Category: Gold Shore Resources

Goldshore Intersects Additional High-Grade Shears in the QES Zone at the Moss Lake Gold Project

Post author By admin
Post date November 28, 2022

Vancouver, British Columbia–(Newsfile Corp. – November 28, 2022) – 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 for seven holes, drilled to expand the coverage of the high-grade shears in the QES Zone, have confirmed higher-grade shear-hosted gold mineralization within a large volume of well mineralized diorites. These results are all within the $1500 Whittle pit that constrains the current resource and identifies new high-grade shears. Best intercepts include:
- 1.51 g/t Au over 6.0m from 502.0m depth in MQD-22-075 and
- 1.47 g/t Au over 30.1m from 530.0m
- 8.45 g/t Au over 5.0m from 576m depth in MQD-22-076 including
  - 36.9 g/t Au over 1.0m from 577m
- 1.87 g/t Au over 6.75m from 602.25m
- 1.31 g/t Au over 14.15m from 544.0m depth in MQD-22-080
- 2.07 g/t Au over 6.0m from 422.0m depth in MQD-22-085 and
- 1.07 g/t Au over 15.0m from 457.0m
- 1.26 g/t Au over 7.15m from 573.85m
- 1.07 g/t Au over 24.7m from 369.0m depth in MQD-22-087 and
- 2.15 g/t Au over 5.0m from 489.0m
- 1.75 g/t Au over 8.05m from 513.95m
- 2.11 g/t Au over 30.75m from 536.9m including
  - 11.5 g/t Au over 3.1m from 555.2m
- 1.31 g/t Au over 63.6m from 427.0m depth in MQD-22-090A
  - 2.07 g/t Au over 32.0m from 439.0m
A new parallel mineralized shear structure has been discovered 150m south of the main QES system containing high grade mineralization within a sheared intermediate volcanic package with best intercepts of:
- 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080
- 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087
- 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A

President and CEO Brett Richards stated: “The results from these drill holes in the QES Zone are part of a 52-hole data set that was not included in the recent mineral resource estimate. They confirm our belief that there are additional high-grade shear zones within the deposit that will potentially add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we move towards conducting a preliminary economic analysis next year.”

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MQD-22-087. 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 shear and intrusion domains

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/145867_cbaba705c4a3bbcb_002full.jpg

Figure 2: Drill section through MQD-22-0087 relative to shear and intrusion domains

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/145867_cbaba705c4a3bbcb_003full.jpg

Results have been received for six holes that have infilled areas of the QES Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.

A seventh hole was drilled to the southeast of the QES Zone to investigate two historical showing along a parallel structure of the QES Zone but did not intersect significant mineralization.

As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.77 g/t Au over 83m from 493m depth in MQD-22-075; 0.41 g/t Au over 32.45m from 437.55m and 0.71 g/t Au over 131.1m from 493m in MQD-22-076; 0.54 g/t Au over 102m from 476m and 0.39 g/t Au over 27.95m from 643m in MQD-22-080; 0.78 g/t Au over 70m from 419m and 0.50 g/t Au over 28.75m from 521.25m in MQD-22-085; 0.50 g/t Au over 115.9m from 408.1m in MQD-22-087; and 0.48 g/t Au over 27.45m from 552.05m in MQD-22-090A.

All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.31 g/t Au over 63.6m from 427m depth in MQD-22-090A) and several narrow high-grade intervals, including 10.1 g/t Au over 0.7m from 545.8m and 36.9 g/t Au over 1m from 577m in MQD-22-076; 10.0 g/t Au over 1m from 427m in MQD-22-085; 20.6 g/t Au over 0.9m from 370.65m, 28.3 g/t Au over 0.3m from 540.3m and 11.5 g/t Au over 3.1m from 555.2m in MQD-22-087; and 19.4 g/t Au over 1.15m from 455.85m in MQD-22-090A.

An additional parallel shear was discovered within the intermediate volcanic package approximately 150m south of the main QES system which contains broad intercepts of low-grade mineralization including 0.91 g/t over 24.8m from 246.4m in MQD-22-080; 0.33 g/t over 45.7m from 150.0m in MQD-22-085; 0.42 g/t over 39.0m from 189.0m in MQD-22-087 containing internal higher grade intercepts including 3.44 g/t Au over 5.8m from 246.4m depth in MQD-22-080; 1.22 g/t Au over 4.0m from 206.0m depth in MQD-22-087; 1.15 g/t Au over 7.3m from 75.0m depth in MQD-22-090A.

Importantly, these intercepts have identified additional high-grade shears not modelled in the recent Mineral Resource.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm high-grade shears that we have modelled at the QES Zone and confirmed additional shears that we expect to include in the next mineral resource update early next year.”

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)
MQD-22-075	243.00	264.00	21.00	15.4	0.47	0.47
including	254.00	256.40	2.40	1.8	1.54	1.54
	468.00	476.90	8.90	6.8	0.45	0.45
	493.00	576.00	83.00	64.6	0.77	0.77
including	502.00	508.00	6.00	4.6	1.51	1.51
and	530.00	560.10	30.10	23.5	1.47	1.47
	595.25	610.00	14.75	11.7	0.54	0.54
including	596.00	599.00	3.00	2.4	1.13	1.13

MQD-22-076	192.00	196.00	4.00	2.8	0.46	0.46
	214.00	216.00	2.00	1.4	0.39	0.39
	355.00	358.15	3.15	2.4	0.38	0.38
	437.55	470.00	32.45	25.0	0.41	0.41
including	453.00	456.70	3.70	2.9	1.52	1.52
	483.50	489.40	5.90	4.6	0.35	0.35
	493.00	624.10	131.10	103.8	0.71	0.77
including	545.80	546.50	0.70	0.6	10.1	10.1
and	576.00	581.00	5.00	4.0	7.07	8.45
including	577.00	578.00	1.00	0.8	30.0	36.9
and	602.25	609.00	6.75	5.4	1.87	1.87
	641.00	644.00	3.00	2.4	0.46	0.46

MQD-22-080	82.75	86.60	3.85	2.6	0.35	0.35
	131.40	143.75	12.35	8.5	0.63	0.63
	181.30	187.80	6.50	4.6	0.40	0.40
	209.90	220.85	10.95	7.7	0.57	0.57
	246.40	271.20	24.80	17.7	0.91	0.91
including	246.40	252.20	5.80	4.1	3.44	3.44
	355.00	369.00	14.00	10.2	0.57	0.57
including	361.70	363.70	2.00	1.5	1.67	1.67
	382.00	385.45	3.45	2.5	0.63	0.63
	398.50	401.30	2.80	2.1	0.58	0.58
	418.00	421.00	3.00	2.2	0.54	0.54
	429.20	434.00	4.80	3.6	0.35	0.35
	458.00	460.70	2.70	2.0	0.59	0.59
	476.00	578.00	102.00	79.7	0.54	0.54
including	524.00	528.00	4.00	3.1	1.32	1.32
and	544.00	558.15	14.15	11.2	1.31	1.31
	613.00	616.00	3.00	2.4	0.37	0.37
	624.10	633.00	8.90	7.3	0.30	0.30
	643.00	670.95	27.95	23.1	0.39	0.39

MQD-22-085	63.60	74.10	10.50	7.1	0.38	0.38
	116.15	118.35	2.20	1.5	1.57	1.57
	150.00	195.70	45.70	32.2	0.33	0.33
	248.00	250.00	2.00	1.4	0.39	0.39
	256.00	258.00	2.00	1.4	0.41	0.41
	284.80	288.05	3.25	2.4	0.91	0.91
including	286.00	288.05	2.05	1.5	1.30	1.30
	337.00	342.00	5.00	3.7	0.30	0.30
	362.00	371.65	9.65	7.2	0.31	0.31
	382.45	388.00	5.55	4.1	0.30	0.30
	390.80	410.90	20.10	15.0	0.31	0.31
	419.00	489.00	70.00	53.1	0.78	0.78
including	422.00	428.00	6.00	4.5	2.07	2.07
including	427.00	428.00	1.00	0.8	10.0	10.0
and	443.00	446.00	3.00	2.3	1.09	1.09
and	457.00	472.00	15.00	11.4	1.07	1.07
and	481.00	485.00	4.00	3.1	2.10	2.10
	506.00	508.00	2.00	1.5	0.67	0.67
	521.25	550.00	28.75	22.4	0.50	0.50
	573.85	581.00	7.15	5.7	1.26	1.26
	665.20	671.55	6.35	5.1	0.35	0.35

MQD-22-087	78.00	81.55	3.55	2.4	0.43	0.43
	92.00	109.00	17.00	11.6	0.33	0.33
	189.00	228.00	39.00	27.3	0.42	0.42
including	206.00	210.00	4.00	2.8	1.22	1.22
	249.75	261.00	11.25	8.0	0.49	0.49
	289.50	298.70	9.20	6.6	0.42	0.42
including	294.50	296.65	2.15	1.6	1.07	1.07
	342.00	349.65	7.65	5.6	0.40	0.40
	369.00	393.70	24.70	18.2	1.07	1.09
including	370.65	371.55	0.90	0.7	20.6	20.6
	408.10	524.00	115.90	87.3	0.50	0.50
including	425.30	429.50	4.20	3.1	1.28	1.28
and	489.00	494.00	5.00	3.8	2.15	2.15
and	513.95	522.00	8.05	6.1	1.75	1.75
	536.90	567.65	30.75	23.6	2.11	2.11
including	539.55	567.65	28.10	21.6	2.23	2.23
including	540.30	540.60	0.30	0.2	28.3	28.3
and	555.20	558.30	3.10	2.4	11.5	11.5
	579.00	592.00	13.00	10.1	0.37	0.37
	628.65	634.00	5.35	4.2	0.48	0.48

MQD-22-090A	75.00	82.30	7.30	3.8	1.15	1.15
including	78.00	81.55	3.55	1.8	2.05	2.05
	94.00	98.00	4.00	2.1	0.54	0.54
	133.00	146.00	13.00	7.0	0.35	0.35
	193.00	196.00	3.00	1.6	0.39	0.39
	227.70	230.60	2.90	1.6	0.53	0.53
	238.55	240.85	2.30	1.3	0.42	0.42
	245.00	252.25	7.25	4.0	0.35	0.35
	287.35	292.75	5.40	3.0	0.44	0.44
	427.00	490.60	63.60	37.7	1.31	1.31
including	427.00	429.00	2.00	1.2	1.10	1.10
and	439.00	471.00	32.00	19.0	2.07	2.07
including	455.85	457.00	1.15	0.7	19.4	19.4
	503.85	508.00	4.15	2.5	0.73	0.73
	519.00	541.00	22.00	13.3	0.35	0.35
including	525.00	527.00	2.00	1.2	1.47	1.47
	552.05	579.50	27.45	16.8	0.48	0.48
including	574.00	576.00	2.00	1.2	1.14	1.14
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
MQD-22-075	670,308	5,379,250	443	336°	-47°	675.1
MQD-22-076	670,379	5,379,296	442	338°	-47°	651.0
MQD-22-080	670,462	5,379,398	450	335°	-50°	675.05
MQD-22-083	670,667	5,379,431	433	156°	-50°	630.1
MQD-22-085	670,636	5,379,537	441	336°	-49°	675.0
MQD-22-087	670,546	5,379,463	449	336°	-49°	675.0
MQD-22-090A	670,654	5,379,625	429	346°	-60°	606.0
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 the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore with an approximate 27% 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.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit (Table 3), the East Coldstream Deposit (Table 4), the historically producing North Coldstream Mine (Table 5), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.

