Categories
Gold Shore Resources Junior Mining Precious Metals Uncategorized

Goldshore Resources Announces Innovative Technology Application for Moss Lake Project Exploration and Closing of Non-Brokered Financing

Vancouver, British Columbia–(Newsfile Corp. – May 18, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that it is working with Dr. Russell Birrell of Globex on implementing his innovative ionic leach soil sampling technique that will enable the Company to detect bedrock anomalies beneath muskeg swamp and glacial till. Initial sampling will be conducted across known mineralization at the QES Zone to calibrate the geochemical response and enable a more accurate assessment of results in new areas.

Peter Flindell, Vice President Exploration, comments“I have worked with Dr. Birrell and the ionic leach technique in Scotland where we successfully identified several mineralized targets. This technique is well suited to the type of cover at Moss Lake and I look forward to reviewing the first results over the QES Zone. The ionic leach program will continue throughout the 2022 summer field season and focus on the targets developed from last year’s VTEM/magnetics survey. This will help us to rank and rate all targets, and to prioritize the scout drilling program, outside the historical Moss Lake deposit.”

Dr. Birrell was part of the team that developed the Mobile Metal Ion (MMI) sampling technique at CSIRO. The MMI technique has been widely used in exploration programs for the past three decades. His work on ionic leach marks an order of magnitude increase in sensitivity that has mapped several concealed mineralized targets in similar terranes.

Closing of Non-Brokered Financing

The Company is also pleased to announce that it has closed a non-brokered private placement of 1,000,000 units (each, a “Unit“) at a price of $0.50 per Unit for gross proceeds of $500,000 (the “Financing“). Each Unit issued in connection with the Financing is comprised of one common share of the Company (each, a “Common Share“) and one-half common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant shall entitle the holder thereof to acquire one Common Share at an exercise price of $0.75, for a period of 24 months following the date hereof, subject to acceleration if the Common Shares trade above $1.10 on the TSX Venture Exchange (the “Exchange“) for twenty (20) consecutive days.

The Company intends to use the proceeds raised from the Financing for future exploration work on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital purposes.

The securities issued pursuant to the Financing will be subject to a four-month and one day hold period under applicable securities laws in Canada. Closing of the Financing is subject to final approval by the Exchange.

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 strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

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.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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.

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 1: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.

Table 2: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

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, 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, the use of proceeds from the Financing, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Drills 128.3m Grading 1.1 g/t Au from the Moss Lake Deposit Additional Parallel Zone Returned 16.0m at 5.31 g/t Au with Visible Gold Also Discovered

Vancouver, British Columbia–(Newsfile Corp. – May 5, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results in hole MQD-22-014 from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource.

Highlights:

  • Broad zone of high-grade mineralization confirming the tenor of mineralization modeled in the QES Zone with best intercepts of:
  • 128.3m at 1.05 g/t Au from 121.3m, including
    • 40.6m at 1.99 g/t Au from 139.4m,
    • 3.6m at 1.80 g/t Au from 199.0m, and
    • 22.0m at 1.25 g/t Au from 227.0m.
  • New high grade gold mineralization open in all directions with visible gold intersected in a northern parallel structure. This northern structure is interpreted to be the same parallel structure intersected over 100 metres further to the east (see press release dated January 28, 2022). In addition, the identification of VG in this northern structure could provide elevated milling recoveries in any future operation. The drilling returned:
  • 16.0m at 5.31 g/t Au from 477.0m, including
    • 5.25m at 15.8 g/t Au from 477.75m
  • Expanding Drill Capacity through the engagement of two additional drill contractors who are mobilizing three rigs to site in the coming week. This will enable Goldshore to increase the drilling rate at the Moss Lake gold deposit and expand the drill program to the Coldstream area to evaluate the gold deposit at East Coldstream and copper-gold-cobalt mineralization at North Coldstream.

Click here to view interactive VRIFY 3D tour of recent drilling; including results from Hole MQD-22-014.

Brett Richards, President and Chief Executive Officer of Goldshore, commented: “The drilling intercept of 128.3m at 1.05 g/t Au reaffirms our view that the Moss Lake gold project contains a significant volume of +1 g/t Au mineralization that can underpin a meaningful, economic gold deposit. The fact that we are continuing to intersect gold mineralization outside of the volume modelled in 2013 also affirms our belief that the deposit is significantly larger than previously interpreted. Separately, we are pleased to be bringing in additional drill contractors that will enable us to increase our drilling rate at Moss Lake while commencing drilling at Coldstream.”

Technical Overview

Figure 1 and Table 1 summarize the significant intercepts in MQD-22-014. Figure 2 shows the visible gold seen at 478.1 meters depth, which corresponds to the high-grade parallel structure. Figure 3 and Table 2 show the drill hole location.

