Goldshore Announces Repurchase of 1% NSR from Wesdome, Filing of Q1 Financial Statements and Provides Year to Date Project Highlights
Goldshore Announces Repurchase of 1% NSR from Wesdome, Filing of Q1
Financial Statements and Provides Year to Date Project Highlights
VANCOUVER, B.C., May 30, 2025: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF
/ FWB: 8X00) (“Goldshore” or the “Company”) is pleased to announce that it has exercised its
right to purchase 1% Net Smelter Return (“ NSR”) on all metal production from the Moss Gold
Project, located in Ontario, Canada (the “ Moss Gold Project”) from Wesdome Gold Mines Ltd.
(“Wesdome”), for $7,500,000 with an anticipated closing date of July 21, 2025. The purchase
price consists of a $5,500,000 cash payment and the issuance of 3,333,333 common shares at a
deemed price of $0.60 per common share.
Figure 1: Shows the property boundary for the 1% Net Smelter Return (NSR) on all metal production.
Michael Henrichsen, CEO and Director of Goldshore, commented: "The buyback of the 1% NSR
further consolidates the ownership of the Moss Gold project, where our team has unlocked
significant value since the outlining of a strategic plan in June of last year. With continued drilling
success and expected future resource growth, it is prudent to exercise this right given the
anticipated high return on investment.”
2
The Company further announces that it has filed its first quarter interim financial statements and
the accompanying Management's Discussion and Analysis (" MD&A”), which are available on
SEDAR+ at www.sedarplus.ca.
Year to Date Project Highlights
On March 31, 2025, the Company completed a 15,000-meter diamond drilling program,
which focused on targeting additional ounces within and adjacent to the conceptual open
pit. The program yielded the following highlights:
o Results from two drill holes, which infilled significant drilling gaps in the QES Zone
124.35m of 1.65 g/t Au from 295m incl. 47m of 3.08 g/t Au, in MQD-25-171
77.5m of 0.54 g/t Au from 203.5m in MQD-25-170
o Results from the Superion prospect discovered a new gold-mineralized shear
approximately 60m from surface and 225m north of the QES Zone
17.6m of 3.03 g/t Au from 76.4m, incl. 6.8m of 7.06 g/t Au, in MQD-25-148
o Results from a follow-up fence of holes surrounding the MQD-25-148 intercept
(17.6m of 3.03 g/t Au from 76.4m) increased the strike length of the new zone to
over 100 meters
9.45m of 6.02 g/t Au from 186.0m, incl. 2.45m of 22.2 g/t Au, in MQD-25-
175
13.0m of 2.30 g/t Au from 117.0m, incl. 3.0m of 9.00 g/t Au, in MQD-25-
176
o Results from the southwest end of the Moss Deposit extended gold mineralization
with increased grades 150 meters below the conceptual open pit resource
20.55m of 2.58 g/t Au from 458.15m, incl. 14.7m of 3.52 g/t Au, in MMD-
24-139
o Results from three drill holes continued to extend mineralized shears toward
surface at the Southwest Zone, with a best intercept of
5.15m of 2.68g/t Au from 135.65m, incl. 2.35m of 5.19 g/t Au, in MMD-25-
147
o Results from two drill holes targeting the gap between the Main and Southwest
Zones intersected new high-grade mineralization representing a combined true
width mineralized corridor of 75m connecting the two zones
12.9m of 2.64 g/t Au from 243.4m, incl. 4.4m of 6.59 g/t Au, in MMD-25-
165
2.0m of 2.81 g/t Au from 98.0m and 5.4m of 1.59 g/t Au from 143.6m, incl.
0.4m of 18.2 g/t Au, in MMD-25-166
On April 9, 2025, the Company announced a 5,000-meter expansion of its winter diamond
drilling program focused on expanding the resource at the southwest portion of the deposit
by drilling underneath the current conceptual open pit and closing the gap between the
Southwest and Moss Main pits. This program was completed on May 9, 2025, with a total
of 66 holes (21,292.35 meters) completed.
On May 26, 2025, the Company announced it had signed an Impact Benefit Agreement
Term Sheet (“IBA Term Sheet”) with Lac des Mille Lacs First Nation, marking a significant
step toward the negotiation of an Impact Benefit Agreement (“IBA”). The IBA Term Sheet
reflects a shared commitment to ensure the Moss Gold Project delivers meaningful and
long-term benefits to the community.
3
The Company has provided notice to Wesdome of its exercise of the purchase option on
the 1% NSR on all metal production from the Moss Gold Project for $7,500,000 with an
anticipated closing date of July 21, 2025. The purchase price consists of a $5,500,000
cash payment and the issuance of 3,333,333 common shares at a deemed price of $0.60
per common share.
On May 30, 2025, the Company also completed its final milestone payment to Wesdome
in relation to the Moss Gold Project purchase agreement. The milestone payment consists
of a share issuance of 12,500,000 common shares at a deemed price of $0.60 per
common share. Following completion of this milestone payment, Goldshore has satisfied
all commitments related to the acquisition of its 100% interest in the Moss Gold Project.
