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
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, B.C., 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:
o 1.0m @ 8.32 g/t Au from 358.5m
o 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:
o 23.7m at 1.11 g/t Au from 472.0m, including
0.7m at 27.7 g/t Au from 495.0m
o 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.”
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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 ID FROM TO LENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD-22-018 336.60 341.00 4.40 3 0.64 0.64
365.75 377.00 11.25 8 0.63 0.63
388.50 410.90 22.40 16 0.70 0.70
including 396.00 404.00 8.00 6 1.69 1.69
425.35 431.75 6.40 5 0.36 0.36
443.00 450.00 7.00 5 0.54 0.54
MMD-22-022 80.15 85.60 5.45 4 0.56 0.56
516.55 554.30 37.75 28 0.41 0.41
including 516.55 520.50 3.95 3 1.18 1.18
585.40 596.00 10.60 8 0.34 0.34
599.00 601.90 2.90 2 0.32 0.32
607.00 634.80 27.80 22 0.42 0.42
including 622.50 626.75 4.25 3 1.06 1.06
MMD-22-024 70.30 82.00 11.70 6 0.56 0.56
including 71.00 73.00 2.00 1 1.83 1.83
140.00 145.00 5.00 3 0.50 0.50
181.50 186.00 4.50 3 0.54 0.54
285.70 289.00 3.30 2 0.74 0.74
414.50 418.50 4.00 2 0.35 0.35
472.00 495.70 23.70 15 1.11 1.11
including 495.00 495.70 0.70 0.5 27.7 27.7
542.00 559.05 17.05 11 0.38 0.38
571.20 578.00 6.80 4 1.18 1.18
including 574.15 577.00 2.85 2 1.67 1.67
MMD-22-025 358.50 359.50 1.00 1 8.32 8.32
514.00 537.00 23.00 21 1.92 2.57
including 514.00 515.55 1.55 1 22.9 32.6
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.
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Figure 1: Drill section through MMD-22-024 showing mineralized intercepts relative to the 2013 grade model
Figure 2: Drill section through MMD-22-022 showing mineralized intercepts relative to the 2013 grade model
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Figure 3: Drill section through MMD-22-025 showing mineralized intercepts relative to the 2013 grade model
Figure 4: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones
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Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MMD-22-018 668584 5378992 427 155° -60° 749.0m
MMD-22-022 668363 5378756 433 135° -50° 644.0m
MMD-22-024 669411 5379553 427 155° -60° 611.0m
MMD-22-025 668213 5378601 440 135° -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 paral lel 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 “t hese 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. Ongoi ng
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 u s 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
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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
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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 silver 4 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
INDICATED INFERRED
Deposit Tonnes Au g/t Au oz Tonnes Au g/t Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential 39,795,000 1.1 1,377,300 48,904,000 1.0 1,616,300
Underground Potential - - - 1,461,100 2.9 135,400
Moss Lake Total 39,795,000 1.1 1,377,300 50,364,000 1.1 1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total 3,516,700 0.85 96,400 30,533,000 0.78 763,276
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Combined Total 43,311,700 1.08 1,473,700 80,897,000 0.98 2,514,876
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
Deposit Tonnes Cu % Au g/t Ag Cu lbs Au oz Ag oz
Historical Production 2,700,0000 1.89 0.56 5.59 102,000,000 44,000 440,000
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
W. www.goldshoreresources.com
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