Figure 1: Drill section through MQD-22-014 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/122868_48a42c9e548939bd_002full.jpg

Figure 2: Visible gold in quartz-pyrite veins at 478.1m in MQD-22-014

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8051/122868_48a42c9e548939bd_003full.jpg

Figure 3: Drill plan showing the drill holes relative to the 2013 resource model and historic drill holes

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/8051/122868_48a42c9e548939bd_004full.jpg

Table 1: Significant downhole gold intercepts in MQD-22-014

HOLE IDFROMTOHOLE LENGTH (m)TRUE WIDTH
(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MQD-22-01459.0097.0538.05250.360.36
121.30249.60128.30921.051.05
including139.40180.0040.60291.991.99
and199.00202.603.6031.801.80
and227.00249.0022.00161.251.25
363.75373.109.3570.570.57
477.00493.0016.00122.695.31
including477.75483.005.2547.8715.8
including477.75479.201.45125.3054.1
561.00563.952.9520.420.42
570.75573.753.0020.570.57
607.10614.457.3560.360.36
619.40621.552.1520.390.39
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MQD-22-0146701065379466428335°-45°686.0m
Approximate collar coordinates in NAD 83, Zone 15N

MQD-22-014 was drilled 120 meters west of MQD-21-009 (see press release dated January 28, 2022) at a -45° dip and 335° azimuth to test the 2013 resource model and twin the historic hole 90-203.

The reported significant intercept of 128.3m at 1.05 g/t Au from 121.3m occurs within a broader zone of strongly silica-sericite-chlorite±carbonate altered diorite that assays 200.75m at 0.77 g/t Au from 14m above a 0.3 g/t Au cutoff. The better grade segments (e.g., 40.6m at 1.99 g/t Au from 139.4m) are characterized by intense foliation and brecciation, which reflect numerous sigmoidal shear zones that provide the plumbing for the hydrothermal system.

These results are similar to those intersected in the historic hole, which returned 136.0m at 1.09 g/t Au from 137.0m.

Importantly, we continue to intersect parallel structures that were not previously reported. Visible gold was intersected within a 1.45-meter-wide quartz-pyrite-chalcopyrite vein from 477.75-479.20m, which averages 54.1 g/t Au. This occurs within a biotite-altered diorite that returned 16.0m at 5.31 g/t Au from 477.0m.

Peter Flindell, VP Exploration, commented: “These drilling results confirm the historic drill results and help us to understand the non-linear distribution of high grades that will enable us to model the higher-grade gold resource more accurately later in the year. Our relogging work and surveying of historic drill collars will also allow us to incorporate many of the historic drillholes, which will reduce the number of holes we need to drill in this campaign. Just as we are intersecting new parallel zones of mineralization that will expand the Mineral Resource, we are also identifying mineralization in the historic holes that was previously unsampled, thereby adding assay data to our database.”

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 strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

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.

Moss Lake 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 was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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.

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: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.

Table 4: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

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, 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, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Categories
Energy Exclusive Interviews Gold Shore Resources Junior Mining

Goldshore Resources – Creating the Next Tier One Asset in Ontario

Creating
the next
Tier One Asset
in Ontario, Canada

Original Source: https://www.streetwisereports.com/article/2022/04/28/gold-shore-resources-creating-a-new-asset-in-ontario.html?m_t=2022_04_28_11_54_13

Joining us for a conversation is Brett Richards the CEO of 

Goldshore Resources Inc.

(GSHR:TSX – GSHRF:OTC – 8X00:FSE)

$0.53

2022/4/29 18:13:59

Volume: 178,258
Market Cap: 61.19m
PE Ratio: 2.70
Year High: $0.98
Year Low: $0.39
Shares Out: 115,458,038
Float: 132,943,270
Institute Hold’gs:
0.40% (as of 03/31/22)
Institutions Bought Prev 3 Mo: 0

Goldshore Resources Inc. (GSHR:TSX; GSHRF:OTC; 8X00:FSE). Mr. Richards, it’s a pleasure to be speaking with you today, to have you introduce us to Goldshore Resources, which is focused on creating the next Tier One Asset in Ontario, Canada.

Before we deep dive into company specifics, Mr. Richards, please introduce us to Goldshore Resources, and the exciting opportunity the company presents to the shareholders. 

Thanks Maurice. Goldshore Resources was founded in January 2021 with the acquisition of the Moss Lake Project from 

Wesdome Gold Mines Ltd.

(WDO:TSX)

$13.11  +0.38%

2022/4/29 18:13:59

Volume: 449,376
Market Cap: 1.87b
PE Ratio: 13.90
Year High: $16.77
Year Low: $8.90
Shares Out: 142,419,793
Float: 142,500,000
Institute Hold’gs:
65.60% (as of 03/31/22)
Institutions Bought Prev 3 Mo: 2,483,412

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04/28/2022 – View Article

See More Live DataWesdome Gold Mines Ltd. (WDO:TSX) for $52M in cash and shares. Subsequent to that, we raised $25M and then received approval from the TSXV, and we were admitted for trading on June 4, 2021.  Since that time, we have been focused on a comprehensive exploration approach to the asset commencing with a VTEM geophysical survey, which will guide (is guiding) a 100,000m drill program.  Currently, we are about 20% of the way through the programand we expect to complete the program in 2022.  During this period, we will conduct extensive metallurgical test work, prepare the project from an ESG standpoint for a feasibility study, and prepare the project for the next phase of development drilling.  After which (Q1 2023) we will update the resource estimation and prepare a new preliminary economic analysis (“PEA”) – (end of Q1 2023). These are the steps we are taking to create the next Tier One Asset in Ontario, Canada.  

