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Goldshore Resources – Moss Lake has Depth, Width and Along Strike

Goldshore Resources – (TSX.V: GSHR | OTCQB: GSHRF)
Website: https://goldshoreresources.com/
3D Deck: https://goldshoreresources.com/investors/#corporate-presentation

Goal: To Create the Next Tier One Asset in Ontario, Canada.

Flagship Project: The Moss Lake Property located in Ontario, Canada has 1.47 M oz of Indicated and 2.51 M oz of Inferred historical gold resources, along with a robust Preliminary Economic Assessment conducted in 2020.

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Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Announces That Drilling Has Commenced at Coldstream

  • GSHRF+4.18%

Newsfile Corp.Mon, June 13, 2022, 8:00 AMIn this article:

  • GSHRF+4.18%

Vancouver, British Columbia–(Newsfile Corp. – June 13, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce that drilling has commenced in the Coldstream region at the Moss Lake Project with two drill rigs mobilized in this area, of the seven drill rigs currently operating on the Company’s land package.

Highlights:

  • Two rigs mobilized to evaluate gold mineralization at East Coldstream and copper-gold-cobalt mineralization at North Coldstream
  • Company to issue a drill plan for the next several months, indicating the locations of step out drilling and infill drilling at the Moss Lake Project; as well as the key targets identified at East Coldstream, North Coldstream, Iris Lake and Hamlin

President and CEO Brett Richards stated: “We are pleased to announce commencement of drilling in the Coldstream Region. In the coming weeks, we will lay out the drill plan for the market to follow with our progress as we step out and infill at Moss Lake, and illustrate our progress in the Coldstream region, as well as commencing drilling in the other key targets within our land package.”

Vice President Exploration, Pete Flindell commented: “Drilling has commenced at East and North Coldstream to evaluate historic drill holes, understand the controls on mineralization, test for higher grade shoots within the two deposits and explore for strike extensions to the known mineralized zones. We look forward to seeing the results in the coming months.”



Figure 1 – Moss Lake Project Inc. Map of Targets

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/127414_1679bdb5c43f8ad2_002full.jpg

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. (“Wesdome“) is currently a strategic shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

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

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, 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 Potential
1,461,1002.9135,400
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

Deposit
TonnesCu %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.

Categories
Junior Mining Lion One Metals Precious Metals Uncategorized

Lion One Discovers Major New Gold Feeder Structure – 20.86 G/t Au over 75.9 Meters at Depth Beneath the Current Resource at Tuvatu, Fiji

North Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Lion One Metals Limited (TSXV: LIO) (OTCQX: LOMLF) (ASX: LLO) (“Lion One” or the “Company”) is delighted to announce the discovery of a major new feeder structure at its Tuvatu Alkaline Gold Project in Fiji. Hole TUG-141, targeting a complex network of high-grade structures called the 500 Zone, has encountered the longest high-grade intercept yet recorded at Tuvatu, 20.86 g/t Au over 75.9m, including 43.62 g/t Au over 30.0m which includes 90.35 g/t Au over 7.2m. The new discovery is located at depth beneath the current resource fully within the permit boundaries of the Tuvatu mining lease.

High-grade intercepts from TUG-141 include:

  • 20.86 g/t Au over 75.9m from 443.4-519.3m
  • including 35.25 g/t Au over 37.5m from 471.3-508.8m
  • including 43.62 g/t Au over 30.0m from 477.6-507.6m
  • including 90.35 g/t Au over 7.2m from 494.4-501.6m
  • and notable individual high-grade assay intervals including:

– 138.15 g/t Au over 0.30m from 450.9-451.2m

– 396.16 g/t Au over 0.30m from 479.1-479.4m

– 103.54 g/t Au over 0.30m from 498.6-498.9m

– 340.07 g/t Au over 0.30m from 498.9-499.2m

– 600.42 g/t Au over 0.30m from 499.5-499.8m

– 244.37 g/t Au over 0.30m from 502.5- 503.1m

– 230.18 g/t Au over 0.30m from 507.3-507.6m

– 105.58 g/t Au over 0.30m from 518.7-519.0m

Lion One CEO, Walter Berukoff, stated: “Like the initial discovery of the high-grade 500 Zone drilled two years ago, I believe this new robust high-grade gold feeder mineralization encountered by hole TUG-141 represents a substantial discovery for Lion One. The notable high grades and continuity of mineralization of this intercept demonstrate Tuvatu’s potential to become a large-scale, high-grade underground gold mine. I have long encouraged our team to find that “gold room” at Tuvatu, and hole TUG-141 leads me to believe they have found it. We have only to look at other notable large alkaline Au deposits as direct analogues to better understand what this latest discovery tells us, and it is clear that the discovery of a major high-grade feeder such as this should be viewed as very promising. I am confident that Tuvatu will one day fall in the ranks of notable multi-million ounce Au deposits such as Porgera and Vatukoula. I commend our team on this truly outstanding discovery and I look forward to continued successful execution of both our exploration strategy to realize growth at Tuvatu and our development strategy targeting the commencement of gold production in the second half of 2023.”

Lion One Senior VP of Exploration, Sergio Cattalani, commented: “The mineralized intercepts reported by TUG-141 represent a highly significant development. The grades and continuity observed by the intercepts in hole TUG-141 are of a magnitude not previously documented at Tuvatu, and highlights the largely untapped potential of this deposit. The significance of having identified what may be a new principal feeder conduit for Tuvatu confirms the model that has driven this deep exploration program since the discovery of hole TUDDH-500 in July 2020. Our immediate priority is to follow up of this significant discovery with additional drilling in what remains a relatively poorly drilled portion of the Tuvatu system. Lion One, is now more than ever, convinced of the potential of Tuvatu to become a prominent, multi-million ounce Au deposit at the top of the Au grade distribution worldwide.”