The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with National Instrument 43-101 (“NI 43-101“) and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.

A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.²^,3 The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver⁴ from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75.

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored.

Table 3: Mineral Resource Estimate (Moss Lake Deposit) ¹

Inferred Resources (Domains)	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (Moz AU)
Shear	34.7	2.0	2.20
Intrusion	87	0.7	1.97
TOTAL	121.7	1.1	4.17

Notes:

(1) The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17 Moz Au (see Goldshore’s news release dated November 15, 2022). A technical report is being prepared in accordance with NI 43-101 and will be available on the Company’s website and SEDAR within 45 days of November 15, 2022.

Table 4: Historical Mineral Resources (East Coldstream Deposit) ²^,3

	INDICATED	INFERRED
	Tonnes	Grade (g/t Au)	Oz Au	Tonnes	Grade (g/t Au)	Oz Au
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Notes:
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(3) The reader is cautioned that the East Coldstream Historical Estimate is considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat it, or any part of it, as current mineral resources or reserves. The Company has determined this historical resource is reliable, and relevant to be included here in that it demonstrates simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the East Coldstream Historical Estimate as a current resource and Goldshore is not treating the East Coldstream Historical Estimate as a current resource. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the East Coldstream Historical Estimate can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The East Coldstream Historical Estimate relating to inferred mineral resources was calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 5: Reported Historical Production (North Coldstream Deposit) ⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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, plans to conduct a preliminary economic assessment and timing thereof, updating the mineral resource estimates, the filing of a technical report to support the mineral resource estimate at the Moss Lake Deposit, 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/145867

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Breaking Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Open-Pit Constrained Inferred Mineral Resource Estimate of 121.7 Mt at 1.1 g/t Au and 4.17 Moz Contained Gold at Moss Lake Deposit

Post author By admin
Post date November 15, 2022

Vancouver, British Columbia–(Newsfile Corp. – November 15, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is pleased to announce a mineral resource estimate (the “MRE“) for the Moss Lake deposit (the “Moss Lake Deposit“) located at its 100%-owned Moss Lake Gold Project in Northwest Ontario, Canada (the “Project” or the “Moss Lake Gold Project“).

Open-Pit Constrained Inferred Mineral Resource Estimate with an Effective Date of November 14, 2022:

Inferred Resources (Domains)	Tonnes (Mt)	Grade (g/t Au)	Contained Metal (Moz Au)
Shear	34.7	2.0	2.20
Intrusion	87.0	0.7	1.97
Total	121.7	1.1	4.17

Note: Based on a US$1,500 per ounce gold price and economic cut-off grade of 0.40 g/t Au. Refer to complete notes on Mineral Resource Assumptions below.

This is a major milestone for the Company as the shear domain represents an opportunity for a high-grade open-pit gold resource.
There is significant and clear expansion potential through strike and dip extensions to known shears, as well as parallel shears. The Company has included 48 holes from its 2021 and 2022 drilling campaign in the new MRE and has drilled an additional 52 holes that are not included in the MRE because assays have not been received to date.
The current MRE represents a significant expansion over the 2013 historical estimate for the Project with 35% more tonnes and 33% more contained gold ounces.
The Moss Lake Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate.

President and CEO, Brett Richards, stated: “This mineral resource estimate confirms our belief that the Moss Lake Deposit is larger than previously thought. More importantly, there is a mass of higher-grade mineralization that can be prioritized in a potential phase one operation that Goldshore can build with a smaller capital requirement. Our findings on this MRE are exciting for the future of the Moss Lake Gold Project, as we now have short- and medium-term options to continue to deliver value to the Goldshore shareholders, as we explore expansions and quality increases (infill drilling to Indicated resource category) to the higher-grade resource; but also while testing other areas of known strong mineralization like East Coldstream, North Coldstream, Iris and Vanguard, across a trend of 35 km on the project.”

Figure 1: Shear domain (red) and intrusion domain (yellow) within optimized pit constraints

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_002full.jpg

Figure 2: Cross section showing extension of shear domain beneath the constraining pit shell

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_003full.jpg

Notes on MRE Assumptions (refer to table above)

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 has been calculated based on a gold price of US$1,500/oz, mining costs of US$2.50 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 85% are based on prior metallurgical test work.
An economic cut-off grade of 0.40 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.
The Qualified Person and Company are not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing, or political factors that might materially affect the Mineral Resource estimate.
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.

Technical Overview

Details of the MRE will be provided in a technical report with an effective date of November 14, 2022 prepared in accordance with National Instrument 43-101 (“NI 43-101“), 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).

Moss Lake Geology and Model

The Moss Lake Gold 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 intrusive 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 more brittle-style deformation and veining in the intrusive rock mass between the shear zones. Mineralization is associated with pyritic sericitic and chloritic alteration and millimeter- to centimeter-scale irregular quartz-carbonate veinlets.

Detailed geological logging and multi-element geochemical analysis of drill core from the 2021-22 drilling has supported modelling of discrete shear domains within the larger altered and variably mineralized intrusive domain. The shear domains have a different higher-grade gold population to the low-grade intrusive domain and these domains have been estimated separately using different search parameters. Importantly, this allows a more accurate representation of the true variability within the deposit than has been achieved in previous estimates.

Drill Hole Data and QAQC Procedures

The Moss Lake 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 (“historical estimate“) by Moss Lake Gold Mines Ltd. in 2013. Following acquisition of the Moss Lake Gold Project, Goldshore commenced a drill program in 2021 that is still ongoing. The program aims to systematically redrill the deposit defined by previous campaigns and, in the process, to validate as much of the historical data as possible.

Prior to the 2008 program, there are no documented QAQC procedures or data available. Additionally, down-hole surveys were not undertaken or used an acid-bottle technique that measured dip and not azimuth. This is the case for most of the historical drilling which was completed in the late 1980s to early 1990s. The ongoing Goldshore drilling program utilizes full industry-standard survey control and QAQC programs and is designed to systematically redrill the Moss Lake Deposit and validate as much of the historical drilling as possible through collar surveys, re-logging, and re-sampling.

Mineral Resource Estimation Methodology

The current MRE is based on an improved understanding of the geological controls on gold mineralization that follows the detailed logging of 48 new drill holes (27,851.75 metres) drilled since August 2021 and with a drill hole database cut-off date of October 14, 2022. The MRE does not include the high-grade intercepts around the margins of the deposit reported on November 1, 2022.

CSA Global was provided with the wireframes for resource estimation by Goldshore. Goldshore modelled the shear zones domain using a combination of geological features and raw assay values above 1 g/t Au using explicit digitizing methods in Seequent Leapfrog 3D geological modelling software (“Leapfrog”). Goldshore modelled the intrusive domain using implicit modelling techniques in Leapfrog using a cut-off grade of 0.25 g/t Au.

CSA Global reviewed the provided wireframes to confirm validity for resource estimation. Statistical and geostatistical assessment of 1 m composites confirmed that the shear domains should be estimated within hard boundaries separating them from the intrusive domain. Statistical analysis was used to determine high-grade capping for each shear zone wireframe and ranged from 20 g/t Au to 60 g/t Au.

The MRE was estimated with a block size of 15 m x 15 m x 5 m utilizing subblocks and constrained within wireframes with a minimum width of 1.50 m. Gold content was estimated using ordinary kriging methods using dynamic anisotropy variogram models. The maximum range of the variogram models generally are between 60 m x 30 m x 10 m in the shear domain and 60 m x 60 m x 40 m in the intrusive domain. The search ellipse was constrained to selecting composites flagged within each domain and varied from half (1^st), the full (2^nd) and double the variogram ranges (3^rd). Additional check estimates were completed using inverse distance squared (ID²) and nearest neighbour methods, the latter on bench scale composites.

Density values for 1,737 samples collected from all Goldshore drill holes were used to determine an average bulk density for each wireframed zone. Values range between 2.70 and 2.72 t/m³for the mineralized domains, 2.7 t/m³for waste rock, and 2.0 t/m³for glacial overburden.

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.

Mineral Resource Classification

The MRE has been classified as an Inferred Mineral Resource. This resource classification reflects the fact that the majority of the drill hole data used for the resource estimate is historical, and no QAQC 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. The majority of the historical drill holes did not have acceptable downhole surveys meaning that spatial location of the core samples remains uncertain especially beneath 200 m.

While the downhole surveys and QAQC methods utilized for the modern drill holes is of industry standard, these holes remain too sparsely distributed to permit confident mineral resource estimation on their own. Goldshore is now embarking on an extensive program of relogging and resampling of historical drill core, together with downhole surveying where possible. Goldshore’s program of infill and confirmatory drilling is also ongoing. It is expected that this work will support classification of Indicated mineral resource in any subsequent mineral resource updates by Goldshore.