Let’s find out more!  Mr. Richards, please acquaint us with your flagship Moss Lake Property beginning with your location and some of your neighbors in the region.

We are apx. 120 km west of Thunder Bay, Ontario on the Trans-Canada highway.  We have the flagship Moss Lake Gold project as our core focus, but in 2014 and 2015, Wesdome acquired additional lands adjacent to the Moss Lake Gold project that included Coldstream, North Coldstream, and Iris Lake to the northeast; and Hamlin Lake to the south-west.  We have a c.4m oz historical resource, estimated by Moss Lake in 2013, and had a historical PEA done in 2013 that input parameters were updated by Wesdome in 2020. The Moss Lake Property has a rich history of gold and silver production dating back to the early 1900s.

 Tell us more.

The area has been explored by prospectors for a long time, literally over 100 years.  The region of the Shebandowan Greenstone belt is a fairly complex region geologically and structurally, but the Moss Lake Project is in an area contained within intermediate to felsic volcaniclastic rocks of the northeast-trending, fault-bounded central intermediate to felsic metavolcanic belt, is vertical to steeply southeast dipping and possibly overturned. Two northeast-trending regional fault structures cross the property from northeast to southwest.  We have a domain boundary area at Moss Lake that is a sheer zone style of deposit hosted with diorite intrusions with high resistors and high chargeabilitybordered with domains of high conductors (magnetite and iron), which to the north-east and south-west are very different styles of deposit and host copper-gold-silver, and to the northeast, those elements along with lead-zinc-molybdenum and in North Coldstream, cobalt. The North Coldstream mine actually produced a copper-gold concentrate for many years in the 1940s through the 1960s, before being closed and decommissioned in 1982 due to the low copper price.

I am curious is the infrastructure still intact?

There is no infrastructure still intact at North Coldstream, as it has been decommissionedbut one day, I will look forward to mining the high-grade area of historic tailings that have been decommissioned.  But when we speak of infrastructure, there is substantial infrastructure to build a district-scale mining camp at Moss Lake.

Why do I say that? Because our land package is quite extensive and touches on the Trans-Canada highwayHighway 11 (the longest street in the worldYonge Street). With that access, we have: very inexpensive / high-capacity electric grid power; natural gas; 4 lane highway; both CN and CP Rail lines within 1 km., with a rail spur near our site; access to people / contractors / consultants and a skilled workforce in Thunder Bay, and an international airport within 120 km of our site. These are all literally on our doorstep, which makes building a large-scale mining camp in the area, extremely doable.

Let’s fast forward to 2020 when I understand a robust PEA was completed. Can you walk us through the numbers? 

Yesno problem. The 2013 PEA that was updated by Wesdome in 2020 has a number of caveats to the framework of becoming a Tier One Asset, but what we need to do is increase the size of the resource to closer to 10M oz.

The raw numbers are:

  • 128M tonnes is the mineable resource.
  • 3M oz Au gets pulled in the life of mine (“LOM”) plan [mineable pit shell(s)].
  • 45M Au is the output for a 10-year LOM, o.
  • 245K oz Au production per year for 10 years.
  • Pre-production CapEx is CA$542M.
  • Cash costs are apx. CA$926 / oz.
  • 5% discount rate.
  • You will note the recoveries are quite low at 80% in the Mian Zone and 85% in the QES Zone, and we look to increase these to mid 90%+ recoveries, which will go straight to the net present value (“NPV”) of the project.

Before we go on-site, can you share some of the key economic outputs for Moss Lake Property?

Well, the economic outputs are quite staggering in my view. The post-tax NPV of the project at the base case gold price used ($1,546) was $334M, and when sensitized up to today’s trading rangeit is anywhere from $691M to $1.1Band that is our starting point before we add any ounces to the project.

Companies at our stage of development trade at 0.3X NPV, and that puts us at an estimated share price trading range from $1.53 ($1,800 Au) to $2.59 ($2,200 Au), and today we are trading at $0.50so it is easy to see why I am excited about this project, and it is very easy to see the value creation that we can deliver on as we take steps to make this a Tier One Asset.

When we look at trading comparables on a like-for-like basis with respect to the style of deposit, jurisdiction, stage of development, etc., we are trading at a fraction of the mean of our peer group on a market cap to per ounce basis, and again, this is our starting point.  So also again, you can easily see the room for share price appreciation throughout the remainder of this year and as we head towards a resource estimation update and new PEA.  

Let’s get some boots on the ground and visit the Moss Lake Property where the company is currently undergoing a massive 100,000 Meter Drill Program.

Beginning with geophysical airborne analysis what can you share with us? What was the VTEM able to determine?

