Vancouver, British Columbia–(Newsfile Corp. – November 2, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a non-brokered private placement (the “Private Placement“), for aggregate gross proceeds of $3,750,000. In connection with Private Placement, the Company will issue the following securities (the “Offered Securities“):
(i) 37,500,000 units of the Company (“Units“) at a price of $0.10 per Unit. Each Unit consists of one common share (each, a “Common Share“) and one common share purchase warrant (each whole warrant, a “Warrant“); and
(ii) Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share“) at an exercise price of $0.13 per Warrant Share for thirty-six (36) months from the date of closing.
Fully Funded Through 2025
The net proceeds from the Private Placement will be used to continue to advance the Moss Gold Project through development of a new resource model and a new mineral resource estimation (“MRE“); in addition to continuing the engineering and metallurgical studies being done on various leach methodologies (including heap leach) and ultimately factoring this new information into a preliminary economic assessment (“PEA“). With 80,000 meters of drilling completed and $48 million spent directly in the ground defining the current MRE; Goldshore is well positioned to achieve meaningful project milestones over the next 24 months with minimal cash expenditures and within the net proceeds and current cash balances of the Company.
Strategic Partnership
The Company announces that it has engaged with a strategic natural resources private capital group (the “Strategic Advisor“) participating, in aggregate, in the Private Placement for $3,000,000 or 30,000,000 Units, with a long-term financial commitment to unlocking the value of the Moss Gold Project and delivering increased return to all stakeholders.
Board Changes
The Company also announces that Michael Michaud has stepped down from the Board as an appointee of Wesdome Gold Mines Ltd. (“Wesdome“). Wesdome has advised that it does not intend to nominate a replacement at this time. Kyle Hickey will be appointed to the Goldshore Board of Directors upon closing of the Private Placement. Mr. Hickey has been a professional advisor to boards of directors, executive management teams, and private and public capital on a wide range of capital structure solutions including equity, debt, and hybrid financial instruments, as well as merger and acquisition transactions.
President and CEO Brett Richards stated: “We welcome this partnership with our new strategic shareholders, who are committed to advancing the project through its next stages of development. On behalf of the Goldshore directors, we would like to thank Mike for his tenure on the Board, as his technical and commercial approach has helped guide the Company since inception. We would also like to welcome Kyle to the Goldshore board. Kyle has extensive experience in the commodity and resource capital markets, financing assets through all stages of development from resource definition to construction and project finance, and long-term operating capital structures. This financing and partnership represents a new phase for Goldshore and is key to unlocking long-term value and driving success.”
PEA and Resource Update
As a result of the new financial and strategic commitment in Goldshore, the Company is reviewing the current PEA in an effort to rescope and optimize the Moss Gold Project under multiple operational and economic parameters. To that end, the Company has engaged APEX Geoscience to prepare a new resource model and a new MRE. The Company has also engaged the expertise of Kappes Cassiday & Associates, leaders in heap leach engineering and technology, to conduct detailed metallurgical test work to determine the efficacy of heap leaching the lower grade material contained in the Moss Gold deposit. Once the results from these activities are received, the Company will determine its next course of development.
Vice President, Exploration, Pete Flindell: “We welcome our new strategic partners, as this commitment allows us to recalibrate the scope of the future project we want to take to feasibility study. We have a significant portion of high-grade mineralization in the shear zones (3.35M oz Au or 55% of the current mineral resource) with an average head grade of 1.84 g/t Au. This creates the opportunity for a hybrid process with a small flotation, regrind and carbon in leach plant for the high-grade mineralization, and a large heap leach operation for the low-grade material.”
Additional Financing Details
Eventus Capital Corp. has been appointed as a finder in connection with the Private Placement. The Company may pay a finder’s fee of 6% in either cash or in Units of the gross proceeds received by the Company from the Private Placement. The securities issued pursuant to the Private Placement will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is expected to occur on or about November 14, 2023 and is subject to approval by the TSX Venture Exchange.
Qualified Person
Mr. Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. The Company is well-financed and supported by an industry-leading management group, board of directors, and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This press release is not an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to qualification or registration under the securities laws of such jurisdiction. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any U.S. state securities laws, and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from registration requirements of the U.S. Securities Act and applicable U.S. state securities laws.
THIS PRESS RELEASE, PROVIDED PURSUANT TO APPLICABLE CANADIAN REQUIREMENTS, IS NOT FOR DISTRIBUTION TO UNITED STATES NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN. THE OFFERING IN QUESTION HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND THE SECURITIES SOLD IN SUCH OFFERING MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS ABSENT REGISTRATION OR APPLICABLE EXEMPTION FROM REGISTRATION REQUIREMENTS.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-Looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.
Vancouver, British Columbia–(Newsfile Corp. – September 28, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market with respect to results from the Company’s summer exploration program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Highlights:
Goldshore field crews have identified five unique gold mineralization trends including two polymetallic Au-Cu trends across the Moss Gold Project through a combination of ionic leach soil sampling and property wide field mapping with a combined strike of over 35 kilometers. Recent rock sample results include:
Moss Trend – 9.59 g/t Au and 60.6 g/t Ag plus 5.0 g/t Au, 96.2 g/t Ag, and 0.98% Cu from samples in diorite-hosted shears along strike from the current Mineral Resource
24.9 g/t Au and 9.99g/t Ag from samples of strongly altered dacite 200m south of the Moss Main zone, representing a new parallel zone.
Kawa Trend – 33.7 g/t Au, 0.64% Zn and 75.3ppm Mo from sheared diorite/volcanic contacts within a new 6.5 kilometer long belt.
Hamlin Trend – has been expanded to become an 8 kilometer long polymetallic Au-Ag-Cu-Mo belt with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
Coldstream Trend – has been widened to 800 meters through the discovery of parallel structures assaying 1.07 g/t Au and 0.98% Zn.
9.79 g/t Au from mafic-hosted carbonate shear veins at the “Benton” prospect, east of the East Coldstream deposit.
Vanguard Trend – 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a 9 kilometer long belt of polymetallic VMS Cu-Zn-Au-Ag mineralization that is now found to be 120 meters wide through discovery of additional lenses.
President and CEO Brett Richards stated: “We have previously stated our confidence to the market that the Moss Project of c.183Mt containing an inferred resource of 6M oz Au at 1.02g/t (with 55% of the deposit hosting a shear domain at 1.84 g/t)1 could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multi-generational mining camp in the Shebandowan Greenstone belt.”
Field Program Update
Goldshore embarked on a property wide field reconnaissance program in June 2022 – in the background to drilling – exploring the numerous unexplained geophysical anomalies and under explored gold and base metal showings. This program accelerated over the last several months. The field crews have compiled a systematic interpretation of the project geology, structure, alteration, and mineralization across the Project. Through this investigation and in combination with a substantial ionic soil leach program, the historic gold showings and newly discovered mineralization have resolved to be part of five distinct mineralized trends, including two polymetallic trends.