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$1,500/oz, plant recovery of 85%, processing costs of US$12.50/tonne, mine-site general and administration costs of US$2.50/tonne processed, mining costs of US$2.50/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 constrained within the selected optimized pit shell which reaches a maximum depth of approximately 580 m.

Figures 1 and 2 above show the relationship of the shear and intrusion domains within the optimized pit shell.

Additional Exploration Potential

The modelled shear-hosted domains extend at depth below the optimized open-pit constraining the reported MRE, but the drill hole data are too sparsely distributed to support underground mining optimization studies and reporting of an underground-constrained MRE at this time.

The shears are also open along strike, beyond the modelled strike length of 3.5 km. Historical drilling 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 Lake Deposit.

Figure 3 shows the location of mineralized drill holes along and parallel to the strike of the MRE.

Figure 3: Mineralized zones showing the exploration upside along strike and in parallel structures

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8051/144351_b836ade6a4de9af8_004full.jpg

Next Steps

Goldshore has 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 will also be surveyed using modern downhole surveying equipment.

Notwithstanding the above, a large proportion of the historical drill collars have not been located. The mineralized volumes defined by these historical drill holes will be redrilled in an optimized pattern to accurately define the shear-hosted and intrusive domain mineralization. This will include a full suite of oriented core measurements and multi-element geochemistry analyses.

Work has also commenced on a comprehensive metallurgical testing program led by Ausenco. This work will include a mineral deportment study, grinding tests, gravity separation, flotation, heap leach, and cyanide leach optimization studies. Once complete, Goldshore expects to commence a preliminary economic assessment to evaluate several mining and processing strategies with a view to selecting the most economic and achievable development option. This study is expected to be completed in 2023.

Infill drilling, re-sampling of historical drill holes, and geological modelling will continue throughout the coming months to support a mineral resource estimate update to attempt to upgrade the resource classification from Inferred Resources to Indicated Resources. This work is targeted for completion by the end of 2023 when the Company expects to commence a prefeasibility mining study.

Pete Flindell, VP Exploration for Goldshore, said, “This mineral resource estimate confirms our understanding that high grade shears form the core of the Moss Lake Deposit and will drive the development of the Moss Lake Gold Project. The Inferred Mineral Resource reflects uncertainty in the collar and downhole surveys of the historical drill holes, as well as the selective sampling technique and lack of oriented core measurements that are critical in directing the high-grade structures that drive the overall estimate. While additional drilling is required to replace many of the historical drill holes and infill gaps in the model, we will be aiming to recover as many of these historical holes as possible by relogging and resampling core and conducting downhole surveys using more accurate survey equipment.“

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

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.
P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/144351

Tags #BrettRichards, #GoldShoreResources, #GSHR, #InvestingInCopper, #JuniorMining, #MauriceJackson, #MilesFranklin, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, maurice jackson, proven and probable

Gold Shore Resources Junior Mining Uncategorized

IIROC Trading Resumption – GSHR

Post author By admin
Post date November 15, 2022

VANCOUVER, BC, Nov. 15, 2022 /CNW/ – Trading resumes in:

Company: Goldshore Resources Inc.

TSX-Venture Symbol: GSHR

All Issues: Yes

Resumption (ET): 1:00 PM

IIROC can make a decision to impose a temporary suspension (halt) of trading in a security of a publicly-listed company. Trading halts are implemented to ensure a fair and orderly market. IIROC is the national self-regulatory organization which oversees all investment dealers and trading activity on debt and equity marketplaces in Canada.

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/November2022/15/c3003.html

Tags #ProvenAndProbable

Gold Shore Resources Junior Mining Precious Metals

IIROC Trading Halt – GSHR

Post author By admin
Post date November 15, 2022

VANCOUVER, BC, Nov. 15, 2022 /CNW/ – The following issues have been halted by IIROC:

Company: Goldshore Resources Inc.

TSX-Venture Symbol: GSHR

All Issues: Yes

Reason: Pending News

Halt Time (ET): 10:08 AM

SOURCE Investment Industry Regulatory Organization of Canada (IIROC) – Halts/Resumptions

View original content: http://www.newswire.ca/en/releases/archive/November2022/15/c5573.html

Tags #BrettRichards, #GoldShoreResources, #GSHR, #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #MauriceJackson, #MilesFranklin, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, maurice jackson, proven and probable, Quinton Hennigh

Gold Shore Resources Junior Mining

Goldshore Resources Inc. Invitation to Deutsch Goldmesse

Post author By admin
Post date November 8, 2022

Vancouver, British Columbia–(Newsfile Corp. – November 7, 2022) – Goldshore Resources Inc (TSXV: GSHR) will be participating in the Deutsche Goldmesse, which will take place on November 18th and 19th at The Westin Grand Frankfurt.

Members of the Goldshore Resources Inc management will be taking meetings throughout the day, and also present at 01:45pm CET on November 19th to an audience of European investors.

An online registration form is available, and investors can register to attend at: https://deutschegoldmesse.online/investor-registration/.

Kai Hoffmann, Managing Director of Soar Financial Partners, remarked, “We are excited to host our 3rd in-person premier mining investment event, bringing together carefully selected mining and exploration companies with the European investment community over the course of two days. We anticipate this to be our largest conference yet, and we are pleased to welcome again an astute line-up of keynote speakers.”

The Deutsche Goldmesse website is continuously being updated concerning attending companies, keynote speakers, agenda, etc.: www.deutschegoldmesse.com

About Goldshore Resources Inc

Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00F)Goldshore is an emerging well-financed junior gold developer, who acquired the Moss Lake Gold Project (Ontario, Canada) from Wesdome Gold Mines Ltd. In January 2021. The Moss Lake Project has a historical resource of c.1.5M oz Indicated and c.2.5M oz. Inferred and is conducting an extensive exploration strategy, including a 100,000m drilling program. As well, The Moss Lake Project has a historical copper mine (North Coldstream Mine) on its land package (operated by Noranda/Xstrata – 1954-1992), and significant other copper/gold targets to be tested going forward. Goldshore’s Moss Lake Project holds a large land package in North-western Ontario. The project displays significant resource potential, as Goldshore takes the project through its next stages of exploration and development, towards an updated mineral resource estimation (MRE) in Q4 2022; followed by updated preliminary economic assessment (PEA) in Q1 2023 and visibility towards feasibility study (FS) thereafter.

About Deutsche Goldmesse

Deutsche Goldmesse is Germany’s premier mining investment conference, based out of Frankfurt – one of Europe’s most important financial capitals. We bring together leading minds in the industry to foster new business opportunities and facilitate valuable relationships. The exclusive two-day event showcases industry-leading keynote speakers and up to 35 carefully considered companies in a range of commodities and stages from explorers to producers.

Hosted by Soar Financial Partners, we provide a platform where top company management can connect with a vast network of European institutional and HNW investors, retail investors, analysts, influencers, newsletter writers, media, and other local partners.

For further information:
Goldshore Resources Inc
Brett A Richards
Chief Executive Officer
19054491500
brett@brettrichards.org
www.goldshoreresources.com

Tags #BrettRichards, #GoldShoreResources, #GSHR, #InvestingInBatteryMetals, #JuniorMining, #MauriceJackson, #MilesFranklin, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, maurice jackson, proven and probable

Gold Shore Resources Junior Mining Precious Metals

Goldshore Intersects 1.34 g/t Au over 90.95m in 100 Meter Step-Out to the North

Post author By admin
Post date November 2, 2022

Vancouver, British Columbia–(Newsfile Corp. – November 2, 2022) – 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 for eight holes, drilled to both expand and infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
Results for four holes, drilled to evaluate the under-drilled Southwest Zone, have confirmed narrow higher-grade gold mineralized structures with best intercepts of:

President and CEO Brett Richards stated: “Throughout our entire drilling campaign from 2021 to now, we have consistently and repeatedly delivered promising drill results, indicating not only the size and scale potential of the Moss Lake Project, but also the quality of the higher-grade areas of the deposit. As we illustrated at the end of H1 2022, our focus turned from identifying and drilling the size of the global resource; to identifying the high(er) grade sections contained within the historical resource (and stepped out from the historical resource), and focusing on building a much smaller open pit project PEA around this. The results from this change in focus are evident in press releases in H1 2022 and Q3 2022, and continue with the results highlighted today. To that end, we are expediting our independent mineral resource estimate (“MRE“) on the high(er) grade sections within the historical resource, and look to have the results of this MRE presented to the market by the end of 2022, versus the end of Q1 2023, as previously guided. This will also lead to the Company accelerating a preliminary economic assessment (“PEA“) on a smaller, high(er) grade resource, but much more manageable project in terms of CapEx and project timeline, versus a large-scale project PEA on an updated larger resource similar to the historic resource. The target delivery to the market of the economic results of the PEA is slated for the end of Q1 2023, under current market conditions and circumstances, versus the end of Q2 2023, as previously guided.”

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-057.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/142661_77d166be4416c9d5_002full.jpg

Figure 2: Drill section through MMD-22-057 relative to implicit modelled grade shells showing 100-meter step out to the north

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/142661_77d166be4416c9d5_003full.jpg

Over the last month, results have been received for eighteen holes, including:

Eight holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. They will replace the low-confidence historic holes in the upcoming resource model update.
Four holes drilled to evaluate the under-drilled Southwest Zone.
Five holes testing the margins of the main +1 g/t Au zones that provide valuable geological information in these marginal areas.

As with the historic holes, the Main and Southwest Zone holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 0.98 g/t Au over 50.9m from 51m and 0.32 g/t Au over 122m from 473m depth in MMD-22-036; 0.48 g/t Au over 88m from 388m and 0.53 g/t Au over 33m from 279m depth in MMD-22-042; 0.46 g/t Au over 133m from 443m depth and 0.35 g/t Au over 29.25m from 316.85m depth in MMD-22-048; 0.70 g/t Au over 126m from 335m depth and 0.89 g/t Au over 60.6m from 120.4m depth in MMD-22-053; 0.80 g/t Au over 25.35m from 563.65m depth in MMD-22-055; 0.64 g/t Au over 44m from 168m depth and 0.63 g/t Au over 33.65m from 237.35m depth in MMD-22-064; 0.47 g/t Au over 38.1m from 615.45m depth in MMD-22-066; and 0.46 g/t Au over 27.65m from 366.25m depth in MMD-22-078.

