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Base Metals Gold Shore Resources Junior Mining Precious Metals

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

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

Highlights:

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

  • 20m @ 1.15 g/t Au from 402m depth in CED-22-006
  • 26m @ 1.66 g/t Au from 451m, including
    • 7.9m @ 4.20 g/t Au from 465m
  • 25.7m @ 2.07 g/t Au from 488m
  • 37.05m @ 1.54 g/t Au from 209.3m depth in CED-22-007
  • 27.9m @ 1.14 g/t Au from 387m depth in CED-22-008, including
    • 13m @ 2.14 g/t Au from 401m
  • The better intercepts are all centered around five high-grade gold zones of mineralized breccia, including:
  • 1.05m @ 15.8 g/t Au from 257.95m depth in CED-22-004
  • 0.9m @ 14.3 g/t Au from 472m depth in CED-22-006, and
  • 0.65m @ 13.5 g/t Au from 502m
  • 0.85m @ 10.6 g/t Au from 244.35m depth in CED-22-007, and
  • 0.4m @ 12.6 g/t Au from 418m
  • These results show that the three gold mineralized lenses have a clear steep plunge and highlight significant upside potential at depth within structurally controlled shoots.

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

Technical Overview

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



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

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



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

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https://images.newsfilecorp.com/files/8051/136640_94a2d25c448d2bce_003full.jpg



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

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



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

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



Figure 5: Long section through the Main and Sanders Lenses

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

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE

(g/t Au)
UNCUT
GRADE

(g/t Au)
CED-22-001322.00324.452.451.80.800.80
420.00428.508.506.60.510.51
 
CED-22-002No significant assays
  
CED-22-003168.85171.903.052.20.610.61
252.30258.806.504.80.760.76
including253.95256.902.952.21.071.07
269.55288.7019.1514.40.610.61
including283.30288.705.404.11.311.31
  
CED-22-0045.007.002.001.00.760.76
149.00157.008.004.40.450.45
168.00216.0048.0027.50.390.39
including168.95173.004.052.31.291.29
244.00267.0023.0013.61.341.34
including254.20261.557.354.33.773.77
0.0
CED-22-005487.00504.3017.3011.01.551.55
including489.00504.3015.309.71.691.69
571.55575.003.452.20.550.55
  
CED-22-006311.00322.4011.406.40.330.33
334.90346.0011.106.30.410.41
394.00440.0046.0026.80.630.63
including402.00422.0020.0011.61.151.15
451.00477.0026.0015.51.661.66
including457.00460.003.001.81.511.51
and465.00472.907.904.74.204.20
488.00513.7025.7016.32.072.07
including488.00513.0025.0015.92.102.10
  
CED-22-007209.30246.3537.0521.61.541.54
including213.30246.3533.0519.31.671.67
289.00291.002.001.20.430.43
319.00321.152.151.30.710.71
367.10376.008.905.50.600.60
387.75390.602.851.80.630.63
438.00440.002.001.30.640.64
446.00460.5014.509.20.580.58
  
CED-22-00891.9594.002.051.40.870.87
300.80312.0011.208.90.540.54
387.00414.9027.9022.81.141.14
including401.00414.0013.0010.62.142.14
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Bordered intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
CED-22-001681,1365,386,570479337°-50°483.0m
CED-22-002681,4205,386,640479335°-50°494.85m
CED-22-003680,5075,386,473481336°-50°360.0m
CED-22-004680,0085,386,430477155°-60°302.8m
CED-22-005680,5595,386,340486342°-60°810.1m
CED-22-006680,0105,386,586475140°60°600.0m
CED-22-007680,0855,386,604473138°-59°657.05m
CED-22-008680,5595,386,340483340°-50°603.0m
Approximate collar coordinates in NAD 83, Zone 15N

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

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

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

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

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

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

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome Gold Mines Ltd. (“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, 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:

  1. 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/136640

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
Uncategorized

Goldshore Resources Confirms High Grade Mineralization in the Main Zone

Vancouver, British Columbia–(Newsfile Corp. – July 20, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define high-grade structural zones within the Moss Lake deposit.