Figure 1: Selective results from the ongoing Moss Gold Project field program
The Moss Trend has been confirmed over an 8-kilometer strike containing the existing resource. The mineralization is dominantly hosted in anastomosing shears through an extensive altered diorite package. This zone is consistent with a belt of magnetic low bodies (altered intrusions) adjacent to folded magnetic highs (magnetic-bearing wall rocks) that present a belt with a high competency and redox contrast. Recent work has discovered elevated copper and silver mineralization towards the southwestern extents with recent rock samples returning values including 9.59 g/t Au and 60.6 g/t Ag,5.0 g/t Au plus 96.2 g/t Ag, and 0.98% Cu. Samples of strongly altered dacite 200m south of the Moss Main zone returned assays of 24.9 g/t Au and 9.99g/t Ag, representing a new parallel zone. The field results confirm the interpretation from the step out and deep drilling at the Moss Gold Project that the mineralized corridor is at least 1,000 meters wide.
The Kawa Trend lies approximately 2 kilometers south of, and parallel to, the Moss Trend over a 6.5-kilometer strike length with a confirmed width of 550m. It has a similar magnetic character as the Moss Trend and mapping has shown that mineralization is hosted within and along a sheared diorite/volcanic contact. We therefore expect the Kawa Trend to have the same potential as the Moss Trend. Partial assays results have been received for this area with values including 33.7g/t Au.
The known Hamlin Trend has been extended by 4 kilometers to the east to form an 8-kilometer-long belt of polymetallic Au-Ag-Cu-Mo mineralization with a confirmed width from 400 to 700 meters. Recent expanded ICP analysis indicate additional Bi and Te potential. Partial assays results have been received for this area with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Biand 7.1 ppm Te.
The Coldstream Trend containing the East Coldstream deposit has a confirmed strike of 3.5 kilometers hosted by late shearing within altered mafic volcanics and includes the historic North Coldstream Cu-Co mine. Recent exploration has discovered parallel mineralized shears within the northern intermediate volcanics expanding the width potential of the mineralization with rock sample assays returning values including 1.07 g/t Au and 0.98% Zn.
The Vanguard Trend has an established 9-kilometer strike length of polymetallic VMS Cu-Zn-Au-Ag mineralization linking with the Iris Lake Au prospect through a series of untested geophysical conductors. Results from the recent exploration have discovered additional parallel gold bearing shears north of the main Vanguard showing and ignored by much of the historical exploration giving it width of 120 meters. Partial assays results have been received for this area with values including 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag and 2.94 g/t Au.
Additional poorly understood prospects defined by historical prospecting and known to host Cu-Au mineralization have been confirmed toward the east, west, and south of the East Coldstream deposit with assay results including 9.79 g/t Au. Future exploration programs will focus on better understanding this mineralization and its potential.
Pete Flindell, VP Exploration for Goldshore, said “Goldshore’s geologists have done an excellent job of mapping and sampling through challenging terrain to uncover the additional mineralized potential of the Moss Gold Project. This includes ionic leach soil sampling across muskeg to understand the character of concealed structural targets. These results speak to district-scale potential of the Moss Gold Project.”
Corporate Announcement
Heather Laxton has resigned from the Goldshore board of directors with immediate effect. Heather was a nominee of Wesdome Gold Mines Ltd. and served on the Board since the listing of the Company.
Qualified Persons
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 19% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
1 NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada, dated effective May 5, 2023.
Preliminary Economic Assessment On-Schedule; Robust Mineral Resource Independently Confirmed
Vancouver, British Columbia–(Newsfile Corp. – August 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to share a corporate update in regards to its ongoing activities.
Highlights:
The Preliminary Economic Assessment (“PEA”) on the Moss Gold Project is progressing well and is on schedule for release mid Q4 2023.
The PEA is being managed by an independent multidisciplinary team at Ausenco Engineering Canada Inc. (“Ausenco”).
Base Metallurgical Laboratories Ltd. (“BaseMet”) has completed a gold deportment study with positive results and additional heap leach metallurgical test work is in progress at Kappes, Cassaday and Associates (“KCA”) to maximize potential gold recoveries.
Independent review of the May 5, 2023 Mineral Resource Estimate for the Moss Gold Project recently completed by SRK Consulting (Canada) Ltd. (“SRK”) confirms that the resource meets the CIM guidelines for the reporting of inferred mineral resources.
Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd. (“CSL”) confirms that the permitting process is on-track for development with significant studies already completed and no major information or timeline hurdles expected.
Goldshore continues to take a proactive approach to community engagement, with regular information sharing meetings with host indigenous communities and benefiting greatly from feedback on all aspects of the PEA process.
The Company has been approved to receive an Ontario Junior Exploration Program grant of $200,000.
An additional >8,000 ha of new mineral claims have been staked 15-25 km north of the Moss Gold Project.
President and CEO Brett Richards stated: “In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss Gold Project; as well as increasing our footprint in the region in a responsible manner. We continue to see great potential for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the Project as an economically viable resource in its existing size, grade, and metallurgy. Initial indications are extremely encouraging, and we are looking forward to releasing the complete economic results in mid Q4 2023.”
PEA Update
Ausenco has completed Phase One of the ongoing PEA for the Moss Gold Project. Phase One was an initial high-level review of various mining and milling rates and different plant processes that is conducted to select the optimal configuration for the detailed PEA (Phase Two). While not definitive in and of itself, Phase One indicated that the most effective method to process mineralized material from the Moss Gold Project is conventional cyanide leaching with stockpiling of low-grade material for processing at the end of mine life. The Phase One results also indicated that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade material provided similar returns, but size and scope of this approach needs to be studied in the future for project scoping on a larger resource (in both geological domains).
During Phase Two, further test work will be conducted to better define the cost and recovery profile entailed by the alternative of heap-leaching low-grade material. To this end, the Company will soon commence column leach testing of mineralization with KCA, who are recognized leaders in heap leach technology.
Alternate processing options highlight the flexibility of the Moss Gold Project, and future test work may unlock potential opportunity for upside on creating a different size scoped project in the future, with different recovery methods.
Mineral Deportment Study
Sixteen samples were submitted to BaseMet in Kamloops, BC, for gold deportment studies that evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold mineralogy. The samples are composites from shear and intrusion domains, plus combined composites, from the Main, Central and QES Zones (the “Moss Pit”), Moss Southwest Zone and East Coldstream. Within the Moss Pit, combined samples were prepared for the three zones as well as an overall pit composite.
In general, observed gold grains in all samples are ultrafine, predominantly in -20 µm size fraction. This is at the very bottom end where centrifugal gold concentrators operate, hence the low recoveries observed in the E-GRG test. The strong association with pyrite in several samples shows why flotation was successful and, with regrind, leach extractions improved significantly. The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate to the high competency and hardness seen in the comminution results.
Mineral Resource Audit
Following the inclusion of external comments within the technical report drafted by CSA Global; Goldshore retained SRK to conduct an independent review of the mineral resource estimate and its reliability. Dr. Gilles Arseneau, Principal Consultant at SRK, conducted an independent review of the May 2023 mineral resource estimate reported by CSA. He also completed an in-depth review of the drill data and wireframes used for this estimate.
Dr. Arseneau concluded that, “the mineral resource reported by CSA Global effective May 5, 2023, meets the criteria under CIM guidelines for reporting inferred mineral resources.”
Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those noted by CSA, and he also noted that with further analysis it may be possible to reclassify part of the Mineral Resource as indicated mineral resources under CIM guidelines.
Goldshore has concluded that the mineral resource estimate is suitable for the purpose of advancing the current PEA.
Independent Outlook for Permitting
CSL are Goldshore’s independent environmental site auditors as well as project managers for current baseline studies. CSL have considerable experience in this field through their work on the permitting for Impala’s Lac des Iles mine, north of Thunder Bay. This positions them perfectly to manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an independent position paper on the steps required to permit the Moss Gold Project.
CSL has used the rigour around site layout and engineering to identify additional baseline studies that will need to be undertaken and completed as part of the permitting and approvals process. This includes future engagement with indigenous communities on site layout as well as long lead time permits (federal and provincial).
Key permits that Goldshore will be seeking include:
Federally, an Impact Assessment and a Fisheries Habitat Compensation Plan, and various approvals, authorizations and licenses; and
Provincially, a Closure Plan, various Environmental Compliance Approvals and several standard work permits. All of these permits have been factored into internal planning timelines.
Chris Perusse, P.Geo., President and Senior Geoscientist with CSL, noted, “there are no major informational or timeline hurdles to permitting the Moss Gold Project and a relatively straightforward path with Goldshore well on track with studies completed to date. There is no major lake remediation process, rather a diversion of the Wawiag River, which broadens into the very shallow Snodgrass Lake, around the proposed mine site.”
Goldshore is taking a proactive approach to consultation with our host indigenous communities through regular meetings to share information and benefit from feedback on all aspects of the PEA process.
Hillcrest Project
As part of the Company’s strategy for an exploration and development pipeline, Goldshore has acquired 390 cell claims covering 8,261 hectares in the Quetico Subprovince, 15-25km kilometres north of Moss. This has been named the Hillcrest Project.
The Hillcrest Project represents a blue-sky approach to gold exploration. Fault systems cutting the area appear to be deep-seated structures, “plumbing” the mantle, that were active in the same timeframe as the “Timiskaming-type” deformation zones which have a known, close association with gold mineralization within the Shebandowan Belt (specifically, the high-grade Delta-1 and Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted tectonic regime predicts a relatively high density of subvertical second-order deformation zones which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other pathfinder elements, which highlights the unrecognized prospectivity of the area.
The Hillcrest Project is also prospective for critical minerals – specifically, Alaska-type Ni-Cu-PGE±Au and lithium pegmatites – as suggested by pre-staking prospecting conducted by Goldshore’s geologists.
The current focus remains on the Moss Gold Project and fieldwork is not planned on the Hillcrest Project until 2024-25.
The Company applied for a $200,000 grant under Ontario’s Junior Exploration Program (OJEP), which was approved on July 13, 2023. Goldshore has been using these funds to conduct geological mapping and geochemical sampling that is focused on potential copper-cobalt targets within the Moss Gold Project. The Company has received approval for the full $200,000 grant under OJEP which consists of a 50% rebate on $400,000 of grassroots focused exploration expenses incurred in 2023.
The Company mobilized field crews in May which have been actively exploring the northern tenement of the project targeting favourable geological horizons and alteration envelopes associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits. The program will progressively move south exploring regional targets around the Moss deposit and Hamlin prospect identified through the earlier completed airborne geophysics survey including many unexplained EM anomalies.
The Company looks forward to continuing its partnership with the Ontario government through OJEP and will be monitoring the program for additional opportunities for funding.
President and CEO Brett Richards stated: “I would like send a note of thanks to the Minister of Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance to receive the generous grant to continue our field work.”
Pete Flindell, VP Exploration for Goldshore, said, “Goldshore remains active with field mapping and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return later this year. At the same time, we are pursuing studies to determine the economic value of the Moss Gold Project. Initial results are highly encouraging, exceeding all of the Company’s economic metrics given to Ausenco as the framework for scoping the project.”
Qualified Persons
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company is a “Qualified Person” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects. He has reviewed and verified the scientific and technical information contained in this news release.
Dr Gilles Arseneau, P. Geo. is an associate with SRK Consulting (Canada) Inc. SRK Consulting is an independent, global network of consulting practices in over 45 countries on six continents. Its experienced engineers and scientists work with clients in multi-disciplinary teams to deliver integrated, sustainable solutions across a range of sectors – mining, water, environment, infrastructure, and energy. He has reviewed and verified the information regarding the Mineral Resource audit on the Moss Gold Project disclosed in this news release.
Robert Raponi, P.Eng is a Senior Mining Engineer Specialist with Ausenco Engineering Canada Inc. He has reviewed and verified the information regarding the metallurgical and processing results on the Moss Gold project disclosed in the news release.
Chris Perusse, P.Geo, is President and Senior Geoscientist with CSL Environmental and Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook on permitting on the Moss Gold project disclosed in the news release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.
About Ausenco
Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project and the Hillcrest Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – July 10, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), announces a change in its financial year-end from March 31 to December 31. The change in financial year-end has been made to align the timing of the Company’s financial reporting obligations with its internal budgeting and forecasting process and with its peers. The next financial year-end of the Company for its transition year will occur on December 31, 2023.
Further details regarding the change in financial year-end is available in the Company’s notice of change in year-end prepared in accordance with Section 4.8 of National Instrument 51-102 Continuous Disclosure Obligations and filed under the Company’s SEDAR profile at www.sedar.com.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – June 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), further to its press release of May 8, 2023, confirms that it has filed pursuant to National Instrument 43-101 Standards of Disclosure for Mineral Projects a technical report titled “NI 43-101 Technical Report – Mineral Resource Estimate for the Moss Lake Project, Ontario, Canada” (the “Technical Report“) in connection with the 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The Technical Report was prepared by Neal Reynolds, FAusIMM, MAIG and Matthew Field, Pr.Sci. Nat of CSA Global Consultants Canada Ltd. The Technical Report has an effective date of May 5, 2023. The Technical Report is available on SEDAR at www.SEDAR.com and is posted on the Company’s website at www.goldshoreresources.com.
In addition, further to its press release of May 17, 2023, Goldshore is working with Ausenco Engineering Canada Inc. (“Ausenco“) as its lead engineering firm to conduct the preliminary economic assessment (“PEA“) at the Moss Gold Project. Goldshore’s VP Exploration, Pete Flindell, stated, “Goldshore is reviewing high level scoping studies with Ausenco in order to identify the optimum project for the PEA. With high grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to final PEA results in Q4 of this year.”
About Goldshore Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore, and the Company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking information herein includes, but is not limited to, statements that address activities, events or developments that Goldshore expects or anticipates will or may occur in the future including conduct and timing of the PEA.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – May 17, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that it has selected Ausenco Engineering Canada Inc. (“Ausenco“) as its lead engineering firm to conduct the preliminary economic assessment (“PEA“) at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Goldshore’s VP Exploration, Pete Flindell stated: “We are pleased to be working with Ausenco on the Moss Gold Project’s PEA following our successful collaboration on the recent metallurgical test program. We feel that Ausenco understands our philosophy of integrated mine and process optimization to define the most efficient and cost-effective project. Ausenco also shares our vision for a project the Company can realistically build, while preserving process optionality, tremendous upside and future mine life growth.”