All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.34 g/t Au over 90.95m from 254.05m depth in MMD-22-057) and several narrow high-grade intervals, including better intercepts of 39.3 g/t Au over 0.7m from 90.45m depth in MMD-22-036; 47.4 g/t Au over 0.5m from 420.25m depth in MMD-22-052; 11.4 g/t Au over 2.35m from 549m depth in MMD-22-056; 26.7 g/t Au over 1m from 287m depth in MMD-22-057; and 231 g/t Au over 0.35m from 182.75m depth in MMD-22-064.

Four holes were drilled into the Link zone and potential overlap between the QES zone and Moss Main zone to properly define the boundaries of each zone and to better understand the behavior of the southern edge of the altered diorite package. These dominantly drilled through the lesser altered and deformed porphyritic diorite phase containing several narrow lenses of low-grade mineralization as indicated by the historic drill results.

Geological modelling of the altered diorite host rock and anastomosing shear network at Moss Lake has progressed faster than anticipated and is now complete. As a result, the Company has embarked on an independent resource modelling exercise and has engaged international consulting group, CSA Global (an ERM group company) to complete this work. This will lead to a new Mineral Resource estimate that will be reported following National Instrument 43-101 standards for disclosure. This new estimate will be published before the end of 2022.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results continue the vein of local high grade gold mineralization that bulks out to produce 50- to 200-meter-wide zones of +1 g/t Au gold mineralization within a “sea” of low-grade mineralization. This style of mineralization is capable of producing large, low-grade gold resources with a significant volume of higher-grade mineralization. We anticipate that this should, with the selection of the appropriate gold price for the constraining Whittle shell, allow the reporting of a smaller, higher-grade resource at the Moss Lake Project.”

Table 1 shows the significant intercepts and Table 2 shows the drill hole locations.

Table 1: Significant downhole gold intercepts

ZONE	HOLE ID	FROM	TO	LENGTH (m)	TRUE WIDTH (m)	CUT GRADE (g/t Au)	UNCUT GRADE (g/t Au)
MAIN	MMD-22-036	22.00	35.80	13.80	4.4	0.62	0.62
		51.00	101.90	50.90	16.6	0.98	1.11
	including	62.50	67.35	4.85	1.6	1.39	1.39
	and	84.50	94.00	9.50	3.1	3.70	4.38
		238.50	256.30	17.80	6.1	0.47	0.47
		276.40	286.20	9.80	3.4	0.46	0.46
	including	279.00	281.85	2.85	1.0	1.01	1.01
		419.10	446.50	27.40	10.0	0.36	0.36
	including	420.00	422.00	2.00	0.7	1.84	1.84
		473.00	595.00	122.00	47.4	0.32	0.32
		613.45	619.95	6.50	2.6	0.36	0.36
		631.00	634.75	3.75	1.5	0.47	0.47
		671.45	686.00	14.55	5.8	0.35	0.35

MAIN	MMD-22-048	190.00	192.40	2.40	1.5	0.78	0.78
		220.00	227.00	7.00	4.3	0.54	0.54
		277.60	285.00	7.40	4.5	0.34	0.34
		316.85	346.10	29.25	18.0	0.35	0.35
		373.55	400.00	26.45	16.3	1.05	1.05
	including	388.00	399.15	11.15	6.9	1.60	1.60
		443.00	576.00	133.00	84.2	0.46	0.46
	including	446.00	458.20	12.20	7.6	1.08	1.08
	and	467.90	472.00	4.10	2.6	1.37	1.37
	and	521.00	538.35	17.35	11.1	1.03	1.03
		602.00	614.00	12.00	7.8	0.31	0.31
		620.00	635.40	15.40	10.0	0.56	0.56

MAIN	MMD-22-052	104.35	111.00	6.65	3.4	0.46	0.46
		138.00	140.00	2.00	1.1	0.31	0.31
		274.25	277.30	3.05	1.7	0.44	0.44
		311.15	313.35	2.20	1.3	0.35	0.35

MAIN	MMD-22-053	18.00	27.00	9.00	4.9	0.39	0.39
		33.00	38.00	5.00	2.7	0.42	0.42
		49.35	66.30	16.95	9.1	0.37	0.37
		77.00	81.45	4.45	2.4	1.58	1.58
	including	77.75	81.45	3.70	2.0	1.81	1.81
		92.20	100.20	8.00	4.2	1.63	1.63
	including	92.20	98.00	5.80	3.1	2.10	2.10
		120.40	181.00	60.60	32.1	0.89	0.89
	including	121.00	139.00	18.00	9.5	1.80	1.80
	and	158.00	167.00	9.00	4.8	1.72	1.72
		201.00	205.00	4.00	2.1	0.53	0.53
		222.00	225.00	3.00	1.6	5.24	5.24
		248.00	263.00	15.00	7.8	0.38	0.38
		285.00	304.00	19.00	9.9	0.35	0.35
		310.60	313.00	2.40	1.3	0.35	0.35
		335.00	461.00	126.00	65.6	0.70	0.70
	including	341.00	344.00	3.00	1.6	1.14	1.14
	and	355.60	399.25	43.65	22.7	1.30	1.30
	and	444.00	450.00	6.00	3.1	1.63	1.63
		487.75	490.00	2.25	1.2	0.57	0.57

MAIN	MMD-22-054	383.00	389.60	6.60	2.1	0.42	0.42
		429.40	434.30	4.90	1.6	0.51	0.51
		531.05	539.00	7.95	2.6	0.31	0.31

MAIN	MMD-22-055	168.00	182.85	14.85	8.4	0.30	0.30
		212.00	215.00	3.00	1.7	0.73	0.73
		360.60	374.90	14.30	7.8	1.07	1.07
	including	364.00	374.90	10.90	5.9	1.28	1.28
		525.40	528.25	2.85	1.6	1.55	1.55
		563.65	589.00	25.35	14.2	0.80	0.80
	including	581.05	583.80	2.75	1.6	3.08	3.08
		600.00	612.10	12.10	6.9	0.36	0.36

MAIN	MMD-22-056	181.00	185.60	4.60	2.1	0.52	0.52
		221.00	225.00	4.00	1.8	0.38	0.38
		267.00	270.35	3.35	1.5	0.34	0.34
		287.85	296.00	8.15	3.7	0.63	0.63
		336.35	342.25	5.90	2.6	0.62	0.62
		353.70	358.45	4.75	2.1	0.35	0.35
		379.40	387.65	8.25	3.6	1.20	1.20
		441.00	461.50	20.50	8.9	0.49	0.49
		502.00	561.90	59.90	25.5	1.02	1.02
	including	509.00	511.00	2.00	0.9	3.16	3.16
	and	542.00	551.35	9.35	4.0	4.78	4.78
		593.30	598.00	4.70	2.0	0.38	0.38

MAIN	MMD-22-057	18.10	26.25	8.15	2.8	2.66	2.66
		40.90	43.10	2.20	0.8	0.46	0.46
		254.05	345.00	90.95	34.2	1.34	1.34
	including	260.40	272.40	12.00	4.5	2.42	2.42
	and	283.55	299.95	16.40	6.2	4.02	4.02
	and	312.00	328.75	16.75	6.3	1.04	1.04
		366.00	371.25	5.25	2.0	1.11	1.11
		382.00	385.00	3.00	1.2	0.70	0.70
		457.50	461.00	3.50	1.4	0.36	0.36
		552.40	559.00	6.60	2.7	0.36	0.36
		570.00	583.00	13.00	5.5	0.34	0.34
		594.00	599.00	5.00	2.1	0.34	0.34

SW	MMD-22-042	36.95	41.00	4.05	2.7	0.87	0.87
		106.65	110.75	4.10	3.0	0.49	0.49
		209.00	212.05	3.05	2.5	0.50	0.50
		239.00	241.00	2.00	1.7	0.43	0.43
		256.55	266.00	9.45	8.1	0.97	0.97
	including	261.95	266.00	4.05	3.5	1.77	1.77
		279.00	312.00	33.00	29.0	0.53	0.53
		330.00	341.00	11.00	10.0	0.94	0.94
		366.00	377.00	11.00	10.2	0.74	0.74
	including	370.00	377.00	7.00	6.5	1.08	1.08
		388.00	476.00	88.00	84.1	0.48	0.48
	including	388.00	396.25	8.25	7.7	2.26	2.26

SW	MMD-22-050	162.00	168.35	6.35	5.0	0.68	0.68
		194.40	207.10	12.70	10.4	0.48	0.48
		300.15	312.90	12.75	11.4	0.82	0.82
	including	303.00	311.00	8.00	7.1	1.10	1.10

SW	MMD-22-064	28.00	31.85	3.85	2.5	1.42	1.42
		42.45	55.10	12.65	8.2	0.92	0.92
		168.00	212.00	44.00	29.9	0.64	2.24
	including	182.00	185.50	3.50	2.4	3.64	23.70
		237.35	271.00	33.65	23.2	0.63	0.63
	including	250.25	252.40	2.15	1.5	1.59	1.59

SW	MMD-22-066	451.00	453.25	2.25	1.7	0.58	0.58
		559.35	572.00	12.65	9.7	0.31	0.31
		586.00	589.00	3.00	2.3	0.39	0.39
		599.00	609.55	10.55	8.2	0.36	0.36
		615.45	653.55	38.10	30.1	0.47	0.47
	including	625.00	627.00	2.00	1.6	1.08	1.08

LINK	MMD-22-074	603.85	607.90	4.05	3.1	0.66	0.66

LINK	MMD-22-078	62.55	67.90	5.35	3.6	0.40	0.40
		366.25	393.90	27.65	20.1	0.46	0.46
		422.55	425.50	2.95	2.2	0.31	0.31
		447.80	455.40	7.60	5.7	0.64	0.64
	including	452.20	455.40	3.20	2.4	1.08	1.08
		492.25	498.40	6.15	4.6	0.31	0.31