Highlights:

  • Three holes drilled to evaluate gaps in the Main Zone have confirmed high-grade gold mineralization within anastomosing shears hosted by low-grade mineralized altered diorite with intercepts of:
  • 13.30m @ 1.49 g/t Au from 48.6m depth in MMD-22-028
  • 21.20m @ 1.66 g/t Au from 187.7m
  • 3.50m @ 10.7 g/t Au from 349.6m
  • 17.00m @ 1.28 g/t Au from 50.0m depth in MMD-22-030
  • 6.30m @ 2.00 g/t Au from 358.7m, including
  • 7.70m @ 1.40 g/t Au from 533.3m depth in MMD-22-032
  • 6.00m @ 1.93 g/t Au from 570.0m
  • MMD-20-32 also extended across the Main Zone to confirm the recently identified southern parallel zone with best intercepts of:
  • 9.60m @ 1.02 g/t Au from 805.9m
  • 10.00m @ 1.21 g/t Au from 825.0m

President and CEO, Brett Richards, stated, “We continue to receive results that confirm the developing model that high grades occur within broader envelopes of lower grade gold mineralization. Our understanding of the geology is now at a level that will enable us to accurately represent the position of high grades within a resource model we are aiming to produce by the end of the year.”

Technical Overview

Figure 1 shows a typical cross section through MMD-22-028. Table 1 shows the significant intercepts. Table 2 and Figure 2 show the drill hole locations.



Figure 1: Drill section through MMD-22-028 showing mineralized intercepts relative to the 2013 grade model

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/131311_c9199a03f4c90bca_002full.jpg



Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of Figure 2, please visit:
https://images.newsfilecorp.com/files/8051/131311_c9199a03f4c90bca_003full.jpg

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE 
(g/t Au)
UNCUT
GRADE 
(g/t Au)
MMD-22-02828.0030.002.000.70.980.98
40.35115.3074.9525.60.580.58
including48.6061.9013.304.51.491.49
and112.50115.302.801.02.912.91
126.00128.002.000.71.321.32
142.00152.0010.003.60.310.31
155.00163.008.002.90.340.34
182.00237.0055.0019.70.880.88
including187.70208.9021.207.61.661.66
267.00274.157.152.70.520.52
342.90387.1044.2016.60.801.08
including349.60353.103.501.37.1410.7
426.70442.0015.306.00.440.44
471.00528.0057.0023.20.350.35
628.30639.0010.704.40.470.47
663.10674.7011.604.70.380.38
      
MMD-22-0307.0088.5581.5543.20.510.51
including8.0011.403.401.82.182.18
and50.0067.0017.009.01.281.28
and79.0081.002.001.11.021.02
98.90107.909.004.80.750.75
including98.90103.354.452.41.361.36
166.00172.606.603.60.350.35
236.80243.006.203.40.360.36
257.00269.0012.006.70.320.32
336.00453.55117.5567.40.380.38
including358.70365.006.303.62.002.00
473.00482.659.655.80.620.62
610.70655.0044.3029.10.380.38
including610.70613.002.301.51.221.22
   
MMD-22-032247.10255.108.003.90.900.90
278.00280.002.001.01.231.23
378.00388.5010.505.30.630.63
including381.95384.002.051.02.302.30
400.65414.0013.356.70.380.38
443.00452.009.004.50.510.51
472.50482.009.504.90.320.32
528.55610.0081.4541.90.500.50
including533.30541.007.704.01.401.40
and570.00576.006.003.11.931.93
624.35652.0027.6514.70.480.48
704.00733.9029.9015.80.550.55
including709.00711.002.001.12.902.90
and723.00725.052.051.13.833.83
757.00759.002.001.10.790.79
805.90857.7551.8528.20.600.60
including805.90815.509.605.21.021.02
and825.00835.0010.005.41.211.21
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body. The fact that cut and uncut assays are the same, shows that all samples assayed less than the 30 g/t Au top cut.

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-0286689425379332434155°-70°819.0m
MMD-22-0306690645379382432155°-60°661.95m
MMD-22-0326686715379150448155°-60°862.0m
Approximate collar coordinates in NAD 83, Zone 15N

Results have been received for three holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems.

