Goldshore Announces Strong Initial Drilling Results from the East Coldstream Deposit 13 Kilometers Northeast of Moss Lake
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Goldshore Announces Strong Initial Drilling Results from the East Coldstream Deposit 13
Kilometers Northeast of Moss Lake
VANCOUVER, B.C., September 12, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results
from eight holes drilled to test gold mineralization at the East Coldstream deposit at the Moss
Lake Project in Northwest Ontario, Canada (the “Moss Lake Gold Project”).
Highlights:
• Results for eight holes, drilled to better define the gold miner alization of the East
Coldstream deposit, have confirmed three broad lenses of gold mineralization within
the two main shear zones with best intercepts of:
o 23m @ 1.34 g/t Au from 244m depth in CED-22-004, including
7.35m @ 3.77 g/t Au from 254.2m
o 17.3m @ 1.55 g/t Au from 487m depth in CED-22-005
o 20m @ 1.15 g/t Au from 402m depth in CED-22-006
o 26m @ 1.66 g/t Au from 451m, including
7.9m @ 4.20 g/t Au from 465m
o 25.7m @ 2.07 g/t Au from 488m
o 37.05m @ 1.54 g/t Au from 209.3m depth in CED-22-007
o 27.9m @ 1.14 g/t Au from 387m depth in CED-22-008, including
13m @ 2.14 g/t Au from 401m
• The better intercepts are all centered around five high-grade gold zones of mineralized
breccia, including:
o 1.05m @ 15.8 g/t Au from 257.95m depth in CED-22-004
o 0.9m @ 14.3 g/t Au from 472m depth in CED-22-006, and
o 0.65m @ 13.5 g/t Au from 502m
o 0.85m @ 10.6 g/t Au from 244.35m depth in CED-22-007, and
o 0.4m @ 12.6 g/t Au from 418m
• These results show that the three gold mineralized lenses have a clear steep plunge and
highlight significant upside potential at depth within structurally controlled shoots.
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President and CEO Brett Richards stated: “These first results are extremely encouraging and
significant to the overarching strategy of developing a secondary resource to Moss Lake. This will
provide optionality that can only help improve the new PEA study next year. The results also point
to a second significant project within our land package, which highlights the potential for further
discoveries.”
Technical Overview
Figure 1 shows the location of the East Coldstream deposit relative to the Moss Lake deposit and
the Archean Shebandowan Greenstone Belt. Table 1 and Figure 3 show the significant intercepts.
Table 2 and Figure 2 show the drill hole locations. Figures 4 and 5 show a cross section through
CED-22-006 and long section along the southern zone, respectively.
Figure 1: Location map showing East Coldstream relative to Moss Lake
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Figure 2: Drill plan showing drill holes (long section is Figure 5)
Figure 3: Drill plan showing best of several +1 g/t Au intercepts
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Figure 4: Drill section through CED-22-006 and the Main Lens
Figure 5: Long section through the Main and Sanders Lenses
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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)
CED-22-001 322.00 324.45 2.45 1.8 0.80 0.80
420.00 428.50 8.50 6.6 0.51 0.51
CED-22-002 No significant assays
CED-22-003 168.85 171.90 3.05 2.2 0.61 0.61
252.30 258.80 6.50 4.8 0.76 0.76
including 253.95 256.90 2.95 2.2 1.07 1.07
269.55 288.70 19.15 14.4 0.61 0.61
including 283.30 288.70 5.40 4.1 1.31 1.31
CED-22-004 5.00 7.00 2.00 1.0 0.76 0.76
149.00 157.00 8.00 4.4 0.45 0.45
168.00 216.00 48.00 27.5 0.39 0.39
including 168.95 173.00 4.05 2.3 1.29 1.29
244.00 267.00 23.00 13.6 1.34 1.34
including 254.20 261.55 7.35 4.3 3.77 3.77
0.0
CED-22-005 487.00 504.30 17.30 11.0 1.55 1.55
including 489.00 504.30 15.30 9.7 1.69 1.69
571.55 575.00 3.45 2.2 0.55 0.55
CED-22-006 311.00 322.40 11.40 6.4 0.33 0.33
334.90 346.00 11.10 6.3 0.41 0.41
394.00 440.00 46.00 26.8 0.63 0.63
including 402.00 422.00 20.00 11.6 1.15 1.15
451.00 477.00 26.00 15.5 1.66 1.66
including 457.00 460.00 3.00 1.8 1.51 1.51
and 465.00 472.90 7.90 4.7 4.20 4.20
488.00 513.70 25.70 16.3 2.07 2.07
including 488.00 513.00 25.00 15.9 2.10 2.10
CED-22-007 209.30 246.35 37.05 21.6 1.54 1.54
including 213.30 246.35 33.05 19.3 1.67 1.67
289.00 291.00 2.00 1.2 0.43 0.43
319.00 321.15 2.15 1.3 0.71 0.71
367.10 376.00 8.90 5.5 0.60 0.60
387.75 390.60 2.85 1.8 0.63 0.63
438.00 440.00 2.00 1.3 0.64 0.64
446.00 460.50 14.50 9.2 0.58 0.58