LINK	MMD-22-081	83.00	91.00	8.00	5.6	0.45	0.45
		253.20	257.65	4.45	3.3	0.64	0.64
		286.55	295.00	8.45	6.3	0.51	0.51
		335.00	353.95	18.95	14.4	0.30	0.30

LINK	MMD-22-082	122.00	131.00	9.00	6.5	0.74	0.74
	including	122.00	124.00	2.00	1.5	1.22	1.22
		147.00	149.00	2.00	1.5	0.51	0.51
		167.00	178.00	11.00	8.2	0.90	0.90
	including	172.00	175.00	3.00	2.2	1.34	1.34
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

ZONE	HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
MAIN	MMD-22-036	668,868	5,379,279	441	154°	-71°	690.00
SW	MMD-22-042	668,520	5,378,529	436	158°	-50°	516.00
MAIN	MMD-22-048	668,705	5,379,209	435	155°	-52°	690.00
SW	MMD-22-050	668,517	5,378,529	437	110°	-50°	464.00
MAIN	MMD-22-052	668,994	5,379,542	438	155°	-60°	597.30
MAIN	MMD-22-053	669,014	5,379,307	427	154°	-61°	605.85
MAIN	MMD-22-054	668,705	5,379,209	435	150°	-70°	576.00
MAIN	MMD-22-055	668,721	5,379,279	443	154°	-59°	618.00
MAIN	MMD-22-056	668,801	5,379,340	438	151°	-61°	600.00
MAIN	MMD-22-057	668,887	5,379,368	437	154°	-70°	603.00
SW	MMD-22-064	668,481	5,378,460	439	109°	-51°	407.15
SW	MMD-22-066	669,077	5,378,242	432	290°	-50°	654.30
LINK	MMD-22-074	669,241	5,378,339	430	335°	-51°	660.85
LINK	MMD-22-077	669,659	5,379,054	432	335°	-60°	12.00
LINK	MMD-22-078	669,659	5,379,055	432	337°	-50°	603.00
LINK	MMD-22-079	669,573	5,379,011	437	336°	-50°	333.00
LINK	MMD-22-081	669,469	5,378,982	428	334°	-48°	375.00
LINK	MMD-22-082	669,248	5,378,768	437	335°	-46°	347.85

Analytical and QA/QC Procedures

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% 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.

About the Moss Lake Gold Project

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)¹^,³. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.^2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. (“Wesdome“), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Resource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.

(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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, release of the MRE, release of a PEA, 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.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/142661

Tags #BrettRichards, #GSHR, #InvestingInBatteryMetals, #InvestingInCopper, #JuniorMining, #MauriceJackson, #MilesFranklin, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, maurice jackson, proven and probable, Quinton Hennigh

Gold Shore Resources Junior Mining Precious Metals

Goldshore Intersects 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051

Post author By admin
Post date September 29, 2022

Vancouver, British Columbia–(Newsfile Corp. – September 29, 2022) – 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 for five holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed higher-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
- 62m @ 1.49 g/t Au from 113m and
- 48.7m @ 1.29 g/t Au from 208.3m
11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041

https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522hashtag%2522%253A%25221542500%253B1480989%253B1481489%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%2522edcf3955-29bf-3281-9413-5d4a859f4f68%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
- 11.0m @ 3.45 g/t Au from 587.0m
9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
- 3.8m @ 6.98 g/t Au from 239.45m

President and CEO Brett Richards stated: “As we have been discussing for some time, the continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to further explore these high grade areas, as we continue with our program.”

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole MMD-22-041 and MMD-22-051.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/138713_5b416c09a4a41877_002full.jpg

Figure 2: Drill section through MMD-22-041 and MMD-22-051 relative to implicit modelled grade shells

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/138713_5b416c09a4a41877_003full.jpg

Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.

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-22-041	41.00	45.00	4.00	2.0	0.38	0.38
	132.80	137.00	4.20	2.1	0.75	0.75
	152.75	158.60	5.85	3.0	0.39	0.39
	175.35	187.00	11.65	5.9	0.30	0.30
	189.90	205.25	15.35	7.8	0.36	0.36
	258.75	262.15	3.40	1.7	0.48	0.48
	308.10	332.05	23.95	12.3	0.67	0.67
including	330.00	332.05	2.05	1.1	1.89	1.89
	348.45	383.00	34.55	18.0	0.43	0.43
including	380.00	382.00	2.00	1.0	2.50	2.50
	439.00	480.00	41.00	21.3	0.79	0.79
including	441.15	453.00	11.85	6.1	1.87	1.87
	493.00	495.35	2.35	1.2	0.32	0.32
	519.00	565.75	46.75	24.3	0.46	0.46
including	525.00	527.00	2.00	1.0	2.18	2.18
and	543.50	549.00	5.50	2.9	1.02	1.02

MMD-22-046	8.00	37.50	29.50	14.3	0.50	0.50
including	29.40	31.40	2.00	1.0	1.16	1.16
	65.00	111.00	46.00	21.9	0.82	0.82
including	66.00	77.00	11.00	5.3	1.41	1.41
and	100.00	111.00	11.00	5.2	1.30	1.29
	144.00	148.00	4.00	1.9	0.31	0.31
	154.00	157.00	3.00	1.4	0.55	0.55
	172.00	182.00	10.00	4.6	1.29	1.29
including	176.00	182.00	6.00	2.8	1.96	1.96
	220.00	239.00	19.00	8.5	0.48	0.48
	253.00	268.00	15.00	6.7	0.35	0.35
	306.45	346.00	39.55	17.3	0.71	0.71
including	307.00	312.25	5.25	2.3	2.48	2.48
and	334.00	336.10	2.10	0.9	2.93	2.93
and	342.00	344.20	2.20	1.0	1.27	1.27
	370.00	386.90	16.90	7.4	0.37	0.37
	411.00	416.90	5.90	2.5	0.31	0.31
	421.90	496.55	74.65	32.1	0.66	0.66
including	424.00	426.00	2.00	0.9	2.51	2.51
and	468.10	472.00	3.90	1.7	3.37	3.37
	512.45	520.00	7.55	3.2	0.46	0.46
	575.00	577.00	2.00	0.8	0.45	0.45
	580.00	608.00	28.00	11.8	1.51	1.51
including	587.00	598.00	11.00	4.6	3.45	3.45

MMD-22-047	26.50	59.70	33.20	22.6	0.36	0.36
including	40.50	43.90	3.40	2.3	1.08	1.08
	94.90	107.00	12.10	8.4	0.35	0.35
	136.40	138.90	2.50	1.7	0.30	0.30
	141.90	204.90	63.00	43.8	0.37	0.37
including	172.20	175.05	2.85	2.0	1.12	1.12
	239.90	242.75	2.85	2.0	1.09	1.09
including	240.65	242.75	2.10	1.5	1.29	1.29
	282.55	333.90	51.35	36.9	0.73	0.73
including	282.55	292.30	9.75	7.0	1.78	1.78
	363.90	366.20	2.30	1.7	0.52	0.52
	371.80	375.60	3.80	2.8	0.36	0.36
	398.90	407.70	8.80	6.4	0.54	0.54
	580.00	582.70	2.70	2.1	0.34	0.34

MMD-22-049	20.00	47.00	27.00	13.8	0.59	0.59
	68.25	91.00	22.75	11.6	0.48	0.48
	140.00	142.00	2.00	1.0	0.35	0.35
	166.00	193.00	27.00	13.7	0.44	0.44
	209.00	243.25	34.25	17.7	1.03	1.03
including	217.95	220.00	2.05	1.1	2.09	2.09
and	239.45	243.25	3.80	2.0	6.98	6.98
	254.35	279.70	25.35	13.2	0.66	0.66
including	254.80	260.65	5.85	3.1	2.07	2.07
	290.75	318.00	27.25	14.1	0.50	0.50
	353.00	410.00	57.00	29.4	0.51	0.51
	434.00	436.00	2.00	1.1	0.54	0.54
	468.50	471.40	2.90	1.6	0.31	0.31
	518.00	523.00	5.00	2.8	0.38	0.38
	572.00	575.30	3.30	1.9	0.53	0.53
	640.70	642.90	2.20	1.3	0.59	0.59

MMD-22-051	44.85	55.60	10.75	7.9	0.35	0.35
	94.45	287.20	192.75	149.1	1.02	1.02
including	94.45	97.00	2.55	1.9	1.08	1.08
and	113.00	175.00	62.00	48.0	1.49	1.49
and	188.00	191.80	3.80	2.9	1.59	1.59
and	208.30	257.00	48.70	37.7	1.29	1.29
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-22-041	668,784	5,379,185	436	154°	-61°	606.0
MMD-22-046	668,865	5,379,218	435	156°	-61°	609.1
MMD-22-047	669,155	5,379,424	429	153°	-47°	602.05
MMD-22-049	668,953	5,379,245	428	155°	-60°	666.05
MMD-22-051	668,704	5,379,104	434	154°	-45°	293.0
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for five holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.

As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 41.0m @ 0.79 g/t Au from 439.0m depth and 46.75m @ 0.46 g/t Au from 519.0m in MMD-22-041; 88.0m @ 0.48 g/t Au from 388.0m in MMD-22-042; 46.0m @ 0.82 g/t Au from 65.0m, 39.55m @ 0.71 g/t Au from 306.45m and 74.65m @ 0.66 g/t Au from 421.9m in MMD-22-046; 63.0m @ 0.37 g/t Au from 141.9m and 51.35m @ 0.73 g/t Au from 282.55m in MMD-22-047; and 57.0m @ 0.51 g/t Au from 353.0m in MMD-22-049. The long intercept in MMD-22-051 of 192.75m @ 1.02 g/t Au from 94.45m is similar but higher grade.