More information will be made available as the Moss Gold Project PEA is conducted.
Securities for Debt Transaction
The Company also announces that it has issued 3,018,572 units (the “Debt Settlement Units“) pursuant to the Securities for Debt Transaction announced on April 5, 2023 to settle certain outstanding accounts payable in the aggregate amount of $513,157.18 (the “Debt“) owing to a creditor (the “Creditor“). The Debt Settlement Units have the same terms as the Units issued pursuant to the Offering that closed on April 13, 2023.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
About Ausenco
Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore, and the company is supported by an industry-leading management group, board of directors and advisory board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of a preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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Shear Domain at the Moss Deposit increases to 3.35Moz at 1.84 g/t Au within 56.5Mt
Vancouver, British Columbia–(Newsfile Corp. – May 8, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce an updated mineral resource estimate (the “MossMRE“) for the Moss deposit (“Moss” or the “Moss Deposit“) and a maiden mineral resource estimate (the “East Coldstream MRE” and, together with the Moss MRE, the “MRE“) for the East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit“), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project“).
Moss Gold Project global inferred resource grows 44% to 6.00Moz at 1.02 g/t, within 183.6Mt.
Moss MRE grows with 24% more contained gold ounces and 32% more tonnes from 4.17Moz Au in 121.7Mt (November 2022 mineral resource estimate) to 5.42Moz Au at 1.03 g/t Au within 163.6Mt (open pit and underground).
The shear domain has increased in contained metal and tonnage from the November 2022 mineral resource estimate by 52% and 63%, respectively, to 3.35M ozAu at 1.84 g/t Au within 56.5Mt (open pit only).
There is clear expansion potential over the 8km-long belt through strike extensions (in both directions) and parallel shears where gold mineralization has been intersected but is sparsely drilled.
East Coldstream MRE introduced at 580Koz at 0.91 g/t Au in 20.0Mt (open pit and underground).
Implied stripping ratios are 5.2:1 for Moss and 6.4:1 for East Coldstream.
This resource increase implied by the Moss Gold Project demonstratesthe scale of the project and the opportunity for a high-grade open-pit gold project.
Work is well underway on studies to support a preliminary economic assessment (“PEA”) planned for later this year.
The Moss Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate, and prioritize for future drill campaigns.
The Company has incurred discovery costs of approximately CAD$10 per ounce of inferred Au resource (all-in) including acquisition costs and overheads. This can also be measured as approximately 76 ounces Au per meter drilled (all-in costs included) in the 78,000 meters drilled to date.
Summary of the MRE
Open-Pit and Underground Constrained Inferred MRE for the Moss Deposit and East Coldstream Deposit with an Effective Date of May 5, 2023:
Moss Open Pit
Inferred Resources
Tonnes
Grade
Contained Metal
(Domains)
(Mt)
(g/t Au)
(Moz Au)
Shear
56.5
1.84
3.35
Intrusion
104.5
0.55
1.83
Total
161.0
1.00
5.18
Moss Underground
Inferred Resources
Tonnes
Grade
Contained Metal
(Domains)
(Mt)
(g/t Au)
(Moz Au)
All
2.6
2.90
0.24
Total
2.6
2.90
0.24
East Coldstream Open Pit
Inferred Resources
Tonnes
Grade
Contained Metal
(Domains)
(Mt)
(g/t Au
(Moz Au)
All
19.8
0.89
0.57
Total
19.8
0.89
0.57
East Coldstream Underground
Inferred Resources
Tonnes
Grade
Contained Metal
(Domains)
(Mt)
(g/t Au
(Moz Au)
All
0.2
2.24
0.01
Total
0.2
2.24
0.01
Grand Total
183.6
1.02
6.00
Note: Based on a US$1,650 per ounce gold price and economic cut-off grade of 0.35 g/t Au for open pit and 2.07 g/t Au and 2.00 g/t Au for underground resources (Moss and East Coldstream, respectively). Please review “Notes to Accompany Moss MRE” and “Notes to Accompany East Coldstream MRE” for additional information.
President and CEO Brett Richards stated: “This announcement is an important milestone for Goldshore and the Moss Gold Project. We are pleased with the results of the MRE, as it illustrates the size, scale, and potential of the Moss Gold Project that we have been communicating for the past many months. This important step in the development of the Project will now shift to commencing a PEA by putting a mining project around the resource with the goal of understanding the economic outputs.
“Today’s MRE is a first step towards understanding a potential first phase of the Moss Gold Project, as we believe it represents only a small portion of the mineralization or potential mineralization on our land package. We still have 29 additional targets to drill test, including several gold targets, but also 4 interesting base metal and battery mineral targets.
“We will now start to run scenario planning for the PEA with respect to how we construct a Phase 1 project of a clearly larger mineral resource, while investigating various leaching methodologies, including heap leach. When we have a clear picture of the scope of the PEA, we will guide the market as to when we believe the results of it will be available to the market.”
Notes to Accompany Moss MRE
Numbers have been rounded to reflect the precision of an inferred mineral resource estimate. Totals may vary due to rounding.
Estimation has been completed within the two separate reported geological domains: a higher-grade shear domain which occurs within a larger lower-grade intrusive domain; modelling of domain boundaries has considered both geology and grade.
Gold cut-off for open pit has been calculated based on a gold price of US$1,650/oz, mining costs of US$2.70 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 92.5% are based on prior metallurgical test work.
Gold cut-off for underground MSO shapes have been calculated based on a gold price of US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 92.5% are based on prior metallurgical test work.
An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized open pit for processing determination.
Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
Neither the qualified person nor the Company are aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the Moss MRE.
Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in the MRE are uncertain in nature and there has been insufficient exploration to define these inferred resources as indicated and/or measured resources. The Company will continue exploration intended to upgrade the inferred mineral resources to indicated mineral resources.
Notes to Accompany East Coldstream MRE
Numbers have been rounded to reflect the precision of the inferred mineral resource estimates. Totals may vary due to rounding.
Estimation has been completed within two geological zones: a strongly altered higher-grade shear zone surrounded by a lower-grade domain; modelling of domain boundaries has considered both geology and grade.
Gold cut-off has been calculated based on a gold price of US$1,650/oz, mining costs of US$2.70 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 96.5% are based on prior metallurgical test work.
Gold cut-off for underground MSO shapes have been calculated based on a gold price of US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical recoveries of 96.5% are based on prior metallurgical test work.
An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized open pit for processing determination.
Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition Standards for Mineral Resources & Mineral Reserves.
Neither the qualified person nor the Company are aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the East Coldstream MRE.
Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in the East Coldstream MRE are uncertain in nature and there has been insufficient exploration to define these inferred resources as Indicated and/or measured resources. The Company will continue exploration intended to upgrade the inferred mineral resources to indicated mineral resources.
Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project
Details of the MRE will be provided in a technical report with an effective date of May 5, 2023, prepared in accordance with National Instrument 43-101 (“NI 43-101“) standards, which will be filed under the Company’s SEDAR profile within 45 days of this news release. The MRE was prepared by independent mining consulting firm CSA Global Canada (“CSA Global“), a division of ERM Consultants Canada Ltd., in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM“) Definition Standards on Mineral Resources and Reserves (2014).
