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Collective Mining – Discovers Long Gold Intersection of 2.68 G/T AuEq over 207.15 Meters

PRESS RELEASE:

Collective Mining Drills 207.15 Metres @ 2.68 AuEq at its Newly Discovered Apollo Target

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1

Plan View of the Guayabales Project Highlighting the Apollo Target
Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3

Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo

Figure 4

Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
  • APC-2 intersected a broad zone of high-grade breccia mineralization with overprinting carbonate base metal veins beginning at 100 metres below surface returning:
    • 207.15 metres @ 2.68 g/t gold equivalent
  • APC-1W also intersected the main breccia structure with overprinting veining but was stopped short of the final target depth in a post mineral dyke due to rig capacity limits yet still yielded:
    • 89.40 metres @ 2.46 g/t gold equivalent
  • Drilled dimensions of the Apollo target now measure 300 metres along strike by up to 100 metres across by 400 metres vertical and remains open in all directions

  • Assay results for drill holes APC-3 and APC-5 are expected in the near term. Both holes cut more than 200 metres of continuous mineralization in the main breccia body

TORONTO, Aug. 10, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce assay results from two additional holes completed at the Apollo target (“Apollo”) at the Company’s Guayabales project located in Caldas, Colombia. Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the project. As part of its fully funded 20,000+ metre drill program for 2022, there are currently three diamond drill rigs operating at the Apollo target with an additional rig being mobilized to site to begin the Phase II program at the Olympus target in August 2022.

“With assay results in hand for three drill holes and visual observations from additional holes either recently completed or underway, it is becoming abundantly clear that we are dealing with a large mineralized system. Importantly, Apollo appears to be blessed with multiple pulses of fluids depositing metal into the system resulting in high-grade bulk drilling intervals. Our reconnaissance work in and around Apollo suggests we may only be on the tip of the iceberg in terms of understanding this system as our technical team believes that the main breccia discovery at Apollo may be the first in a series of porphyry and breccia discoveries in this area,” commented Ari Sussman, Executive Chairman.

A short video presented by Richard Tosdal and David Reading discussing the assay results and related drill core can be seen by clicking here.

Details (See Table 1 and Figures 1 – 4)

Three diamond drill holes with accompanying assay results confirm that the Apollo target has the potential to evolve into a significant high-grade, bulk tonnage mineralized system. New assay results for holes APC-2 and APC-1W are reported herein as follows:

  • APC-2:
        207.15 metres @ 2.68 g/t AuEq from 154.5 metres down hole (100m vertical) including
        17.40 metres @ 7.33 g/t AuEq from 192.5 metres down hole and
        20.95 metres @ 5.21 g/t AuEq from 270.6 metres down hole.

APC-2 is the first hole drilled from a newly constructed pad located approximately 200 metres to the southeast of the initial pad from which drill holes APC-1 and APC-1W were drilled. APC-2 was drilled orthogonal to APC-1 and APC-1W and intersected bulk mineralization hosted within porphyry related breccia with overprinting carbonate base metal veins (“CBM”).

  • APC-1W:
        89.40 metres @ 2.46 g/t AuEq from 293 metres down hole (175m vertical) including
        19.35 metres @ 3.87 g/t AuEq from 93.8 metres down hole and
        15.30 metres @ 2.31 g/t AuEq from 164.36 metres down hole.

APC-1W was drilled as a wedge hole from discovery hole APC-1 to the east and at a steeper inclination. The hole was stopped short of the target depth in a post-mineral dyke due to rig capacity issues. The hole was expected to re-enter the main mineralized breccia after clearing the dyke and extend the zone further to the south. Future drilling will test the area south of APC-1W to determine if mineralization extends beyond the post-mineral dyke in this location.

  • Mineralization is remarkably continuous along the axis of both intercepts and is hosted within an angular breccia with a sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal porphyry veins flood the breccia matrix in various locations along the mineralized interval yielding the higher-grade intercepts in both holes. The breccia clasts are all quartz diorite and diorite in composition and this hydrothermal system is clearly linked to a porphyry system.
  • APC-2 was drilled perpendicular to APC-1W and has extended the mineralized breccia at least 200 metres to the northeast and 100 metres to the southwest. Two further holes, APC-3 and APC-5 have been completed with more than 200 metres of favorable mineralization intersected in both holes. Assay results for APC-3 and APC-5 are anticipated the near term.
  • Assay results and visual observation from all holes completed to date confirm that the main mineralized breccia has a minimum strike length of 300 metres in a northeast-southwest direction, is up to 100 metres thick and extends to at least 400 metres vertically below surface. The target remains open in all directions for expansion.
  • The Apollo target area, as defined to date by surface mapping, rock sampling and copper and molybdenum soil geochemistry, covers an 800 metre X 700 metre area. The Apollo target area hosts the Company’s new grassroots main breccia discovery plus additional yet untested breccia, porphyry and vein targets. The Apollo target area also remains open for further expansion.

