Goldshore Announces Inferred Mineral Resource Estimate of 6.00Moz Contained Gold at 1.02 g/t Au within 183.6Mt at the Moss Gold Project Shear Domain at the Moss Deposit increases to 3.35Moz at 1.84 g/t Au within 56.5Mt
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Goldshore Announces Inferred Mineral Resource Estimate of 6.00Moz Contained Gold at
1.02 g/t Au within 183.6Mt at the Moss Gold Project
Shear Domain at the Moss Deposit increases to 3.35Moz at 1.84 g/t Au within 56.5Mt
VANCOUVER, B.C., May 8, 2023: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF
/ FWB: 8X00) (“Goldshore” or the “ Company”) is pleased to announce an updated mineral
resource estimate (the “Moss MRE”) for the Moss deposit (“Moss” or the “Moss Deposit”) and a
maiden mineral resource estimate (the “ East Coldstream MRE ” and, together with the Moss
MRE, the “MRE”) for the East Coldstream deposit (“East Coldstream” or the “East Coldstream
Deposit”), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the
“Moss Gold Project” or the “Project”).
• Moss Gold Project global inferred resource grows 44% to 6.00Moz at 1.02 g/t, within
183.6Mt.
• Moss MRE grows with 24% more contained gold ounces and 32% more tonnes from
4.17Moz Au in 121.7Mt (November 2022 mineral resource estimate) to 5.42Moz Au at
1.03 g/t Au within 163.6Mt (open pit and underground).
• The shear domain has increased in contained metal and tonnage from the
November 2022 mineral resource estimate by 52% and 63%, respectively, to 3.35M
oz Au at 1.84 g/t Au within 56.5Mt (open pit only).
• There is clear expansion potential over the 8km-long belt through strike extensions
(in both directions) and parallel shears where gold mineralization has been intersected
but is sparsely drilled.
• East Coldstream MRE introduced at 580Koz at 0.91 g/t Au in 20.0Mt (open pit and
underground).
• Implied stripping ratios are 5.2:1 for Moss and 6.4:1 for East Coldstream.
• This resource increase implied by the Moss Gold Project demonstrates the scale of the
project and the opportunity for a high-grade open-pit gold project.
• Work is well underway on studies to support a preliminary economic assessment
(“PEA”) planned for later this year.
• The Moss Gold Project is host to 29 additional targets over a 35 km trend, which the
Company continues to evaluate, and prioritize for future drill campaigns.
• The Company has incurred discovery costs of approximately CAD$10 per ounce of
inferred Au resource (all-in) including acquisition costs and overheads. This can also be
measured as approximately 76 ounces Au per meter drilled (all-in costs included) in the
78,000 meters drilled to date.
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Summary of the MRE
Open-Pit and Underground Constrained Inferred MRE for the Moss Deposit and East
Coldstream Deposit with an Effective Date of May 5, 2023:
Moss Open Pit
Inferred Resources Tonnes Grade Contained Metal
(Domains) (Mt) (g/t Au) (Moz Au)
Shear 56.5 1.84 3.35
Intrusion 104.5 0.55 1.83
Total 161.0 1.00 5.18
Moss Underground
Inferred Resources Tonnes Grade Contained Metal
(Domains) (Mt) (g/t Au) (Moz Au)
All 2.6 2.90 0.24
Total 2.6 2.90 0.24
East Coldstream Open Pit
Inferred Resources Tonnes Grade Contained Metal
(Domains) (Mt) (g/t Au (Moz Au)
All 19.8 0.89 0.57
Total 19.8 0.89 0.57
East Coldstream Underground
Inferred Resources Tonnes Grade Contained Metal
(Domains) (Mt) (g/t Au (Moz Au)
All 0.2 2.24 0.01
Total 0.2 2.24 0.01
Grand Total 183.6 1.02 6.00
Note: Based on a US$1,650 per ounce gold price and economic cut-off grade of 0.35 g/t Au for open pit and 2.07 g/t
Au and 2.00 g/t Au for underground resources (Moss and East Coldstream, respectively). Please review “Notes to
Accompany Moss MRE” and “Notes to Accompany East Coldstream MRE” for additional information.
President and CEO Brett Richards stated: “This announcement is an important milestone for
Goldshore and the Moss Gold Project. We are pleased with the results of the MRE, as it illustrates
the size, scale, and potential of the Moss Gold Project that we have been communicating for the
past many months. This important step in the development of the Project will now shift to
commencing a PEA by putting a mining project around the resource with the goal of understanding
the economic outputs.
Today’s MRE is a first step towards understanding a potential first phase of the Moss Gold Project,
as we believe it represents only a small portion of the mineralization or potential mineralization on
our land package. We still have 29 additional targets to drill test, including several gold targets,
but also 4 interesting base metal and battery mineral targets.
