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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.
Vancouver, British Columbia–(Newsfile Corp. – April 20, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its recently completed drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Gold Project“).
Highlights:
Results from seven holes testing the extension of the Southwest Zone toward the Main Zone have delineated a new high-grade lens, including visible gold, northeast of the Southwest Zone resource that extends from surface to at least 250 meters depth with best intercepts of:
6.96 g/t Au over 15.05m from 189.4m depth in MMD-22-105, including
54.4 g/t Au over 1.6m from 189.4m
2.17 g/t Au over 50.35m from 103.55m depth in MMD-23-114, including
3.47 g/t Au over 26.05m from 120.35m
1.30 g/t Au over 21.35m from 214m depth in MMD-22-108, including
2.60 g/t Au over 7.35 from 228.0m
These drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. They also show that the Southwest Zone extends to depth and is potentially as large as the Main Zone.
With drilling recently completed, the Company is preparing an updated mineral resource expected in May. The updated resource will use data from an additional 72 holes compared to the November 2022 resource. Mineralization in the resource area remains open in multiple directions.
President and CEO Brett Richards stated: “These results continue to support our belief that the size and scale of the Moss Gold Project is much larger and continues to be open at all directions, along strike both to the northeast and southwest, as well as our understanding of lateral mineralized targets to the south-east of the Southwest Zone and the Main Zone. For now, we have halted the program to step back; understand the quantum of this resource, and prepare for a mineral resource update in early May, we can now see a viable path to a meaningful project PEA (preliminary economic analysis). We look forward to those results in the coming months, as we start to plan for an infill drilling program working towards a pre-feasibility study in the future.”
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-22-105, -108 and -109. 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 resource model and $1500 open pit shell constraint
Figure 2: insert close up of Southwest Zone with significant intercepts relative to the November 2022 resource model and $1500 open pit shell constraint
Figure 3: Drill section through holes MMD-22-105, -108 and -109 showing the significant expansion of the mineralized model beneath the November 2022 resource model and $1500 open pit shell constraint, which should add to mineral resources in the upcoming update
Continued infill of the Southwest Zone has delineated a new continuous high-grade structure over a 250m strike length from near surface to 200m depth immediately northeast of the historical Southwest Zone. Holes MMD-22-105, -108, -109 and MMD-23-113, and -114 intersected this structure along with previously released holes MMD-22-031, -042, -063, and -064. The newly understood zone orientation was tested against the phase 1 drill results and confirmed the continuity of the high-grade structures controlling the mineralization.
The mineralized zone occurs within an albitite+hematite altered diorite intrusion complex cut by closely spaced, texturally destructive sericite+chlorite+carbonate altered shears. Additional shearing, and subsequent alteration, is seen extending into the neighboring intermediate volcanics but is poorly mineralized.
The gold mineralization appears more nuggety than elsewhere in the deposit with a greater portion of the mineralization attributed to pyrite±chalcopyrite bearing quartz-carbonate veins within the sheared intervals. Mineralization includes visible gold (Figure 4). Several very high-grade intercepts include:
54.4 g/t Au over 1.6m from 189.4m depth in MMD-22-105
11.3 g/t Au over 0.5m from 147.7m depth in MMD-22-108 and
11.5 g/t Au over 0.7m from 232.35m
10.6 g/t Au over 0.95m from 323.3m depth in MMD-23-112
19.0 g/t Au over 0.65m from 54m depth in MMD-23-114 and
22.9 g/t Au over 1m from 128m depth and
14.4 g/t Au over 1m from 137m depth
Holes MMD-22-109 and MMD-23-113 intersected the high-grade structure but encountered lesser vein mineralization resulting in more modest grade intercepts including:
0.44 g/t Au over 81.2m from 298.8m depth in MMD-22-109, including
1.08 g/t Au over 8.60m from 335.35m
0.63 g/t Au over 29.5m from 129.55m depth in MMD-23-113, including
4.76 g/t Au over 2.0m from 140.0m and
0.51 g/t Au over 58m from 204.0m depth, including
1.92 g/t Au over 4.0m from 205.0m and
1.84 g/t Au over 3.0m from 229.0m
Holes MMD-22-106, and MMD-23-112 were focused on infilling the drill spacing of the existing Southwest Zone. All three holes intercepted broad zones of mineralization hosted primarily within altered granodiorite containing narrow higher grade shear zones. Best intercepts include:
0.47 g/t Au over 63m from 277m depth in MMD-22-106
0.61 g/t Au over 41.25m from 232m depth in MMD-23-112
0.39 g/t Au over 53.5m from 301m depth in MMD-23-112
Figure 1: Visible gold flake within a quartz-carbonate-pyrite vein at 190.42m (1.6m @ 54.4 g/t Au) in MMD-22-105 within the sheared, altered intrusion of the Southwest zone. Note that this photo is not intended to be representative of broader mineralization on the Moss Lake Gold Project.
Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much larger and better mineralized than historical drillholes suggested; and is potentially as large as the Main Zone. We await the results from the final batch of assays that are expected to provide critical infill beneath the heart of the Southwest Zone.”
Table 1: Significant downhole gold intercepts
HOLEID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MMD-22-105
45.00
48.00
3.00
2.3
0.33
0.33
62.00
66.45
4.45
3.5
0.34
0.34
117.55
125.00
7.45
6.0
0.38
0.38
189.40
204.45
15.05
12.5
3.64
6.96
including
189.40
191.00
1.60
1.3
30.0
54.4
MMD-22-106
165.00
187.00
22.00
15.7
0.33
0.33
204.20
229.00
24.80
18.0
0.50
0.50
256.00
263.00
7.00
5.2
0.34
0.34
277.00
292.40
15.40
11.5
0.37
0.37
299.20
340.00
40.80
30.9
0.59
0.59
including
325.00
335.00
10.00
7.6
1.17
1.17
353.15
384.00
30.85
23.9
0.61
0.61
including
359.00
368.70
9.70
7.5
1.08
1.08
MMD-22-108
126.55
133.15
6.60
4.7
0.36
0.36
143.55
168.00
24.45
17.6
0.62
0.62
including
143.55
148.20
4.65
3.3
1.99
1.99
including
147.70
148.20
0.50
0.4
11.3
11.3
190.80
196.25
5.45
4.0
0.31
0.31
214.00
235.35
21.35
15.9
1.30
1.30
including
215.40
218.00
2.60
1.9
1.10
1.10
and
228.00
235.35
7.35
5.5
2.60
2.60
including
232.35
233.05
0.70
0.5
11.5
11.5
319.00
322.15
3.15
2.5
0.37
0.37
MMD-22-109
238.35
244.00
5.65
4.1
0.52
0.52
271.00
274.00
3.00
2.2
0.37
0.37
298.80
380.00
81.20
61.2
0.44
0.44
including
335.35
343.95
8.60
6.5
1.08
1.08
395.10
404.65
9.55
7.4
0.39
0.39
MMD-23-112
103.35
106.85
3.50
2.5
0.38
0.38
118.00
138.00
20.00
14.3
0.39
0.39
179.00
182.00
3.00
2.2
0.57
0.57
207.00
218.90
11.90
8.9
1.17
1.17
including
207.00
215.00
8.00
6.0
1.63
1.63
232.00
273.25
41.25
31.5
0.61
0.61
287.10
290.10
3.00
2.3
0.33
0.33
301.00
309.00
8.00
6.3
0.32
0.32
313.00
354.05
41.05
32.8
0.42
0.42
including
323.00
325.60
2.60
2.1
4.41
4.41
including
323.30
324.25
0.95
0.8
10.6
10.6
368.00
370.00
2.00
1.6
0.71
0.71
423.85
428.50
4.65
3.8
0.33
0.33
462.00
472.75
10.75
9.0
0.56
0.56
526.80
532.00
5.20
4.4
0.37
0.37
MMD-23-113
18.00
42.00
24.00
16.2
0.42
0.42
including
31.00
34.00
3.00
2.0
1.55
1.55
129.55
132.00
2.45
1.8
0.41
0.41
136.00
165.50
29.50
21.6
0.63
0.63
including
140.00
142.00
2.00
1.5
4.76
4.76
204.00
262.00
58.00
44.5
0.51
0.51
including
205.00
209.00
4.00
3.0
1.92
1.92
and
229.00
232.00
3.00
2.3
1.84
1.84
274.00
276.00
2.00
1.6
0.33
0.33
289.00
291.00
2.00
1.6
0.31
0.31
332.00
334.30
2.30
1.8
0.82
0.82
MMD-23-114
30.00
32.25
2.25
1.7
0.33
0.33
40.65
62.65
22.00
16.3
0.78
0.78
including
54.00
54.65
0.65
0.5
19.0
19.0
103.55
153.90
50.35
38.8
2.17
2.17
including
120.35
146.40
42.85
20.0
3.47
3.47
including
128.00
129.00
1.00
0.8
22.9
22.9
and
137.00
138.00
1.00
0.8
14.4
14.4
183.00
189.85
6.85
5.4
0.36
0.36
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-22-105
668,498
5,378,484
438
110°
-41°
249
MMD-22-106
668,438
5,378,379
440
126°
-50°
450
MMD-22-108
668,524
5,378,519
437
125°
-50°
450
MMD-22-109
668,466
5,378,591
427
125°
-51°
501
MMD-23-112
668,172
5,378,186
443
125°
-50°
600
MMD-23-113
668,494
5,378,469
438
126°
-50°
450
MMD-23-114
668,533
5,378,424
428
123°
-44°
402
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.