The VTEM survey ended up being an invaluable part of our analysis of this project.  Geotech and TechnoImaging did an amazing job of not only putting this together, but also putting the interpretation together for us to better identify high-probability drill targets in not just Moss Lake, but also in the northeast Coldstream area, and the south-west Hamlin Lake area. We now have 29 brand new targets that are very compelling when you look at layering: historical exploration work; historical drill data; historical production data (at North Coldstream) and then align the VTEM model with our current drilling plansit is very compelling.

Mr. Richards, I’m going to turn the controls over to you to give us an underground view of the Moss Lake Property, and have you share with us what has Market excited about the opportunity before us.

The 3D interactive model can be found on our website at this location:  Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity (goldshoreresources.com)

The 3D model is contained within the VTEM interpretation press release, which describes everything going on over the entire property.

I must admit, there is an awful lot to unpack here, but if you take away nothing else from the VTEM interpretation, I want to leave people with this: This is our Moss Lake deposit that was used for the historical PEAit contains 3.0M oz Au input, and is modeled in 3-dimensional view.

That same geophysical signature is found in 11 different areas along the strike of Moss Lake, over a distance of 12 km.  The existing resource above has a strike length of 2.5km long, the projected resource can be extrapolated over a 12km strike.  This area along the 12km strike also has known mineralization from historic drilling (all fairly similar to the Moss Lake resource)which compounds the certainty of positive drill results when we get to drilling it.

This is incredibly meaningful, and illustrates the tremendous potential Moss Lake has (irrespective of the additional potential of Coldstream and Hamlin Lake) of becoming not only a Tier One Asset but resource growth way beyond this theoretical barrier the major mining companies claim as their starting point; which is 10M oz. Au eq.

Before we leave the Moss Lake Property, multilayered question, what is the next unanswered question for Goldshore Resources, when can we expect a response, what determines success, and what can we expect as far as news flow?

I think the questions I get asked the most are: “just how big can Moss Lake be?”, and “why has no one else explored this project or this region?”, and “what makes Goldshore so special to do this?”

I appreciate there are a lot of armchair cynics looking at (and understanding how) the Shebandowan Greenstone Belt can be a district-scale mining camp like Red Lake, Timmins, or Abitibi. However, many things have changed over the past 10 years to allow for these low-grade / bulk tonnage deposits to shine technically and economically.

Detour Lake (Kirkland Lakenow Agnico Eagle) is a great example of how to take a project like this through stages of development / resource growth / production capacity phases of expansion, to becoming a generational sized / scaled mine. We are trying to follow that path, in as methodical a way as possible, in the essence of creating and maximizing shareholder value.

What has changed?

Primarily the gold price, and the trading range that now binds the gold price between $1,800 and $2,200 / oz for the foreseeable future. This not only allows for the low grade / bulk tonnage deposits to shine, but because they are so geared economically to the gold pricewhen the gold price runsthe NPV of these styles of projects goes up hundreds of millions of dollars, with every $100 increase in the gold price.

So, our focus has always been treating this as a real projectde-risking the project geologically, metallurgically, environmentally, socially, and trying to put our collective experience of building mines to work, thinking forward about project nuances down the road, and addressing them now.

So just how big can Moss Lake be?

I don’t knowbut what I do know is that we can visibly see a path to 10M oz and becoming a Tier One Asset.

Leaving the project site, let’s discuss some important topics germane to the projects . . . Is the Moss Lake Property 100% owned or do they have earn-in options? 

Moss Lake property is 100% owned by Moss Lake Project Inc., which is 100% owned by Goldshore Resources. We own 100% of the project and Wesdome is a 22% shareholder in Goldshore Resources.

Are you fully permitted?

We are permitted to conduct the exploration activities for the next period / stage of development, but these are provincial permits required for land disturbances (water usage / trail building / road building, etc.) and other small permits as well.

There will however be a comprehensive permitting exercise down the road when this goes from feasibility study to financing / construction decision.

Is the ultimate goal for Goldshore Resources to build a mine or arbitrage? 

The ultimate goal for Goldshore Resources is to build as large an economic resource as possible, and frame that resource into a viable / credible project through the PEA process. Where Goldshore takes it after this stage, is still to be definedhowever, myself and Pete Flindell (VP Exploration) have built 3 mines together in our career; and several members of our Board and Advisory Board have also built mines and run single or multi-operation mining companies over their careers. So, we are well-positioned to take this in any direction where we think we will maximize the return for our shareholders.

I have always said that partnering with a mid-tier or major mining company that has the financial / technical / project / operating experience in these types of deposits is going to maximize the value for our shareholders (and provide a liquidity event) and that may well be the case. However, nothing is certain in this world, and we have to prepare the company for all possible outcomes.

We’ve discussed the good, let’s address the bad. What can go wrong and what are your actions plan to mitigate that wrong? 

In mining, anything and everything can go wrongand it usually does.  Mining companies are classic for over-promising and under-delivering, and we are taking a conservative approach to deliver on promises and deliver on targets.

There are however a lot of challenges that delay the delivery of these targets (covid / supply chain disruptions / labor shortages etc.) but ultimately, we need to mitigate the risk of not executing in whatever / whichever way we need to do that. We need to executeand we need to deliver!

