Golden Share Resources (TSXV: GSH) announced that it has entered into a binding letter of intent with Midex Resources to sell its whole interest in the Berens River project in northwestern Ontario.
In a press release, the company said that the transaction is for a total consideration of C$1.5 million.
Berens River is located 200 kilometres north of Red Lake and is hosted in the Favourable Lake Greenstone Belt, part of the North Caribou Terrane.
The project includes 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, 5.8 million ounces of silver, 1.7 million pounds of zinc and 6.1 million pounds of lead.
According to Golden Share, the mineralized system that hosts the mine is composed of 10 strongly silicified and hydrothermally altered veins. These veins vary in thickness from 15 centimetres to 4.50 metres and show lateral extents of up to several hundred metres. Past exploration efforts have concentrated on only two of these veins: the N°1 Vein system, site of the former Berens River Mine; and the nearby N°3 Vein system.