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We will now start to run scenario planning for the PEA with respect to how we construct a Phase
1 project of a clearly larger mineral resource, while investigating various leaching methodologies,
including heap leach. When we have a clear picture of the scope of the PEA, we will guide the
market as to when we believe the results of it will be available to the market.”
Notes to Accompany Moss MRE
• Numbers have been rounded to reflect the precision of an i nferred m ineral resource
estimate. Totals may vary due to rounding.
• Estimation has been completed within the two separate reported geological domains: a
higher-grade shear domain which occurs within a larger lower -grade intrusive domain;
modelling of domain boundaries has considered both geology and grade.
• Gold cut-off for open pit has been calculated based on a gold price of US$1,650/oz, mining
costs of US $2.70 per tonne , processing costs of US$ 12.50 per tonne, and mine-site
administration costs of US$ 2.50 per tonne processed. Metallurgical recoveries of 92.5%
are based on prior metallurgical test work.
• Gold cut-off for underground MSO shapes have been calculated based on a gold price of
US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per
tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical
recoveries of 92.5% are based on prior metallurgical test work.
• An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized
open pit for processing determination.
• Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral
Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition
Standards for Mineral Resources & Mineral Reserves.
• Neither the qualified person nor the Company are aware of any environmental, permitting,
legal, title, taxation, socio-economic, marketing, or political factors that might materially
affect the Moss MRE.
• Mineral resources are not mineral reserves as they do not have demonstrated economic
viability. The quantity and grade of reported i nferred resources in the MRE are uncertain
in nature and there has been insufficient exploration to define these inferred resources as
indicated and/or measured resources. The Company will continue exploration intended to
upgrade the inferred mineral resources to indicated mineral resources.
Notes to Accompany East Coldstream MRE
• Numbers have been rounded to reflect the precision of the inferred m ineral resource
estimates. Totals may vary due to rounding.
• Estimation has been completed within two geological zones : a strongly altered higher -
grade shear zone surrounded by a lower-grade domain; modelling of domain boundaries
has considered both geology and grade.
• Gold cut-off has been calculated based on a gold price of US$1,650/oz, mining costs of
US$2.70 per tonne, processing costs of US$12.50 per tonne, and mine-site administration
costs of US$2.50 per tonne processed. Metallurgical recoveries of 96.5% are based on
prior metallurgical test work.
• Gold cut-off for underground MSO shapes have been calculated based on a gold price
of US$1,650/oz, mining costs of US$86.25 per tonne, processing costs of US$12.50 per
tonne, and mine-site administration costs of US$2.50 per tonne processed. Metallurgical
recoveries of 96.5% are based on prior metallurgical test work.
• An economic cut-off grade of 0.35 g/t Au was applied to mineralized rock in the optimized
open pit for processing determination.
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• Mineral Resources conform to NI 43-101, and the 2019 CIM Estimation of Mineral
Resources & Mineral Reserves Best Practice Guidelines and 2014 CIM Definition
Standards for Mineral Resources & Mineral Reserves.
• Neither the qualified person nor the Company are aware of any environmental, permitting,
legal, title, taxation, socio-economic, marketing, or political factors that might materially
affect the East Coldstream MRE.
• Mineral resources are not mineral reserves as they do not have demonstrated economic
viability. The quantity and grade of reported i nferred resources in the East Coldstream
MRE are uncertain in nature and there has been insufficient exploration to define these
inferred resources as Indicated and/or measured resources. The Company will continue
exploration intended to upgrade the inferred mineral resources to indicated mineral
resources.
Figure 1: Location of Moss Deposit and East Coldstream Deposit in the Moss Gold Project
Technical Overview
Details of the MRE will be provided in a t echnical report with an effective date of May 5, 2023,
prepared in accordance with National Instrument 43-101 (“ NI 43-101”) standards, which will be
filed under the Company’s SEDAR profile within 45 days of this news release. The MRE was
prepared by independent mining consulting firm CSA Global Canada (“CSA Global”), a division
of ERM Consultants Canada Ltd., in accordance with the Canadian Institute of Mining, Metallurgy
and Petroleum (“CIM”) Definition Standards on Mineral Resources and Reserves (2014).
Additional Exploration Potential
The modelled shear and intrusion domains extend to much greater depth below the optimized
open pit constraining the reported Moss MRE. The shears are also open along strike, beyond the
modelled strike length of 3.6 km. Historical drilling has intercepted gold mineralization over a total
strike length of 8 km, which has been a focus of Goldshore’s summer soil geochemistry and
structural mapping programs. Furthermore, there remains potential for additional parallel shears
with gold mineralization in historical drill holes 500 m to the southeast of the Moss Deposit.