I don’t see a large degree of traditional geological / metallurgical / other technical risk in the Moss Lake project, and with its extensive infrastructure availability, it is a large mine “waiting to be built.” However, getting through the necessary steps and stages has proven to be challenging due to the delays as listed aboveand these factors continue to be delays in the steps and stages. My job is to keep the market close to all of this and to ensure that we are mitigating the risk(s) as much as possible over these next months of critical development for the Goldshore story.

Switching gears . . . Let’s discuss the people responsible for increasing shareholder value. Mr. Richards, please introduce us to your Board of Directors and Management Team, and what skill sets do they bring to Goldshore Resources?

Yesthe Board and Board Advisory Team is comprised of first-rate peoplefirst and foremost. These individuals bring a breadth of experience in capital markets, corporate governance, and corporate finance, and everyone has played a role in their careers in building large mining enterprises in some cases from small micro-cap starting points; to exponential multiples of first investment.

To highlight one individual and not name them all would be an injustice to the group, as they are all tremendous individuals with complementary and aggregated skill sets. I feel Goldshore might have the strongest Board and Advisory Board of any junior mining company in Canada today.

Who is Brett Richards and what makes him qualified for the task at hand?

Brett Richardswell, after 36 years in the mining and metals space, I have learned that you are never too old to learn new things, and just when you think you have figured it outyou realize there is more to learn.  It is why I surround myself with exceptional people who are over-achievers in their own right.  I can lead peoplebut one person cannot make a great companyexceptional teams make exceptional companies.

I have been fortunate enough to work for some great organizations and some of which I have cofounded.  Since the 1980sthose companies have included:  Co-Steel Inc., Kinross Gold, Katanga Mining, Avocet plc, Roxgold, Midnight Sun Mining, Octéa, African Thunder Platinum, and Richards Enterprises Inc. Most recently, and prior to coming to Goldshore, I worked for private equity clients such as Pala Investments, Gramercy, Genii, BNF, and the Carlyle Group.

I have a background in mechanical engineering, mineral economics, and a master’s in business administration-management engineering.  However, the more important stuff is that I am a purveyor, collector, and drinker of fine red wine, and also an avid sports enthusiast.

How about boots on the ground, who do you have on your technical team? 

Well, the key to the technical competency of the organization starts with our VP, ExplorationPete Flindell.  Pete and I have worked together on probably 10+ projects over the past 15+ years and he is a world-renowned senior geologist with experience in apx. 50 countries on every habitable continent.

Pete is a collaborative teacherwho loves to build teams; train teams; share ideas and experiences and those who have worked with Pete and under his direction, praise his geological leadership.

We have a team of about 5 senior geologists, 12 junior geologists, 12 geo techs, and about 30 drillers. Again, to mention one would do the rest of the team not mentioned an injustice, as we have built a great team of people on the ground.

Let’s get into some numbers . . . Mr. Richards, please provide the capital structure for Goldshore Resources, current shares outstanding. 

Surehere are the following high-level numbers:

  • 135M shares outstanding.
  • 5M shares out fully diluted.
  • $20M in the treasury.

Since we are covering numbers, how does Goldshore Resources compare with some of your peers?

As mentioned in the previous valuation discussion, we trade at a significant discount to our peers.  As illustrated on the chart below, we are trading at $14/ounce today and the median of our peer group is around $40/ ounce.

How many cash and cash equivalents do you have? 

CA$20M.

How much debt do you have? 

CA$0.

What is your burn rate? 

CA$2M per month (+/-).

What percentage of ownership does management have and who are the major shareholders? 

  • Management holds – 12%.
  • Wesdome – 22%.
  • Resources Fund (Europe) – 3%.
  • Brett Richards – 3%.
  • Galen McNamara – 3%.

What is the float? 

  • 135M shares outstanding.
  • 5M shares out fully diluted.
  • However, the free float is about $80M shares (as of April 19, 2022).

Are there any redundant assets on the books that we should know about?

No.

Are there any change in control fees, if yes, what is the compensation? 

Nohowever, Wesdome has ROFR rights on a change of control.

Is management charging a consultant fee for any services?

No.

In closing . . . Sir, what keeps you up at night that we don’t know about? 

In 2021, it was the pandemic and the impact it has had on the health (personal and mental health) of our employees and contractorsand now with that subsiding, I think the various macro-drivers of gold price (which present global crises and global instability):  Russia/Ukraine crisis; hyper-inflation; the US and global economic policiesbasically the headline of every newspaper is what keeps most of up at night. The world order feels like it is changing, and with that comes a lot of uncertainty about the future and that of our kids’ and grandkids’ future.   

Last question what did I forget to ask? (This is an actual question; the floor is yours) 

I think you have covered everythingbut one final note to those looking at buying Goldshore Resources: “Why do you want to buy gold?  Why do you want to buy gold equity?  What moves the needle in gold equities and separates them from other gold equities? The answers to all of these questions are better served by holding Goldshore Resources than holding any other junior gold equity in the capital markets.  

Safety, security, a hedge against inflation, a hedge against various global economic uncertainty, size, scale, resource potential, visibility to production . . . Goldshore Resources’ potential and its “Quest to 10M oz of Gold” will deliver the best result to all of those questions.