Lion One Technical Advisor, Quinton Hennigh, commented: “Alkaline gold systems tend to be deep-rooted and very structurally complex. Exploring them can be analogous to drilling a tree from the top down. In the shallow part of the system, one finds the upper “branches,” or gold-bearing lodes, but as exploration persists to depth, bigger and bigger “branches,” or lodes, are encountered ultimately leading to the “trunk,” the feeder. The way this remarkable discovery at Tuvatu has unfolded is quite similar to the experience at Porgera, where after approximately ten years of diligent drilling, the high-grade Romane Fault Zone was discovered beneath a myriad of smaller lodes. What is most exciting about this discovery is that now that we have a clear idea where the deep fluid-tapping conduit of this system is located, we can effectively chase it to depth, and alkaline gold systems are known to persist to great depths, sometimes as deep as 2 km. Considering this intercept is only approximately 500m below surface, this discovery is wide open for growth at depth.”

TUG-141 was drilled in the area between modelled 500 Zone lodes 500A, 500C and 500F (Figure 1) where it intersected continuous high-grade Au mineralization grading 20.86 g/t Au over 75.9m that is predominantly hosted by intensely altered, fractured and brecciated andesite. The highest grade core of this zone is characterized by hydrothermal breccia displaying extreme silicification, potassic alteration and sulfidation with regular occurrences of visible gold (Figure 2). In addition, the presence of abundant roscoelite (a vanadium mica mineral) is very encouraging and is a mineral synonymous with the high-grade zones of world-class alkali gold systems such as Cripple Creek in Colorado and Porgera in Papua New Guinea. Some fragments within portions of this breccia are visibly milled, or rounded, indicating vigorous fluid flow. Observations of fracture patterns and textures ranging from incipient and in-situ to full-on brecciation (Figure 2) point to this zone being a dilational breccia that likely formed along a major structural intersection where stresses were being released at the time of mineralization. Rapid depressurisation accompanying seismic movement along such a dilational zone would allow rapid ascent of hydrothermal fluids resulting in silicification, K-metasomatism, sulfidation and rapid precipitation of Au. Textures of minerals observed in veins and open spaces is consistent with a rapid depositional regime.

Lion One is concurrently undertaking a two-pronged exploration drill campaign: 1) shallow infill drilling to enhance definition of its current resource in preparation for mine planning, and 2) deep drilling focussed on better understanding the geometry and extent of the underlying high-grade feeder network. As part of the latter program, hole TUG-141 targeted the upper portion of the 500 Zone at depths between approximately 450-550m where it is projected to connect with the base of lodes making up the Inferred resource. As discussed above, TUG-141 drilled into a very wide and exceptionally high-grade zone, 20.86 g/t Au over 75.9m, cored by hydrothermal breccia (Figure 2). Such a zone of extreme fracturing and brecciation has never before been observed at Tuvatu. It is significant to note that the bulk of this mineralized interval is hosted within andesite rather than by intrusive monzonite, the typical host rock for many lodes at Tuvatu. The significance of this observation has yet to be determined.

Furthermore, it is also notable that the nearest drill holes to TUG-141 are TUG-135 (70m below), TUG-136 (45m to the E), and TUG-138 (60m to the W), indicating that there is considerable space for a substantial increase in the ultimate size of the feeder conduit. All three of these holes have returned previously reported bonanza grade mineralization, similar in tenor and texture to that in TUG-141, including:

24.92 g/t Au over 3.70m from 415.7-419.4m in hole TUG-135 including 159.3 g/t Au over 0.30m;

87.83 g/t Au over 1.5m from 445.1-446.6m in hole TUG-136 including 108.41 g/t Au over 0.60m;

and 23.14 g/t Au over 3.0m from 571.5-574.5m in hole TUG-138 including 118.6 g/t Au over 0.30m.

The area remains open at depth. This target has now become of utmost importance for follow up drilling.

In addition to the impressive intercept of 20.86 g/t Au over 75.9m discussed above, hole TUG-141 encountered numerous other significant mineralized intercepts both above and below this interval including:

Above the high-grade intercept

  • 3.93 g/t Au over 5.7m from 101.7-107.4m including 12.17 g/t Au over 0.30m
  • 4.48 g/t Au over 10.2m from 109.8-120.0m including 38.27 g/t Au over 0.30m
  • 10.98 g/t Au over 1.5m from 291.3-292.8m including 17.20 g/t Au over 0.60m
  • 5.63 g/t Au over 19.2m from 311.7-330.9m including 20.50 g/t Au over 3.00m from 322.2-325.2m, which includes 71.01 g/t Au over 0.30m and 13.75 g/t Au over 0.60m
  • 3.33 g/t Au over 4.50m from 366.3-370.8m including 7.40 g/t Au over 1.20m
  • 11.38 g/t Au over 2.1m from 380.7-382.8m including 22.30 g/t Au over 0.90m
  • 1.97 g/t Au over 13.5m from 391.8-405.3m including 15.25 g/t Au over 0.30m
  • 2.82 g/t Au over 3.90m from 425.1-429.0m including 8.47 g/t Au over 0.30m

Below the high-grade intercept

  • 3.08 g/t Au over 1.50m from 524.1-525.6m including 7.50 g/t Au over 0.30m

In aggregate, all mineralized intercepts reported from hole TUG-141 total 1,909 g/t Au-meters.

