Goldshore Adds More High-Grade Shears at the Southwest Zone Intersects 3.25 g/t Au over 13.05m and 3.88 g/t over 5.6m
EE
Goldshore Adds More High-Grade Shears at the Southwest Zone
Intersects 3.25 g/t Au over 13.05m and 3.88 g/t over 5.6m
VANCOUVER, B.C., April 25 , 2023: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results
from its 100,000-meter drill program at the Moss Gold Project in Northwest Ontario, Canada (the
“Moss Gold Project” or “Moss Gold Deposit”).
Highlights:
• Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have
delineated multiple high-grade structures within the broader mineralized envelope
with best intercepts of:
o 1.47 g/t Au over 16.9m from 375.3m depth in MMD-22-111, including
3.88 g/t over 5.6m from 386.0m
o 1.34 g/t Au over 37.0m from 400.85m depth in MMD-23-116, including
3.25 g/t Au over 13.05m from 405.55m
o 1.63 g/t Au over 14.0m from 409.0m depth in MMD-23-118A
o 1.97 g/t Au over 10.95m from 157.0m depth in MMD-23-119
• Drill results prove that the Southwest Zone is a continuation of the Main Zone and not
a fault offset as previously interpreted. Mapping and geophysical data, together with
historical scout drilling, show that mineralization continues intermittently for another
3 kilometers to the southwest and that many of the better targets are yet to be
drilled.
• With drilling recently completed, the Company is preparing an updated mineral resource
expected in May (“May 2023 MRE”). The May 2023 MRE will use data from an additional
72 holes compared to the November 2022 mineral resource estimate (“November 2022
MRE”). Mineralization in the resource area remains open in multiple directions.
President and CEO Brett Richards stated: “T hese results continue to support our thesis that the
size and scale of the Moss Gold Project will be large enough to support a material and meaningful
update to the mineral resource estimate, which is expected in early May 2023.
These additional results highlighting the mineralization in the south-west zone augment the press
release of April 20, 2023, and continue to expand the zone well outside the historical resource,
still open in several directions and at depth. I n addition to the May 2023 MRE, we still have 30
quality drill targets to be tested. These include gold, copper±cobalt, and polymetallic prospects.
2
We have drilled less than 10% of the identified targets on our land package and are currently
building a plan to drill test the better targets. It will be an exciting period when we are ready to
evaluate the additional resource potential of the larger inventory of targets within our land
package.
We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful
Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth
and through several yet -to-be drilled parallel structures; and it is part of an overall 8-kilometer
strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project
is part of a much larger total project.”
Technical Overview
Figure 1 shows the location of the drill holes in this press release and Figure 2 shows a close up
of the drilled area with significant intercepts. Figure 3 is a typical section through hole MMD-23-
116, -118A. Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure 1: Location of drill holes in this release relative to the November 2022 MRE
and $1,500 open pit shell constraint.
3
Figure 2: close up of Southwest Zone with significant intercepts relative to the November 2022 MRE and
$1,500 open pit shell constraint.
Figure 3: Drill section through holes MMD-23-116 and -118A showing the significant expansion of the
mineralized model beneath the November 2022 MRE and $1,500 open pit shell constraint,
which should add to mineral resources in the May 2023 MRE.
4
The Southwest Zone was previously considered to be a small fault-offset extension of the Main
Zone. As a result, it was poorly drilled, which led to the definition of only a small open pit-
constrained Mineral Resource (Figure 1 and 2).
Oriented core measurements from earlier drilling showed a significant change in strike of the
Southwest Zone, revealing it to be 035º rather than the assumed 065º strike based on the known
orientation of the Main and QES Zones. The nine holes reported herein were drilled perpendicular
to the new strike to infill a poorly drilled volume in the center of the Southwest Zone at a closer
spacing (30 meters) along each section to confirm the continuity of high-grade shears. This should
enable greater confidence in the resource and an expansion of the open pit constraints at depth.
Holes MMD-22-111, MMD-23-116, -118A, and -119 intersected several high-grade shears (e.g.,
0.65m @ 36.8 g/t Au in MMD -23-116) hosting quartz -carbonate veinlets with up to 3-5%
pyrite±chalcopyrite within a strongly al bite-hematite and silica-sericite -pyrite and carbonate
altered diorite intrusion complex (Figure 4). The shears anastomose along the same orientation
of the zone and trend beyond the area explored by historical drilling.
