Additional High - Grade Shears in the QES Zone at the Moss Lake Gold Project
EE
Goldshore
Intersects
Additional High
-
Grade Shears in the QES Zone
at the Moss Lake
Gold Project
VANCOUVER, B.C.,
November
2
8
,
202
2
:
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 (the “
Moss Lake Gold Project
”).
Highlights:
Results for
seven
holes
,
drilled to
expand the coverage of the
high
-
grade shears in the
QES
Zone,
have
confirmed
high
er
-
grade
shear
-
hosted
gold mineralization within
a
large volume of
well
mineralized
diorite
s
. These results are all within the $1500
Whittle pit that constrains the current resource and identifies new h
igh
-
grade
shears.
B
est
intercepts
include
:
o
1.51 g/t Au over 6.0m from 502.0m depth in MQD
-
22
-
075 and
o
1.47 g/t Au over 30.1m from 530
.0
m
o
8.45
g/t Au over 5
.0
m from 576m
depth in MQD
-
22
-
076
including
36.9 g/t Au over 1
.0
m from 577m
o
1.87 g/t Au over
6.75m from 602.25m
o
1.31 g/t Au over 14.15m from 544.0m
depth in MQD
-
22
-
080
o
2.07 g/t Au over 6
.0
m from 422
.0
m depth in MQD
-
22
-
085 and
o
1.07 g/t Au over 15
.0
m from 457
.0
m
o
1.26 g/t Au over 7.15m from 573.85m
o
1.07 g/t Au over 24.7m from 369
.0
m
depth in
MQD
-
22
-
087
and
o
2.15 g/t Au over 5
.0
m from 489
.0
m
o
1.75 g/t Au over 8.05m from 513.95m
o
2.11 g/t Au over 30.75m from 536.9m
including
11.5 g/t Au over 3.1m from 555.2m
o
1.31 g/t Au over 63.6m from 427
.0
m
depth i
n MQD
-
22
-
090A
2.07 g/t Au over 32
.0
m from
439
.0
m
A
new
parallel mineralized shear structure has been
discovered
150m south of the
main QES system containing high grade mineralization within
a
sheared intermediate
volcanic package
with best intercepts of:
o
3.44 g/t Au over 5.8m from 246.4m
depth in MQD
-
22
-
08
0
2
o
1.22 g/t Au over 4.0m from 206.0m depth in MQD
-
22
-
087
o
1.15 g/t Au over 7.3m from 75.0m
depth in MQD
-
22
-
090A
President and CEO Brett Richards stated:
“
The results from these drill holes in the QES Zone are
part of
a
52
-
hole data set that was not included in the recent
mineral r
esource
estimate
. They
confirm our belief that there are additional high
-
grade shear zones within the deposit that will
potential
ly
add to the shear domain component of the
m
ineral
r
esource
that we anticipate will be
prioritized in the mining schedule when we
move towards conducting a preliminary economic
analysis next year.
”
Technical Overview
Figure 1 shows the better
intercepts in pla
i
n view and Figure 2 is a typical section through hole
M
Q
D
-
22
-
0
87
.
Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure
1
: Drill plan showing
best of several +1 g/t Au intercepts
relative to
shear and intrusion domains
3
Figure
2
: Drill
section through M
Q
D
-
22
-
0
087
relative
to
shear and intrusion domains
Results have been received for six holes that have infilled areas of the QES Zone that are between
sections drilled by historic holes with collar survey problems. As a result, they will replace the low
-
confidence historic holes in
the upcoming resource mod
el update.
A seventh hole was drilled to the southeast of the QES Zone to investigate
two historical showing
along a parallel structure of the QES Zone
but did not intersect significant mineralization.
As with the historic holes, these holes intersected s
everal broad zones of low
-
grade mineralization
within the altered diorite intrusion host. Examples include
0.77 g/t Au over 83m from 493m
depth
in MQD
-
22
-
075
;
0.41 g/t Au over 32.45m from 437.55m
and
0.71 g/t Au over 131.1m from 493m
in MQD
-
22
-
076
;
0.54 g/t Au over 102m from 476m
and
0.39 g/t Au over 27.95m from 643m in
MQD
-
22
-
080
;
0.78 g/t Au over 70m from 419m
and
0.5
0
g/t Au over 28.75m from 521.25m in
MQD
-
22
-
085
;
0.50 g/t Au over 115.9m from 408.1m
in MQD
-
22
-
087
; and
0.48 g/t Au
over
27.45m from 552.05m in MQD
-
22
-
090A
.