Complete results, received to date, from hole TUG-141 are summarized below in Table 1. This is the first drill hole in this part of the Tuvatu alkaline gold system, and as such, orientation and true thicknesses of mineralized intercepts discussed above are not known at this time. Further drilling is required to better understand this new discovery. At the time of writing, hole TUG-141 is still being drilled, and is currently >600m in depth with other mineralised structures yet to be assayed.



Figure 1. Plan view (upper) and vertical section looking E (lower) of the trace of TUG-141 and selected drill holes relative to the 500 Zone lodes modeled to date. TUG-141 was drilled from underground along the Tuvatu exploration decline. The traces of known lodes UR2 and UR4, and modelled lodes of the 500 Zone feeder are shown in red.

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2178/126617_fig%201ed%20lm.jpg.



Figure 2. Compilation of photographs from TUG-141. (A) Abundant visible gold grains (0.2-2mm) in highly altered potassium metasomatized groundmass and roscoelite. (B) Visible gold (~2mm grains) associated with coarse pyrite in a silicified breccia. (C & D) Intensely silicified and pyritized andesite with microfractures of visible gold (~0.5mm grains).

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_003full.jpg.



Figure 2 (continued). (E) Vuggy breccia with coarse pyrite and silicified-sulfidized ground mass. Breccia clasts are angular to sub-rounded. (F) Coarse pyrite breccia with silicified-sulfidized ground mass. (G) Network fracture stockwork ~1-5mm veins with two generations of pyrite. The clasts are highly altered silicified andesite, with the veins containing quartz-pyrite. (H) Network fracture stockwork veins at multiple angles, with intense silicification, quartz-carbonate infill and pyrite.

To view an enhanced version of Figure 2 continued, please visit:
https://orders.newsfilecorp.com/files/2178/126617_81354d06c4e0dad0_004full.jpg.

Mineralization is observed as two generations of pyrite; an earlier bright euhedral pyrite that forms coarse crystals in the core of the veins and breccia, and a darker brownish, spongy pyrite that typically forms extremely fine-grained encrustations or overgrowths on earlier pyrite and wallrock fragments, as well as lining the edges of most veins (Figure 2). Quartz occurs commonly as bluish grey, amorphous to locally colloform silica. Open space vuggy textures are common, as are visible gold grains. Highest grades (up to 600 g/t Au) appear to be associated with an interval of intense pervasive silicification and sulfidation by up to 30% or more extremely fine-grained pyrite developed throughout the host rock, giving the rock an overall massive chocolate brown appearance (Figure 2). The intensity of replacement suggests this is a zone of very high and sustained fluid flux.

Table 1: Table showing all drilling intervals returning >0.5 g/t Au for hole TUG-141. Intervals > 3.0 g/t Au, which is the cutoff grade used for the current resource, are shown in red, and intervals >9.0 g/t Au, which is the average grade of the resource, are bolded.