The holes were only constrained by the 500-meter vertical depth limit being applied to all holes in this program. As with the historic holes, these holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include 74.95m @ 0.58 g/t Au from 40.35m, 55.0m @ 0.88 g/t Au from 182.0m and 44.2m @ 0.8 g/t Au from 342.9m in MMD-22-028; 81.55m @ 0.51 g/t Au from 7.0m and 117.55m @ 0.38 g/t Au from 336.0m in MMD-22-030; and 81.45m @ 0.50 g/t Au from 528.55m in MMD-22-032.

All of these low-grade zones occur as envelopes to higher-grade structures. An analysis of oriented core by renowned 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., 21.2m @ 1.66 g/t Au from 187.7m in MMD-22-028) and several narrow high-grade intervals, including 0.4m @ 61.5 g/t Au from 349.6m and 0.6m @ 13.6 g/t Au from 352.5m in MMD-22-028; and 0.4m @ 14.7 g/t Au from 363.55m in MMD-22-030.

The high grade near surface intercepts in MMD-22-028 and MMD-22-030 extend previously defined high-grade mineralization to surface.

MMD-22-032 also extended across the altered diorite into the wall rock to test the southern parallel zone. This broad zone of low-grade mineralization (51.85m @ 0.60 g/t Au from 805.9m) occurs around the higher-grade structures listed in the highlights.

Pete Flindell, VP Exploration for Goldshore, said, “The recent structural geology review by Dr. Brett Davis has helped resolve the theories we have been developing for the genesis of the Moss Lake gold deposit. Our improved understanding will guide the upcoming geological modelling exercise. Specifically, we will model a 3D anastomosing shear network that hosts the higher grades in the deposit and direct the geometry of the lower grade haloes. This is a significant step forward as the historic resource model ignores high grade gold mineralization.”

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 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:

  1. 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/131311

Categories
Gold Shore Resources Junior Mining Precious Metals

(VIDEO) Goldshore Resources Provides Update on Technical Disclosure

Vancouver, British Columbia–(Newsfile Corp. – July 18, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“) is issuing this press release as a result of a review by the British Columbia Securities Commission to clarify its disclosure regarding the Moss Lake Gold Deposit in Northwest Ontario, Canada (the “Moss Lake Property“).

The Company wishes to clarify that the technical report entitled “Technical Report on the Moss Lake Project, Ontario, Canada, Report for NI 43-101” dated April 6, 2021 prepared by SLR Consulting (Canada) Ltd. in respect of the Moss Lake Property (the “Technical Report“) remains current. The Technical Report contains disclosure of a historical mineral resource estimate on the Moss Lake Property. There is no current mineral resource estimate on the Moss Lake Property.

Peter Flindell, P.Geo., MAusIMM, MAIG, Vice President of Exploration at 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 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/131198

Categories
Exclusive Interviews Gold Shore Resources Junior Mining Precious Metals

(VIDEO) Goldshore Resources Announces Option Agreement to Earn in to Iris Lake & Vanguard Properties Held by White Metal Resources Corp.

Vancouver, British Columbia–(Newsfile Corp. – July 7, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce it has executed an option agreement (the “Option Agreement“) with White Metal Resource Corp. (“White Metal“) to earn in to certain mining claims held by White Metal in the Shebandowan greenstone belt known as the Iris Lake and Vanguard properties (the “Property” or “Properties“).