All these low
-
grade zones occur as envelopes to higher
-
grade structures that form a three
-
dimensional, anastomosing shear network that has developed in response to strain on the altered
diorite intrusion. Results in
clude the broad zones of +1 g/t Au mineralization shown in the
highlights (e.g.,
1.31 g/t Au over 63.6m from 427m
depth in MQD
-
22
-
090A
) and several narrow
high
-
grade intervals, including
10.1 g/t Au over 0.7m from 545.8m
and
36.9 g/t Au over 1m from
577m
i
n MQD
-
22
-
076
;
10
.0
g/t Au over 1m from 427m in MQD
-
22
-
085
;
20.6 g/t Au over 0.9m
from 370.65m
,
28.3 g/t Au over 0.3m from 540.3m
and
11.5 g/t Au over 3.1m from 555.2m
in
MQD
-
22
-
087
; and
19.4 g/t Au over 1.15m from 455.85m
in MQD
-
22
-
090A
.
An
additional parallel shear was discovered
within the
intermediate
volcanic package
approximately 150m south of the main QES system which contains broad intercepts of low
-
grade
mineralization including
0.91 g/t over 24.8m from 246.4m
in MQD
-
22
-
08
0;
0.33 g/t
over 45.7m
from 150.0m in MQD
-
22
-
085
;
0.42 g/t over 39.0m from 189.0m in MQD
-
22
-
087
containing internal
4
higher grade intercepts including
3.44 g/t Au over 5.8m from 246.4m
depth in MQD
-
22
-
08
0
; 1
.22
g/t Au over 4.0m from 206.0m depth in MQD
-
22
-
087;
1.15 g/t Au over 7.3m from 75.0m
depth in
MQD
-
22
-
090A
.
Importantly, these intercepts have identified additional high
-
grade shears not modelled in the
recent Mineral Resource.
Pete Flindell, VP Explorat
ion for Goldshore, said
,
“
These drill results confirm
high
-
grade shears
that we have modelled at the QES Zone and confirmed additional shears that we
expect to
include
in the next
m
ineral
r
esource update early next year
.”
Table
1
: Significant downhole gold intercepts
HOLE ID
FROM
TO
LENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MQD
-
22
-
075
243.00
264.00
21.00
15.4
0.47
0.47
including
254.00
256.40
2.40
1.8
1.54
1.54
468.00
476.90
8.90
6.8
0.45
0.45
493.00
576.00
83.00
64.6
0.77
0.77
including
502.00
508.00
6.00
4.6
1.51
1.51
and
530.00
560.10
30.10
23.5
1.47
1.47
595.25
610.00
14.75
11.7
0.54
0.54
including
596.00
599.00
3.00
2.4
1.13
1.13
MQD
-
22
-
076
192.00
196.00
4.00
2.8
0.46
0.46
214.00
216.00
2.00
1.4
0.39
0.39
355.00
358.15
3.15
2.4
0.38
0.38
437.55
470.00
32.45
25.0
0.41
0.41
including
453.00
456.70
3.70
2.9
1.52
1.52
483.50
489.40
5.90
4.6
0.35
0.35
493.00
624.10
131.10
103.8
0.71
0.77
including
545.80
546.50
0.70
0.6
10.1
10.1
and
576.00
581.00
5.00
4.0
7.07
8.45
including
577.00
578.00
1.00
0.8
30.0
36.9
and
602.25
609.00
6.75
5.4
1.87
1.87
641.00
644.00
3.00
2.4
0.46
0.46
MQD
-
22
-
080
82.75
86.60
3.85
2.6
0.35
0.35
131.40
143.75
12.35
8.5
0.63
0.63
181.30
187.80
6.50
4.6
0.40
0.40
209.90
220.85
10.95
7.7
0.57
0.57
246.40
271.20
24.80
17.7
0.91
0.91
including
246.40
252.20
5.80
4.1
3.44
3.44
355.00