Please visit our website at https://goldshoreresources.com/

Mr. Richards, it’s been a pleasure speaking with you today, wishing you Gold Shore Resources the absolute best sir.

My pleasure.

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Goldshore Resources to Accelerate Drilling of the Moss Lake Gold Deposit and Recently Discovered Parallel Zones

Vancouver, British Columbia–(Newsfile Corp. – April 26, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to update the market on its Moss Lake Project activities for the forthcoming spring and summer exploration period.

Key Points

  • The Company is expanding the exploration program to 8-10 rigs as soon as possible and remains well funded with a treasury of nearly $20M;
  • The Company is accelerating its metallurgical test work; structural geology understanding, 3D geologic model(s) and analysis of historical core;
  • The 2021 VTEM survey highlighted 29 quality drill targets including potential expansion of the Moss Lake strike length; as well as the potential for a resource increase at East Coldstream; and the Company will attempt to identify maiden resources at other known mineralized targets; and
  • Drilling of these targets has yielded positive results including 6.3g/t Au over 58.85m News: Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake (goldshoreresources.com).

Earlier in the year, the Company released the detailed interpretation and analysis of the VTEM geophysical survey conducted in 2021 (see Press Release dated March 10, 2022: Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity). This produced 29 quality drill target areas, including 11 new Moss Lake target styles that potentially expand the strike length by over 4x from 2.5km to over 11km.

Subsequently, initial drilling of several of the targets successfully intersected new gold minerlization including the hole MMD-21-008 that returned 6.3 g/t Au over 58.85 metres and interpreted to be a high grade structure in the Moss Lake Deposit. (see press release Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake).https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522Coldstream%253BHamlin_Lake%253BTechnical_analysis%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%25225cf3f714-4fcf-300f-bbaf-b3dce5f88731%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

To that end, the Company is accelerating its exploration program at the Moss Lake Project, currently having a historical resource of 1.47M oz Au Indicated and 2.51M oz Au Inferred (see Table 1). The Company is preparing to ramp up its drilling efforts to 8 to 10 rigs as soon as practicable,. It is planned that the Moss Lake area will utilize 4 to 5 drill rigs through the spring-summer period; Coldstream / North Coldstream / Iris Lake area targets will utilize 2 to 3 rigs and Hamlin Lake area targets will utilize 1 to 2 rigs.

The Company is currently well funded with approximately $19.6M in the treasury, after closing its recent funding of $10M (see Press Release Goldshore Announces Closing of $10M Private Placement).

Key Strategic Highlights

  • Increasing the quantum and frequency of drilling at the Moss Lake Project; and early mobilization of rigs into the north-east corridor of Coldstream / North Coldstream and Iris Lake; as well as early mobilization into Hamlin Lake area;
  • Accelerated re-logging and mutli-element assaying of historic North Coldstream and Moss Lake core;

    Goldshore has been logging historic core throughout this campaign to maximize the value of the historic drill core. As part of this program, the team has commenced resampling of core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored or missed. Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth along the northern edge of the QES Zone (see press release Goldshore Reports Additional Step-Out Intercepts ). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets.
  • Establishing a robust 3D geologic model of the Moss lake deposit to guide exploration and updating future resource estimates.;

    Goldshore has been rebuilding the mine model for the historic North Coldstream copper mine that was mined between 1957 and 1967. This has included compiling all historic data and wireframes for the underground workings to understand the distribution of mineralization with a view to identifying the potential for additional mineralization; but also to guide scout drilling of similar geophysical targets identified by last year’s VTEM/magnetics survey.

    Analysis of underground data focused on copper and gold, which returned assays in the range of 1.0 to 15.0% Cu and 0.5 to 5.0 g/t Au. Of note, limited assaying for cobalt on one level returned values in the range of 0.1 to 0.5% Co. These high levels of cobalt have not been recognized in the past but clearly point to the strategic value of this deposit style.

    Scout drilling of preferred mineralization trends at North Coldstream and of similar nearby targets will aim to confirm the highly mineralized nature of this deposit style.
  • Engaging world renown structural geologist, Dr. Brett Davis to work with the Goldshore geological team, to optimize drill targeting through both structural geology methods and through the VTEM geophysical interpretation prepared by TechnoImaging © . Dr. Davis will be on site in May and June 2022.

    Dr. Brett Davis graduated from James Cook University, Australia with a Bachelor’s in Geology in 1986, which was followed in 1992 with a Doctorate degree in Structural Geology. Dr. Davis has worked and consulted globally on a number of large scale deposits and has established himself as a world leader in structural geology and currently runs Olinda Gold Structural Geology Consulting. Dr. Davis also serves as an Adjunct Research Fellow at his alma mater – James Cook University.
  • Accelerating the geometallurgical characterization study to determine the geometallurgical domains, and commencing metallurgical test work to optimize the recovery profiles of these domains at Moss Lake;

    The Goldshore geological team is working with ALS on establishing geometallurgical parameters, in an effort to optimize and guide the metallurgical test work required for use in the updated preliminary economic assessment (“PEA”) intended to be published in Q1 2023.