Additional Exploration Potential
The modelled shear and intrusion domains extend to much greater depth below the optimized open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the modelled strike length of 3.6 km. Historical drilling has intercepted gold mineralization over a total strike length of 8 km, which has been a focus of Goldshore’s summer soil geochemistry and structural mapping programs. Furthermore, there remains potential for additional parallel shears with gold mineralization in historical drill holes 500 m to the southeast of the Moss Deposit.
Figure 2: Upside along strike and through parallel shears at the Moss Deposit
The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault Zone cuts a dioritic to granodioritic intrusion complex. The deposit is defined by a series of anastomosing centimeter- to meter-scale NE-trending shear zones carrying higher-grade gold mineralization, and lower-grade gold mineralization associated with weaker shearing and a more brittle-style deformation and veining in the intrusion rock mass and adjacent wall rocks between the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and millimeter- to centimeter-scale irregular quartz-carbonate veinlets.
Detailed geological logging and multi-element geochemical analysis of drill core from 120 new holes total 68,802m from the 2021-23 drilling has supported modelling of discrete shear domains within the larger altered and variably mineralized intrusion domain, which includes adjacent volcanic wall rocks. The shear domains have a different higher-grade gold population to the low-grade intrusion domain and these domains have been estimated separately using different search parameters. Importantly, this allows a more accurate representation of the true grade variability within the deposit than has been achieved in previous estimates.
CSA Global was provided with the wireframes for resource estimation by Goldshore. Goldshore modelled the shear zones domain using a combination of geological features, including core orientation data, and raw assay values above 1 g/t Au using explicit digitizing methods in Micromine 3D geological modelling software. CSA Global modelled the intrusion domain using implicit modelling techniques in Leapfrog using a cut-off grade of 0.20 g/t Au in 15-meter downhole composites. Statistical and geostatistical assessment of 1 m composites confirmed that the shear domains should be estimated within hard boundaries separating them from the intrusion domain. Statistical analysis was used to determine high-grade capping for each shear zone wireframe and ranged from 30 to 60 g/t Au.
The Moss MRE was estimated with a block size of 9 x 9 x 3 m utilizing subblocks and constrained within wireframes with a minimum width of 3 x 3 x 1 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy variogram models. Mineral resources are presented as undiluted and in situ. The historical underground voids from Noranda’s 1980’s exploration program have been removed from the geological model.
Figure 4: Moss Deposit resource model within the US$1650 pit shell
The East Coldstream Deposit is a structurally controlled gold deposit located approximately 15 km northeast of the Moss Deposit within the Moss Gold Project area. The East Coldstream Deposit’s mineralized zones are located on the south margin of a shear zone which separates a gabbroic intrusion to the north from a mafic-intermediate volcanic suite to the south. Mineralization is found within sheared volcanic units, proximal to sills of quartz and quartz-feldspar porphyries and distinctive, brick-red syenites. The mineralized zones show silica, carbonate, and hematite alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite throughout the silica-hematite zones as well as within quartz-carbonate veinlets. Iron carbonate is present in areas proximal to strong silicification. The two main mineralized zones have been cut by a north-south-trending diabase dike.
Sixteen new drill holes, totaling 7,973 m, were drilled in the East Coldstream Deposit to gather the required geological understanding of the deposit. Mineralization was modeled by CSA Global guided by alteration wireframes provided by Goldshore. Implicit modelling techniques were utilized in wireframing a NE-trending shear zones carrying higher-grade gold mineralization which is subdivided into two parallel domains (Z-2 and Z-4), and two satellite subparallel lenses (Z-1 and Z-3). A lower grade wireframe was developed surrounding the shear zone domains representing mineralization associated with more brittle-style veining in the felsic to intermediate metavolcanic rocks, gabbros, and porphyries between the main shear zones.
Exploratory data analysis was used to determine high-grade capping for composites of two of the shear zones, with top cuts ranging from 13 to 15 g/t Au. The East Coldstream MRE was estimated with a block size of 6 x 6 x 6 m utilizing sub-blocks and constrained within wireframes with a minimum width of 3 x 3 x 3 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy and informed by variogram models. Mineral Resources are presented as undiluted and in situ.
Figure 6: East Coldstream Deposit resource within the US$1650 open pit shell
The Moss Deposit has been evaluated by several diamond drill programs since the 1970s and earlier. The greatest number of drill holes were completed between 1986 and early 1992 by Tandem/Storimin and Noranda Inc. (311 drill holes for 86,196 meters). A smaller drilling program in 2008 served to validate the older data and lead to the completion of the historical resource estimate by Moss Gold Mines Ltd. in 2013.
The East Coldstream Deposit has been evaluated by several diamond drill programs since 1987. Most of the historic drilling was conducted between 2010 and 2011 by Foundation Resources who completed total of 66 diamond drillholes in the Coldstream deposit, totaling 16,988 m.
There are little documented QA/QC procedures or data available for programs prior to 2008.
The ongoing Goldshore drilling program utilizes full industry-standard survey control and QAQC programs and is designed to systematically redrill the deposits and validate as much of the historical drilling as possible through collar surveys, re-logging, and re-sampling.
Mineral Resource Classification
The Moss MRE has been classified as an inferred mineral resource. This resource classification reflects the fact that much of the drill hole data used for the resource estimate is historical, and no QA/QC data or reports exist for the majority of these drill holes. Statistical assessment of historical data and recent data provided some support for the historical data, but also included some inconsistencies. Goldshore’s planned program of infill and confirmatory drilling is expected to support classification of indicated mineral resource in subsequent mineral resource updates.
Reasonable Prospects for Eventual Economic Extraction
To support reasonable prospects for eventual economic extraction for the MRE, CSA Global used the estimated block model to generate an optimized open pit using Datamine NPV Scheduler software and the following assumptions: a gold price of US$1,650/oz, plant recovery of 92.5% and 96.5% for Moss Deposit and the East Coldstream Deposit, respectively; processing costs of US$12.50/tonne, mine-site general and administration costs of US$2.50/tonne processed, mining costs of US$2.70/tonne moved, and an overall pit slope angle of 50 degrees. NPV Scheduler Software is widely used by mining engineers to apply the Lerchs-Grossman algorithm to block models in order to generate optimized pit shells upon which economic open pit mine designs may be based.
The MRE is are constrained within the selected optimized pit shells which reach a maximum depth of approximately 450m and 250m in the Moss Deposit and East Coldstream Deposit, respectively.
Next Steps
In late 2022, Goldshore commenced an extensive program of relogging and resampling of all historical drill holes whose collars have been located and accurately surveyed. Where possible, these drill holes are also being surveyed using modern downhole surveying equipment. Resampling of historical drill core is ongoing, although most core blocks are now illegible rendering resampling impossible.