369.00
14.00
10.2
0.57
0.57
including
361.70
363.70
2.00
1.5
1.67
1.67
382.00
385.45
3.45
2.5
0.63
0.63
398.50
401.30
2.80
2.1
0.58
0.58
5
418.00
421.00
3.00
2.2
0.54
0.54
429.20
434.00
4.80
3.6
0.35
0.35
458.00
460.70
2.70
2.0
0.59
0.59
476.00
578.00
102.00
79.7
0.54
0.54
including
524.00
528.00
4.00
3.1
1.32
1.32
and
544.00
558.15
14.15
11.2
1.31
1.31
613.00
616.00
3.00
2.4
0.37
0.37
624.10
633.00
8.90
7.3
0.30
0.30
643.00
670.95
27.95
23.1
0.39
0.39
MQD
-
22
-
085
63.60
74.10
10.50
7.1
0.38
0.38
116.15
118.35
2.20
1.5
1.57
1.57
150.00
195.70
45.70
32.2
0.33
0.33
248.00
250.00
2.00
1.4
0.39
0.39
256.00
258.00
2.00
1.4
0.41
0.41
284.80
288.05
3.25
2.4
0.91
0.91
including
286.00
288.05
2.05
1.5
1.30
1.30
337.00
342.00
5.00
3.7
0.30
0.30
362.00
371.65
9.65
7.2
0.31
0.31
382.45
388.00
5.55
4.1
0.30
0.30
390.80
410.90
20.10
15.0
0.31
0.31
419.00
489.00
70.00
53.1
0.78
0.78
including
422.00
428.00
6.00
4.5
2.07
2.07
including
427.00
428.00
1.00
0.8
10.0
10.0
and
443.00
446.00
3.00
2.3
1.09
1.09
and
457.00
472.00
15.00
11.4
1.07
1.07
and
481.00
485.00
4.00
3.1
2.10
2.10
506.00
508.00
2.00
1.5
0.67
0.67
521.25
550.00
28.75
22.4
0.50
0.50
573.85
581.00
7.15
5.7
1.26
1.26
665.20
671.55
6.35
5.1
0.35
0.35
MQD
-
22
-
087
78.00
81.55
3.55
2.4
0.43
0.43
92.00
109.00
17.00
11.6
0.33
0.33
189.00
228.00
39.00
27.3
0.42
0.42
including
206.00
210.00
4.00
2.8
1.22
1.22
249.75
261.00
11.25
8.0
0.49
0.49
289.50
298.70
9.20
6.6
0.42
0.42
including
294.50
296.65
2.15
1.6
1.07
1.07
342.00
349.65
7.65
5.6
0.40
0.40
369.00
393.70
24.70
18.2
1.07
1.09
including
370.65
371.55
0.90
0.7
20.6
20.6
408.10
524.00
115.90
87.3
0.50
0.50
including
425.30
429.50
4.20
3.1
1.28
1.28
and
489.00
494.00
5.00
3.8
2.15
2.15
and
513.95
522.00
8.05
6.1
1.75
1.75
6
536.90
567.65
30.75
23.6
2.11
2.11
including
539.55
567.65
28.10
21.6
2.23
2.23
including
540.30
540.60
0.30
0.2
28.3
28.3
and
555.20
558.30
3.10
2.4
11.5
11.5
579.00
592.00
13.00
10.1
0.37
0.37
628.65
634.00
5.35
4.2
0.48
0.48
MQD
-
22
-
090A
75.00
82.30
7.30
3.8
1.15
1.15
including
78.00
81.55
3.55
1.8
2.05
2.05
94.00
98.00
4.00
2.1
0.54
0.54
133.00
146.00
13.00
7.0
0.35
0.35
193.00
196.00
3.00
1.6
0.39
0.39
227.70
230.60
2.90
1.6
0.53
0.53
238.55
240.85
2.30
1.3
0.42
0.42
245.00
252.25
7.25
4.0
0.35
0.35
287.35
292.75
5.40
3.0
0.44
0.44
427.00
490.60
63.60
37.7
1.31
1.31
including
427.00
429.00
2.00
1.2
1.10
1.10
and
439.00
471.00
32.00
19.0
2.07
2.07
including
455.85
457.00
1.15
0.7
19.4
19.4
503.85
508.00
4.15
2.5
0.73
0.73
519.00
541.00
22.00
13.3
0.35
0.35
including
525.00
527.00
2.00
1.2
1.47
1.47
552.05
579.50
27.45
16.8
0.48
0.48
including
574.00
576.00
2.00
1.2
1.14
1.14
Intersections calculated above a
t
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 thicknes
s factor exceeding 20 gram x metres / tonne gold. True widths are approximate
and assume a subvertical body.