Table 1: Assays Results

HoleI DFrom (m)To (m)Intercept (m)**Au (g/t)Ag (g/t)Cu %Zn %Pb %Mo %AuEq (g/t)*
APC1-W293382.489.400.89580.390.070.060.0012.46
Incl296.6315.919.351.041280.530.130.120.0013.87
 367.1382.415.301.90160.140.010.000.0012.31
APC-2154.7361.9207.151.46450.310.0750.050.0022.68
Incl192.5209.917.406.57440.080.2850.230.0037.33
 270.6291.620.953.67680.410.0340.030.0025.21

*AuEq (g/t) is calculated as follows: (Au (g/t) x 0.95) + (Ag g/t x 0.014 x 0.95) + (Cu (%) x 1.96 x 0.95) + (Mo (%) x 7.35 x 0.95)+(Zn(%)x 0.86 x 0.95)+ (Pb(%)x 0.44 x 0.95) utilizing metal prices of Cu – US$4.00/lb, Mo – US$15.00/lb, Zn – US$1.75/lb, Pb – US$0.9/lb, Ag – $20/oz and Au – US$1,400/oz and recovery rates of 95% for Au, Ag, Cu, Mo, Zn and Mo. Recovery rate assumptions are speculative as no metallurgical work has been completed to date.
** A 0.4 g/t AuEq cut-off grade was employed with no more than 10% internal dilution. True widths are unknown, and grades are uncut.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/748c2e74-07e0-4a35-bb4e-a498f2c48301

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/69495b4e-a5c4-43bf-b978-9832ff92fa42

Figure 3: Plan View With Drill Hole Traces of the Main Breccia Discovery Made at Apollo
https://www.globenewswire.com/NewsRoom/AttachmentNg/8997b6cb-6594-48cd-8b7d-aa60fdeec92a

Figure 4: Apollo Target Cross Section N-S with Core Photo Highlights for APC-2
https://www.globenewswire.com/NewsRoom/AttachmentNg/b5bd44e2-8754-4913-a727-ab5e97711d93

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

To see our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders.

The Company currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company has made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and recently, at the Apollo target, 207.15 metres at 2.68 g/t AuEq, 89.4 metres at 2.46 g/t AuEg and 87.8 metres at 2.49 g/t AuEg. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See related press releases on our website for AuEq calculations)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd. 
Steven Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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 news release.

Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Intercepts 2.65 g/t Au over 14.6m in 200 m Step-Out Hole at Moss Lake

Vancouver, British Columbia–(Newsfile Corp. – August 10, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project“).

Highlights:

  • Four holes drilled to evaluate the eastern extension of the Southwest Zone have confirmed gold mineralization within anastomosing shears in altered diorite with intercepts of:
    • 39.75m @ 1.18 g/t Au from 44.25m depth in MMD-22-023, including
      • 14.60m @ 2.65 g/t Au from 462.2m 
    • 11.65m @ 1.05 g/t Au from 37.35m depth, and
    • 18.70m @ 1.37 g/t Au from 151.1m in MMD-22-031
    • 10.00m @ 1.05 g/t Au from 290.0m in MMD-22-035

President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results. I am encouraged about the high-grade sections we are seeing and have shared previously with the market, as this will provide optionality when we model the resource later in the year and start to look at economic pit shells. With this step out hole from historically drilled areas at Moss Lake, it will further increase the optionality.”

Technical Overviewhttps://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%253B1580500%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252252ed9616-6bdd-3e2e-8c5d-430b03b8b1a6%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D

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

Table 1: Significant downhole gold intercept

HOLE IDFROMTO
LENGTH
(m)
 
TRUE
WIDTH (m)

CUT
GRADE 
(g/t Au)

UNCUT
GRADE 
(g/t Au)
MMD-22-023375.95379.303.352.50.370.37
440.25502.1061.8549.40.840.88
Including440.25480.0039.7531.71.181.24
Including462.20476.8014.6011.72.652.83
and490.35502.1011.759.60.320.32
527.00529.002.001.70.360.36
565.40584.3518.9516.20.320.32
       
MMD-22-02722.8028.005.203.30.760.76
42.0048.006.003.90.540.54
58.6082.0023.4015.70.370.37
95.10220.00124.9091.30.480.48
including171.50175.453.952.92.602.60
and207.00210.653.652.83.263.26
260.00262.702.702.20.460.46
305.65314.008.356.90.420.42
336.10351.2015.1012.90.470.47
375.15379.554.403.90.320.32
386.00394.008.007.10.560.56
       
MMD-22-03115.5064.3048.8033.30.610.61
including25.0029.004.002.71.431.43
and37.3549.0011.657.91.051.05
74.4580.005.553.91.761.76
91.95174.4582.5060.30.660.66
including106.80112.806.004.31.301.30
and151.10169.8018.7013.91.371.37
193.00200.007.005.40.380.38
212.00231.6019.6015.40.370.37
including214.00216.002.001.61.911.91
273.00275.102.101.70.490.49
       
MMD-22-03583.3087.003.702.50.380.38
92.00111.0019.0013.00.490.49
135.80138.002.201.50.610.61
156.00166.0010.007.30.560.56
184.75322.40137.65109.90.370.37
including196.00201.005.003.81.301.30
and290.00300.0010.008.31.051.05
332.85355.5522.7019.70.470.47
including332.85338.005.154.41.371.37
366.00375.559.558.40.350.35
415.00435.0020.0018.10.460.46
470.00476.106.105.71.031.03
498.25514.9516.7015.80.400.40
538.00542.004.003.80.830.83
including540.00542.002.001.91.231.23
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.