Sample IDFrom (m)To (m)Interval (m)Grade (g/t Au)
TUG0858471.7720.30.96
TUG08535101.71020.33.96
TUG08536102102.30.312.17
TUG08537102.3102.60.35.35
TUG08538102.6102.90.31.42
TUG08539102.9103.20.33.09
TUG08541103.5103.80.31.19
TUG08542103.8104.10.38.64
TUG08543104.1104.40.37.67
TUG08544104.4104.70.37.56
TUG08545104.71050.37.90
TUG08546105105.30.33.53
TUG08548105.6105.90.30.60
TUG08549105.9106.50.64.83
TUG08452107.1107.40.31.42
TUG08456109.8110.10.315.41
TUG08457110.1110.40.30.74
TUG08458110.4110.70.31.12
TUG08459110.71110.35.28
TUG08460111111.30.30.80
TUG08462111.6111.90.32.66
TUG08463111.9112.20.31.45
TUG08464112.2112.50.31.22
TUG08466112.5112.80.31.50
TUG08467112.8113.10.32.67
TUG08468113.1113.40.33.47
TUG08469113.4113.70.32.92
TUG08470113.71140.32.93
TUG08471114114.30.38.74
TUG08473114.6114.90.37.36
TUG08474114.9115.50.60.90
TUG08475115.5115.80.37.20
TUG08476115.8116.10.33.14
TUG08477116.1116.40.30.92
TUG08479116.71170.33.62
TUG08481117117.30.315.85
TUG08482117.3117.60.32.06
TUG08483117.6117.90.31.95
TUG08484117.9118.20.30.58
TUG08485118.2118.50.35.51
TUG08486118.5118.80.36.35
TUG08487118.8119.10.338.27
TUG08488119.1119.40.33.02
TUG08489119.4119.70.31.41
TUG08490119.71200.32.19
TUG08494122.4122.70.31.35
TUG08946213.6213.90.32.11
TUG08947213.9214.20.30.97
TUG08948214.2214.50.33.03
TUG09446214.5214.80.30.82
TUG08949214.8215.10.31.50
TUG09401215.1215.40.31.61
TUG09402215.4215.70.31.75
TUG09407216.9217.20.33.22
TUG09408217.2217.50.30.18
TUG09409217.5217.80.30.62
TUG09423222.9223.20.30.72
TUG09432226.5226.80.31.41
TUG09444233.4233.70.31.32
TUG09445233.72340.33.13
TUG09447234234.30.36.30
TUG09448234.3234.60.32.08
TUG09529274.8275.10.30.77
TUG09536276.6276.90.30.59
TUG09540277.8278.10.30.64
TUG09566291.3291.60.314.77
TUG09567291.6291.90.34.01
TUG09568291.9292.20.316.55
TUG09569292.2292.50.317.85
TUG09570292.5292.80.31.75
TUG09582299.1299.40.32.12
TUG09583299.4299.70.31.94
TUG09584299.73000.30.63
TUG09585300300.30.31.13
TUG09586300.3300.60.30.99
TUG09587300.6300.90.30.79
TUG09588300.9301.20.34.31
TUG09591301.8302.10.31.58
TUG09594302.73030.30.92
TUG09595303303.30.30.78
TUG09605308.1308.40.31.28
TUG09614311.73120.31.35
TUG09616312312.30.32.61
TUG09617312.3312.60.30.08
TUG09619313.2313.50.34.56
TUG09620313.5313.80.33.54
TUG09621313.8314.10.32.47
TUG09622314.1314.40.31.65
TUG09625315.3315.60.31.25
TUG09626315.6315.90.37.71
TUG09628316.8317.10.30.54
TUG09629317.1317.40.32.57
TUG09631317.4317.70.31.00
TUG09633318318.30.31.42
TUG09634318.3318.60.33.11
TUG09635318.6318.90.35.42
TUG09636318.9319.20.34.25
TUG09637319.2319.50.37.68
TUG09638319.5319.80.35.78
TUG09639319.8320.10.30.85
TUG09641320.4320.70.33.19
TUG09642320.73210.33.49
TUG09643321321.30.37.93
TUG09644321.3321.60.32.40
TUG09645321.6321.90.32.04
TUG09646321.9322.20.37.42
TUG09647322.2322.50.318.75
TUG09648322.5322.80.312.75
TUG09650322.8323.10.312.55
TUG09651323.1323.40.315.64
TUG09652323.4323.70.319.67
TUG09653323.73240.313.55
TUG09654324324.30.315.18
TUG09655324.3324.60.311.27
TUG09656324.6324.90.314.62
TUG09657324.9325.20.371.01
TUG09658325.2325.50.35.61
TUG09659325.5326.40.90.60
TUG09660326.4326.70.33.97
TUG09661326.73270.34.93
TUG09662327327.30.311.64
TUG09663327.3327.60.315.86
TUG09667328.5329.40.90.98
TUG09668329.4329.70.32.77
TUG09669329.73300.32.58
TUG09670330330.30.36.51
TUG09671330.3330.60.34.28
TUG09672330.6330.90.36.21
TUG09694345.3345.60.30.60
TUG09695345.6345.90.34.62
TUG09696345.9346.20.34.07
TUG09697346.2346.50.31.76
TUG09699346.8347.10.32.13
TUG09703348.3348.60.333.25
TUG09704348.6348.90.33.52
TUG09703348.3348.60.333.25
TUG09707350.1350.40.312.62
TUG09710351.3351.60.33.20
TUG09711351.6351.90.30.51
TUG09733366.3366.60.31.26
TUG09734366.6366.90.32.37
TUG09736367.5367.80.30.80
TUG09737367.8368.10.311.02
TUG09738368.1368.40.37.96
TUG09739368.4368.70.33.68
TUG09740368.73690.36.95
TUG09741369369.30.31.82
TUG09742369.3369.60.31.29
TUG09744369.9370.20.34.11
TUG09745370.2370.50.33.89
TUG09746370.5370.80.34.54
TUG09759380.73810.32.63
TUG09760381381.60.623.15
TUG09761381.6381.90.320.60
TUG09762381.9382.20.36.13
TUG09763382.2382.50.33.37
TUG09764382.5382.80.30.64
TUG09777391.8392.10.31.08
TUG09778392.1392.40.31.08
TUG09779392.4392.70.30.89
TUG09781392.73930.30.55
TUG09783393.6393.90.30.65
TUG09784393.9394.20.30.54
TUG09785394.2394.50.32.90
TUG09786394.5394.80.32.34
TUG09787394.8395.10.33.74
TUG09788395.1395.40.32.82
TUG09789395.4395.70.31.98
TUG09790395.73960.31.55
TUG09792396.3396.60.32.25
TUG09794396.9397.20.30.44
TUG09795397.2397.50.31.78
TUG09796397.5397.80.33.20
TUG09797397.8398.10.31.27
TUG09798398.1398.40.315.27
TUG09799398.4398.70.32.96
TUG09801398.73990.35.34
TUG09802399399.30.32.38
TUG09803399.3399.60.32.93
TUG09804399.6400.50.94.00
TUG09805400.5400.80.30.68
TUG09806400.8401.10.32.41
TUG09807401.1401.40.32.06
TUG09808401.4401.70.31.61
TUG09809401.74020.31.67
TUG09811402.3402.60.31.46
TUG09812402.6402.90.30.91
TUG09814403.2403.50.33.71
TUG09817403.8404.10.30.77
TUG09819405405.30.31.56
TUG09811402.3402.60.31.40
TUG09812402.6402.90.30.95
TUG09814403.2403.50.33.57
TUG09817403.8404.10.30.83
TUG09819405405.30.31.61
TUG09824406.8407.10.32.78
TUG09827408408.30.31.21
TUG09828408.3408.60.30.72
TUG09829408.6409.20.61.14
TUG09831409.2409.50.33.27
TUG09832409.5409.80.30.90
TUG09836410.74110.31.86
TUG09837411411.30.32.11
TUG09838411.3411.60.33.40
TUG09839411.6411.90.30.70
TUG09842412.8413.10.30.93
TUG09843413.1413.40.30.76
TUG09848416.14170.90.63
TUG10354418.8419.10.30.82
TUG10355419.1419.40.30.65
TUG10360420.6420.90.30.75
TUG10361420.9421.20.31.05
TUG10362421.2421.50.31.59
TUG10363421.5421.80.31.23
TUG10367422.74230.30.68
TUG10368423423.30.30.72