Pete Flindell, VP Exploration for Goldshore, said, “This MRE has highlighted the larger scale of gold mineralization on the Moss Gold Project. It remains conservative in many areas because of the concerns over historical drill data and we look forward to updating the quality and quantity of the mineral resource inventory following a comprehensive infill drill program. In the meantime, our field programs continue to develop our better exploration targets with the potential to add significantly to our resource base. At the same time, we will be working on the PEA, which will optimize and evaluate the many mining and milling options available to us. These include a high recovery flotation-regrind-leach mill process, potential heap leaching of low-grade mineralization and mining at different scales to maximize gold grades fed to the mill.“
Qualified Person Statements
Dr. Matthew Field (Pr. Sci. Nat), Manager – Resources at CSA Global is an independent “qualified person” under NI 43-101 and responsible for the MRE. Dr. Field has prepared and approved the scientific and technical information related to the MRE contained in this news release.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, and a “qualified person” under NI 43-101 has also reviewed and approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine; and other risk factors outlined in the Company’s public disclosure documents.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – May 3, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce the preliminary results from its PEA-level metallurgical test work at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project“). The results were produced from the recent metallurgical testing program completed by Base Metallurgical Laboratories in Kamloops, British Columbia under the overall supervision of Ausenco Engineering Canada Inc. (“Ausenco”).
Highlights:
Test work shows significantly increased gold recoveries from a flotation-regrind-leach process averaging:
93% recovery at Moss
98% recovery at East Coldstream
These results represent an 8% to 13% increase in gold recoveries from previously conducted standard leach test work.
Coarse bottle roll leach test results returned gold recoveries between 53% and 64%, which encourage investigation of a low recovery heap leach solution for low-grade mineralization that may bring gold production forward and reduce tailings.
President and CEO Brett Richards stated: “We are very pleased with the early results from the metallurgical test program, as recoveries have increased from the InnovExplo’s 2011 mineral resource estimate and subsequent 2013 preliminary economic assessment by 8%-13%. This detailed testing being undertaken will enhance the economics of our new mineral resource estimate due out in the near future; and the new preliminary economic assessment due to commence immediately thereafter. As well, these results also appear to provide early support for heap leaching the low-grade material, which positively changes the dynamics of an economic analysis.”
Technical Overview
Figure 1 shows the location of the samples that make up the metallurgical composites.
The metallurgical gold recovery test-work was conducted to assess the potential gold recoveries and potential process flowsheets for the Moss Gold Project, which include the Moss Gold Deposit (“Moss”) and East Coldstream Gold Deposit (“East Coldstream”). Testing started in early 2023 on composite and variability samples from the Main, QES and SW Zones at Moss, and from East Coldstream. The program included comminution testing, grind optimization for leaching and flotation, gravity concentration, and leach testing. Cyanide destruction and solid liquid separation testing are still ongoing and will be completed later in Q2 2023.
Gold Recovery Test Work Results Summary
The program evaluated 18 discrete composite samples representing the two gold deposits. Each composite consisted of multiple samples collected from diamond drill core and coarse rejects. Primary composites were selected for the Main / QES Zones (three samples), and one sample each for the SW Zone and East Coldstream deposits to reflect grade, spatial and lithological distributions. The composition of the primary pit composites was designed to have anticipated average grades that will be confirmed in a planned mineral resource estimate. Variability samples were selected to provide representation from higher grade shear zones and lower grade host rocks from the deposits.
Crushing and Grinding Testing
Comminution testing characterized sample hardness by Steve Morell Comminution (“SMC”) testing, Bond Rod Mill (“RWI”), Ball Mill Work Index (“BWI”) and Bond Abrasion Index (“Ai”) tests. Three samples from the Main QES deposit were used for this testing.
The results showed:
SMC Axb average value of 34.7, indicates the samples are competent.
Average RWI and BWI values of 18.4 and 19.5 (metric) respectively, considered hard to very hard range of hardness.
Average Ai value of 0.175 g, which is classified as low to moderately abrasive.
Gravity Concentration Testing
The Main and QES Zone composite samples were tested with the Extended Gravity Recoverable Gold protocol to determine their amenability to gravity concentration.
At full scale, this would be in the 10% to 15% gold recovery range.
Leach Testing
Coarse Particle Size Leach Tests
Intermittent bottle rolls leach tests were conducted on the samples at crush sizes of -6.25 mm and -2 mm to evaluate potential for heap leaching. Tests were run over 8 days with bottles rolled for 1 minute per hour.
The results showed:
Average leach extraction for the -6.25 mm crush size samples is 52.6% Au.
Average leach extraction for the -2 mm crush size samples is 64.2% Au.
Standard Leach Tests
Initial standard bottle rolls leach tests were completed on the primary composites from Main and QES Zones, over a range of grind sizes with 48 hours leaching and without gravity concentration prior to leaching. The results showed a weak relationship between grind size and recovery. As a result, a grind of 80% passing 100 microns was selected for further testing. The selected retention time was 48 hours. Gold leach extractions averaged 84% for these tests.
A total of 25 leach tests were conducted including initial screening tests and a bulk leach test (pending) that will generate sample for cyanide detox testing. The results showed:
Gold leach extractions ranging from 74% to 93%, averaging 83%, with final residue values of 0.08 g/t to 0.32 g/t gold, averaging 0.20 g/t gold.
Calculated gold head grades ranging from 0.40 g/t to 3.06 g/t gold, averaging 1.36 g/t gold.
Shear Zone samples and low-grade Intrusion domain samples showed similar leach extractions to higher grade shear zone samples, based on leach residue grades as a function of head grades.
Sodium cyanide consumption averaged 0.50 kg/t.
Flotation-Leach Tests
Testing was also completed using a flotation-leach flowsheet which includes:
Grinding to 80% passing 100 microns.
Flotation of a sulphide concentrate.
Concentrate regrind to 80% passing 15 microns followed by 48 hours leaching.
Flotation tailings leach without regrinding for 48 hours.
Results were positive with higher extractions than the standard leach tests. Key results include:
Sulphide concentrate mass recoveries averaged 11%, ranging from 5% to 19%.
Concentrate leach extractions averaged 96%, ranging from 92% to 98%.
Flotation tailings leach extractions averaged 76%, ranging from 69% to 90%.
Combined leach extractions averaged 93%, ranging from 87% to 98%.
Calculated gold head grades ranging from 0.60 g/t to 2.77 g/t gold, averaging 1.46 g/t gold.
Sodium cyanide consumption averaged 0.75 kg/t.
A summary of the results from the primary composites with the two flowsheets evaluated are shown in Table 1.
Table 1: Moss Project Primary Composite Leach Extractions Based on Flowsheet
Composite ID
Head Grade (Au g/t)
Recovery (Au%)
Whole Ore Leach
Flotation Leach
Main/QES West Composite
1.48
84
89
Main/QES Central Composite
0.53
80
87
Main/QES East Composite
1.98
86
96
Main/QES Combined Composite
1.14
82
93
Southwest Zone Composite
0.83
76
93
East Coldstream Composite
2.64
93
98
Plant recoveries will be estimated with typical plant losses for use in the planned mineral resource estimate.
Pete Flindell, VP Exploration for Goldshore, said, “These metallurgical test results affirm our belief that gold recoveries in the sulphide-bearing shear zone mineralization can be significantly improved by flotation, while the low sulphide-bearing low-grade intrusion domain mineralization may be amenable to heap leaching. Further test work is required to investigate the latter, but we have now established +90% gold recoveries for the bulk of the contained ounces at Moss and East Coldstream are achievable with a flotation-regrind-leach circuit.”