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

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/133310_7659ee27e47ab9b1_002full.jpg

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-0236683005378663433135°-50°643.8m
MMD-22-0276684755378300438150°-50°494.0m
MMD-22-0316685005378300439120°-50°521.0m
MMD-22-0356684005378387479150°-50°623.05m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for four holes that have tested the previously undrilled eastern extension of the Southwest Zone. They show that mineralization is continuous in several structurally-controlled zones. The Southwest Zone remains open in both the east and west directions.

These holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 61.85m @ 0.84 g/t Au from 440.25m in MMD-22-023; 124.9m @ 0.48 g/t Au from 95.1m in MMD-22-027; 64.3m @ 0.61 g/t Au from 15.5m and 82.5m @ 0.66 g/t Au from 91.95m in MMD-22-031; and 137.65m @ 0.37 g/t Au from 184.75m in MMD-22-035 among several 10-20 meter wide zones of low-grade gold mineralization throughout all holes.

All of these low-grade zones occur as envelopes to higher-grade structures. An analysis of oriented core by structural geologist, Dr. Brett Davis, confirmed that these form a three-dimensional, anastomosing shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 39.75m @ 1.18 g/t Au from 440.25m in MMD-22-023) and several narrow high-grade intervals, including 0.8m @ 33.3 g/t Au from 462.2m in MMD-22-023; 0.3m @ 14.3 g/t Au from 172.3m in MMD-22-027; and 0.65m @ 15.5 g/t Au from 167.35m in MMD-22-031.

Pete Flindell, VP Exploration for Goldshore, said, “These drill results confirm the potential of the Moss Lake Gold Project. Drilling to test potential expansions to these parallel zones of mineralization will continue into the end of the 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.

About Goldshore

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

About the Moss Lake Gold Project

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

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

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

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

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

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

Table 4: Reported Historical Production from the North Coldstream Deposit4

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, P.Geo., MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person under NI 43-101 has approved the scientific and technical information contained in this news release.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

For More Information – Please Contact:

Brett A. Richards
President, Chief Executive Officer and Director
Goldshore Resources Inc.

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project, 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/133310

Categories
Base Metals Energy Exclusive Interviews Junior Mining Precious Metals Silver Hammer

(VIDEO) Silver Hammer Mining – Getting Ready to Drill the Silver Strand

Silver Hammer Mining, Proven and Probable

Joining us for a conversation is Morgan Lekstrom the CEO of Silver Hammer Mining (CSE: HAMR), to provide a company update on the Silver Strand Mine, which is getting ready for a highly anticipated drill program. The past-producing Silver Strand Mine is comprised of 70 claims over a 5.5 kilometres strike length atop the Revett formation, a silver belt within the renowned Coeur d’Alene mining district in Idaho, a district that has produced over 1.2 billion ounces of silver and is host to some of the world’s largest silver mines, many of which were mined to depths exceeding 1800 metres.

Also, we will find out the proposed plans on the Eliza Project. The Eliza Silver Project is located along strike of the Hamilton Mining District (Hamilton District), Nevada’s highest-grade silver district, which produced 40 million (M) ounces (oz) silver with grades up to 25,000 grams per tonne (g/t) between 1876-1890. Silver Hammer Mining has some of the most respected value creators in the Junior Mining Industry with names such as Lawrence Roulston. If you like Junior Mining Stocks this is a must watch interview!

Silver Hammer Mining | CSE: HAMR | OTCQX: HAMRF)
Website: https://silverhammermining.com/
Silver Strand: https://silverhammermining.com/silver-strand/
Corporate Presentation: https://silverhammermining.com/wp-content/uploads/2021/09/Silver-Hammer-Mining-Investor-Presentation-Fall-2021-Oc.pdfPresentation-August-2021-FINAL-.pdf
Twitter: https://twitter.com/silverhmr
Contact: 604.908.1695

Categories
Base Metals Collective Mining Energy Exclusive Interviews Junior Mining

(VIDEO) Collective Mining Intercepts over 200 Metres of Mineralized Breccia in Drill Hole APC-2 at the Apollo Target

Collective Mining Ltd.
Collective Mining Ltd.