Brett Richards, President and Chief Executive Officer of Goldshore commented“With the recent market support to close the $10M funding; coupled with the excellent drilling and VTEM results previously shared with the market; we are pleased to be accelerating the exploration program at Moss Lake, as well as Coldstream, North Coldstream, Iris Lake and Hamlin Lake. It has been shown that all of the 29 high priority targets that have had historical drilling and/or form part of the historic resource; along with 17 gold targets identified in the VTEM interpretation need to be accelerated into this coming field season. The main purpose for this is to quantify and maximize the understanding of mineralization in all of these targets; prior to conducting a mineral resource update and updated PEA (intended to be published in Q1 2023).

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 strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

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.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table 2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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.

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 1: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.

Table 2: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

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, 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, including planned drilling activities and metallurgical test work and the other matters listed under the heading “Key Strategic Highlights”, intended identification of maiden resources, an update to the historical preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/121649

Categories
Junior Mining Precious Metals

Goldshore Reports Additional Step-Out Intercepts on the Margin of the Main Zone at Moss Lake, Ontario

Vancouver, British Columbia–(Newsfile Corp. – April 19, 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. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit in an attempt to improve the overall grade and volume beyond that of the historic Mineral Resource.

Key Highlights

  • Drilling of the Main Zone has expanded the zone and provided better definition for high grade corridors: Drilling within the Main Zone has continuity to improve the continuity and volume of high grade zones within the Main Zone. Highlight intercepts include:
    • 13.0m @ 1.25 g/t Au from 192.0m in MMD-22-011
    • 29.75m @ 1.03 g/t Au from 33.0m in MMD-22-012A
    • 13.0m @ 1.02 g/t Au from 238.0m in MMD-22-013
  • Parallel structures intersected on every section: Drilling continues to intersect new mineralized structures parallel to the main body of mineralization, within a 100 metre corridor along the northern hanging wall side of the Main Zone (see Plan View Figure 4).
  • Visible gold found in unsampled section of historic drillholes: Sampling of previously unsampled drill core has found visible gold confirming the Company’s belief that historic exploration missed parallel zones of mineralization. All assays from historic core remain pending.
  • West edge of the Main Zone defined: Drill holes MMD-21-010, MMD-22-011 and MMD-22-012A intersected a major post-mineralization structure that cuts the western edge of the Main Zone and most likely offsets mineralization to the south where it is reflected by the previously drilled Southwest Zone (See Figure 4).

Brett Richards, President and Chief Executive Officer of Goldshore commented“Once again, we are pleased to illustrate recent drill results from the Moss Lake Gold Project Inc., highlighting continued mineralization on the periphery of the historic resource in the main zone. Referring back to the high grade feeder system identified from the March 2, 2022 press release News: Goldshore Drills 6.3 g/t Au over 58.85m at Moss Lake (goldshoreresources.com) as well as the release on the VTEM geophysical survey indicating 29 new targets Technical Analysis: Goldshore’s VTEM Results Greatly Expand the Prospectivity (goldshoreresources.com), the consistency of the mineralization continues to illustrate the size and scale of the Moss Lake Project. The ongoing drilling is increasing our confidence in the extent and size of the high grade corridors within the main zone deposit to be incorporated into future resource updates and possible benefits to future mining. Additionally, the limited outside of the main zone has identified several potential parallel zones that remain open along strike and down dip and remain one of the focuses for this campaign. Also, the visible gold we are seeing in the historic core is a great indication of higher grade areas that will guide us towards a greater understanding of the geological controls in this system”.

Results have been received for drill holes MMD-21-010, MMD-22-011 and –012A evaluating the western margin to the Main Zone and holes MMD-22-013 and -015 testing the southern margin of the Main Zone. Significant drill intercepts are summarized in Tables 1 and 2, respectively, shown in Figures 1-3 as drill sections. Table 3 and Figure 4 show the location of the drill holes.



Figure 1: Drill section through MMD-22-011 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/120798_0b2b02f38416fbac_002full.jpg



Figure 2: Drill section through MMD-22-013 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 2, please visit:
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Figure 3: Drill section through MMD-22-015 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 3, please visit:
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Figure 4: Drill plan showing the drill holes relative to the 2013 resource model and historic drill hole location

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Table 1: Significant downhole gold intercepts along western margin of Main Zone

HOLE IDFROMTOHOLE
LENGTH
(m)
TRUE
WIDTH

(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD-21-01038.1542.003.8520.340.34
MMD-22-011163.00166.103.1010.540.54
190.45231.3540.90190.540.54
including192.00205.0013.0061.251.25
395.20429.0033.80160.510.51
502.00508.006.0030.420.42
525.00537.5512.5560.310.31
548.45596.7548.30230.340.34
including560.00562.552.5511.591.59
621.50625.403.9020.310.31
661.00664.003.0020.540.54
723.25726.002.7510.850.85
758.00760.202.2010.610.61
777.70780.903.2020.430.43
794.00825.0031.00161.071.07
including795.00807.0012.0062.182.18
MMD-22-012A150.00152.002.0020.650.65
296.00298.002.0020.390.39
329.65336.006.3550.490.49
352.00358.956.9561.981.98
including358.55358.950.40028.828.8
377.85382.004.1530.730.73
410.00412.002.0020.540.54
474.00484.5010.5090.410.41
including479.00481.002.0021.111.11
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: Significant downhole gold intercepts along southern margin of Main Zone