All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051) and several narrow high-grade intervals, including 1.0m @ 9.14 g/t Au from 449.0m depth in MMD-22-041; 1.0m @ 12.7 g/t Au from 441.0m, 0.9m @ 9.99 g/t Au from 468.1m and 1.0m @ 16.6 g/t Au from 587.0m in MMD-22-046; 0.85m @ 5.93 g/t Au from 290.7m in MMD-22-047; 0.45m @ 8.22 g/t Au from 30.55m, 0.75m @ 12.0 g/t Au from 421.25m, 0.55m @ 9.93 g/t Au from 306.95m and 0.65m @ 15.1 g/t Au from 365.35m in MMD-22-049; and 1.0m @ 14.0 g/t Au from 159.0m and 1.0m @ 10.6 g/t Au from 256.0m in MMD-22-051.

Geological modelling of the altered diorite host rock and anastomosing shear network has progressed faster than anticipated and is nearly complete. The new model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which we expect will provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm our contention that there are coherent zones of +1 g/t Au gold mineralization with a “sea” of low grade mineralization that should allow for the generation of a smaller, higher-grade resource at the Moss Lake Project. Drilling around these higher grade zones continues.”

Analytical and QA/QC Procedures

About Goldshore

About the Moss Lake Gold Project

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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; and the impact of COVID-19.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/138713

Tags #BrettRichards, #GoldShoreResources, #GSHR, #JuniorMining, #MauriceJackson, #MossLakeProject, #ProvenAndProbable

Base Metals Gold Shore Resources Junior Mining Precious Metals

Goldshore Announces Strong Initial Drilling Results from the East Coldstream Deposit 13 Kilometers Northeast of Moss Lake

Post author By admin
Post date September 12, 2022

Vancouver, British Columbia–(Newsfile Corp. – September 12, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from eight holes drilled to test gold mineralization at the East Coldstream deposit at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).

Highlights:

Results for eight holes, drilled to better define the gold mineralization of the East Coldstream deposit, have confirmed three broad lenses of gold mineralization within the two main shear zones with best intercepts of:
23m @ 1.34 g/t Au from 244m depth in CED-22-004, including
- 7.35m @ 3.77 g/t Au from 254.2m
17.3m @ 1.55 g/t Au from 487m depth in CED-22-005

20m @ 1.15 g/t Au from 402m depth in CED-22-006
26m @ 1.66 g/t Au from 451m, including
- 7.9m @ 4.20 g/t Au from 465m
25.7m @ 2.07 g/t Au from 488m
37.05m @ 1.54 g/t Au from 209.3m depth in CED-22-007
27.9m @ 1.14 g/t Au from 387m depth in CED-22-008, including
- 13m @ 2.14 g/t Au from 401m
The better intercepts are all centered around five high-grade gold zones of mineralized breccia, including:
1.05m @ 15.8 g/t Au from 257.95m depth in CED-22-004

0.9m @ 14.3 g/t Au from 472m depth in CED-22-006, and
0.65m @ 13.5 g/t Au from 502m

0.85m @ 10.6 g/t Au from 244.35m depth in CED-22-007, and
0.4m @ 12.6 g/t Au from 418m
These results show that the three gold mineralized lenses have a clear steep plunge and highlight significant upside potential at depth within structurally controlled shoots.

President and CEO Brett Richards stated: “These first results are extremely encouraging and significant to the overarching strategy of developing a secondary resource to Moss Lake. This will provide optionality that can only help improve the new PEA study next year. The results also point to a second significant project within our land package, which highlights the potential for further discoveries.”

Technical Overview

Figure 1 shows the location of the East Coldstream deposit relative to the Moss Lake deposit and the Archean Shebandowan Greenstone Belt. Table 1 and Figure 3 show the significant intercepts. Table 2 and Figure 2 show the drill hole locations. Figures 4 and 5 show a cross section through CED-22-006 and long section along the southern zone, respectively.

Figure 1: Location map showing East Coldstream relative to Moss Lake

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_002full.jpg

Figure 2: Drill plan showing drill holes (long section is Figure 5)

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_003full.jpg

Figure 3: Drill plan showing best of several +1 g/t Au intercepts

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_004full.jpg

Figure 4: Drill section through CED-22-006 and the Main Lens

To view an enhanced version of Figure 4, please visit:
https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_005full.jpg

Figure 5: Long section through the Main and Sanders Lenses

To view an enhanced version of Figure 5, please visit:
https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_006full.jpg

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-22-001	322.00	324.45	2.45	1.8	0.80	0.80
	420.00	428.50	8.50	6.6	0.51	0.51

CED-22-002	No significant assays

CED-22-003	168.85	171.90	3.05	2.2	0.61	0.61
	252.30	258.80	6.50	4.8	0.76	0.76
including	253.95	256.90	2.95	2.2	1.07	1.07
	269.55	288.70	19.15	14.4	0.61	0.61
including	283.30	288.70	5.40	4.1	1.31	1.31

CED-22-004	5.00	7.00	2.00	1.0	0.76	0.76
	149.00	157.00	8.00	4.4	0.45	0.45
	168.00	216.00	48.00	27.5	0.39	0.39
including	168.95	173.00	4.05	2.3	1.29	1.29
	244.00	267.00	23.00	13.6	1.34	1.34
including	254.20	261.55	7.35	4.3	3.77	3.77
				0.0
CED-22-005	487.00	504.30	17.30	11.0	1.55	1.55
including	489.00	504.30	15.30	9.7	1.69	1.69
	571.55	575.00	3.45	2.2	0.55	0.55

CED-22-006	311.00	322.40	11.40	6.4	0.33	0.33
	334.90	346.00	11.10	6.3	0.41	0.41
	394.00	440.00	46.00	26.8	0.63	0.63
including	402.00	422.00	20.00	11.6	1.15	1.15
	451.00	477.00	26.00	15.5	1.66	1.66
including	457.00	460.00	3.00	1.8	1.51	1.51
and	465.00	472.90	7.90	4.7	4.20	4.20
	488.00	513.70	25.70	16.3	2.07	2.07
including	488.00	513.00	25.00	15.9	2.10	2.10

CED-22-007	209.30	246.35	37.05	21.6	1.54	1.54
including	213.30	246.35	33.05	19.3	1.67	1.67
	289.00	291.00	2.00	1.2	0.43	0.43
	319.00	321.15	2.15	1.3	0.71	0.71
	367.10	376.00	8.90	5.5	0.60	0.60
	387.75	390.60	2.85	1.8	0.63	0.63
	438.00	440.00	2.00	1.3	0.64	0.64
	446.00	460.50	14.50	9.2	0.58	0.58

CED-22-008	91.95	94.00	2.05	1.4	0.87	0.87
	300.80	312.00	11.20	8.9	0.54	0.54
	387.00	414.90	27.90	22.8	1.14	1.14
including	401.00	414.00	13.00	10.6	2.14	2.14
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-22-001	681,136	5,386,570	479	337°	-50°	483.0m
CED-22-002	681,420	5,386,640	479	335°	-50°	494.85m
CED-22-003	680,507	5,386,473	481	336°	-50°	360.0m
CED-22-004	680,008	5,386,430	477	155°	-60°	302.8m
CED-22-005	680,559	5,386,340	486	342°	-60°	810.1m
CED-22-006	680,010	5,386,586	475	140°	60°	600.0m
CED-22-007	680,085	5,386,604	473	138°	-59°	657.05m
CED-22-008	680,559	5,386,340	483	340°	-50°	603.0m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for eight of the initial 17 holes in the first pass drilling program at East Coldstream. These drillholes tested the existing mineralized lenses, as well as possible eastern and down-dip extensions.

Our work on the mineralization paragenesis and its structural controls has shown that gold mineralization is related to pervasive silica-hematite alteration and sulfide veining associated with an extensional brecciation event following extensive shearing. At the deposit scale, this formed three lenticular bodies within two main shear zones (Figure 1). Based on structural measurements from oriented core, each body has a steeply west-dipping plunge and a gently east-pitching stretching lineation that creates an internal fabric to mineralization (Figure 4). This structural control creates the potential for additional high-grade mineralization to occur below the shallowly drilled portions of the shears zones such as encountered in CED-22-007.

CED-22-001 and -002 tested a similar geophysical feature to the east of the East Coldstream deposit. CED-22-001 was drilled closest to East Coldstream and encountered narrow zones of mineralization, while CED-22-002 was drilled 300 meters further east and did not encounter significant results. This sterilizes the immediate extension, but given the lenticular geometry of mineralization, leaves open the prospectively of the structure further to the east.

CED-22-003 and -004 drilled the North and Main Lenses, respectively. Both holes intersected broad low-grade mineralized zones, including 19.15m @ 0.61 g/t Au from 269.55m in CED-22-003; and 48m @ 0.39 g/t Au from 168m and 23m @ 1.34 g/t Au in CED-22-004.

Holes CED-22-005 to -008 tested down plunge extensions of the known mineralization. All holes intersected variable widths of higher grade mineralization, including 17.3m @ 1.55 g/t Au from 487m in CED-22-005; 20.0m @ 1.15 g/t Au from 402m, 26.0m @ 1.66 g/t Au from 451m, and 25.7m @ 2.07 g/t Au from 488m in CED-22-006; 37.05m @ 1.54 g/t Au from 209.3m in CED-22-007; and 27.9m @ 1.14 g/t Au from 387m in CED-22-008.

Pete Flindell, VP Exploration for Goldshore, said “Our analysis of drill results at East Coldstream confirms the two parallel shear zones that were modelled in the past. The recognition of a greater structural control within these shears has led to the modelling of three steeply dipping lenticular shoots that remain open at depth. A gently dipping internal fabric suggests that mineralization is focused within discrete structures that may allow us to model a higher-grade resource than exists in the historic estimate.”

Analytical and QA/QC Procedures

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. (“Wesdome“), is currently a large shareholder of Goldshore with an approximate 27% 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.

About the Moss Lake Gold Project

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the “Moss Lake Historical Estimate“) was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines“)¹^,³. A historical mineral resource estimate (the “East Coldstream Historical Estimate“) was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.^2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high-grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Recource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:

Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.

