolio and represents a key high grade base metal target for Golden Share. The project is located 150 km east of Thunder Bay, Ontario, Canada and is accessible by road. It consists in 28 unpatented contiguous claims totaling 58.9km² and results in the consolidation of two distinct claim blocks acquired under different terms. The central part of the project consists in an option agreement with Orebot Inc. ("Orebot") to acquire a 100% interest. Additional claims were staked directly surrounding the Orebot option and provide the project with its current shape*.
Pick Lake is located within the northern Wawa terrane in the Archean Superior Province (see Figure.1). It is hosted in the Winston Lake Greenstone Belt ("WLGB"), between the Shebandowan Greenstone Belt ("SGB") located to the west and the Manitouwadge Greenstone Belt ("MGB") to the east. All three belts are bounded to the north by the Quetico sedimentary terrane and host notable base metal past producers** :
- SGB : Shebandowan mine, past production of 8 MT at 2.0% Ni, 1.2% Cu
- WLGB : Winston Lake mine, past production of 3 MT at 14.1% Zn and 1.0% Cu
- MGB : Geco mine, past production of 58 MT at 3.5% Zn and 1.9% Cu
Pick Lake historical production and resources
Golden Share's Pick Lake project is located immediately adjacent to First Quantum's Winston Lake property which hosts the past producing Winston Lake mine (see Figure.2). Golden Share's past-producing Pick Lake deposit was accessed by the Winston Lake shaft through an underground drift and mined by Inmet from 1995 to 1999 producing 172,956 t grading 9.9% Zn and 0.7% Cu. The Pick Lake deposit hosts historical resources of 598,000 t at 21.2 % Zn and 1.0% Cu***.
Pick Lake exploration potential
Golden Share's Pick Lake and First Quantum's Winston Lake deposits are hosted in a typical bimodal volcanic sequence with several historical base metal showings, notably highlighting two specific horizons. The Winston Lake horizon, host to the Winston Lake deposit, trends to the northwest and has been identified on Golden Share's project while further to the west, the Pick Lake deposit - Ciglen horizon sits in the central part of the project.
Historical geophysical and geochemical data suggest that the WLGB favorable stratigraphy hosting the Pick Lake and Winston Lake past-producers extends to the northwest in the area of Sandridge Lake. This specific sector has been poorly explored and Golden Share believes the potential of the area has not been fully unlocked.
The Company intends to further develop the Pick Lake project with detailed compilation of all historical data as well as surface follow-up to refine future potential drill targets.
* see the NI 43-101 compliant technical report filed on SEDAR on June 21st 2013.
** These three mines produced accessory precious metals and PGEs but the historical production figures of in this release present only the main base metals with rounded-off numbers and were taken from non-compliant 43-101 reports.
*** These estimates were executed prior to the introduction of National Instrument 43-101; hence they should be treated as historical data and therefore not be relied upon.
Source: http://www.goldenshare.ca/