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 22% 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 Lake 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.
Vancouver, British Columbia–(Newsfile Corp. – April 5, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that, further to its news release dated March 23, 2023 and due to strong investor demand, it is increasing the size of its previously announced brokered private placement offering (the “Offering“) to up to $6,000,000 aggregate gross proceeds of securities of the Company (the “Offered Securities“). The Offering is being conducted by Research Capital Corporation and Eventus Capital Corp., as co-lead agents and joint bookrunners (the “Lead Agents“), on their own behalf and on behalf of a syndicate of agents, including Laurentian Bank Securities Inc., Canaccord Genuity Corp., and Haywood Securities Inc. (together with the Lead Agents, the “Agents“). The Offering consists of the following Offered Securities:
units of the Company (each, a “Unit“) at a price of $0.17 per Unit, comprised of one common share of the Company (each, a “Common Share“) and one-half common share purchase warrant (each whole warrant, a “Warrant“); and
flow-through units of the Company (each, a “FT Unit“) at a price of $0.195 per FT Unit, comprised of one Common Share that will qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “Tax Act“) and one-half of one Warrant.
Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.25, for a period of 24 months following the Closing Date (as defined below).
The Company has granted the Agents an option (the “Agents’ Option“), which allows the Agents to offer up to an additional 15% of the Offering, on the same terms as the Offered Securities. The Agents’ Option may be exercised in whole or in part at any time prior to the Closing Date of the Offering.
The Company intends to use the net proceeds raised from the sale of Units for working capital and future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada.
The gross proceeds from the issuance of the FT Units will be used for “Canadian Exploration Expenses” within the meaning of the Tax Act (the “Qualifying Expenditures“), which will be renounced with an effective date no later than December 31, 2023 to the purchasers of the FT Units in an aggregate amount not less than the gross proceeds raised from the issue of FT Units. If the Qualifying Expenditures are reduced by the Canada Revenue Agency, the Company will indemnify each subscriber of FT Units for any additional taxes payable by such subscriber as a result of the Company’s failure to renounce the Qualifying Expenditures.
The Offering is scheduled to close on or about the week of April 12, 2023 (the “Closing Date“), or on such date as agreed upon between the Company and the Lead Agents, and is subject to the receipt of all necessary regulatory and other approvals, including, but not limited to, the approval of the TSX Venture Exchange. The Offered Securities will be subject to a hold period of four months and one day from the Closing Date in accordance with applicable securities laws.
The Company has agreed to pay to the Agents a cash commission equal to 6% of the gross proceeds of the Offering, subject to a reduction for certain orders on a “president’s list”. In addition, the Company has agreed to issue to the Agents compensation warrants of the Company exercisable for a period of 24 months, to acquire in aggregate that number of common shares of the Company which is equal to 6% of the number of Offered Securities sold under the Offering, subject to a reduction for certain orders on a “president’s list”.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Securities for Debt Transaction
The Company also announces that it has entered into an agreement to settle certain outstanding accounts payable in the aggregate amount of $513,157.18 (the “Debt“) owing to a creditor (the “Creditor“) through the issuance of 3,018,572 units (the “Debt Settlement Units“) at a deemed price of $0.17 per Unit (the “Securities for Debt Transaction“). The Debt Settlement Units will have the same terms as the Units issued pursuant to the Offering.
No new control person or insider of the Company will be created pursuant to the Securities for Debt Transaction. This is an arm’s length transaction.
The Company is proposing to issue the Debt Settlement Units to preserve cash to fund future operations. The Company’s board of directors believes that the Securities for Debt Transaction is necessary to provide the Company with a clean balance sheet to attract new capital and provide adequate hard dollar working capital into the second half of 2023.
The issuance of securities pursuant to the Securities for Debt Transaction is subject to the approval of the TSX Venture Exchange. All securities issued will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue.
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 the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 22% equity position in the Company. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake 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. These forward‐looking statements or information relate to, among other things: receipt of all approvals related to the Offering; the intended use of proceeds from the Offering; the expected Closing Date of the Offering; the incurrence of Qualifying Expenditures; and exploration and development activities at the Company’s properties.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the expected closing date of the Offering, 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.