TUG10373425.1425.40.32.48
TUG10374425.4425.70.32.83
TUG10375425.74260.33.52
TUG10376426426.30.33.77
TUG10377426.3426.60.38.47
TUG10378426.6426.90.31.64
TUG10379426.9427.20.31.53
TUG10381427.2427.80.64.11
TUG10382427.8428.10.31.65
TUG10383428.14290.90.86
TUG10387429.9430.20.30.72
TUG10393433.2433.50.32.04
TUG10394433.5433.80.30.85
TUG10395433.8434.10.30.76
TUG10408440.4440.70.32.36
TUG10413443.1443.40.31.02
TUG10414443.4443.70.36.82
TUG10417444.9445.20.317.94
TUG10418445.2445.50.35.83
TUG10423447447.30.31.16
TUG10425448.2448.50.34.54
TUG10426448.5448.80.30.76
TUG10428450450.30.34.94
TUG10429450.3450.60.31.53
TUG10431450.6450.90.30.97
TUG10432450.9451.20.3138.15
TUG10434451.5451.80.30.76
TUG10435451.8452.10.31.25
TUG10436452.1452.40.31.35
TUG10438452.74530.31.65
TUG10439453453.30.34.70
TUG10440453.3453.60.32.57
TUG10441453.6453.90.34.99
TUG10444454.8455.10.314.02
TUG10445455.1455.40.32.07
TUG10446455.4455.70.31.09
TUG10447455.74560.31.28
TUG10448456456.30.32.55
TUG10453459460.21.21.14
TUG10454460.2460.80.61.00
TUG10455460.84621.21.74
TUG10456462462.30.31.28
TUG10457462.3462.60.324.98
TUG10458462.6462.90.387.13
TUG10459462.9463.80.911.34
TUG10461464.44650.60.67
TUG10463465.9466.20.30.91
TUG10464466.2466.50.31.36
TUG10466466.5466.80.31.27
TUG10467466.8467.10.31.28
TUG10468467.1467.40.33.79
TUG10469467.4467.70.320.93
TUG10470467.74680.320.64
TUG10471468468.30.319.40
TUG10473468.6468.90.33.46
TUG10474468.9469.20.32.78
TUG10475469.2469.50.32.10
TUG10482471.3471.60.30.81
TUG10483471.6471.90.31.03
TUG10484471.9472.20.36.72
TUG10485472.2472.50.30.88
TUG10486472.5472.80.31.45
TUG10487472.8473.10.39.05
TUG10488473.1473.40.31.35
TUG10490473.74740.30.48
TUG10492474.3474.60.30.78
TUG10493474.6474.90.31.37
TUG10494474.9475.20.31.43
TUG10496475.5475.80.31.67
TUG10497475.84771.21.80
TUG10498477477.60.62.64
TUG10500477.6477.90.393.49
TUG10501477.9478.20.31.01
TUG10502478.2478.50.334.17
TUG10503478.5478.80.394.57
TUG10504478.8479.10.335.04
TUG10505479.1479.40.3396.16
TUG10506479.4479.70.325.06
TUG10507479.74800.37.09
TUG10508480480.30.34.06
TUG10509480.3480.60.331.63
TUG10510480.6480.90.35.3
TUG10511480.9481.20.3114.95
TUG10512481.2481.50.31.90
TUG10513481.5481.80.30.83
TUG10514481.8482.10.39.99
TUG10516482.1482.40.30.71
TUG10517482.4482.70.36.64
TUG10518482.74830.36.05
TUG10519483483.30.36.64
TUG10520483.3483.60.32.47
TUG10521483.6483.90.30.93
TUG10522483.9484.20.35.15
TUG10523484.2484.50.310.90
TUG10524484.5484.80.314.76
TUG10525484.8485.10.320.24
TUG10526485.1485.40.321.93
TUG10527485.4485.70.320.79
TUG10528485.74860.332.89
TUG10529486486.30.316.13
TUG10531486.3486.60.32.55
TUG10532486.6486.90.313.04
TUG10533486.9487.20.35.42
TUG10534487.2487.50.33.95
TUG10535487.5487.80.34.89
TUG10536487.8488.10.34.24
TUG10537488.1488.40.34.41
TUG10538488.4488.70.35.21
TUG10539488.74890.31.80
TUG10540489489.30.316.42
TUG10541489.3489.60.37.17
TUG10542489.6489.90.36.47
TUG10543489.9490.20.34.07
TUG10544490.2490.50.34.75
TUG10545490.5490.80.34.86
TUG10546490.8491.10.37.13
TUG10547491.1491.40.311.64
TUG10548491.4491.70.335.68
TUG10549491.74920.322.53
TUG10551492492.30.310.72
TUG10552492.3492.60.325.23
TUG10553492.6492.90.316.77
TUG10554492.9493.20.320.86
TUG10555493.2493.50.323.61
TUG10556493.5493.80.35.85
TUG10557493.8494.10.36.41
TUG10558494.1494.40.34.25
TUG10559494.4494.70.336.13
TUG10560494.74950.319.66
TUG10561495495.30.372.65
TUG10562495.3495.60.3241.21
TUG10563495.6495.90.331.77
TUG10564495.9496.20.351.52
TUG10566496.2496.50.325.17
TUG10567496.5496.80.3100.35
TUG10568496.8497.10.312.86
TUG10569497.1497.40.34.68
TUG10570497.4497.70.333.81
TUG10571497.74980.337.11
TUG10572498498.30.320.74
TUG10573498.3498.60.326.29
TUG10574498.6498.90.3103.54
TUG10575498.9499.20.3340.07
TUG10576499.2499.50.3269.25
TUG10577499.5499.80.3600.42
TUG10578499.8500.10.373.02
TUG10579500.1500.40.313.41
TUG10581500.4500.70.31.85
TUG10582500.7501.30.613.32
TUG10583501.3501.60.326.54
TUG10584501.6501.90.39.04
TUG10585501.9502.20.34.79
TUG10586502.2502.50.33.93
TUG10587502.5502.80.3126.85
TUG10588502.8503.10.3361.90
TUG10589503.1503.40.31.95
TUG10590503.4503.70.33.27
TUG10591503.75040.332.78
TUG10592504504.30.323.63
TUG10596505.2505.50.38.07
TUG10598505.8506.10.318.51
TUG10599506.1506.40.353.78
TUG10602506.75070.37.50
TUG10604507.3507.60.3234.39
TUG10605507.6507.90.32.22
TUG10606507.9508.80.90.58
TUG10612510.3510.60.33.37
TUG10613510.6510.90.31.32
TUG10614510.9511.20.35.53
TUG10616511.2511.50.324.91
TUG10617511.5511.80.364.47
TUG10618511.8512.10.372.56
TUG10619512.1512.40.313.35
TUG10620512.4512.70.32.08
TUG10621512.75130.31.59
TUG10622513513.30.30.74
TUG10623513.3513.60.30.94
TUG10624513.6513.90.30.53
TUG10625513.9514.20.31.17
TUG10626514.2514.50.323.17
TUG10627514.5514.80.30.85
TUG10628514.8515.10.32.39
TUG10629515.1515.40.31.03
TUG10631515.4515.70.30.83
TUG10632515.75160.31.74
TUG10633516516.30.33.50
TUG10634516.3516.60.30.59
TUG10636516.9517.20.30.80
TUG10637517.2517.50.32.99
TUG10638517.5517.80.30.76
TUG10639517.8518.10.33.34
TUG10640518.1518.40.38.94
TUG10641518.4518.70.312.80
TUG10642518.75190.3105.58
TUG10643519519.30.334.42
TUG10644519.3519.60.30.55
TUG10645519.6519.90.30.80
TUG10656522.6522.90.30.59
TUG10657522.9523.20.30.88
TUG10658523.2523.50.30.76
TUG10659523.5523.80.31.09
TUG10660523.8524.10.30.61
TUG10661524.1524.40.32.11
TUG10664525525.30.35.56
TUG10666525.3525.60.37.50
TUG10667525.6525.90.30.87
TUG10668525.9526.20.30.78
TUG10693543.9544.20.30.63
TUG10695544.5544.80.30.75
TUG10696544.8545.10.30.59
TUG10699545.75460.30.81
TUG10701546546.30.30.63
TUG10702546.3546.60.30.59
TUG10706547.5547.80.30.52
TUG10719554.1554.40.30.84