Key Terms of the Option Agreement

  1. Total cash payments (CAD$) of an aggregate of $110,000 to White Metal over 3 years, to be paid as follows:
  • $10,000 within five days of July 6, 2022 (the “Effective Date“);
  • an additional $20,000 on or before the 12-month anniversary of the Effective Date;
  • an additional $30,000 on or before the 24-month anniversary of the Effective Date; and
  • an additional $50,000 on or before the 36-month anniversary of the Effective Date;
  1. Total share issuance of an aggregate of 1,500,000 common shares of the Company (each, a “Share“) (such Shares to be subject to resale restrictions) as follows:
https://embed.fireplace.yahoo.com/embed?ctrl=Monalixa&m_id=monalixa&m_mode=document&site=sports&os=android&pageContext=%257B%2522ctopid%2522%253A%25221542500%253B1577000%2522%252C%2522hashtag%2522%253A%25221542500%253B1577000%2522%252C%2522wiki_topics%2522%253A%2522White_metal%253BEffective_date%253BCompany_(musical)%253BOption_contract%2522%252C%2522lmsid%2522%253A%2522a0V0W00000HOPDcUAP%2522%252C%2522revsp%2522%253A%2522newsfile_64%2522%252C%2522lpstaid%2522%253A%252273f999a6-b7c0-30ec-998d-3c180eec8ac2%2522%252C%2522pageContentType%2522%253A%2522story%2522%257D
  • 300,000 Shares within five days of the Effective Date;
  • an additional 300,000 Shares on or before the 12-month anniversary of the Effective Date;
  • an additional 400,000 Shares on or before the 24-month anniversary of the Effective date; and
  • an additional 500,000 Shares on or before the 36-month anniversary of the Effective Date;
  1. Total incurred expenditures on the Property of not less than $1,650,000 over 3 years as follows:
  • $100,000 on or before the six-month anniversary of the Effective Date;
  • an additional $200,000 on or before the 12-month anniversary of the Effective Date;
  • an additional $600,000 on or before the 24-month anniversary of the Effective Date; and
  • an additional $750,000 on or before the 36-month anniversary of the Effective Date.
  1. Other non-material administrative and technical matters guiding the earn in relationship between the Company and White Metal.

President and CEO, Brett Richards, stated: “We are excited to add on this land package through the Option Agreement with White Metal. As illustrated in Figure 1.0, the Properties are adjacent to our north-eastern property claims in the Coldstream and Iris Lake area. As we have suggested in the past, and with the interpretation of the airborne geo-physical VTEM survey conducted in 2021; there is a strong correlation through Coldstream and Iris Lake towards the Properties, that suggest this strike length is contiguous.”

Figure 1 – The White Metal Resources Corp Iris Lake and Vanguard properties

To view an enhanced version of Figure 1, please visit:
https://images.newsfilecorp.com/files/8051/130161_f5c4f17a94f9bb12_002full.jpg

For a larger more detailed map of the White Metal’s properties, please refer to:

https://goldshoreresources.com/wp-content/uploads/2022/07/GSH_Claim-Map_2022-May.pdf

Current Market Conditions

Goldshore has decided to temporarily scale back its drilling program from 7 rigs to 2 rigs in an effort to preserve capital in this uncertain and volatile capital market environment. The Company has also evaluated all possible cost containment and cost control measures to assist in this regard, and are reducing costs wherever possible. This decision to slow drilling production may affect Goldshore’s ability to complete its planned 100,000m drill program in 2022, as previously planned, but does not change the strategy or management’s view on the Moss Lake Project. The Company will continue to monitor all market conditions, as well as its ability to execute on its objectives going forward.

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 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 Potential1,461,1002.9135,400
Moss Lake Total39,795,0001.11,377,30050,364,0001.11,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total3,516,7000.8596,40030,533,0000.78763,276
Combined Total43,311,7001.081,473,70080,897,0000.982,514,876

Notes:

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

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

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 2: Reported Historical Production from the North Coldstream Deposit4

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

Note:

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

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

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

For More Information – Please Contact:

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

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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

Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Lake Gold Project or the Properties, an update to the historical resource at 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/130161

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 Drills 78.35m at 1.17 g/t Au and Delineates Higher Grade Lenses Within Moss Lake Deposit

Goldshore Resources, Proven and Probable

Vancouver, British Columbia–(Newsfile Corp. – June 29, 2022) –  Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. 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:

  • Four shallow holes drilled during the winter ice program have confirmed high-grade gold mineralization within shears hosted by altered diorite with best intercepts of:
  • 78.35m @ 1.17 g/t Au from 170.35m depth in MMD-22-020, including
    • 22.65m @ 2.31 g/t Au from 217.0m, including
    • 5.65m @ 5.69 g/t Au from 234.0m
  • 24.7m @ 1.28 g/t Au from 105.3m depth in MMD-22-017, including
    • 2.75m @ 7.80 g/t Au from 106.9m
  • 24.65m @ 1.05 g/t Au from 81.2m depth in MMD-22-016, including
    • 2.0m @ 7.95 g/t Au from 103.0m
  • 12.0m @ 1.41 g/t Au from 127.0m

President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results supporting our belief from the beginning of our 100,000m drill program, that Moss Lake is much larger in depth, width and along strike, to the historical mineral resource. I am very encouraged about the high grade sections we are seeing, as this will provide a lot of optionality when we model the resource later in the year and start to look at economic pit shells. We see several PEA permutations, including a smaller, higher grade starting project (Phase 1) followed by a larger scale operation formulated on the global resource (Phase 2). Given the current economic climate, a lower CapEx project (Phase 1) expanding to the larger operation (Phase 2) may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier One potential. We will make these determinations later in the year, as we continue to evaluate the results from our 100,000m program.

Technical Overview

Table 1 shows the significant intercepts calculated from recently received drill hole results. Figure 1 shows a typical cross section through MMD-22-020. Table 2 and Figure 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-22-01655.0069.8514.859.70.710.71
including65.0069.854.853.21.291.29
81.20105.8524.6516.21.051.05
including81.2086.004.803.11.421.42
and103.00105.002.001.37.957.95
121.00240.00119.0078.10.530.53
including127.00139.0012.007.91.411.41
and184.60187.002.401.63.933.93
MMD-22-01749.2058.008.805.80.480.48
70.2092.0021.8014.60.440.44
105.30130.0024.7016.51.281.28
including106.90109.652.751.87.807.80
MMD-22-02092.65118.3525.7018.50.450.45
129.85142.5012.659.30.490.49
170.35248.7078.3559.11.171.17
including179.50180.751.250.95.565.56
and198.00202.004.003.02.092.09
and217.00239.6522.6517.12.312.31
including220.65221.000.350.320.720.7
and234.00239.655.654.35.695.69
MMD-22-02185.0099.5014.509.50.630.63
including96.0099.503.502.31.931.93
115.25119.003.752.50.410.41
142.35153.1010.757.20.370.37
164.00169.005.003.30.300.30
171.00177.006.004.10.320.32
including184.30189.655.353.61.111.11
184.30251.0066.7046.30.490.49
including218.60224.005.403.81.201.20
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 section through MMD-22-020 showing mineralized intercepts relative to the 2013 grade model, the newly defined parallel zones and high grade structures within the model

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/129404_9c21e1dd647f5bc4_002full.jpg



Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8051/129404_9c21e1dd647f5bc4_003full.jpg

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MMD-22-0166688745378962426335°-50°245.0m
MMD-22-0276689655379004426335°-50°130.0m
MMD-22-0206690715378898426335°-55°251.0m
MMD-22-0216689805378856426335°-55°251.0m
Approximate collar coordinates in NAD 83, Zone 15N

Four shallow drill holes were completed over ice this past winter. They were drilled to help define the resource in the upper levels of the deposit. This includes localized high grade structural zones – 2.0m @ 7.95 g/t Au, 2.75m @ 7.80 g/t Au, and 5.65m @ 5.69 g/t Au – that are common in the Main and QES Zones.

Pete Flindell, VP Exploration for Goldshore, said “Our drilling program continues to confirm that the large volume of low grade gold mineralization is plumbed by anastomosing high grade shears. These high grade zones are not reflected in the historic (2013) Mineral Resource and will be a focus of our resource update intended to be released at the end of 2022. Accurate modelling of the high grade zones will significantly improve the economics of the Moss Project. Drilling is also continuing to better define these zones within the known extents of the deposit and in parallel zones that will add to the overall tonnage.”

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

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

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

Categories
Gold Shore Resources Junior Mining Precious Metals

Goldshore Resources Drills 65.0m @ 1.04 g/t Au at the QES Zone

Goldshore Resources, Proven and Probable

Total Width of the Main Zone Expands from 300m-350m to 600m-650m

Vancouver, British Columbia–(Newsfile Corp. – June 14, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to expand and better define high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource.