Significant Mineralization Outlined 13km Northeast of the Moss Lake Deposit
Vancouver, British Columbia–(Newsfile Corp. – February 27, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Results from the second half of the East Coldstream Phase One drill program have confirmed the potential for significant high-grade shears within East Coldstream, approximately 13 kilometers northeast of the Moss Lake Deposit. Best intercepts include:
3.49 g/t Au over 26.35m from 76.85m depth in CED-22-010, including
5.64 g/t over 15.65m from 87.55m
1.12 g/t Au over 21.9m from 206.5m
1.07 g/t Au over 31.0m from 288.0m depth in CED-22-011 and
1.48 g/t Au over 18.45m from 357.0m, including
4.68 g/t Au over 4.85m from 370.6m
0.94 g/t Au over 25.05m from 218.95m depth in CED-22-014, including
1.10 g/t Au over 16.0m from 226.0m
1.23 g/t Au over 35.15m from 338.45m depth in CED-22-017, including
2.19 g/t Au over 11.55m from 338.45m
In addition to the Moss Lake Deposit, the upcoming mineral resource estimate update will include the East Coldstream deposit. In support of this, a 3D wireframe of the mineralization constraining alteration domain has been developed utilizing both current and historical drilling data.
President and CEO Brett Richards stated: “These results at East Coldstream continue to support our thesis that the size and scale of the entire Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate in April 2023, with East Coldstream sequencing into the mine plan in a preliminary economic assessment as a satellite pit. We look forward to the continuing catalysts to the Moss Lake Gold Project in an effort to demonstrate the true value of the assets.”
Technical Overview
Figure 1 shows the location of East Coldstream relative to Moss Lake in addition to the now formally identified gold and copper prospects controlled by Goldshore Resources. Figure 2 shows the better intercepts in plan view, and Figure 3 is a typical section through holes CED-22-013 to -015 and -017. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Plan showing location of Moss Lake and East Coldstream deposits relative to the prospective Central Domain (from geophysics survey) and field-developed prospects.
Results have been received for the eight remaining holes from the Phase One East Coldstream drill program completed in the Summer of 2022.
All holes intersected visually distinct silica, carbonate, and hematite alteration zones hosted in basalt flows – historically been referred to as the “Coldstream Basalt” – that host much of the gold mineralization (Figure 4). This alteration also overprints and locally mineralizes quartz feldspar porphyry sills and gabbro intrusions where they are intersected by shear zones. The altered intrusions are significantly less “visual” than the Coldstream Basalt, which resulted in inconsistent sampling of historical drill core. Infill sampling of intervals within the modelled alteration domain represents an opportunity to expand mineralization. This is planned for the summer.
Goldshore has wireframed shear zone-hosted alteration domains (Figure 5) ahead of a mineral resource update planned for the second quarter. This consists of two major altered shear zones – Main Lens and North Lens – and four minor altered shear zone splays. The Main Lens has been historically split into the Main Lens and Sanders Lens however these two lenses are now understood to be the same zone split by a late Proterozoic diabase dyke.
To evaluate the historical drilling, hole CED-22-010 was drilled as a twin of hole C-10-23 in the core of the East Coldstream deposit where both holes intersected two shear-controlled Lenses. In the North Lens, CED-22-010 and C-10-23 intersected 1.81 g/t Au over 54.6m from 76.85m versus 1.35 g/t Au over 54.2m from 80.4m, respectively. In the South Lens, CED-22-010 intersected 0.56 g/t Au over 51.5m from 206.5m versus 0.55 g/t Au over 34.7m from 196.6m, respectively. This represents a 34% higher grade over similar widths in the North Lens and a 48% increase in width with similar grades in the South Lens in the current drill hole.
The East Coldstream deposit also contains a broad, low-grade mineralized envelope within the alteration domain. Examples include 0.54 g/t Au over 27.5.0m from 562.5m in CED-22-009; 0.56 g/t Au over 51.5m from 206.5m depth in CED-22-010; 0.33 g/t Au over 32.0m from 315m in CED-22-012; 0.72 g/t Au over 18.1m from 182.05m in CED-22-013; 0.69 g/t Au over 25.05m from 254.95m in CED-22-014; and 0.85 g/t Au over 17.4m from 190.6m in CED-22-015.
Figure 4: Core box photos of CED-22-010 intercept in the North Lens – 3.49 g/t Au over 26.35m from 76.85m depth (yellow box) including 5.64 g/t over 15.65m from 87.55m.
Note that these photos are not intended to be representative of broader mineralization on the Moss Lake Gold Project.
Pete Flindell, VP Exploration for Goldshore, said “These drill results show that East Coldstream, which is well constrained by altered and mineralized shears, may be significantly larger than previously understood. Our focus will now be on developing a mineral resource based around the high-grade shears and their low-grade envelopes, which will form an important satellite to the Moss Lake Gold Project approximately 13 kilometers to the southwest.”