Figure 1:

Plan View of the Guayabales Project Highlighting the Apollo Target
Plan View of the Guayabales Project Highlighting the Apollo Target

Figure 2:

Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway

Figure 3:

Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2
Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2

Figure 4:

Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted
Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted

TORONTO, July 06, 2022 (GLOBE NEWSWIRE) — Collective Mining Ltd. (TSXV: CNL) (OTCQX: CNLMF) (“Collective” or the “Company”) is pleased to announce visual observations from the third completed drill hole at the Apollo target (“Apollo”). Apollo is a newly discovered high-grade copper-gold-silver porphyry-related breccia and the Company recently announced the assay results for the discovery hole (APC-1), which intersected 87.8 metres @ 2.49 g/t AuEq. Apollo is one of eight porphyry-related targets situated within a three-by-four-kilometre cluster area generated by the Company through grassroots exploration at the Guayabales project, located in Caldas, Colombia. As part of its fully funded 20,000-metre drill program for 2022, there are currently three diamond drill rigs operating at Guayabales, with two turning at Apollo and one turning at the Trap target.

Highlights (See Figures 1 – 4)

  • APC-2, which was drilled to the southwest from a drill pad located 200 metres southeast of the collars for APC-1 and APC-1W, intercepted over 200 metres of mineralized breccia from 154.7 metres downhole (100 metres vertical). Core from this hole and APC-1W have been sent to the lab as a batch and assay results are expected shortly.
  • Mineralization is remarkably continuous along the axis of the intercept of interest in APC-2 and is hosted within a breccia sulphide matrix consisting of chalcopyrite (Cu), pyrite and pyrrhotite. Additionally, overprinting carbonate base metal (“CBM”) veins flood the breccia matrix in various locations along the mineralized interval in APC-2 with visible sphalerite (Zn) and Galena (Pb) observed. The breccia clasts are all quartz diorite in composition and this hydrothermal system is clearly linked to a porphyry system. The mineralization in APC-2 is remarkably consistent with the mineralization observed in APC-1 and APC-1W (refer to press releases dated April 27, 2022 and June 22, 2022 for further details).
  • APC-2 extends this mineralized system at least 200 metres to the northeast and 100 metres to the southwest and is located centrally within the 800 metre X 700 metre Apollo target area. The Company is currently drilling two additional holes, APC-3 and APC-4, which aims to expand the mineralized system and better understand the morphology of this new discovery.
  • Apollo remains open to the east, west, south and at depth for further expansion. Due to the size of the target area and success in early drilling, a fourth drill pad is now under construction.
  • The Apollo target area consists of newly generated porphyry and porphyry related breccia and vein targets with coincidental high-grade copper and molybdenum soil anomalies in places measuring greater than 500 parts per million (“ppm”) in copper and 30 ppm in molybdenum. Additionally, surface sampling at Apollo has uncovered a series of high-grade gold outcrops with numerous rock samples assaying greater than 3 g/t gold.
  • Apollo is road accessible all year-round and is situated within an elevation range of 1,800 to 2,000 metres above sea level. Additionally, an electrical substation is located less than one kilometre from the target area.

    “At more than 200 metres in length and with at least three distinct overprinting types of mineralization observed, APC-2 is a nice surprise and has the potential to provide another high-grade intercept of bulk-style mineralization. Although we are at an early stage in understanding Apollo, the target is clearly demonstrating excellent potential to ultimately evolve into a large mineralized system. We will continue to be aggressive in drilling Apollo at various orientations and dips in order to learn the geometry of the system and unlock the potential of this very exciting new discovery,” commented Ari Sussman, Executive Chairman.

Figure 1: Plan View of the Guayabales Project Highlighting the Apollo Target
https://www.globenewswire.com/NewsRoom/AttachmentNg/a179f373-5e53-4e98-877d-93edcd4e9a26

Figure 2: Plan View of the Apollo Target Area Outlining the Porphyry and Breccia Targets, their Related Soil Anomalies and Drill Holes Completed or Currently Underway
https://www.globenewswire.com/NewsRoom/AttachmentNg/d09c45bd-778a-4b15-9fb1-3d4ece1e8369

Figure 3: Plan View of the Hydrothermal Breccia Discovery Made at Apollo highlighting APC-2
https://www.globenewswire.com/NewsRoom/AttachmentNg/928a6b1f-00a1-484c-b57f-cbc19db505f4

Figure 4: Apollo Target Cross Section NE-SW With APC-2 mineralized interval and position relative to APC-1. Related Core Photos Highlighted
https://www.globenewswire.com/NewsRoom/AttachmentNg/0f3c2c27-f4cf-4910-8fbf-4daf894dd2cc

Re-Approval of Stock Option Plan

The Company also announces that at the annual special meeting of shareholders of the Company held on June 29, 2022, the Company’s 10% “rolling” stock option plan (“Plan”) was re-approved by shareholders in accordance with the policies of the TSX Venture Exchange (“TSXV”). The newly approved Plan also reflected certain house-keeping amendments to ensure compliance with the new Policy 4.4 of the Exchange which came into effect on November 24, 2021.

About Collective Mining Ltd.