Table 2: Survey details of diamond drill holes referenced in this release

Hole NoCoordinates (Fiji map grid)RLfinal depthdipazimuth
NEm(TN)
TUG-13539207591876459139.2689.4-64149
TUG-13639207591876459139.2617.4-58151
TUG-13839207591876459139.2746.4-64163
TUG-14139207591876459139.2633.0 *-55°162°

* Current depth, hole is still drilling

Qualified Person
In accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”), Sergio Cattalani, P.Geo, Senior Vice President Exploration, is the Qualified Person for the Company and has reviewed and is responsible for the technical and scientific content of this news release.

QAQC Procedures
Lion One adheres to rigorous QAQC procedures above and beyond basic regulatory guidelines in conducting its sampling, drilling, testing, and analyses. The Company utilizes its own fleet of diamond drill rigs, using PQ, HQ and NQ sized drill core rods. Drill core is logged and split by Lion One personnel on site. Samples are delivered to and analysed at the Company’s geochemical and metallurgical laboratory in Fiji. Duplicates of all samples with grades above 0.5 g/t Au are both re-assayed at Lion One’s lab and delivered to ALS Global Laboratories in Australia (ALS) for check assay determinations. All samples for all high-grade intercepts are sent to ALS for check assays. All samples are pulverized to 80% passing through 75 microns. Gold analysis is carried out using fire assay with an AA finish. Samples that have returned grades greater than 10.00 g/t Au are then re-analysed by gravimetric method. For samples that return greater than 0.50 g/t Au, repeat fire assay runs are carried out and repeated until a result is obtained that is within 10% of the original fire assay run. For samples with multiple fire assay runs, the average of duplicate runs is presented. Lion One’s laboratory can also assay for a range of 71 other elements through Inductively Coupled Plasma Optical Emission Spectrometry (ICP-OES), but currently focuses on a suite of 9 important pathfinder elements. All duplicate anomalous samples are sent to ALS labs in Townsville QLD and are analysed by the same methods (Au-AA26, and Au-GRA22 where applicable). ALS also analyses for 33 pathfinder elements by HF-HNO3-HClO4 acid digestion, HCl leach and ICP-AES (method ME-ICP61).