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)
CED-22-009
497.00
511.65
14.65
11.5
0.58
0.58
including
497.00
501.00
4.00
3.1
1.20
1.20
562.50
590.00
27.50
22.5
0.54
0.54
including
572.50
581.00
8.50
7.0
1.44
1.44
CED-22-010
76.85
103.20
26.35
16.6
3.49
3.49
including
87.55
103.20
15.65
9.9
5.64
5.64
123.30
131.45
8.15
5.2
0.81
0.81
including
123.30
125.45
2.15
1.4
1.58
1.58
166.00
176.50
10.50
6.8
0.59
0.59
187.00
191.00
4.00
2.6
0.56
0.56
206.50
258.00
51.50
34.5
0.56
0.56
including
206.50
228.40
21.90
14.5
1.12
1.12
CED-22-011
248.40
251.75
3.35
2.0
1.49
1.49
including
248.40
251.00
2.60
1.6
1.73
1.73
284.50
324.60
40.10
24.8
0.91
0.91
including
288.00
319.00
31.00
19.1
1.07
1.07
339.00
344.50
5.50
3.5
0.70
0.70
357.00
375.45
18.45
11.8
1.48
1.48
including
370.60
375.45
4.85
3.1
4.68
4.68
400.40
413.90
13.50
8.8
0.54
0.54
including
400.40
404.45
4.05
2.6
1.25
1.25
CED-22-012
315.00
347.00
32.00
20.7
0.33
0.33
362.80
367.00
4.20
2.8
0.57
0.57
376.80
381.05
4.25
2.8
0.52
0.52
CED-22-013
119.00
121.00
2.00
1.5
1.14
1.14
137.65
149.85
12.20
9.1
0.41
0.41
182.05
200.10
18.05
13.9
0.72
0.72
including
182.05
194.40
12.35
9.5
1.02
1.02
CED-22-014
31.00
33.00
2.00
0.9
0.96
0.96
119.00
133.00
14.00
6.5
0.39
0.39
218.95
244.00
25.05
12.5
0.94
0.94
including
226.00
242.00
16.00
8.0
1.10
1.10
254.95
259.00
4.05
2.0
0.36
0.36
264.00
280.00
16.00
8.1
0.95
0.95
including
271.00
277.00
6.00
3.1
1.68
1.68
CED-22-015
9.00
11.00
2.00
1.3
0.70
0.70
21.00
23.00
2.00
1.3
0.42
0.42
31.00
33.00
2.00
1.3
0.33
0.33
118.00
120.00
2.00
1.4
0.31
0.31
190.60
208.00
17.40
12.6
0.85
0.85
including
190.60
195.80
5.20
3.7
1.20
1.20
and
206.00
208.00
2.00
1.4
1.95
1.95
CED-22-017
212.80
221.00
8.20
6.3
0.53
0.53
284.00
286.00
2.00
1.6
0.68
0.68
298.00
305.00
7.00
5.7
0.69
0.69
338.45
373.60
35.15
29.6
1.23
1.23
including
338.45
350.00
11.55
9.7
2.19
2.19
and
362.90
373.60
10.70
9.1
1.28
1.28
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. Bordered 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
CED-22-009
680,767
5,386,281
484
341°
-50°
599.95
CED-22-010
679,898
5,386,424
475
161°
-53°
315.00
CED-22-011
679,945
5,386,526
480
155°
-57°
642.00
CED-22-012
679,945
5,386,526
480
180°
-54°
600.00
CED-22-013
680,560
5,386,569
485
340°
-50°
300.00
CED-22-014
680,561
5,386,569
485
341°
-65°
450.00
CED-22-015
680,598
5,386,576
486
340°
-50°
300.00
CED-22-017
680,641
5,386,434
478
341°
-49°
456.00
Approximate collar coordinates in NAD 83, Zone 15N
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.
Director Resignation
Doug Ramshaw has announced he will step down from the Board of Directors of the Company at the end of February 2023. Doug was instrumental in the formation of Goldshore and the preliminary launch of the initial public offering in June 2021, and is stepping down to dedicate greater time to Minera Alamos and other ventures he is involved in.
President and CEO Brett Richards stated: “Doug’s exceptional contribution to the Goldshore Board has been a testament to the broad investor awareness created around the Company’s launch and on-going development. I personally have thoroughly enjoyed working with Doug over the last two years, as he has been sound counsel to myself and the Board, and on behalf of all of us on the Board, we wish Doug the very best in his future endeavors.”
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% 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 Lake 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 Lake Gold Project, the release and timing of an updated mineral resource estimate, 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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Widths of Mineralized System Expanded Significantly
Vancouver, British Columbia–(Newsfile Corp. – February 2, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).
