Golden Share posts first resource estimate on Forsan

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

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

At a cut-off grade of 2.5 grams gold per tonne, Forsan’s main zone demonstrated an inferred resource of 132,000 tonnes grading 3.52 grams gold for a total of 15,000 ounces of gold.

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

The estimate includes four gold-bearing zones and covers the Forsan project area over 450 meters NW-SE, 200 meters NE-SW, and to a vertical depth of 225 metres.

The FMZ 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 FMZ in the hanging wall 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 metres between the 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 that is hosted by the contact between a mafic agglomerate unit and the porphyric intrusive in the vicinity of the diabase dyke.

At presstime Golden Share was up 16.7% on the news, or 1.5¢, at 10.5¢ per share. The junior has traded in a 7-17¢ per share over the last year and has 33.5 million shares outstanding.