HOLE IDFROMTOHOLE
LENGTH
(m)
TRUE
WIDTH

(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD-22-01333.0062.7529.75211.031.03
including48.0062.7514.75111.711.71
75.0088.0013.0090.350.35
92.00116.0024.00170.760.76
including98.0098.400.40929.629.6
126.65198.8072.15530.370.37
216.00259.0043.00320.540.54
including225.80227.802.0011.501.50
and238.00251.0013.00101.021.02
333.00337.004.0030.420.42
421.40454.6533.25260.320.32
463.00481.6518.65150.320.32
including470.00473.003.0021.221.22
509.00511.002.0020.370.37
MMD-22-01531.0036.005.0040.400.40
59.0084.0025.00190.670.67
including61.0063.002.0021.941.94
and78.0080.502.5021.291.29
99.20149.0049.80380.350.35
including105.40108.503.1021.461.46
160.00179.9019.90150.810.81
including160.00167.007.0051.471.47
223.00225.002.0020.450.45
340.70344.804.1030.770.77
446.50458.0011.5090.400.40
482.00484.002.0020.550.55
491.95494.002.0520.450.45
530.65534.904.2541.111.11
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 3: Location of drillholes

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-21-0106683575378845437135-45501,0m
MMD-22-0116686595379089428155-65840.0m
MMD-22-012A6684535378938429135-45497.0m
MMD-22-0136690135379180427155-45513.0m
MMD-22-0156691285379246427155-45551.95m
Approximate collar coordinates in NAD 83, Zone 15N

MMD-21-010 and MMD-22-012A drilled the western extension of the Main Zone. MMD-22-012A is a redrill of MMD-22-012 that was lost in overburden. MMD-22-011 drilled at -65° beneath MMD-21-006 (reported on January 28, 2022) and skirted the northwestern margin of the mineralization model estimated by InnovExplor in 2013.

All three holes intersected zones of altered and mineralized diorite with local zones of higher grade (e.g., 0.4m @ 28.8 g/t Au from 358.55m in MMD-22-012A), showing that the mineralized system continues. MMD-22-011 intersected mineralized diorite to a greater depth than the InnovExplor 2013 model, as well as the now familiar parallel high grade structure to the south of the Main Zone (31.0m @ 1.07 g/t Au from 794m depth). While this intersection is deep, the structure almost certainly extends to surface as is indicated by drilling on parallel sections.

The drillholes are notable for intersecting a major post-mineralization fault zone that shaves the western edge of the Main Zone and most likely offsets mineralization to the south where it is reflected by the previously drilled Southwest Zone.

MMD-22-013 and MMD-22-015 were drilled at -45° along the southern margin of the Main Zone. MMD-22-013 was drilled above MMD-21-008 (reported on March 2, 2022), which returned several high grade intercepts.

Both holes intersected strongly altered diorite with low grade gold mineralization sandwiched between the variably altered volcaniclastic wallrock sequence. They also intersected the parallel structural zone to the south of the Main Zone. Local high grades were also intersected (e.g., 0.4m @ 29.6 g/t Au from 98.0m in MMD-22-013).

Goldshore has been logging historic core throughout this campaign to maximise the value of the historic drill core. As part of this program, the team has commenced resampling sections of historic core that were not sampled in the past. This has been driven by the recognition of additional zones of mineralization that were previously ignored.

Recently, the team discovered visible gold in quartz-pyrite veinlets in drillhole NS-92-247 at 546.9 meters depth (Figure 5). This highlights the potential for high grades in previously unrecognized zones parallel to the main targets. In this case, it is a parallel structure along the northern edge of the QES Zone.



Figure 5: Visible gold in quartz-pyrite veinlet in NS-92-247

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Peter Flindell, VP Exploration commented“These assay results come from our pre-winter drilling programme, which largely tested the margins of the main zone. Drilling continues to show the continuity of mineralization within the main zone and the existence of mineralization in a southern parallel zone, which we hope points to a larger mineralized volume and potentially a much bigger project.”

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 strategic shareholder of Goldshore with an approximate 22% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

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.

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, 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. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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.

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 4: Historical Mineral Resources1,2,3

INDICATEDINFERRED
DepositTonnesAu g/tAu ozTonnesAu g/tAu oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential39,795,0001.11,377,30048,904,0001.01,616,300
Underground Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground resources.

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. 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 estimate on the Moss Lake Gold Project 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.

Table 5: Reported Historical Production from the North Coldstream Deposit4

DepositTonnesCu %Au g/tAgCu lbsAu ozAg oz
Historical Production2,700,00001.890.565.59102,000,00044,000440,000

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, 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, including planned drilling activities, an update to the historical preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/120798