Highlights:
Hole MMD-22-063 has confirmed the presence of high-grade mineralization within the previously perceived low grade and low tonnage Southwest Zone and shown the zone to be almost 300 meters wide. Best intercepts include:
1.60 g/t Au over 57.5m from 230.5m depth in MMD-22-063 including:
9.46 g/t Au over 7.45m from 234.0m
1.18 g/t Au over 18.25m from 387.75m
Results for thirteen holes drilled to explore the northern and southern flanks of the mineralized shear zone system in the Main Zone have expanded the cumulative width of multiple, close-spaced, high-grade gold shears by 150-200 meters to over 550 meters at the Main Zone with best intercepts of:
0.93 g/t Au over 126.0m from 467.0m depth in MMD-22-059 including:
1.64 g/t over 48.0m from 513.0m
3.67 g/t Au over 13.65m from 612.35m
1.05 g/t Au over 34.0m from 257.0m depth in MMD-22-088 including:
1.51 g/t Au over 15.0m from 276.0m
1.84 g/t Au over 14.95m from 483.05m
President and CEO, Brett Richards, stated: “These results once again support our thesis that the size and scale of the Moss Lake Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate (“MRE”) in April 2023, followed by a preliminary economic assessment (“PEA”) on the updated resource. We continue to find additions to the resource on step out holes laterally and along strike from the historic resource profile, and we look to continue to explore the impact of these additions to the resource model, as well as guiding us in future drill targets.”
Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-063. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to the current Mineral Resource and highlighting the additional shears.
Figure 2: Drill section through MMD-22-063 relative to the current Mineral Resource and highlighting the additional shears and potential to significantly deepen the open pit shell.
Results have been received for MMD-22-063, which was the final hole from the first pass drill pattern at the Southwest Zone. The hole infills two previous holes and has shown that there is continuity to the high-grade core of the zone. In addition to the high-grade lenses highlighted above, the hole also intersected multiple lenses of lower grade mineralization throughout the hole including 0.58 g/t Au over 23.2m from 27.9m, 0.81 g/t Au over 20.6m from 355m, and 0.55 g/t Au over 7.95m from 417.05m. These confirm the increased tonnage potential in the Southwest Zone with mineralization above the low-grade cutoff of 0.40 g/t Au used for the current mineral resource estimate over a zone that is almost 300 meters wide.
A second pass drill pattern over the Southwest zone was completed in January, infilling the newly discovered high-grade shears and exploring for additional shears.
Results have also been received for thirteen holes that have explored the edges of the Main Zone on its northern and southern flanks. Six holes targeted the northern side of the shear system, and seven holes targeted the southern side. These holes intersected high-grade shears over a zone that is 200 meters wider than previously understood, making the main zone over 550 meters wide at its widest point.
As with the center of the Main Zone, these shears lie within broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.84 g/t Au over 37m from 608m in MQD-22-058; 0.33 g/t Au over 35.65m from 231.35m, 0.42 g/t Au over 34m from 273m and 0.86 g/t Au over 126m from 467m in MMD-22-059; 0.58 g/t Au over 75m from 543.5m in MMD-22-060; 0.91 g/t Au over 33m from 257m in MMD-22-088; 0.58 g/t Au over 75m from 422m in MMD-22-089; 0.39 g/t Au over 40.5m from 453.8m in MQD-22-091; and 0.72 g/t Au over 15m from 207 in MMD-22-095.
The shears in the north and south were sparsely drilled by historical drill holes and represent opportunity to potentially expand the mineral resource and to properly understand the mineralizing system.
A detailed review of current and previous high-grade intercepts has identified various gold, silver, and bismuth bearing tellurides across all three zones of the Moss Lake Gold Project deposit. The tellurides have been located within pyrite±-chalcopyrite bearing quartz-chlorite-carbonate veins and sulphide-rich hydrothermal breccias previously identified in the vein paragenesis to be emplaced near the end of deformational history. Identifying and outlining the late structural events will allow for enhanced targeting of the high-grade portions of Moss Lake Gold Project and will assist in refining generative targets by focusing on preferred horizons for these structures to occur.
Figure 3: Tellurides identified at 234.1m of MQD-21-009 within a py+cpy bearing undulating qt+ch±cb shear vein. The sample yielded 39.7g/t Au, 73.7g/t Ag, 63.5g/t Te over 0.9m.
Pete Flindell, VP Exploration for Goldshore, said, “The high-grade drill results in the Southwest Zone provide confidence that this area has significant resource potential. The results along the northern and southern flanks of the Main Zone also represent a significant expansion to the width of the mineralized zone, which should assist our goal of potentially expanding the mineral resource and improving its quality in early Q2.”