Qualified Persons
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company and Tommaso Roberto Raponi, P.Eng., an independent consultant with Ausenco Engineering Canada Inc., are both “Qualified Persons” as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) have reviewed and verified the scientific and technical information contained in this news release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
About Ausenco
Ausenco is a global diversified engineering, construction and project management company providing consulting, project delivery and asset management solutions to the resources, energy and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre-feasibility and feasibility studies for new project developments to project execution with EPCM and EPC delivery. Ausenco is currently engaged on a number of global projects with similar characteristics and opportunities to the Moss Gold Project.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, including gold recoveries, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Vancouver, British Columbia–(Newsfile Corp. – April 25, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its 100,000-meter drill program at the Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or “Moss Gold Deposit“).
Highlights:
Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have delineated multiple high-grade structures within the broader mineralized envelope with best intercepts of:
Drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. Mapping and geophysical data, together with historical scout drilling, show that mineralization continues intermittently for another 3 kilometers to the southwest and that many of the better targets are yet to be drilled.
With drilling recently completed, the Company is preparing an updated mineral resource expected in May (“May 2023 MRE“). The May 2023 MRE will use data from an additional 72 holes compared to the November 2022 mineral resource estimate (“November 2022 MRE“). Mineralization in the resource area remains open in multiple directions.
President and CEO Brett Richards stated: “These results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in early May 2023.
“These additional results highlighting the mineralization in the south-west zone augment the press release of April 20, 2023, and continue to expand the zone well outside the historical resource, still open in several directions and at depth. In addition to the May 2023 MRE, we still have 30 quality drill targets to be tested. These include gold, coppercobalt, and polymetallic prospects. We have drilled less than 10% of the identified targets on our land package and are currently building a plan to drill test the better targets. It will be an exciting period when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package.
“We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth and through several yet-to-be drilled parallel structures; and it is part of an overall 8-kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project is part of a much larger total project.”
Technical Overview
Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-23-116, -118A. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Location of drill holes in this release relative to the November 2022 MRE and $1,500 open pit shell constraint.
Figure 3: Drill section through holes MMD-23-116 and -118A showing the significant expansion of the mineralized model beneath the November 2022 MRE and $1,500 open pit shell constraint, which should add to mineral resources in the May 2023 MRE.
The Southwest Zone was previously considered to be a small fault-offset extension of the Main Zone. As a result, it was poorly drilled, which led to the definition of only a small open pit-constrained Mineral Resource (Figure 1 and 2).
Oriented core measurements from earlier drilling showed a significant change in strike of the Southwest Zone, revealing it to be 035º rather than the assumed 065º strike based on the known orientation of the Main and QES Zones. The nine holes reported herein were drilled perpendicular to the new strike to infill a poorly drilled volume in the center of the Southwest Zone at a closer spacing (30 meters) along each section to confirm the continuity of high-grade shears. This should enable greater confidence in the resource and an expansion of the open pit constraints at depth.
Holes MMD-22-111, MMD-23-116, -118A, and -119 intersected several high-grade shears (e.g., 0.65m @ 36.8 g/t Au in MMD-23-116) hosting quartz-carbonate veinlets with up to 3-5% pyritechalcopyrite within a strongly albite-hematite and silica-sericite-pyrite and carbonate altered diorite intrusion complex (Figure 4). The shears anastomose along the same orientation of the zone and trend beyond the area explored by historical drilling.
Holes MMD-22-107, -110, MMD-23-115, -117, -120 intersected wide intervals of low-grade mineralization within the altered intrusion containing localized narrow higher-grade shears. The results are similar to those encountered in the historic drilling and include:
0.58 g/t Au over 37.7m from 11.3m depth in MMD-22-107
0.41 g/t Au over 50.95m from 7.0m depth in MMD-22-110
0.38 g/t Au over 55.1m from 231.9m depth in MMD-23-116
0.43 g/t Au over 122.3 from 24.7m depth in MMD-23-117
0.58 g/t Au over 81.8 from 369.2m depth in MMD-23-118A
0.51 g/t Au over 122.8m from 116.0m depth in MMD-23-119 and
0.61 g/t Au over 33.2m from 447.85m depth
Hole MMD-22-107, -110, and -111 represent the most western holes drilled to date in the Southwest Zone, including historical drilling. They illustrate the continued potential to expand the Moss Gold Deposit beyond the original footprint with the newly understood orientation of the shear structures trending southwest of the historical exploration drilling. Gold has been intersected in scout drill holes over a further three kilometers along strike. Our airborne VTEM/magnetics data show that more favourable targets exist along this corridor in areas that have yet to be drilled.
Figure 4: Drill core from 416.4 – 417.05m (0.65 m @ 36.8 g/t Au) in MMD-23-116 highlighting a pyrite + chalcopyrite mineralized quartz-carbonate vein within the sheared, altered intrusion.
Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much better mineralized than historical drillholes suggested. They also show that the Moss Gold Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated.”