About Lion One Metals Limited
Lion One’s flagship asset is 100% owned, fully permitted high grade Tuvatu Alkaline Gold Project, located on the island of Viti Levu in Fiji. Lion One envisions a low-cost high-grade underground gold mining operation at Tuvatu coupled with exciting exploration upside inside its tenements covering the entire Navilawa Caldera, an underexplored yet highly prospective 7km diameter alkaline gold system. Lion One’s CEO Walter Berukoff leads an experienced team of explorers and mine builders and has owned or operated over 20 mines in 7 countries. As the founder and former CEO of Miramar Mines, Northern Orion, and La Mancha Resources, Walter is credited with building over $3 billion of value for shareholders.

On behalf of the Board of Directors of
Lion One Metals Limited
Walter Berukoff
Chairman and CEO

For further information
Contact Investor Relations
Toll Free (North America) Tel: 1-855-805-1250
Email: info@liononemetals.com
Website: www.liononemetals.com

Neither the TSX Venture Exchange nor its Regulation Service Provider
accepts responsibility for the adequacy or accuracy of this release.

This press release may contain statements that may be deemed to be “forward-looking statements” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Lion One Metals Limited’s current beliefs and is based on information currently available to Lion One Metals Limited and on assumptions Lion One Metals Limited believes are reasonable. These assumptions include, but are not limited to, the actual results of exploration projects being equivalent to or better than estimated results in technical reports, assessment reports, and other geological reports or prior exploration results. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Lion One Metals Limited or its subsidiaries to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the stage development of Lion One Metals Limited, general business, economic, competitive, political and social uncertainties; the actual results of current research and development or operational activities; competition; uncertainty as to patent applications and intellectual property rights; product liability and lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation, affecting mining, timing and availability of external financing on acceptable terms; not realizing on the potential benefits of technology; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Lion One Metals Limited has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Lion One Metals Limited does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Drills 23.0m @ 2.57 g/t Au 200 Meters Beneath Southwest Zone and Further Defines Strike Extensions at the Moss Lake Project

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FWB: 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 to improve the overall grade and volume beyond that of the historic Mineral Resource.

Highlights:

  • MMD-22-025 identified high-grade gold mineralization 200 meters beneath the previously modelled low grade Southwest Zone, implying significantly more potential in this area, with best intercepts of:
  • 1.0m @ 8.32 g/t Au from 358.5m
  • 23.0m at 2.57 g/t Au from 514.0m, including
    • 1.55m at 32.6 g/t Au from 514.0m
  • MMD-22-022 extended the strike extent of the southern parallel zone by 600m with mineralized intersections within a broad low grade envelope at the end of the hole;
  • Gold mineralization was added to the eastern and western extents of the Main Zone, with best intercepts in MMD-22-024 adding 200m to the depth extent of of the deposit:
  • 23.7m at 1.11 g/t Au from 472.0m, including
    • 0.7m at 27.7 g/t Au from 495.0m
  • 6.8m at 1.18 g/t Au from 571.2m

President and CEO, Brett Richards stated: “The results we are seeing with our 100,000m drilling campaign are continuing to deliver the results that prove our thesis that the Moss Lake Project is much larger along strike and at depth, and we look forward to regular drill results through the forthcoming several months. I am also proud of the team at site who have ramped up to seven drill rigs, keeping up to the current pace of data collection and analysis required to fully understand this large deposit.”

Technical Overview

Figures 1 to 3 and Table 1 summarize the significant intercepts in MMD-22-018, -022, -024 and -025. Figure 4 and Table 2 show the drill hole locations.

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH (m)TRUE WIDTH (m)CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MMD-22-018336.60341.004.4030.640.64
365.75377.0011.2580.630.63
388.50410.9022.40160.700.70
including396.00404.008.0061.691.69
425.35431.756.4050.360.36
443.00450.007.0050.540.54
MMD-22-02280.1585.605.4540.560.56
516.55554.3037.75280.410.41
including516.55520.503.9531.181.18
585.40596.0010.6080.340.34
599.00601.902.9020.320.32
607.00634.8027.80220.420.42
including622.50626.754.2531.061.06
MMD-22-02470.3082.0011.7060.560.56
including71.0073.002.0011.831.83
140.00145.005.0030.500.50
181.50186.004.5030.540.54
285.70289.003.3020.740.74
414.50418.504.0020.350.35
472.00495.7023.70151.111.11
including495.00495.700.700.527.727.7
542.00559.0517.05110.380.38
571.20578.006.8041.181.18
including574.15577.002.8521.671.67
MMD-22-025358.50359.501.0018.328.32
514.00537.0023.00211.922.57
including514.00515.551.55122.932.6
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.

Figure 1: Drill section through MMD-22-024 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8051/126480_e7085ee294309a71_002full.jpg

Figure 2: Drill section through MMD-22-022 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8051/126480_e7085ee294309a71_003full.jpg


Figure 3: Drill section through MMD-22-025 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8051/126480_e7085ee294309a71_004full.jpg


Figure 4: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of this graphic, please visit:
https://orders.newsfilecorp.com/files/8051/126480_e7085ee294309a71_005full.jpg

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-0186685845378992427155°-60°749.0m
MMD-22-0226683635378756433135°-50°644.0m
MMD-22-0246694115379553427155°-60°611.0m
MMD-22-0256682135378601440135°-50°542.0m
Approximate collar coordinates in NAD 83, Zone 15N

Drilling has focused in the most accessible areas as we seek to protect long term road access during a very wet Spring Break Up following the coldest and snowiest winter in the last decade.

