Golden Share Posts First Resource Estimate On Forsan Property

Golden Share Mining (GSH-V) has upgraded historical drill data on its 100%-owned Forsan gold property in Quebec and released its first resource estimate on the main zone.

The Forsan property is 45 km east of the town of Val d’Or in the south-eastern part of Vauquelin Township, in the Abitibi area of northwestern Quebec. (The Abitibi greenstone belt is recognized for its copper-zinc-lead-gold volcanogenic orebodies as well as its gold deposits.)

At a cutoff grade of 2.5 grams gold per tonne, the main zone of Forsan has an inferred resource of 132,000 tonnes grading 3.52 grams gold for a total of 15,000 oz. gold.

When a cutoff of 1 gram gold per tonne was used, the inferred resource grew to 536,500 tonnes grading 2.03 grams gold for 35,000 contained ounces gold.

The estimate includes four gold-bearing zones and covers the Forsan project area over 450 metres northwest-southeast, 200 metres northeast-southwest, and to a vertical depth of 225 metres.

The main zone contains at least four continuous mineralized lenses having a minimum width of 2.2 metres corresponding to the necessary minimum for an open-pit operation or underground bulk mining, the company stated in a press release.

At the current drill spacing, continuity is uniform throughout the zone in the hangingwall of the quartz-feldspar porphyry intrusive.

During the 2009 drill campaign in the spring, one hole in the Forsan main zone returned an intersection of 56.86 grams gold per tonne over 4 metres, including 113.64 grams gold over 2 metres, at vertical depths of between 42 and 46 metres.

Additional intercepts included 4.52 grams gold over 1.35 metres and 10.75 grams gold over 0.4 metre between surface and a vertical depth of 100 metres.

Forsan’s gold is directly associated with quartz veins and the principal showing is the mineralized occurrence hosted by the contact between a mafic agglomerate unit and the porphyric intrusive in the vicinity of the diabase dyke.

Golden Share recently traded at 10¢ per share. The junior has a 52- week trading range of 7-17¢ and 36.9 million shares outstanding.