P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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; and the impact of COVID-19.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136640

Tags #BrettRichards, #GoldShoreResources, #GSHR, #JuniorMining, #MauriceJackson, #MilesFranklin, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, maurice jackson

Gold Shore Resources Junior Mining

Goldshore Intersects 29.05m @ 2.99 g/t Au in 100m Down-dip Step-out

Post author By admin
Post date September 8, 2022

Vancouver, British Columbia–(Newsfile Corp. – September 8, 2022) – 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 for eight holes, drilled to infill historic but poorly surveyed drill sections in the Main Zone, have confirmed high-grade gold mineralization within a large volume of well mineralized diorite with best intercepts of:
- 29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045, including
  - 13.5m @ 6.08 g/t Au from 481.25m
- 16.4m @ 1.87 g/t Au from 415.6m depth in MMD-22-033, including
  - 6.65m @ 4.09 g/t Au from 416.15m
- 5.85m @ 3.47 g/t Au from 110m depthin MMD-22-034
- 17.0m @ 1.44 g/t Au from 58m depth in MMD-22-039, including
  - 14.45m @ 1.63 g/t Au from 58.55m
- 18.0m @ 1.43 g/t Au from 354m depth, including
  - 6.7m @ 3.37 g/t Au from 365.3m
- 22.65m @ 1.59 g/t Au from 344.15m depth in MMD-22-040
The better intercepts are all centered around twelve very high-grade gold zones that represent the axis of the shear network, including:
- 1.0m @ 22.0 g/t Au from 418m in MMD-22-033,
- 1.0m @ 17.7 g/t Au from 349m in MMD-22-040, and
- 0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045

President and CEO Brett Richards stated: “We continue to intersect wide zones of +1 g/t Au mineralization that underpin our belief that the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is significant at this early stage, and we will look to expand upon these exploration results, as we continue with our program.”

Technical Overviewhttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25222d23faf1-9aa7-3d36-91a9-6957e504a569%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

The Goldshore team has obtained sufficient quality drill information, along with oriented core data, to generate working models of the grade distribution using implicit modelling algorithms. These show coherent high grade structural zones that reflect the three dimensional anastomosing shear network, which are projected to surface in the following figures.

Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations. Figure 2 shows the better intercepts and Figure 3 is a typical section through holes MMD-22-040 and -045.

Figure 1: Drill plan showing drill holes relative to implicit modelled grade shells

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/136351_3655ebd0342589e4_002full.jpg

Figure 2: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/136351_3655ebd0342589e4_003full.jpg

Figure 3: Drill section through MMD-22-040 and -045 relative to implicit modelled grade shells

To view an enhanced version of Figure 3, please visit:
https://images.newsfilecorp.com/files/8051/136351_3655ebd0342589e4_004full.jpg

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-22-033	32.00	36.00	4.00	2.0	3.08	3.08
	69.00	72.40	3.40	1.7	0.54	0.54
	99.10	115.60	16.50	8.3	0.63	0.63
including	100.00	105.00	5.00	2.5	1.64	1.64
	257.25	265.35	8.10	4.2	0.58	0.58
	372.65	379.00	6.35	3.3	1.16	1.16
including	372.65	375.00	2.35	1.2	2.07	2.07
	415.60	432.00	16.40	8.6	1.87	1.87
including	416.15	422.80	6.65	3.5	4.09	4.09
	453.00	461.45	8.45	4.5	0.66	0.66
	518.70	521.00	2.30	1.2	0.69	0.69
	541.00	543.00	2.00	1.1	0.32	0.32
	581.00	603.90	22.90	12.3	0.65	0.65
including	588.00	591.00	3.00	1.6	2.13	2.13
and	598.00	602.00	4.00	2.1	1.05	1.05

MMD-22-034	13.00	17.00	4.00	2.3	0.33	0.33
	41.15	56.75	15.60	9.0	0.40	0.40
	69.30	72.70	3.40	2.0	0.44	0.44
	110.00	115.85	5.85	3.4	3.47	3.47
including	111.90	115.85	3.95	2.3	4.87	4.87
	131.65	134.90	3.25	1.9	0.56	0.56
	148.50	155.00	6.50	3.8	2.42	2.42
including	148.80	155.00	6.20	3.6	2.51	2.51
	173.00	193.15	20.15	11.6	0.55	0.55
	210.65	213.25	2.60	1.5	0.57	0.57

MMD-22-037	386.10	388.10	2.00	1.1	0.49	0.49
	422.00	428.95	6.95	3.7	0.61	0.61
	566.60	570.40	3.80	2.1	0.55	0.55
	627.70	632.50	4.80	2.6	0.33	0.33

MMD-22-038	82.00	84.00	2.00	1.0	0.45	0.45
	129.00	134.00	5.00	2.6	0.34	0.34
	204.00	206.00	2.00	1.0	0.38	0.38
	211.00	216.00	5.00	2.6	0.32	0.32
	315.00	317.00	2.00	1.1	0.53	0.53
	329.00	434.00	105.00	58.3	0.43	0.43
including	331.80	339.00	7.20	4.0	2.45	2.45
and	372.00	374.25	2.25	1.2	1.01	1.01
and	420.80	425.60	4.80	2.7	1.30	1.30
	460.55	465.55	5.00	2.8	0.57	0.57
	501.45	526.00	24.55	14.2	0.65	0.65
including	507.50	519.05	11.55	6.7	1.05	1.05
	546.40	552.70	6.30	3.7	0.49	0.49

MMD-22-039	15.00	18.00	3.00	1.4	1.20	1.20
	28.60	38.50	9.90	4.8	0.42	0.42
	58.00	75.00	17.00	8.1	1.44	1.44
including	58.55	73.00	14.45	6.9	1.63	1.63
	106.50	110.00	3.50	1.7	0.42	0.42
	279.00	281.00	2.00	1.0	0.50	0.50
	285.00	295.35	10.35	5.0	0.33	0.33
	311.80	314.00	2.20	1.1	0.32	0.32
	354.00	372.00	18.00	8.8	1.43	1.43
including	365.30	372.00	6.70	3.3	3.37	3.37
	412.50	439.40	26.90	13.6	0.33	0.33
	468.00	472.00	4.00	2.1	1.15	1.15
	508.00	510.00	2.00	1.0	0.33	0.33
	512.00	514.00	2.00	1.1	0.35	0.35
	557.00	570.55	13.55	7.2	0.61	0.61
including	557.00	562.00	5.00	2.6	1.33	1.33

MMD-22-040	75.55	91.65	16.10	5.7	0.40	0.40
	166.90	169.45	2.55	0.9	0.46	0.46
	263.00	269.00	6.00	2.2	0.45	0.45
	319.45	377.50	58.05	21.8	0.86	0.86
including	344.15	366.80	22.65	8.5	1.59	1.59
	403.00	420.50	17.50	6.7	0.34	0.34
	457.50	467.75	10.25	4.0	0.51	0.51
	539.00	602.00	63.00	24.7	0.42	0.42

MMD-22-044	13.35	24.50	11.15	7.9	1.39	1.39
including	13.35	24.50	11.15	7.9	1.39	1.39
	130.20	151.00	20.80	14.9	0.97	0.97
including	138.80	142.30	3.50	2.5	4.37	4.37
	250.20	253.35	3.15	2.3	0.38	0.38
	256.30	349.35	93.05	68.2	0.49	0.49
including	260.80	268.45	7.65	5.6	2.26	2.26
and	293.80	296.25	2.45	1.8	2.00	2.00
and	330.90	334.25	3.35	2.5	1.75	1.75
	370.70	372.90	2.20	1.6	0.30	0.30

MMD-22-045	16.00	28.00	12.00	6.9	0.54	0.54
	62.50	66.00	3.50	2.0	0.41	0.41
	109.60	111.80	2.20	1.3	0.92	0.92
	189.70	192.00	2.30	1.4	1.03	1.03
	204.40	232.00	27.60	16.6	0.32	0.32
	243.00	310.50	67.50	41.1	0.44	0.44
including	256.70	258.70	2.00	1.2	2.04	2.04
and	292.10	299.25	7.15	4.3	1.27	1.27
	326.85	337.20	10.35	6.4	0.64	0.64
including	334.30	337.20	2.90	1.8	1.06	1.06
	365.25	367.75	2.50	1.6	0.71	0.71
	387.65	423.00	35.35	22.2	0.48	0.48
including	405.30	412.00	6.70	4.2	1.25	1.25
	433.65	441.50	7.85	4.9	0.31	0.31
	478.60	507.65	29.05	18.2	1.48	2.99
including	481.25	494.75	13.50	8.5	2.83	6.08
	562.00	567.35	5.35	3.4	0.40	0.40
	583.50	594.00	10.50	6.6	0.57	0.57
	656.00	697.00	41.00	26.2	0.70	0.70
including	660.00	669.25	9.25	5.9	1.88	1.88
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
MMD-22-033	669,348	5,379,506	427	152°	-62°	675.25m
MMD-22-034	668,868	5,379,279	441	155°	-56°	236.9m
MMD-22-037	668,587	5,379,078	430	154°	-59°	654m
MMD-22-038	669,160	5,379,417	428	154°	-59°	602m
MMD-22-039	669,256	5,379,456	429	155°	-60°	605m
MMD-22-040	668,790	5,379,260	438	153°	-70°	609m
MMD-22-043	668,791	5,379,259	438	155°	-55°	22m
MMD-22-045	668,815	5,379,285	435	165°	-54°	717m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for eight holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.

MMD-22-043 was terminated early as it hit the old underground exploration decline. MMD-22-045 was drilled at slightly different azimuth to intersect the volume targeted by hole -043.

As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 105m @ 0.43 g/t Au from 329m depth and 63.0m @ 0.42 g/t Au from 539m depth in MMD-22-038; 58.05m @ 0.86 g/t Au from 319.45m depth in MMD-22-040; 20.8m @ 0.97 g/t Au from 130.2m depth and 93.05m @ 0.49 g/t Au from 256.3m depth in MMD-22-044; and 67.5m @ 0.44 g/t Au from 243m depth and 41.0m @ 0.70 g/t Au from 656m depth in MMD-22-045.

