Golden Share Announces the Expansion of Kagiami Project
Toronto, Ontario--(Newsfile Corp. - June 18, 2019) - Golden Share Resources Corporation (TSXV: GSH) ("Golden Share" or the "Company") is pleased to announce recent expansion of its 100% owned Kagiami Project through map staking. The Kagiami Project ("Kagiami" or "the Project") is located in the Wabassi and Albany River area of the James Bay Lowlands of Ontario, approximately 150km south of the "Ring of Fire" region, along the proposed north-south Ring of Fire infrastructure corridor.
The acquisitions comprise two non-contiguous claim blocks totaling 82 single cell mining claims. The claim blocks cover 9 base and/or precious metal targets identified from VTEM and magnetic data (the "Data") acquired from Keystone Associates Inc. ("Keystone"), a company owned by Golden Share's President and CEO, Nick Zeng.
The two claim blocks add to the three scattered area claim blocks covering base metal targets that made up the initial Kagiami Project. These initial three claim blocks were acquired through staking in 2017 and 2018 (Please refer to press releases dated July 31, 2017 and May 1, 2018). The Kagiami Project now consists of five scattered claim blocks covering 12 base and/or precious metal targets. Other than one base metal and one precious metal target, 10 targets are drill ready.
There is no outcrop in the area of the newly added Kagiami targets. Based on aeromagnetics, the targets are interpreted to lie in an east-west trending band of mafic to intermediate metavolcanics comprising basaltic and andesitic flows, tuffs and breccias, chert and iron formation. Limited historic third-party drilling has intersected up to 10 m of unconsolidated clay and till overlying Precambrian bedrock in the Kagiami area.
Golden Share believes that systematic exploration is the best strategy, leading to exciting discoveries which will potentially generate best value for the Company, its shareholders and stakeholders. During this challenging and difficult period, Golden Share has transitioned to an expanded exploration portfolio consisting of 27 drill ready targets in 3 new project areas. Ogoki Project hosts 15 drill targets, Kagiami Project has 10 drill targets, and Sandridge has 2 drill targets. Henceforth, drill testing these targets will be the focus at Golden Share.
Golden Share has granted Keystone a 1% net sales returns royalty for all diamonds and other precious stones and a 1% net smelter returns royalty for precious and base metals (together, the "Royalty") for both Ogoki and Kagiami projects as consideration for the Data. Keystone generated the Data through exploration work carried out between 2009 and early 2015. That work was completed before Mr. Zeng's appointment as President and CEO of Golden Share on May 1, 2015.
The acquisition of the Data in consideration of the Royalty constitutes a "related party transaction" under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on exemptions from the formal valuation and minority approval requirements of MI 61-101 based on the fact that its securities are listed on the TSX Venture Exchange and that the fair market value of each of the Data and the Royalty is less than 25% of the Company's market capitalization.
All technical information in this release has been reviewed and approved by Wes Roberts., P.Eng., who is the Qualified Person for the Company.
About Golden Share
Golden Share Resources Corporation is a junior natural resource company focusing on mineral exploration in the province of Ontario, Canada, a mineral rich and politically stable jurisdiction.
WARNING: Certain statements in this press release may be forward-looking, including those with respect to the timing and content of up-coming work programs, geological interpretations, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks, uncertainties and assumptions. Actual results may differ materially from those currently anticipated in such statements. The Company relies upon litigation protection for forward-looking statements. The reader is warned against undue reliance on these forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
For more information, please visit www.goldenshare.ca or contact:
Golden Share Resources Corporation
Nick Zeng, President & CEO
Tel: (905) 968-1199
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/45668