Twitter: @CollectiveMini1
Instagram: CollectiveMining
LinkedIn: Collective Mining
Facebook: Collective Mining Colombia

To see our latest corporate presentation, please visit www.collectivemining.com

Collective Mining is an exploration and development company focused on identifying and exploring prospective mineral projects in South America. Founded by the team that developed and sold Continental Gold Inc. to Zijin Mining for approximately $2 billion in enterprise value, the mission of the Company is to repeat its past success in Colombia by making significant new mineral discoveries and advance the projects to production. Management, insiders and close family and friends own nearly 45% of the outstanding shares of the Company and as a result, are fully aligned with shareholders. Collective currently holds an option to earn up to a 100% interest in two projects located in Colombia. As a result of an aggressive exploration program on both the Guayabales and San Antonio projects, a total of eight major targets have been defined. The Company is fortuitous to have made significant grassroot discoveries at both projects with near-surface discovery holes at the Guayabales project yielding 302 metres at 1.11 g/t AuEq at the Olympus target, 163 metres at 1.3 g/t AuEq at the Donut target and 87.8 metres at 2.49 g/t AuEg at the Apollo target. At the San Antonio project, the Company intersected, from surface, 710 metres at 0.53 AuEq. (See press releases dated October 27th, 2021, November 15, 2021, March 15, 2022 and June 22, 2022 for AuEq calculations.)

Qualified Person (QP) and NI43-101 Disclosure

David J Reading is the designated Qualified Person for this news release within the meaning of National Instrument 43-101 (“NI 43-101”) and has reviewed and verified that the technical information contained herein is accurate and approves of the written disclosure of same. Mr. Reading has an MSc in Economic Geology and is a Fellow of the Institute of Materials, Minerals and Mining and of the Society of Economic Geology (SEG).

Technical Information

Rock and core samples have been prepared and analyzed at SGS laboratory facilities in Medellin, Colombia and Lima, Peru. Blanks, duplicates, and certified reference standards are inserted into the sample stream to monitor laboratory performance. Crush rejects and pulps are kept and stored in a secured storage facility for future assay verification. No capping has been applied to sample composites. The Company utilizes a rigorous, industry-standard QA/QC program.

Contact Information

Collective Mining Ltd.
Steve Gold, Vice President, Corporate Development and Investor Relations
Tel. (416) 648-4065

FORWARD-LOOKING STATEMENTS

This news release contains certain forward-looking statements, including, but not limited to, statements about the drill programs, including timing of results, and Collective’s future and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.

Forward-looking statements involve significant risk, uncertainties, and assumptions. Many factors could cause actual results, performance, or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully, and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, Collective cannot assure readers that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release, and Collective assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.

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 news release.

Categories
Junior Mining Precious Metals Strike Point Gold

StrikePoint Commences Discovery-Focused Exploration Program at the High-Grade Porter Silver and Willoughby Gold Properties

Vancouver, British Columbia–(Newsfile Corp. – July 5, 2022) – Strikepoint Gold Inc. (TSXV: SKP) (OTCQB: STKXF) (“StrikePoint” or the “Company”) is pleased to announce that exploration work has commenced at its 100%-owned Properties located near Stewart, BC in British Columbia’s prolific Golden Triangle. 3,000 metres of drilling is planned at the Willoughby gold-silver and Porter Silver Properties, in addition to surface sampling and mapping programs with an emphasis on exploration at the Porter Silver Property.

Shawn Khunkhun, President and CEO of Strikepoint states,With a healthy treasury over $5 million, we are excited to commence our drilling programs at the Porter and Willoughby Properties. At Porter, our work will continue to test the limits and source of the historic silver mines; at Willoughby, we will also seek new high-grade gold-silver discoveries in previously unexplored areas.”

Porter Silver Property

The Porter Property hosts the three highest-grade pure silver historic producers in the Stewart area: the Prosperity, Porter Idaho and Silverado mines. Objectives for the 2022 season include:

  • Drill extensions to high-grade silver mineralization outlined in historic resource estimates
  • Explore for the roots of the silver veins and gold-silver-rich intrusive-related mineralization
  • Assess the underground access and workings for future rehabilitation

1,600 metres of drilling is planned at Porter, initially targeting the past-producing Prosperity, Blind and D veins in 8-10 holes. Additionally, mapping and sampling will be completed prioritizing exploring the northwest and eastern areas of the Property. Work at the western side will investigate strong alteration and gossan with historic gold-rich prospects along northwest trending structures. On the eastern side of the Property, significant glacial retreat of the Marmot glacier and alpine icefields have revealed new exposures that have never seen modern exploration.

The Porter Project contains two shears-hosted silver-rich vein systems: the Silverado and Prosperity-Porter Idaho. The showings are 2.35 km apart, located on opposite sides of Mt. Rainey, overlooking the town of Stewart. The Project is located strategically at the head of the Portland Canal, a deep-water port with year-round, ice-free access. Significant underground workings on multiple levels were used by the historic operators. During the 2022 season, StrikePoint will investigate the feasibility of completing rehabilitation of the workings, most recently used in the 1980s for exploration work, to complete a future underground drilling program.