All these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 29.05m @ 2.99 g/t Au from 478.6m depth in MMD-22-045) and several narrow high-grade intervals, including 0.5m @ 18.5 g/t Au from 34m and 1.0m @ 22.0 g/t Au from 418m in MMD-22-033; 0.6m @ 21.0 g/t Au from 113.4m in MMD-22-034; 0.9m @ 10.6 g/t Au from 332.85m in MMD-22-038; 0.4m @ 25.2 g/t Au from 366.2m in MMD-22-039; 1.0m @ 17.7 g/t Au from 349m in MMD-22-040; 0.35m @ 10.3 g/t Au from 261.95m and 0.55m @ 10.6 g/t Au from 395.7m in MMD-22-042; 0.5m @ 15.2 g/t Au from 24m, 1.0m @ 12.3 g/t Au from 138.8m and 0.85m @ 15.6 g/t Au from 260.8m in MMD-22-044; and 0.75m @ 88.6 g/t Au from 481.25m in MMD-22-045.

Geological modelling of the altered diorite host rock and anastomosing shear network has commenced. It will continue for the next three months as we continue with our campaigns of active drilling and relogging of historic drill core. The final model will enable the interpolation of low and high-grade gold populations within constraining wireframes, which should provide a more accurate estimation of the gold distribution and, therefore, the contained gold resource.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm the excellent results that we are receiving from our 100,000-meter drill program. All results received to date confirm our improved understanding of geological controls, which shows grade decreasing away from a network of anastomosing shears. This has enabled us to more accurately model high-grade gold zones within the deposit using an implicit modelling algorithm.”

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“).

About Goldshore

About the Moss Lake Gold Project

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:^:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.
P. +1 604 288 4416 M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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; and the impact of COVID-19.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/136351

Tags #BrettRichards, #GoldShoreResources, #JuniorMining, #MauriceJackson, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, GSHR, maurice jackson, proven and probable

Gold Shore Resources Junior Mining Precious Metals

Goldshore Sampling of Historic Core Expands Mineralization with 104.2m at 1.04 g/t Au and Identifies New Parallel Zone

Post author By admin
Post date August 23, 2022

Vancouver, British Columbia–(Newsfile Corp. – August 23, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from previously unsampled historic drill core at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project”).

Goldshore’s team has retrieved historical core that remains on the Moss Lake Gold Project where the drill collars have been recovered and accurately surveyed. Prior operators selectively sampled core that fit with the model used at the time. This core is now being relogged and sampled by Goldshore. This presents an excellent, cost-effective opportunity for Goldshore to generate significant results without new drilling, particularly in those holes that coincide with Goldshore’s identified targets. This news release presents results from six such historical holes where sampling by prior operators was incomplete.

Highlights:

Sampling of unsampled sections of two historic drill holes at the QES Zone have increased the width and grade of gold mineralization over that previously reported. The expanded intercepts include:
- 104.2m @ 1.04 g/t Au from 422.0m in NS247, including
  - 19.40m @ 2.66 g/t Au from 458.6m
  - This section includes the visible gold reported on April 19, 2022
  - The hole ended in mineralization
- 56.1m @ 0.42 g/t Au from 493.5m in NS248
Sampling has also identified a new southern parallel zone that was previously unrecognized, including:
- 9.30m @ 1.28 g/t Au from 244.6m depth, including
  - 0.9m @ 10.95 g/t from 253.0m
- 0.9m @ 35.7 g/t Au from 271.65m and
- 78.45m @ 0.35 g/t Au from 331.55m in NS247
- 69.10m @ 0.49 g/t Au from 413.0m in NS248
Additional sampling of four drillholes assessing regional prospects confirmed initial results.

President and CEO Brett Richards stated: “All of the work we have conducted at Moss Lake, whether new drilling results or sampling and analysis of the historic drilling, all indicates that the extent of mineralization is far greater than the footprint of the historical resource. These results indicate yet another parallel zone of mineralization not previously identified and will provide new high quality drill targets in the future; as well as meaningful data when conducting the resource estimation.”

Technical Overview

Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations.

Figure 1: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/134517_10b59bccd42b0b57_002full.jpg

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)
ML-02-006

ML-04-016	156.20	181.50	25.30	19.4	0.51	0.51
	206.80	215.90	9.10	7.0	0.73	0.73
	270.20	276.20	6.00	4.6	0.86	0.86

ML-04-017

ML-04-018	111.00	118.20	7.20	4.9	0.34	0.34

NS247	66.20	69.00	2.80	1.2	0.44	0.44
	85.95	96.15	10.20	4.2	0.54	0.54
	121.00	123.45	2.45	1.0	0.44	0.44
	244.60	253.90	9.30	4.4	1.28	1.28
including	253.00	253.90	0.90	0.4	11.0	11.0
	271.65	272.55	0.90	0.4	30.0	35.7
	331.55	410.00	78.45	39.8	0.35	0.35
	422.00	526.20	104.20	54.4	1.04	1.04
including	458.60	478.00	19.40	10.1	2.66	2.66
	542.20	550.00	7.80	4.5	0.79	0.79
			0.00	0.0
NS248	33.50	43.10	9.60	4.4	0.67	0.67
	308.00	312.40	4.40	2.4	0.44	0.44
	353.00	367.70	14.70	7.9	0.79	0.79
	413.00	482.10	69.10	42.1	0.49	0.49
	493.50	549.60	56.10	36.1	0.42	0.42

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. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.

Table 2: Location of drill holes in this press release

HOLE	EAST	NORTH	RL	AZIMUTH	DIP	EOH
ML-02-006	670011	5379164	429	155	-45°	318.91m
ML-04-016	671016	5378230	429	156°	-45°	300m
ML-04-017	671039	5377982	429	336	-45°	132m
ML-04-018	671050	5377959	429	336	-45°	171m
NS247	670352	5379453	434	336°	-69°	550m
NS248	669958	5379129	429	336°	-65°	647m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for six historical holes that were incompletely sampled in the past and have now been more completely sampled to fully assess the intersected mineralized zones. Two holes (NS247 and NS248) targeted the QES Zone and four holes (ML-02-006, ML-04-016, ML-04-017, and ML-04-018) tested regional prospects south of the Moss Lake Project.

Assays from new sampling at NS247 and NS248 have expanded the widths of the known mineralized intercepts and identified a new parallel zone to the south of QES. They show that gold mineralization at Moss Lake is wider than previously believed and contains additional higher-grade structures beyond that defined by historic drilling. Step back drilling of the QES Zone has begun to determine the extent of the new parallel zones south of the QES Zone.

The broad zone of 104.2m @ 1.04 g/t Au from 422.0m in NS247 compares to an historic interval of 104.2m @ 0.88 g/t Au if the unsampled intervals are assigned zero grade, which seems to be what previous geologists thought. Similarly, the interval 56.1m @ 0.42 g/t Au from 493.5m in NS248 compares to an historic interval of 56.1m @ 0.31 g/t Au.

The high-grade section of NS247(19.40m @ 2.66 g/t Au from 458.6m) includes a narrow quartz-pyrite-chalcopyrite vein zone with visible gold that was reported on April 19, 2022. Surprisingly, this interval returned only 0.3m @ 1.01 g/t Au from 546.8m highlighting the nuggetty nature of gold mineralization. The drill hole ended in gold mineralization suggesting that the mineralized zone is wider.

Infill sampling of ML-04-016 and ML-04-018 yielded minor increases to the width of historic intercepts. No additional mineralized zones were identified in any of the four holes.

Several additional holes have been identified as having unsampled intervals within mineralized drill core. Historical core archives are being reexamined to locate, identify, and recover drill core for further infill sampling.

Pete Flindell, VP Exploration for Goldshore, said “These drill results confirm our contention that previous explorers did not assess the full scale of gold mineralization at Moss Lake. As such, Moss Lake holds significant potential to be a larger gold system. Our assessment of historic drill core will continue in parallel with our 100,000-meter drill program.”

Analytical and QA/QC Procedures

About Goldshore

About the Moss Lake Gold Project

Table 3: Historical Mineral Resources^1,2,3

	INDICATED	INFERRED
Deposit	Tonnes	Au g/t	Au oz	Tonnes	Au g/t	Au oz
Moss Lake Historical Estimate
Open Pit Potential	39,795,000	1.1	1,377,300	48,904,000	1.0	1,616,300
Underground Potential	–	–	–	1,461,100	2.9	135,400
Moss Lake Total	39,795,000	1.1	1,377,300	50,364,000	1.1	1,751,600

East Coldstream Historical Estimate
East Coldstream Total	3,516,700	0.85	96,400	30,533,000	0.78	763,276

Combined Total

43,311,700

1.08

1,473,700

80,897,000

0.98

2,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J. “Technical Report and Preliminary Economic Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss Lake Historical Estimate are Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo (InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1 envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0 degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%; gold price = C$1,500. In-Pit and Underground resources were compiled at cut-off grades from 0.3 to 5.0 g/t Au (for sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x 40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream Historical Estimate is based on a 0.4 g/t Au cut-off grade. The qualified persons for the East Coldstream Historical Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop), and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was established at 5.89 g/t Au and 5.70 g/t Au for domains EC-1 and EC-2, respectively. This is supported by statistical analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent block model using Datamine Studio 3 version 3.20.5321.0. Recource categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the “Historical Estimates“) are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral resources or reserves. The Company has determined these historical resources are reliable, and relevant to be included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person has not done sufficient work to classify the Historical Estimates as current resources and Goldshore is not treating the Historical Estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the Historical Estimates can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category. The Historical Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior to the implementation of the current standards of the Canadian Institute of Mining for mineral resource estimation, and have a lower level of confidence.

Table 4: Reported Historical Production from the North Coldstream Deposit⁴

Deposit	Tonnes	Cu %	Au g/t	Ag	Cu lbs	Au oz	Ag oz
Historical Production	2,700,0000	1.89	0.56	5.59	102,000,000	44,000	440,000

Note:^:

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12, Ontario Geological Survey, pp. 314-316.

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.

P. +1 604 288 4416
M. +1 905 449 1500
E. brichards@goldshoreresources.com
W. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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; and the impact of COVID-19.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/134517

Tags #BrettRichards, #GoldShoreResources, #JuniorMining, #MauriceJackson, #MossLakeProject, #PreciousMetals, #ProvenAndProbable, GSHR, maurice jackson

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