Table
2
: Location of drill holes in this press release
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MQD
-
22
-
075
670,308
5,379,250
443
336
°
-
47
°
675.1
MQD
-
22
-
076
670,379
5,379,296
442
338
°
-
47
°
651
.0
MQD
-
22
-
080
670,462
5,379,398
450
335
°
-
50
°
675.05
MQD
-
22
-
083
670,667
5,379,431
433
156
°
-
50
°
630.1
MQD
-
22
-
085
670,636
5,379,537
441
336
°
-
49
°
675
.0
MQD
-
22
-
087
670,546
5,379,463
449
336
°
-
49
°
675
.0
MQD
-
22
-
090A
670,654
5,379,625
429
346
°
-
60
°
606
.0
Approximate collar c
oordinates in NAD 83, Zone 15N
7
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 qu
ality 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
bl
ank 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.
We
sdome Gold Mines Ltd.
is currently a
large
shareholder of
Goldshore with an approximate
2
7
%
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 1
1
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 Gol
d Project hosts a number of gold and base metal rich deposits including the
Moss Lake Deposit
(Table 3)
, the East Coldstream Deposit (
T
able
4
), the historically producing
North Coldstream Mine (
T
able 5
), and the Hamlin Zone, all of which occur over a mineralized
trend exceeding 20 km in length.
The Moss Lake Deposit hosts
an estimated
inferred mineral resource of
4.17
Moz Au (see
Goldshore’
s news release dated November 15
, 2022).
A technical report is b
eing prepared in
accordance with National Instrument 43
-
101 (
“
NI 43
-
101
”
) and will be available on the Company's
website and SEDAR
within
45 days of November 1
5
, 2022.
8
A historical mineral resource estimate (the “
East Coldstream Historical
Estimate
”) was
completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.
2
,3
The East
Coldstream Deposit is a shear
-
hosted disseminated
-
style gold deposit which locally outcrops at
surface. It has been drilled over a 1.3 km length and to
depths of 200 m with 138 holes completed
between 1988 and 2017. The deposit remains largely open at depth and may have the potential
for expansion along strike.
Historic drill hole highlights from the East Coldstream Deposit include
4.86 g/t Au over 27.3
m in C
-
10
-
15.
The historically producing North Coldstream Mine is reported to have produced significant
amounts of copper, gold and silve
r
4
from mineralization with potential iron
-
oxide
-
copper
-
gold
deposit style affinity. The exploration potential immediat
ely 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 a
ffinity. 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 0.3
5% 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.
T
able
3
:
Mineral Resource Estimate (Moss Lake Deposit)
1
Inferred Resources (Domains)
Tonnes
(Mt)
Grade
(g/t Au)
Contained Metal
(Moz AU)
Shear
34.7
2.0
2.20
Intrusion
87
0.7
1.97
TOTAL
121.7
1.1
4.17
Notes:
(1
)
The Moss Lake Deposit hosts an estimated inferred mineral resource of 4.17Moz Au (see Goldshore’s news release
dated November 15, 2022). A technical report is being prepared in accordance with
NI 43
-
101
and will be available on the
Company's website and
SEDAR within 45 days of November 15, 2022.
T
able
4
: Historical Mineral Resources
(East Coldstream Deposit)
2
,3
INDICATED
INFERRED
Tonnes
Grade (g/t
Au)
Oz Au
Tonnes
Grade (g/t
Au)
Oz Au
East Coldstream Total
3,516,700
0.85
96,400
30,533,000
0.78
763,276
Notes:
(2
)
Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property,
Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd.
The East Coldstream