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CED-22-008 91.95 94.00 2.05 1.4 0.87 0.87
300.80 312.00 11.20 8.9 0.54 0.54
387.00 414.90 27.90 22.8 1.14 1.14
including 401.00 414.00 13.00 10.6 2.14 2.14
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
CED-22-001 681,136 5,386,570 479 337° -50° 483.0m
CED-22-002 681,420 5,386,640 479 335° -50° 494.85m
CED-22-003 680,507 5,386,473 481 336° -50° 360.0m
CED-22-004 680,008 5,386,430 477 155° -60° 302.8m
CED-22-005 680,559 5,386,340 486 342° -60° 810.1m
CED-22-006 680,010 5,386,586 475 140° 60° 600.0m
CED-22-007 680,085 5,386,604 473 138° -59° 657.05m
CED-22-008 680,559 5,386,340 483 340° -50° 603.0m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for eight of the initial 17 holes in the first pass drilling program at East
Coldstream. These drillholes tested the existing mineralized lenses, as well as possible eastern
and down-dip extensions.
Our work on the mineralization paragenesis and its structural controls has shown that gold
mineralization is related to pervasive silica-hematite alteration and sulfide veining associated with
an extensional brecciation event following extensive shearing. At the deposit scale, this for med
three lenticular bodies within two main shear zones (Figure 1). Based on structural measurements
from oriented core, e ach body has a steeply west-dipping plunge and a gently east-pitching
stretching lineation that creates an internal fabric to mineralization (Figure 4). This structural
control creates the potential for additional high-grade mineralization to occur below the shallowly
drilled portions of the shears zones such as encountered in CED-22-007.
CED-22-001 and -002 tested a similar geophysical feature to the east of the East Coldstream
deposit. CED-22-001 was drilled closest to East Coldstream and encounter ed narrow zones of
mineralization, while CED -22-002 was drilled 300 m eters further east and did not encounter
significant results. This sterilizes the immediate extension, but given the lenticular geometry of
mineralization, leaves open the prospectively of the structure further to the east.
CED-22-003 and -004 drilled the North and Main Lenses, respectively. Both holes intersected
broad low-grade mineralized zones, including 19.15m @ 0.61 g/t Au from 269.55m in CED-22 -
003; and 48m @ 0.39 g/t Au from 168m and 23m @ 1.34 g/t Au in CED-22-004.
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Holes CED-22-005 to -008 tested down plunge extensions of the known mineralization. All holes
intersected variable widths of higher grade mineralization, including 17.3m @ 1.55 g/t Au from
487m in CED-22-005; 20.0m @ 1.15 g/t Au from 402m , 26.0m @ 1.66 g/t Au from 451m, and
25.7m @ 2.07 g/t Au from 488m in CED-22-006; 37.05m @ 1.54 g/t Au from 209.3m in CED-22-
007; and 27.9m @ 1.14 g/t Au from 387m in CED-22-008.
Pete Flindell, VP Exploration for Goldshore, said “Our analysis of drill results at East Coldstream
confirms the two parallel shear zones that were modelled in the past. The recognition of a greater
structural control within these shears has led to the modelling of three steeply dipping lenticular
shoots that remain open at depth. A gently dipping internal fabric suggests that mineralization is
focused within discrete structures that may allow us to model a higher-grade resource than exists
in the historic estimate.”
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 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.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold
Project located in Ontario. Wesdome Gold Mines Ltd. (“ Wesdome”), is currently a large
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
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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.
The Moss Lake Gold Project 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 (the “ Moss Lake
Historical Estimate”) was completed on the Moss Lake Gold Project in 2013 and published by
Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines”)1,3. 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 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 hydrothermal system 1.6
km to the northeast. Additionally, the deposi t 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 repor ted 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 M oss Lake Gold Project and there is an area spanning approximately 7 km between
the Moss Lake and East Coldstream deposits that is significantly underexplored.