The initial discovery of silver mineralization on Mt. Rainey occurred in the early 1900s. Prosperity-Porter Idaho veins were the focus of the initial work where mineralization is hosted in six parallel dipping shear zones which have been traced in underground workings for up to 425 metres along strike and 360 metres downdip with widths between 2 and 13 metres. The zones remain open at depth. The deposit was mined between 1929 and 1931 and produced 27,123 tonnes with recovered grades of 2,542 g/t silver (73.8 oz/ton) and 1 g/t gold (yielding approximately 2.2 million ounces of silver). Direct shipping ore was transported to the port at Stewart via aerial tramway.

Willoughby Gold-Silver Property

Strikepoint’s 2022 drilling season will commence at the Willoughby gold-silver Property with 1,400 metres in 6-8 holes. Objectives for the Willoughby exploration program include:

  • Drill northern and southern extensions to the 600 metre long trend of mineralized zones along the Willoughby nunatak
  • Exploratory drilling to discover new mineralization to the west of the Willoughby nunatak trend

Willoughby occurs along the eastern margin of the Cambria Icefield, approximately seven kilometres east of the advanced-stage Red Mountain Deposit owned by Ascot Resources. Upper Triassic Stuhini rocks and Lower Jurassic Hazelton volcano-sedimentary rocks underlay the property, subsequently intruded by an early Jurassic-aged hornblende-feldspar porphyry, potentially comagmatic with the Goldslide Intrusive suite at the nearby Red Mountain deposit. Intrusive-related mineralized zones consist of primary pyrite with lesser pyrrhotite, sphalerite, galena, chalcopyrite and native gold. Eight gold and silver mineralized zones have been identified to date over a one-kilometre strike-length mineralized trend.

Qualified Person

The Qualified Person for this news release for National Instrument 43-101 is Andrew Hamilton, P. Geo, technical advisor to StrikePoint. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.

About StrikePoint

StrikePoint Gold is a gold exploration company focused on building high-grade precious metals resources in Canada. The company controls two advanced-stage exploration assets in BC’s Golden Triangle. The past-producing high-grade silver Porter Project and the high-grade gold property Willoughby, adjacent to Ascot Gold’s Red Mountain development project. The company also owns a portfolio of gold properties in the Yukon.

ON BEHALF OF THE BOARD OF DIRECTORS OF
STRIKEPOINT GOLD INC.

“Shawn Khunkhun”

Shawn Khunkhun
Chief Executive Officer and Director

For more information, please contact:
StrikePoint Gold Inc.
Shawn Khunkhun, CEO and Director
T: (604) 609-5137
E: sk@strikepointgold.com
W: www.strikepointgold.com

Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the company’s filings with Canadian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.

Neither the TSX Venture Exchange nor it’s Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Categories
Capitalism Morality Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

(VIDEO) 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.

Joining us for our conversation is Brett Richards, the CEO of Goldshore Resources.

Maurice Jackson: Mr. Richards, it’s a pleasure to be speaking with you today as Goldshore Resources has some exciting news for shareholders, as the company continues on its path to creating the next Tier One asset in Ontario, Canada. Mr. Richards, for someone new to the story, please introduce us to Goldshore Resources and the exciting opportunity the company presents to shareholders.

Brett Richards: Goldshore is a company that was formed last year. We’ve been trading for just over a year now, and on the back of acquiring the Moss Lake Project from Wesdome Gold Mines for $52 million in cash and shares last year, we have put together a strategy over the last nine months to drill this up to let’s call it critical mass. What we acquired in the Moss Lake Project was a 4 million-ounce historic resource, and our view is that the extensions of this resource, both laterally along strike and at depth, are significant, particularly along strike.

Our original strategy was let’s put together a 100,000-meter drill program. Let’s get financed and let’s get on with it, and that’s what we’ve been doing for the past nine months, and most recent results are starting to I’ll say support the original thesis we had about Moss Lake being much bigger than first thought.

Maurice Jackson: Before we deep dive into the press release, some important competitive advantages distinguish Goldshore Resources from its peers and truly make the Moss Lake property a unique value proposition. Mr. Richards, for someone new to the flagship Moss Lake property, please acquaint us with the deposit, beginning with your location and some of your neighbors in the region.

Brett Richards: The Moss Lake Property is about 120 kilometers northwest of Thunder Bay in Ontario. We are probably in the most mining-friendly jurisdiction in the world, plus we are on the Trans-Canada Highway, Yonge Street in Toronto, which happens to be the longest street in the world, going all the way to Manitoba. Our concession is adjoined to Trans-Canada Highway.

And why is that important? It’s important for several reasons, particularly about infrastructure. When I look at mining projects, at the end of the day, obviously there’s the technical side of things, but there’s also what I call the do-ability factor. Is this mine really doable? Can you get this into production easily? And the answer for Moss Lake is yes.