MMD-22-022 and -025 tested the 500 meter gap between the Main Zone and Southwest Zone, and highlighted the potential to increase both the grade and volume of mineralization in this previously untested area. The intercept in MMD-22-024 is believed to represent a 600 meter strike extension of the southern parallel structure, high grade zone at the end of MMD-22-025 represents a 200 meter down dip extension of the Southwest Zone.

Both MMD-22-022 and -025 were drilled by a smaller drill rig with limited depth capacity and holes were ended prior to exiting the altered diorite sequence. Follow up drilling is underway to trace mineralization both along strike and up dip and to test the full thickness of the altered diorite body.

MMD-22-018 and MMD-22-024 drilled the western and eastern margin of the Main Zone, respectively. MMD-22-024, in particular, targeted the previously untested volume below the 200mRL and extended the depth extent of the model by 200m to the 400mRL.

Pete Flindell, VP Exploration for Goldshore, said “These mineralized intercepts highlight the potential to expand the volume of +1 gt Au mineralization in the area between the Main and Southwest Zones, which will benefit the Mineral Resource and open pit economics. Ongoing drilling is testing this zone at shallower levels and will more completely test the width of the zones. Results are expected by July. Meanwhile, we are pleased that with seven rigs on site, we are achieving our targeted monthly drill rate of over 10,000 meters per month, which will help us to complete the infill and step out drill program this year.”

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.

Wesdome Share Issuance

Goldshore announces it has issued 8,333,333 milestone shares to Wesdome Gold Mines Ltd. (“Wesdome“) at a deemed price of C$0.60 per share pursuant the asset purchase agreement dated January 26, 2021 whereby Goldshore acquired a 100% interest in the Moss Lake gold project located in Ontario, Canada.

This issuance increases Wesdome’s holding in Goldshore to 38,418,333 shares or approximately 27% of the Company’s total outstanding share capital of 142,276,603 shares. The shares issued to Wesdome are subject to escrow in accordance with the policies of the TSX Venture Exchange.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a strategic shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

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

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, 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

Streetwise Reports Articles

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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1) Maurice Jackson: I, or members of my immediate household or family, own securities of the following companies mentioned in this article: Goldshore Resources Inc. I personally am, or members of my immediate household or family are, paid by the following companies mentioned in this article: Goldshore Resources Inc. 

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Categories
Rover Metals

Rover Metals To Host Live Corporate Webinar On MAY 4th at 2PM EST

Rover Metals Corp.
Rover Metals Corp.

VANCOUVER, British Columbia, April 28, 2022 (GLOBE NEWSWIRE) — Rover Metals Corp. (TSXV: ROVR) (OTCQB: ROVMF) (FSE:4XO) (“Rover” or the “Company”) is pleased to announce that the Company’s CEO, Judson Culter, will be presenting Rover’s high-grade gold exploration story in northern Canada, including an overview of current operations and upcoming milestones, while sharing our most recent Investor Presentation. We invite all investors and other interested parties to register for the webinar at the link below. The discussion will include Rover’s plans for gold exploration in the Battle Mountain district of Nevada, USA, later this year.

Date: Wednesday, May 4, 2022
Time: 2pm EST
Register: Webinar Registration
https://share.hsforms.com/18UdNWXlKRaeW3jf02xgeRA4h2fj

HAVE QUESTIONS? Management will be available to answer your questions following the presentation on the webinar platform. You may submit your question(s) beforehand in the registration form or by email at: rover@rbmilestone.com

About Rover Metals
Rover is a precious metals exploration company specialized in North American (Canada and U.S.) precious metal resources, which is currently advancing the gold potential of its existing projects in the Northwest Territories of Canada (60th parallel), and Nevada, USA. The Company owns five gold projects. Phase 3 Exploration at its Cabin Gold Project, 60th Parallel, NT, Canada, commenced in March 2022 and continues through to the date hereof.

You can follow Rover on its social media channels:
Twitter: https://twitter.com/rovermetals
LinkedIn: https://www.linkedin.com/company/rover-metals/
Facebook: https://www.facebook.com/RoverMetals/
for daily company updates and industry news, and
YouTube: https://www.youtube.com/channel/UCJsHsfag1GFyp4aLW5Ye-YQ?view_as=subscriber
for corporate videos.
Website: https://www.rovermetals.com/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%2522Gold_mining%253BVancouver%253BNorthern_Canada%253BCanada%253BProvinces_and_territories_of_Canada%253BGlobeNewswire%253BCompany%2522%252C%2522lmsid%2522%253A%2522a0770000002m0AbAAI%2522%252C%2522revsp%2522%253A%2522globenewswire.com%2522%252C%2522lpstaid%2522%253A%252258c6081f-8c0e-3e30-bd82-3fe1156b415a%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

ON BEHALF OF THE BOARD OF DIRECTORS
“Judson Culter”
Chief Executive Officer and Director

For further information, please contact:
Email: info@rovermetals.com
Phone: +1 (778) 754-2617

Categories
Exclusive Interviews Junior Mining Precious Metals

Great Bear Resources | High-Grade Continuity, District Scale

Great Bear Resources

(TSX.V: GBR | OTCQX: GTBDF)

In this exclusive interview, Chris Taylor of Great Bear Resources sits down with Maurice Jackson of Proven and Probable to provide a detailed analysis on the latest press release details coming from the flagship Dixie Gold Project located in Red Lake District. Find out why Great Bear Resources is up 4,000 Percent!

Contact Great Bear Resources:
Phone : 604-646-8354
Email: info@greatbearresources.ca

https://youtu.be/5wi-0NHtURE

Transcript