Highlights:

  • MQD-22-019 at the QES Zone, has upgraded the mineralization within the modeled volume and confirmed the parallel zone of mineralization to the north with best intercepts of:
  • 65.0m @ 1.04 g/t Au from 142.4m depth, including
    • 1.6m @ 6.56 g/t Au from 142.4m and
    • 13.0m @ 2.14 g/t Au from 173.0m
  • 5.5m @ 1.23 g/t Au from 606.1m
  • A recent evaluation of assay zones parallel to the 2013 resource body has enabled the preliminary modelling of shears that combine to extend the width of mineralization from its previous 300-400 meters to a zone that is 600-650 meters wide.
    • This work suggests that the Southwest Zone is not a structural offset as previously thought and is instead an extension of the southern parallel zone, compounding additional resource tonnage (in width) and along strike.
    • Exploration work has begun targeting additional parallel structures to further expand the width of gold mineralization.

President and CEO Brett Richards stated: “As we have demonstrated since the beginning of our drill program, our thesis that Moss Lake is larger (in depth, in width and along strike) is proving to be true. I am also encouraged about the high grade sections we are seeing, as this will provide us with optionality when we model the resource later in the year and start to look at economic pit shells. We see several PEA permutations including: a low tonnage / higher grade starting project (Phase 1); and a larger scale operation on the global resource (Phase 2). Given the current economic climate (high/hyper inflationary economy), a lower CapEx project (Phase 1) then expanding the operation (Phase 2) may well be the best approach to developing Moss Lake, while not losing sight of our Tier One potential. We will make these determinations later in the year, as we evaluate the results from our 100,000m program.”

Technical Overview

Table 1 shows the significant intercepts calculated from recently received drill hole results. Figure 1 shows a cross section through MQD-22-019. Table 2 and Figure 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)
MQD-22-01962.7064.702.001.40.850.85
102.00120.5018.5012.90.360.36
137.00227.0090.0065.80.850.85
including142.40207.4065.0047.51.041.04
including142.40144.001.601.26.566.56
and173.00186.0013.009.52.142.14
415.50419.754.253.20.650.65
445.40448.403.002.20.540.54
546.00554.008.006.00.790.79
including552.00554.002.001.52.312.31
572.15574.902.752.10.490.49
601.00621.2520.2515.50.520.52
including606.10611.605.504.21.231.23
667.00676.009.007.00.450.45
722.00738.0016.0012.40.320.32
MMD-22-02647.0059.9512.959.80.710.71
72.7079.006.304.80.560.56
90.1094.254.153.10.560.56
121.65155.7034.0526.10.540.54
including149.00155.706.705.11.501.50
308.55324.6516.1012.70.780.78
including312.00315.003.002.42.252.25
403.35410.807.455.90.360.36
566.00570.004.003.30.380.38
MMD-22-02960.0083.7023.7018.40.310.31
193.00230.0037.0029.50.490.49
including210.00212.002.001.61.691.69
and225.00230.005.004.01.711.71
250.40263.8513.4510.70.320.32
276.25286.009.757.90.740.74
298.00304.006.004.90.310.31
309.70317.708.006.50.420.42
344.00351.007.005.70.330.33
594.95608.0013.0510.80.340.34
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. italicized 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 MQD-22-019 showing mineralized intercepts relative to the 2013 grade model and the new parallel zone to the north

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/8051/127611_6ac21e7914b0db88_002full.jpg

Table 2: Location of drill holes in this press release

HOLEEASTNORTHRLAZIMUTHDIPEOH
MQD-22-0196700155379424428335°-45°751.0m
MMD-22-0266694115379553427155°-45°677.0m
MMD-22-0296693365379508428155°–45°620.0m
Approximate collar coordinates in NAD 83, Zone 15N



Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/8051/127611_6ac21e7914b0db88_003full.jpg

MQD-22-019 was drilled to the west of the high grade holes MQD-22-009 and MQD-22-014 reported on January 28, 2022 and May 5, 2022, respectively. The results of this hole extend the envelope of +1 g/t Au mineralization further to the west in what appears to be a significant zone of high grade mineralization.