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Figure 2: Upside along strike and through parallel shears at the Moss Deposit
Figure 3: Long section at the Moss Deposit showing gold mineralization in drillholes along strike and at depth looking northwest
Moss Deposit Geology and Model
The Moss Deposit is a structurally controlled gold deposit within the greenstone terrain of the
Archean Superior Province. Mineralization is localized where the major NE-trending Wawiag Fault
Zone cuts a dioritic to granodioritic intrusion complex. The deposit is defined by a series of
anastomosing centimeter- to meter-scale NE-trending shear zones carrying higher -grade gold
mineralization, and lower-grade gold mineralization associated with weaker shearing and a more
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brittle-style deformation and veining in the intrusi on rock mass and adjacent wall rocks between
the shear zones. Mineralization is associated with pyrite, sericite and chlorite alteration and
millimeter- to centimeter-scale irregular quartz-carbonate veinlets.
Detailed geological logging and multi -element geochemical analysis of drill core from 120 new
holes total 68,802m from the 2021-23 drilling has supported modelling of discrete shear domains
within the larger altered and variably mineralized intrusi on domain, which includes adjacent
volcanic wall rocks. The shear domains have a different higher-grade gold population to the low-
grade intrusion domain and these domains have been estimated separately using different search
parameters. Importantly, this allows a more accurate representation of the true grade variability
within the deposit than has been achieved in previous estimates.
CSA Global was provided with the wireframes for resource estimation by Goldshore. Goldshore
modelled the shear zones domain using a combination of geological features , including core
orientation data, and raw assay values above 1 g/t Au using explicit digitizing methods in
Micromine 3D geological modelling software. CSA Global modelled the intrusion domain using
implicit modelling techniques in Leapfrog using a cut-off grade of 0.20 g/t Au in 15-meter downhole
composites. Statistical and geostatistical assessment of 1 m composites confirmed that the shear
domains should be estimated within hard boundaries separating them from the intrusion domain.
Statistical analysis was used to determine high-grade capping for each shear zone wireframe and
ranged from 30 to 60 g/t Au.
The Moss MRE was estimated with a block size of 9 x 9 x 3 m utilizing subblocks and constrained
within wireframes with a minimum width of 3 x 3 x 1 m. Gold content was estimated using ordinary
kriging methods using dynamic anisotropy variogram models. Mineral resources are presented
as undiluted and in situ. The historical underground voids from Noranda’s 1980 ’s exploration
program have been removed from the geological model.
Figure 4: Moss Deposit resource model within the US$1650 pit shell
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Figure 5: Typical cross section through the Moss Deposit
East Coldstream Deposit Geology and Model
The East Coldstream Deposit is a structurally controlled gold deposit located approximately 15
km northeast of the Moss D eposit within the Moss Gold Project area. The East Coldstream
Deposit’s mineralized zones are located on the south margin of a shear zone which separates a
gabbroic intrusion to the north from a mafic-intermediate volcanic suite to the south. Mineralization
is found within sheared volcanic units, proximal to sills of quartz and quartz -feldspar porphyries
and distinctive, brick -red syenites. The mineralized zones show silica, carbonate, and hematite
alteration. Mineralization consists of fine disseminations of pyrite and lesser chalcopyrite
throughout the silica-hematite zones as well as within quart z-carbonate veinlets. Iron carbonate
is present in areas proximal to strong silicification. The two main mineralized zones have been
cut by a north-south-trending diabase dike.
Sixteen new drill holes, totaling 7, 973 m, were drilled in the East Coldstream Deposit to gather
the required geological understanding of the deposit. Mineralization was modeled by CSA Global
guided by alteration wireframes provided by Goldshore. Implicit modelling techniques were
utilized in wireframing a NE-trending shear zones carrying higher-grade gold mineralization which
is subdivided into two parallel domains (Z-2 and Z -4), and two satellite subparallel lenses (Z-1
and Z-3). A lower grade wireframe was developed surrounding the shear zone domains
representing mineralization associated with more brittle-style veining in the felsic to intermediate
metavolcanic rocks, gabbros, and porphyries between the main shear zones.
Exploratory data analysis was used to determine high-grade capping for composites of two of the
shear zones, with top cuts ranging from 13 to 15 g/t Au. The East Coldstream MRE was estimated
with a block size of 6 x 6 x 6 m utilizing sub-blocks and constrained within wireframes with a
minimum width of 3 x 3 x 3 m. Gold content was estimated using ordinary kriging methods using
dynamic anisotropy and informed by variogram models. Mineral Resources are presented as
undiluted and in situ.
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Figure 6: East Coldstream Deposit resource within the US$1650 open pit shell
Figure 7: Typical cross section through East Coldstream Deposit
Drill Hole Data and QA/QC Procedures
The Moss Deposit has been evaluated by several diamond drill programs since the 1970s and
earlier. The greatest number of drill holes were completed between 1986 and early 1992 by
Tandem/Storimin and Noranda Inc. (311 drill holes for 86,196 meters). A smaller drilling program