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-22-058
314.00
321.00
7.00
4.1
0.41
0.41
374.90
392.30
17.40
10.3
0.36
0.36
466.00
468.30
2.30
1.4
0.38
0.38
491.70
505.00
13.30
8.1
0.39
0.39
517.00
519.00
2.00
1.2
0.35
0.35
553.45
574.45
21.00
13.3
0.37
0.37
593.00
595.00
2.00
1.3
0.37
0.37
608.00
645.00
37.00
23.9
0.87
0.87
including
614.00
621.00
7.00
4.5
1.40
1.40
and
628.00
636.00
8.00
5.2
1.04
1.04
and
641.00
645.00
4.00
2.6
1.54
1.54
MMD-22-059
231.35
307.00
75.65
51.8
0.36
0.36
including
236.00
239.20
3.20
2.2
1.01
1.01
and
280.00
284.00
4.00
2.7
1.45
1.45
342.00
348.00
6.00
4.2
0.36
0.36
361.00
392.00
31.00
22.0
0.36
0.36
467.00
593.00
126.00
92.3
0.93
0.93
including
475.60
484.70
9.10
6.6
1.50
1.50
and
504.65
509.30
4.65
3.4
1.08
1.08
and
513.00
561.00
48.00
35.3
1.64
1.64
612.35
626.00
13.65
10.2
2.56
3.67
MMD-22-060
95.20
102.00
6.80
3.5
0.40
0.40
336.95
346.00
9.05
5.1
0.31
0.31
361.10
379.00
17.90
10.2
0.70
0.70
including
364.00
368.10
4.10
2.3
2.14
2.14
475.80
481.10
5.30
3.1
0.39
0.39
543.50
569.00
25.50
16.1
0.79
0.79
584.00
592.15
8.15
5.2
0.46
0.46
MMD-22-061
113.55
121.00
7.45
3.9
0.30
0.30
125.25
130.00
4.75
2.5
0.31
0.31
213.00
216.40
3.40
1.9
0.38
0.38
234.95
237.00
2.05
1.1
0.46
0.46
331.65
343.30
11.65
6.7
0.58
0.58
449.00
455.10
6.10
3.6
0.39
0.39
460.00
462.00
2.00
1.2
0.64
0.64
570.00
593.00
23.00
14.5
0.31
0.31
MMD-22-063
27.90
51.10
23.20
15.0
0.58
0.58
including
39.00
41.95
2.95
1.9
1.45
1.45
165.00
169.00
4.00
2.7
0.53
0.53
230.50
288.00
57.50
42.0
1.60
1.60
including
234.00
241.45
7.45
5.4
9.46
9.46
328.00
330.00
2.00
1.5
0.89
0.89
355.00
375.60
20.60
15.5
0.81
0.81
including
357.00
360.00
3.00
2.2
3.57
3.57
and
373.00
375.60
2.60
2.0
1.28
1.28
387.75
406.00
18.25
13.8
1.18
1.18
417.05
425.00
7.95
6.0
0.55
0.55
544.00
546.00
2.00
1.6
0.31
0.31
MMD-22-068
17.15
23.00
5.85
2.9
0.34
0.34
307.00
327.00
20.00
11.8
0.42
0.42
337.10
341.40
4.30
2.5
0.45
0.45
347.95
350.55
2.60
1.5
0.44
0.44
361.00
376.00
15.00
9.0
0.61
0.61
including
370.00
373.00
3.00
1.8
1.78
1.78
570.40
581.30
10.90
7.1
0.32
0.32
625.55
672.00
46.45
31.3
0.35
0.35
MMD-22-069
57.00
63.00
6.00
3.3
0.77
0.77
266.50
276.00
9.50
6.5
0.52
0.52
525.00
530.00
5.00
3.5
0.35
0.35
540.15
545.00
4.85
3.4
0.45
0.45
567.00
569.95
2.95
2.1
0.61
0.61
581.90
588.20
6.30
4.5
0.32
0.32
MMD-22-071
629.85
633.80
3.95
3.0
0.45
0.45
MMD-22-084
194.00
213.15
19.15
14.9
0.53
0.53
including
198.00
203.00
5.00
3.9
1.32
1.32
229.00
231.00
2.00
1.6
0.47
0.47
255.00
258.50
3.50
2.8
1.74
1.74
292.55
294.55
2.00
1.6
0.43
0.43
399.00
403.65
4.65
3.8
0.96
0.96
MMD-22-088
55.25
58.05
2.80
2.0
0.31
0.31
111.00
115.55
4.55
3.3
0.31
0.31
149.00
166.00
17.00
12.8
0.45
0.45
179.00
186.00
7.00
5.3
0.41
0.41
209.70
222.00
12.30
9.4
0.46
0.46
257.00
291.00
34.00
26.3
1.05
1.05
including
276.00
291.00
15.00
11.6
1.51
1.51
432.00
434.00
2.00
1.6
0.46
0.46
444.95
468.10
23.15
18.5
0.32
0.32
483.05
498.00
14.95
12.0
1.84
1.84
including
483.05
496.00
12.95
10.4
2.04
2.04
MMD-22-089
302.10
309.00
6.90
5.1
0.63
0.63
including
307.00
309.00
2.00
1.5
1.30
1.30
321.00
334.80
13.80
10.3
0.34
0.34
390.00
392.00
2.00
1.5
0.41
0.41
422.00
497.00
75.00
58.4
0.59
0.59
including
431.00
433.00
2.00
1.5
3.66
3.66
and
444.00
456.00
12.00
9.3
1.05
1.05
and
478.00
488.00
10.00
7.8
1.19
1.19
MMD-22-091
153.70
162.55
8.85
6.1
0.53
0.53
201.00
206.95
5.95
4.2
0.42
0.42
363.55
378.00
14.45
10.7
0.32
0.32
397.00
401.55
4.55
3.4
0.45
0.45
453.80
494.30
40.50
30.8
0.41
0.41
MMD-22-093
473.25
481.00
7.75
6.0
0.61
0.61
496.00
512.80
16.80
13.2
0.44
0.44
including
509.25
512.80
3.55
2.8
1.05
1.05
523.00
525.25
2.25
1.8
3.04
3.04
551.00
555.20
4.20
3.3
0.32
0.32
587.20
606.20
19.00
15.1
0.33
0.33
617.40
620.55
3.15
2.5
0.33
0.33
628.00
630.80
2.80
2.2
0.56
0.56
MMD-22-095
161.20
167.45
6.25
4.4
1.10
1.10