Being on the Trans-Canada Highway means we’re afforded 10-cent kilowatt-hour power, which goes right by our doorstep. We have a four-lane highway, so access to our site is as good as it gets. We have power, water, rail, people, consultants, contractors, and government, all within nothing more than an hour’s drive into the City of Thunder Bay, and an international port and an international airport. So, we tick all the boxes when it comes to infrastructure, so that is kind of, I’ll say the description of where we are, and why I think it’s so compelling to be where we are.

There are a lot of people around us as well. The Shebandowan Greenstone Belt where we’re located has been a bit under-explored over the years because low-grade bulk tonnage style deposits were not in favor when gold was $1,500. But now gold is kind of trading on a floor of $1,800, they seem to be much more appealing to investors. Certainly, after the success of Detour Lake, I think you’ll see these types of deposits more and more come into production.

Maurice Jackson: You referenced Goldshore Resources as having a historical resource, and the company also completed a robust Preliminary Economic Assessment (PEA) back in 2020. Can you share some of those highlights with us?

Brett Richards: Historically the area has been, let’s, so-called cobbled together as a big land package. There are three distinct areas within our domain, the Moss Lake area being kind of the flagship. It is what carries three and a half million ounces of that historical resource. Up in the Northeast, up near the highway, we have Coldstream and North Coldstream and Iris Lake against all kinds of compartmentalized land packages that were cobbled together by Wesdome.

There’s a 500,000-ounce historical resource on Coldstream, and a former actual operating mine at North Coldstream that ran for about 30 years in the, about 40 or 50 years ago. We have a very interesting kind of, I’ll say land package, and the work that has been done on this culminated in 2013 when a PEA was done on the property by Moss Lake Gold Mines.

Again, the PEA was updated in 2020 by WesDome before kind of launching a sale process and let’s face it, PEAs are a snapshot in time, and the time in 2013 and the time in 2020, and the time today are all very, very different, knowing that we are in a hyperinflationary environment today, what CAPEX might have been $500 million back in 2020, might be 600 million or $650 million today.

We have to keep that in mind as we go through. But I think back in 2013, and back in 2020, this project, at these gold levels, at $1,800 to $2,200 gold, and trades between a 27% and a 40% IRR. So, after-tax, the internal rate of return, is very, very compelling. We can look at the new present values of these projects, but again, they’re snapshots in time. What that tells me is that this is a robust project that when tested, even with inflation, even with different input assumptions, relative to the economic circumstances at the time, it is going to be a robust project.

Maurice Jackson: Goldshore Resources currently is embarked on a 100,000-meter drill program. Are you twinning the holes, and conducting step-out drilling on this?

Brett Richards: We are doing some verification drilling of the existing historical resource. We are stepping out laterally. We are stepping out along strike, and we have identified a parallel zone to the Moss Lake deposit, which is very exciting, and some high-grade structural areas within the deposit, which we’ll look to improve the overall grade and volume as we get further down the road, and get closer to a resource estimate.

Maurice Jackson: Speaking of your drill program, some of the initial assay results have just been released. What do they seem to indicate thus far?

Brett Richards: Well, I think they, we’ve always been trying to test our thesis that this is bigger and much more robust as a deposit than the historical resource illustrates. We’ve done that through a geophysical survey, and you can see that on our website, the 3D model of it, where you can see the potential for future mineralization up along strike, that goes 7 to 12 kilometers further than where Moss Lake is now.

But I think the results that we started to put out from the very beginning show between one, 1.1, 1.2, and 1.3 grams over long intervals, long intercepts of 50, 60, 70, 100, and 120 meters in some cases. I’ll say, some good intercepts, but I think what the surprise has been where we have gone kind of not twining holes, but stepping out a little bit, and stepping into an area that might be classified as inferred.

We’ve hit some high-grade structures, and I think that’s simply because of the geophysical work we’ve done, the structural work we’ve done with a structural geologist by the name of Brett Davis, who’s on-site currently. Pete Flindell, who is our VP of Exploration, he and the team have kind of figured this out. Targeting of some of these higher grade holes has been something that we wanted to do, because ultimately when we kind of go to, I’ll say, interpret all of this data, I don’t think the market is going to want another kind of $1.5 or $2 billion project that does 60,000 tons a day and produces 600,000 ounces of gold. That’s just not viable in this current economic environment.

You’re not going to be able to raise that kind of money. You’re not going to be able to get traction on that type of project. I think we have to start pivoting and looking at alternatives, and what are those? Is there a higher-grade starter pit alternative here within the deposit? I think that’s what we’re going to try and kind of focus on over the next little while. Therefore, there will be more infill and more delineation drilling than anything. But, we are still doing some step-out as well.

Maurice Jackson: All right. Well, let’s get to the press release. Goldshore Resources just received some welcoming news from the assay labs, which identify significant downhole gold intercepts. What can you share with us, Sir?

Brett Richards: We just announced, 78 meters at 1.17 grams from about 170 meters depth. This is a great hole. It’s all going to get contained within an open-pit mine. It’s going to pull a lot of tonnage in. I think, there were some high-grade areas within that, including 22 meters at 2.3 grams and 5.6 meters at 5.69 grams, in and around the 200 to the 220-meter range.