Table 1: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-107
11.30
49.00
37.70
24.4
0.58
0.58
including
25.30
30.70
5.40
3.5
2.93
2.93
97.10
101.80
4.70
3.2
0.40
0.40
113.20
122.45
9.25
6.3
0.35
0.35
175.20
177.50
2.30
1.6
0.95
0.95
193.60
201.50
7.90
5.5
0.33
0.33
210.10
217.00
6.90
4.9
0.30
0.30
222.05
225.50
3.45
2.4
0.43
0.43
236.00
251.00
15.00
10.7
0.32
0.32
334.00
344.00
10.00
7.5
0.65
0.65
including
334.00
336.00
2.00
1.5
1.77
1.77
MMD-22-110
7.00
57.95
50.95
33.3
0.41
0.41
73.05
83.55
10.50
7.0
0.35
0.35
88.15
97.00
8.85
6.0
0.38
0.38
104.45
112.00
7.55
5.2
0.53
0.53
127.00
132.90
5.90
4.1
0.49
0.49
166.00
169.00
3.00
2.1
0.39
0.39
174.00
182.00
8.00
5.7
0.68
0.68
202.95
208.00
5.05
3.6
0.35
0.35
241.80
255.00
13.20
9.8
0.31
0.31
273.60
277.00
3.40
2.5
0.82
0.82
301.00
319.00
18.00
13.6
0.57
0.57
including
315.05
319.00
3.95
3.0
1.83
1.83
336.00
342.00
6.00
4.6
0.34
0.34
379.00
388.00
9.00
7.1
1.37
1.37
including
379.00
381.00
2.00
1.6
4.02
4.02
MMD-22-111
83.00
101.15
18.15
12.6
0.30
0.30
102.80
109.60
6.80
4.8
0.31
0.31
115.40
122.90
7.50
5.3
0.60
0.60
133.00
148.90
15.90
11.5
0.51
0.51
161.70
166.00
4.30
3.1
0.32
0.32
180.00
184.10
4.10
3.0
0.42
0.42
231.00
240.85
9.85
7.4
0.30
0.30
290.00
293.00
3.00
2.3
0.50
0.50
375.30
392.20
16.90
13.5
1.47
1.47
including
386.00
391.60
5.60
4.5
3.88
3.88
including
391.00
391.60
0.60
0.5
16.1
16.1
456.00
458.05
2.05
1.7
0.32
0.32
487.90
490.00
2.10
1.7
0.36
0.36
MMD-23-115
56.00
77.60
21.60
15.2
0.48
0.48
88.40
97.35
8.95
6.3
0.69
0.69
including
93.40
96.00
2.60
1.8
1.50
1.50
111.00
113.25
2.25
1.6
0.50
0.50
120.30
132.60
12.30
8.7
0.53
0.53
207.00
210.00
3.00
2.2
0.42
0.42
215.00
219.00
4.00
2.9
0.66
0.66
241.60
251.00
9.40
7.0
0.32
0.32
257.00
259.55
2.55
1.9
0.33
0.33
280.20
282.50
2.30
1.7
0.44
0.44
MMD-23-116
65.00
67.00
2.00
1.4
0.55
0.55
176.00
178.00
2.00
1.5
0.32
0.32
221.15
226.70
5.55
4.2
0.33
0.33
231.90
287.00
55.10
42.8
0.38
0.38
297.30
307.00
9.70
7.6
0.44
0.44
316.60
348.40
31.80
25.3
0.47
0.47
359.00
377.00
18.00
14.4
0.58
0.58
including
374.00
377.00
3.00
2.4
1.61
1.61
400.85
437.85
37.00
30.1
1.34
1.46
including
405.55
418.60
13.05
10.6
3.25
3.59
including
416.40
417.05
0.65
0.5
30.0
36.8
MMD-23-117
24.70
147.00
122.30
82.7
0.43
0.43
including
45.00
47.00
2.00
1.3
2.22
2.22
and
67.05
71.00
3.95
2.7
1.30
1.30
and
106.00
114.00
8.00
5.5
1.79
1.79
165.65
182.75
17.10
11.8
0.41
0.41
217.35
258.00
40.65
28.5
0.35
0.35
including
217.35
219.40
2.05
1.4
1.86
1.86
307.00
310.00
3.00
2.1
0.45
0.45
353.00
388.00
35.00
25.3
0.31
0.31
404.65
414.10
9.45
6.9
0.99
0.99
including
404.65
412.90
8.25
6.0
1.03
1.03
446.00
448.00
2.00
1.5
0.62
0.62
MMD-23-118A
35.85
45.00
9.15
5.5
0.88
0.88
101.00
109.00
8.00
5.1
0.96
0.96
202.00
220.00
18.00
12.3
0.31
0.31
241.30
249.10
7.80
5.4
0.30
0.30
261.05
279.00
17.95
12.6
0.68
0.68
including
271.55
274.10
2.55
1.8
3.66
3.66
290.20
310.00
19.80
14.1
0.67
0.67
including
306.90
309.00
2.10
1.5
1.79
1.79
369.20
451.00
81.80
60.7
0.58
0.58
including
374.80
379.00
4.20
3.1
1.03
1.03
and
389.45
391.90
2.45
1.8
1.45
1.45
and
409.00
423.00
14.00
10.4
1.63
1.63
461.95
467.10
5.15
3.9
0.59
0.59
483.00
485.00
2.00
1.5
2.44
2.44
495.05
516.55
21.50
16.4
0.37
0.37
MMD-23-119
84.75
96.00
11.25
7.8
0.30
0.30
116.00
238.80
122.80
87.8
0.51
0.51
including
157.00
167.95
10.95
7.8
1.97
1.97
including
165.20
165.90
0.70
0.5
19.4
19.4
and
189.80
192.95
3.15
2.3
1.48
1.48
305.00
329.50
24.50
18.2
0.41
0.41
362.00
365.05
3.05
2.3
0.51
0.51
414.00
417.00
3.00
2.3
0.43
0.43
431.20
437.20
6.00
4.6
0.31
0.31
439.00
441.05
2.05
1.6
0.32
0.32
447.85
481.05
33.20
25.6
0.61
0.61
including
479.00
481.05
2.05
1.6
3.45
3.45
508.00
514.40
6.40
5.0
0.58
0.58
MMD-23-120
12.90
31.95
19.05
12.4
0.59
0.59
43.65
61.10
17.45
11.4
0.30
0.30
63.00
125.00
62.00
40.9
0.32
0.32
137.85
154.30
16.45
11.0
0.33
0.33
165.90
170.00
4.10
2.7
0.37
0.37
175.00
178.85
3.85
2.6
0.80
0.80
208.20
211.55
3.35
2.3
0.43
0.43
241.15
263.20
22.05
15.2
0.30
0.30
276.00
282.10
6.10
4.2
0.61
0.61
352.00
377.00
25.00
17.7
0.47
0.47
including
368.00
370.05
2.05
1.5
1.15
1.15
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MMD-22-107
668,208
5,378,030
442
127°
-50°
450
MMD-22-110
668,166
5,378,056
448
126°
-50°
402
MMD-22-111
668,147
5,378,114
445
143°
-50°
552
MMD-23-115
668,388
5,378,145
429
125°
-45°
324
MMD-23-116
668,387
5,378,392
446
124°
-49°
525
MMD-23-117
668,334
5,378,203
435
124°
-49°
450
MMD-23-118a
668,375
5,378,401
444
126°
-54°
552
MMD-23-119
668,277
5,378,239
447
126°
-50°
525
MMD-23-120
668,255
5,378,123
436
125°
-49°
450
Analytical and QA/QC Procedures
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).
In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Grant of Stock Options and RSUs
In addition, the Company announces that it has granted a total of 4,100,000 stock options (“Options“) to purchase common shares of the Company to certain directors, officers, employees and consultants. Such Options are exercisable into common shares of the Company at an exercise price of $0.25 per common share for a period of five years from the date of grant. Of the Options, 3,900,000 will vest 1/3 on October 24, 2023, 1/3 on October 24, 2024, and 1/3 on October 24, 2025; and 200,000 will vest 1/3 immediately and 1/3 annually thereafter. All Options expire on April 24, 2028.
The Company has also issued a total of 1,673,968 restricted share units (“RSUs“) to certain directors and officers of the Company. The RSUs will fully vest on the date that is one year from the date of grant. Once vested, each RSU represents the right to receive one common share of the Company, the equivalent cash value thereof, or a combination of the two, at the Company’s discretion. The grant of Options and issuance of RSUs have been made in accordance with the Company’s Omnibus Incentive Plan (the “Plan“) that was approved by the Company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders of the Company at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan will also be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the Company.
In addition, certain directors and officers of the Company have agreed to forgive an aggregate of $168,833 of debt, representing accrued consulting fees incurred during the period from January 2023 to March 2023 and directors’ fees incurred during the period from July 2022 to March 2023.
About Goldshore
Goldshore is an emerging junior gold development company and owns 100% of the Moss Gold Project located in Ontario, with Wesdome Gold Mines Ltd. being a large shareholder. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
For More Information – Please Contact:
Brett A. Richards President, Chief Executive Officer and Director Goldshore Resources Inc.
This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