The deeper section of the hole confirmed gold mineralization in an anastomosing shear that is becoming a significant parallel zone. Drilling in the coming months will target the near surface extension of this zone, as well as the high-grade portion of the QES Zone.

Holes MMD-22-026 and -029 were drilled to test the patchily mineralized eastern extension of the Main Zone. These holes confirmed the nature of this part of the deposit and added valuable infill data. Structural data collected since the start of the drill program from our oriented core program that is used to correctly orient the structural controls in the deposit has allowed for a more detailed interpretation of the highly foliated zones controlling part of the Moss Lake Main Zone mineralization. These zones are believed to be part of several anastomosing shears encountered over a width of 600-650m.

Pete Flindell, VP Exploration for Goldshore, said, “I am very encouraged by the extent of the parallel zones that we are seeing at both the Main Zone and QES Zone at Moss Lake, as the greater width will reduce the amount of waste in an open pit; thereby improving the economics of the project. Historic scout drilling, previously thought to be unrelated to Moss Lake, suggests that additional parallel zones will be discovered. Furthermore, our understanding of the high grades in the deposit – whereby 29% of the mineralized samples exceed 1 g/t Au; is improving to the point where we will be able to model them separately to ensure that they are accurately represented in the mineral resource update later in the year. This will also enhance the economics by allowing the optimization of a smaller, high-grade starter pit.”

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

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

About the Moss Lake Gold Project

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

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

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

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

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

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

Table 3: Historical Mineral Resources1,2,3

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

Notes:

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

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

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 4: Reported Historical Production from the North Coldstream Deposit4

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

Note::

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

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

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

For More Information – Please Contact:

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

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

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres

Cautionary Note Regarding Forward-Looking Statements

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

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

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

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

Categories
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
Gold Shore Resources Junior Mining Precious Metals

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

Vancouver, British Columbia–(Newsfile Corp. – June 6, 2022) – Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FWB: 8X00) (“Goldshore” or the “Company“), is pleased to announce assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic Mineral Resource.

Highlights:

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

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

Technical Overview

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

Table 1: Significant downhole gold intercepts

HOLE IDFROMTOLENGTH (m)TRUE WIDTH (m)CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MMD-22-018336.60341.004.4030.640.64
365.75377.0011.2580.630.63
388.50410.9022.40160.700.70
including396.00404.008.0061.691.69
425.35431.756.4050.360.36
443.00450.007.0050.540.54
MMD-22-02280.1585.605.4540.560.56
516.55554.3037.75280.410.41
including516.55520.503.9531.181.18
585.40596.0010.6080.340.34
599.00601.902.9020.320.32
607.00634.8027.80220.420.42
including622.50626.754.2531.061.06
MMD-22-02470.3082.0011.7060.560.56
including71.0073.002.0011.831.83
140.00145.005.0030.500.50
181.50186.004.5030.540.54
285.70289.003.3020.740.74
414.50418.504.0020.350.35
472.00495.7023.70151.111.11
including495.00495.700.700.527.727.7
542.00559.0517.05110.380.38
571.20578.006.8041.181.18
including574.15577.002.8521.671.67
MMD-22-025358.50359.501.0018.328.32
514.00537.0023.00211.922.57
including514.00515.551.55122.932.6
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 10 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.

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

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

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

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


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

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


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

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

Table 2: Location of drill holes in this press release

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

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

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

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

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

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

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”).

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

Wesdome Share Issuance

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

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

About Goldshore

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

About the Moss Lake Gold Project

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

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment was completed on Moss Lake in 2013 and published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids.

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

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

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

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

Table 3: Historical Mineral Resources1,2,3

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

Notes:

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

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

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will ever become economically viable. In addition, mineral resources are not mineral reserves and do not have demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource category.

Table 4: Reported Historical Production from the North Coldstream Deposit4

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

Note:

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

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

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

For More Information – Please Contact:

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

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

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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.