Holes MMD-22-107, -110, MMD-23-115, -117, -120 intersected wide intervals of low -grade
mineralization within the altered intrusi on containing localized narrow higher -grade shears. The
results are similar to those encountered in the historic drilling and include:
o 0.58 g/t Au over 37.7m from 11.3m depth in MMD-22-107
o 0.41 g/t Au over 50.95m from 7.0m depth in MMD-22-110
o 0.38 g/t Au over 55.1m from 231.9m depth in MMD-23-116
o 0.43 g/t Au over 122.3 from 24.7m depth in MMD-23-117
o 0.58 g/t Au over 81.8 from 369.2m depth in MMD-23-118A
o 0.51 g/t Au over 122.8m from 116.0m depth in MMD-23-119 and
o 0.61 g/t Au over 33.2m from 447.85m depth
Hole MMD -22-107, -110, and -111 represent the most western hole s drilled to date in the
Southwest Zone, including historical drilling. They illustrate the continued potential to expand the
Moss Gold Deposit beyond the original footprint with the newly understood orientation of the shear
structures trending southwest of the historical exploration drilling. Gold has been intersected in
scout drill holes over a further three kilometers along strike. Our airborne VTEM/magnetics data
show that more favourable targets exist along this corridor in areas that have yet to be drilled.
5
Figure 4: Drill core from 416.4 - 417.05m (0.65 m @ 36.8 g/t Au) in MMD-23-116 highlighting a pyrite +
chalcopyrite mineralized quartz-carbonate vein within the sheared, altered intrusion.
Pete Flindell, VP Exploration for Goldshore, said “These results show that the Southwest Zone is
much better mineralized than historical drillholes suggested. They also show that the Moss Gold
Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system
than is appreciated.”
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-22-107 11.30 49.00 37.70 24.4 0.58 0.58
including 25.30 30.70 5.40 3.5 2.93 2.93
97.10 101.80 4.70 3.2 0.40 0.40
113.20 122.45 9.25 6.3 0.35 0.35
175.20 177.50 2.30 1.6 0.95 0.95
193.60 201.50 7.90 5.5 0.33 0.33
210.10 217.00 6.90 4.9 0.30 0.30
222.05 225.50 3.45 2.4 0.43 0.43
236.00 251.00 15.00 10.7 0.32 0.32
334.00 344.00 10.00 7.5 0.65 0.65
including 334.00 336.00 2.00 1.5 1.77 1.77
6
HOLE ID FROM TO LENGTH
(m)
TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MMD-22-110 7.00 57.95 50.95 33.3 0.41 0.41
73.05 83.55 10.50 7.0 0.35 0.35
88.15 97.00 8.85 6.0 0.38 0.38
104.45 112.00 7.55 5.2 0.53 0.53
127.00 132.90 5.90 4.1 0.49 0.49
166.00 169.00 3.00 2.1 0.39 0.39
174.00 182.00 8.00 5.7 0.68 0.68
202.95 208.00 5.05 3.6 0.35 0.35
241.80 255.00 13.20 9.8 0.31 0.31
273.60 277.00 3.40 2.5 0.82 0.82
301.00 319.00 18.00 13.6 0.57 0.57
including 315.05 319.00 3.95 3.0 1.83 1.83
336.00 342.00 6.00 4.6 0.34 0.34
379.00 388.00 9.00 7.1 1.37 1.37
including 379.00 381.00 2.00 1.6 4.02 4.02
MMD-22-111 83.00 101.15 18.15 12.6 0.30 0.30
102.80 109.60 6.80 4.8 0.31 0.31
115.40 122.90 7.50 5.3 0.60 0.60
133.00 148.90 15.90 11.5 0.51 0.51
161.70 166.00 4.30 3.1 0.32 0.32
180.00 184.10 4.10 3.0 0.42 0.42
231.00 240.85 9.85 7.4 0.30 0.30
290.00 293.00 3.00 2.3 0.50 0.50
375.30 392.20 16.90 13.5 1.47 1.47
including 386.00 391.60 5.60 4.5 3.88 3.88
including 391.00 391.60 0.60 0.5 16.1 16.1
456.00 458.05 2.05 1.7 0.32 0.32
487.90 490.00 2.10 1.7 0.36 0.36
MMD-23-115 56.00 77.60 21.60 15.2 0.48 0.48
88.40 97.35 8.95 6.3 0.69 0.69