So, this is encouraging, and there are some other intercepts on some other holes that we announced, but it’s all more of the same. There’s anywhere from 20 to a hundred meters at over a gram.

Our objective is to try to maximize the grade. A little bit of grade, 0.1 grams here is going to add 10% to our resource. Even 1 gram or 1.1 gram, it’s quite meaningful at the end of the day. We’ll figure all this out once we get all the data and get towards a mineral source update at the end of the year. But I think right now, and I can talk a lot about the current market dynamics, but sadly, putting good results out into the market has not moved our share price. It’s actually, we have been impacted like all the other junior minors and we’ve been trading downwards.

Maurice Jackson: Looking forward, what can you share with us regarding optionality and economic open pit shells as you model your resource?

Brett Richards: I think we’re going to see a lot of results come out over the next six months or more of the same, illustrating our thesis that this is going to be a real project. Also, I think better delineation on defining this higher-grade starting project, but we can’t lose sight that this is, I think, this is a Tier One asset. This is going to be 10 million ounces by the time the drilling has wrapped up. Whether that’s a year or two or three from now. This is such a large area. There’s probably going to be another 100,000 meters as this gets towards a feasibility study.

Like I’ve said, we’ve got a footprint here that is a Tier One asset at the end of the day, but I think we need to start focusing on what the market is going to respond to. The market is going to respond to, is this a project that has a smaller CAPEX option, a smaller starter with that positive cash flow as soon as possible. Those types of questions need to be addressed and need to be presented to the market. So, we’re going to be looking at some permutations at the end of the day, when we do a PEA next year.

Maurice Jackson: Let’s get into some numbers. Mr. Richards, please provide the capital structure for Goldshore Resource.

Brett Richards: Goldshore Resources has about 143 million shares outstanding today, and only 5 million out warrants outstanding, and we’ve got about $13 million in the bank as of June. We’re well-positioned here and can ride this out.

As I’ve said before, we got caught in a bit of the whole market dynamics. We wanted to play a bit of catch-up, and get ahead of the curve on drilling, so we ramped up our drilling just before the whole market started crashing.

Our team took our foot off the pedal, and we put the brakes on it a little bit. We did scale up to seven rigs, but we’ve pulled back now to a couple of rigs. I want to ride this out. Preservation of cash and preservation of this company is first and foremost.

The capital markets are so volatile and so unpredictable right now, I’m very comfortable just burning a couple of million dollars a month and just watching this, or less than a couple of million dollars a month, and just watching how this unfolds to the fall because we don’t want to be in a situation where, where we have to go to the market and the market is not there for us.

Maurice Jackson: Speaking of being comfortable, I just want to share with everyone that I am a proud shareholder, and I’m looking to add to my position under these circumstances. The value proposition is extremely compelling, and I’m not discouraged by the price. I understand how markets work, and I never complain about a sale when it comes to capital goods. Now, since we’re covering numbers, how does Goldshore Resources compare with some of your peers?

Brett Richards: Well, we’ve never been able to kind of figure this one out, but we’re trading today somewhere kind of in order of magnitude around $10 an ounce, it’s crazy, but that is kind of where we are today. Our peers have also been impacted, but they also had a higher starting point. We’ve got a trading comparable sheet in our presentation that has us at the bottom of our peer group, and this is a peer group put together by a bank. At trading at $10 today, and our peers trading anywhere from $15, $20, $25, all the way up to $100 an ounce for Marathon.Looking at a pure comparison basis, Goldshore Resources is the least expensive among our peers. When you start looking at what it costs to bring ounces onto a resource statement, to put ounces into the inferred category costs about $30 an ounce. If you have a million ounces of inferred resource, it’ll probably cost $30 million to get there, then drilling in other activities.

So we’re trading at a third of that, a third of what it costs to do it. So, I think from an investment opportunity standpoint, there’s one way here, and it’s up.

Maurice Jackson: In closing, Sir, what would you like to say to shareholders?

Brett Richards: I think the really compelling investment case here is how we have performed against the general market, and where we are today. I’ll say the leverage that we have on the way back up. This is not going to go on forever. We may still feel some pain in the capital markets going forward, but we are going to recover, and commodities and equity, gold equities are going to accelerate, and probably much faster than the market when it does turn around, and when it does come back. We are actually leveraged to that even greater than the normal gold equity market, because of our size and our scale, and our potential to bring this up to a Tier One status.

So, there are some compounding, compelling investment reasons why to choose Goldshore, and I am also a major shareholder of this company. I have never continued to lose sight of the fact that this is a real project, and this is going to get into production one day.

Maurice Jackson: Mr. Richards, it’s been a pleasure speaking with you today. Wishing you and Goldshore Resources, the absolute best, Sir.

Brett Richards: Thanks, Maurice.

Maurice Jackson is the founder of Proven and Probable, a site that aims to enrich its subscribers through education in precious metals and junior mining companies that will improve the world.

Categories
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
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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

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

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

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

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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.