including
163.00
165.00
2.00
1.4
2.41
2.41
186.30
190.00
3.70
2.6
0.33
0.33
207.00
222.00
15.00
10.7
0.72
0.72
including
211.65
215.05
3.40
2.4
1.56
1.56
267.00
276.00
9.00
6.5
0.46
0.46
including
274.00
276.00
2.00
1.4
1.61
1.61
373.60
376.15
2.55
1.9
0.44
0.44
412.50
418.00
5.50
4.1
0.71
0.71
Intersections calculated above at 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. Bordered 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-22-058
668,743
5,379,407
454
153°
-60°
645.00
MMD-22-059
668,819
5,379,436
439
154°
-50°
648.00
MMD-22-060
668,909
5,379,474
436
155°
-60°
600.05
MMD-22-061
669,091
5,379,558
448
155°
-60°
600.00
MMD-22-063
668,481
5,378,460
439
148°
-50°
563.00
MMD-22-068
669,177
5,379,614
455
154°
-60°
699.10
MMD-22-069
669,254
5,379,629
445
151°
-59°
600.00
MMD-22-071
669,077
5,378,242
432
335°
-51°
648.00
MMD-22-084
668,973
5,378,574
428
337°
-45°
414.15
MMD-22-088
669,031
5,378,642
431
336°
45°
498.00
MMD-22-089
668,972
5,378,560
428
314°
-51°
497.90
MMD-22-091
669,172
5,378,762
431
332°
-49°
494.30
MMD-22-093
669,018
5,378,463
430
289°
-50°
651.00
MMD-22-095
669,090
5,378,690
428
345°
-45°
420.00
Approximate collar coordinates in NAD 83, Zone 15N
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.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 22% 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 Lake 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 Lake Gold Project; an updated mineral resource estimate and the timing thereof; completion of a PEA and the timing thereof, 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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Flagship Project: The Moss Lake Property located in Ontario, Canada has 1.47 M oz of Indicated and 2.51 M oz of Inferred historical gold resources, along with a robust Preliminary Economic Assessment conducted in 2020.
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Vancouver, British Columbia–(Newsfile Corp. – January 9, 2023) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is presenting at the Emerging Growth Conference on January 11, 2023 at 12:30pm EST online.
Goldshore invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation at the Emerging Growth Conference. Brett Richards, Chief Executive Officer of Goldshore, will be presenting and answering questions after the presentation. Please submit your questions in advance to Questions@EmergingGrowth.com or ask your questions during the event.
Register in advance here to ensure you are able to attend the conference and receive any updates that are released.
If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available on EmergingGrowth.com and on the Emerging Growth YouTube Channel. We will release a link to that after the event.
About the Emerging Growth Conference
The Emerging Growth Conference is an effective way for public companies to present and communicate their new products, services and other major announcements to the investment community from the convenience of their office, in a time efficient manner.
The conference focus and coverage includes companies in a wide range of growth sectors, with strong management teams, innovative products & services, focused strategy, execution, and with overall potential for long term growth. Its audience includes potentially tens of thousands of Individual and Institutional investors, as well as Investment advisors and analysts.
All sessions will be conducted through video webcasts and will take place in the Eastern time zone.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 22% 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 Lake 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 Moss Lake 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; 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.