including 93.40 96.00 2.60 1.8 1.50 1.50
111.00 113.25 2.25 1.6 0.50 0.50
120.30 132.60 12.30 8.7 0.53 0.53
207.00 210.00 3.00 2.2 0.42 0.42
215.00 219.00 4.00 2.9 0.66 0.66
241.60 251.00 9.40 7.0 0.32 0.32
257.00 259.55 2.55 1.9 0.33 0.33
280.20 282.50 2.30 1.7 0.44 0.44
MMD-23-116 65.00 67.00 2.00 1.4 0.55 0.55
176.00 178.00 2.00 1.5 0.32 0.32
7
HOLE ID FROM TO LENGTH
(m)
TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
221.15 226.70 5.55 4.2 0.33 0.33
231.90 287.00 55.10 42.8 0.38 0.38
297.30 307.00 9.70 7.6 0.44 0.44
316.60 348.40 31.80 25.3 0.47 0.47
359.00 377.00 18.00 14.4 0.58 0.58
including 374.00 377.00 3.00 2.4 1.61 1.61
400.85 437.85 37.00 30.1 1.34 1.46
including 405.55 418.60 13.05 10.6 3.25 3.59
including 416.40 417.05 0.65 0.5 30.0 36.8
MMD-23-117 24.70 147.00 122.30 82.7 0.43 0.43
including 45.00 47.00 2.00 1.3 2.22 2.22
and 67.05 71.00 3.95 2.7 1.30 1.30
and 106.00 114.00 8.00 5.5 1.79 1.79
165.65 182.75 17.10 11.8 0.41 0.41
217.35 258.00 40.65 28.5 0.35 0.35
including 217.35 219.40 2.05 1.4 1.86 1.86
307.00 310.00 3.00 2.1 0.45 0.45
353.00 388.00 35.00 25.3 0.31 0.31
404.65 414.10 9.45 6.9 0.99 0.99
including 404.65 412.90 8.25 6.0 1.03 1.03
446.00 448.00 2.00 1.5 0.62 0.62
MMD-23-118A 35.85 45.00 9.15 5.5 0.88 0.88
101.00 109.00 8.00 5.1 0.96 0.96
202.00 220.00 18.00 12.3 0.31 0.31
241.30 249.10 7.80 5.4 0.30 0.30
261.05 279.00 17.95 12.6 0.68 0.68
including 271.55 274.10 2.55 1.8 3.66 3.66
290.20 310.00 19.80 14.1 0.67 0.67
including 306.90 309.00 2.10 1.5 1.79 1.79
369.20 451.00 81.80 60.7 0.58 0.58
including 374.80 379.00 4.20 3.1 1.03 1.03
and 389.45 391.90 2.45 1.8 1.45 1.45
and 409.00 423.00 14.00 10.4 1.63 1.63
461.95 467.10 5.15 3.9 0.59 0.59
483.00 485.00 2.00 1.5 2.44 2.44
495.05 516.55 21.50 16.4 0.37 0.37
MMD-23-119 84.75 96.00 11.25 7.8 0.30 0.30
116.00 238.80 122.80 87.8 0.51 0.51
including 157.00 167.95 10.95 7.8 1.97 1.97
including 165.20 165.90 0.70 0.5 19.4 19.4
and 189.80 192.95 3.15 2.3 1.48 1.48
8
HOLE ID FROM TO LENGTH
(m)
TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
305.00 329.50 24.50 18.2 0.41 0.41
362.00 365.05 3.05 2.3 0.51 0.51
414.00 417.00 3.00 2.3 0.43 0.43
431.20 437.20 6.00 4.6 0.31 0.31
439.00 441.05 2.05 1.6 0.32 0.32
447.85 481.05 33.20 25.6 0.61 0.61
including 479.00 481.05 2.05 1.6 3.45 3.45
508.00 514.40 6.40 5.0 0.58 0.58
MMD-23-120 12.90 31.95 19.05 12.4 0.59 0.59
43.65 61.10 17.45 11.4 0.30 0.30
63.00 125.00 62.00 40.9 0.32 0.32
137.85 154.30 16.45 11.0 0.33 0.33
165.90 170.00 4.10 2.7 0.37 0.37
175.00 178.85 3.85 2.6 0.80 0.80
208.20 211.55 3.35 2.3 0.43 0.43
241.15 263.20 22.05 15.2 0.30 0.30
276.00 282.10 6.10 4.2 0.61 0.61
352.00 377.00 25.00 17.7 0.47 0.47
including 368.00 370.05 2.05 1.5 1.15 1.15
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.
Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MMD-22-107 668,208 5,378,030 442 127° -50° 450
MMD-22-110 668,166 5,378,056 448 126° -50° 402
MMD-22-111 668,147 5,378,114 445 143° -50° 552
MMD-23-115 668,388 5,378,145 429 125° -45° 324
MMD-23-116 668,387 5,378,392 446 124° -49° 525
MMD-23-117 668,334 5,378,203 435 124° -49° 450
MMD-23-118a 668,375 5,378,401 444 126° -54° 552
MMD-23-119 668,277 5,378,239 447 126° -50° 525
MMD-23-120 668,255 5,378,123 436 125° -49° 450
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”).