Additionally, the Company has entered into an agreement to repurchase 1.5% of a 2.5%
net profit interest (“ NPI”) in the Moss Gold Project. As partial consideration for the
repurchase, the Company has agreed to issue the NPI holder, subject to the acceptance
of the TSXV, 1,000,000 common shares at a deemed issue price of $0.33 per common
share, and after four years, such number of common shares as is equal to $300,000 based
on the 20-day VWAP of the common shares prior to issuance.
Michael Henrichsen, CEO and Director of Goldshore, further commented: “We continue to
advance our resource growth initiatives, the economic study, and our permitting work in order to
drive significant progress in the development of the Moss Gold Project. The completion of our
20,000-meter diamond drilling program has yielded accretive results, including the discovery of
newly discovered mineralized shears and the extension of known mineralization which we expect
to have a significant impact on our upcoming PEA. We're also pleased to have signed an Impact
Benefit Agreement Term Sheet with Lac des Mille Lacs First Nation, marking a major step forward
in our commitment to delivering long-term benefits to the community.”
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a
qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects,
has approved the scientific and technical information contained in this news release.
Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill
program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed
and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with
responsible site staff; discussed and reviewed assay and QA/QC results with responsible
personnel; and reviewed supporting documentation, including drill hole location and orientation
and significant assay interval calculations. He has also overseen the Company’s health and safety
policies in the field to ensure full compliance, and consulted with the Project’s host indigenous
communities on the planning and implementation of the drill program, particularly with respect to
its impact on the environment and the Company’s remediation protocols.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and
stakeholder value through the acquisition and advancement of primary gold assets in tier-one
jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold
company and backed by one of Canada’s pre-eminent private equity firms. The Company’s
current focus is the advanced stage 100% owned Moss Gold Project which is positioned in
4
Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near
site, supportive local communities and skilled workforce. The Company has invested over $60
million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold
Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-
101 mineral resource estimate (“ MRE”) has expanded to 1.54 million ounces of Indicated gold
resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The
MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at
depth and along strike and is one of the few remaining major Canadian gold deposits positioned
for development in this cycle. Please see NI 43-101 technical report titled: “Technical Report and
Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March
20, 2024 with an effective date of January 31, 2024 available under the Company’s SEDAR+
profile at www.sedarplus.ca. For more information, please visit SEDAR+ (www.sedarplus.ca) and
the Company’s website (www.goldshoreresources.com).
For More Information – Please Contact:
Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.
W: www.goldshoreresources.com
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.
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 Gold Project; the potential mineralization
at the Moss Gold Project based on the winter drill program, including the potential for additional
mineral resources; the enhancement of the Moss Gold Project; statements regarding the
Company’s future drill plans, including the expected benefits and results thereof; that the Superion
target has the potential to significantly add to the current mineral resource estimate within the top
200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit;
the potential for resource growth at Moss and the fact that the results have the potential to
significantly impact the economic performance of the deposit moving forward; the potential for a
much larger mineralized system and that it will be pursued in the near future through
additional drilling; 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
5
or implied by such forward-looking statements. Such factors and risks include, among others:
uncertainty and variation in the estimation of mineral resources; risks related to exploration,
development, and operation activities; exploration and development of the Moss Gold Project will
not be undertaken as anticipated; 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; the economic performance of the deposit may not be consistent
with management’s expectations; the Company’s exploration work may not deliver the results
expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions;
compliance with extensive government regulation; delays in obtaining or failure to obtain
governmental permits, or non-compliance with permits; environmental and other regulatory
requirements; domestic and foreign laws and regulations could adversely affect the Company’s
business and results of operations; risks related to natural disasters, terrorist acts, health crises,
and other disruptions and dislocations; global financial conditions; uninsured risks; climate change
risks; competition from other companies and individuals; conflicts of interest; risks related to
compliance with anti-corruption laws; the Company’s limited operating history; intervention by
non-governmental organizations; outside contractor risks; 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; the Superion target may not add to the current mineral resource; and other risks
associated with executing the Company’s objectives and strategies as well as those risk factors
discussed in the Company’s continuous disclosure documents filed under the Company’s
SEDAR+ profile at www.sedarplus.ca.
The forward-looking information in this news release is based on management’s reasonable
expectations and assumptions as of the date of this news release. Certain material assumptions
regarding such forward-looking statements were made, including without limitation, assumptions
regarding: the future price of gold; anticipated costs and the Company’s ability to fund its
programs; the Company’s ability to carry on exploration, development and mining activities; prices
for energy inputs, labour, materials, supplies and services; the timing and results of drilling
programs; mineral resource estimates and the assumptions on which they are based; the
discovery of mineral resources and mineral reserves on the Company’s mineral properties; the
timely receipt of required approvals and permits; the costs of operating and exploration
expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the
Company’s ability to obtain financing as and when required and on reasonable terms; that the
Company’s activities will be in accordance with the Company’s public statements and stated
goals; that the Superion target will add to the current mineral resource; that the Company’s
exploration work will deliver the results expected; and that there will be no material adverse
change or disruptions affecting the Company or its properties.
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. There can be no assurances that such statements will prove to be accurate and actual
results and future events could differ materially from those anticipated in such statements.
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.