Goldshore Expands Gold Mineralization Along Strike and at Depth at the Southwest Zone Includes Intersects 2.17 g/t Au over 50.35m and 6.96 g/t Au over 15.05m
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Goldshore Expands Gold Mineralization Along Strike and at Depth at the Southwest Zone
Includes Intersects 2.17 g/t Au over 50.35m and 6.96 g/t Au over 15.05m
VANCOUVER, B.C., April 20, 2023: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results
from its recently completed drill program at the Moss Lake Project in Northwest Ontario, Canada
(the “Moss Gold Project”).
Highlights:
• Results from seven holes testing the extension of the Southwest Zone toward the Main
Zone have delineated a new high-grade lens, including visible gold, northeast of the
Southwest Zone resource that extends from surface to at least 250 meters depth
with best intercepts of:
o 6.96 g/t Au over 15.05m from 189.4m depth in MMD-22-105, including
54.4 g/t Au over 1.6m from 189.4m
o 2.17 g/t Au over 50.35m from 103.55m depth in MMD-23-114, including
3.47 g/t Au over 26.05m from 120.35m
o 1.30 g/t Au over 21.35m from 214m depth in MMD-22-108, including
2.60 g/t Au over 7.35 from 228.0m
• These drill results prove that the Southwest Zone is a continuation of the Main Zone
and not a fault offset as previously interpreted. They also show that the Southwest Zone
extends to depth and is potentially as large as the Main Zone.
• With drilling recently completed, the Company is preparing an updated mineral resource
expected in May. The updated resource will use data from an additional 72 holes
compared to the November 2022 resource. Mineralization in the resource area remains
open in multiple directions.
President and CEO Brett Richards stated: “These results continue to support our belief that the
size and scale of the Moss Gold Project is much larger and continues to be open at all directions,
along strike both to the northeast and southwest, as well as our understanding of lateral
mineralized targets to the south -east of the Southwest Zone and the Main Zone. For now, we
have halted the program to step back; understand the quantum of this resource, and prepare for
a mineral resource update in early May, we can now see a viable path to a meaningful project
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PEA (preliminary economic analysis). We look forward to those results in the coming months, as
we start to plan for an infill drilling program working towards a pre-feasibility study in the future.”
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-22-
105, -108 and -109. 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 resource model and $1500 open
pit shell constraint
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Figure 2: insert close up of Southwest Zone with significant intercepts relative to the November 2022
resource model and $1500 open pit shell constraint
Figure 3: Drill section through holes MMD-22-105, -108 and -109 showing the significant expansion of the
mineralized model beneath the November 2022 resource model and $1500 open pit shell constraint, which
should add to mineral resources in the upcoming update
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Continued infill of the Southwest Zone has delineated a new continuous high-grade structure over
a 250m strike length from near surface to 200m depth immediately northeast of the historical
Southwest Zone. Holes MMD -22-105, -108, -109 and MMD -23-113, and - 114 intersected this
structure along with previously rel eased holes MMD -22-031, -042, -063, and -064. The newly
understood zone orientation was tested against the phase 1 drill results and confirmed the
continuity of the high-grade structures controlling the mineralization.
The mineralized zone occurs within an albitite+hematite altered diorite intrusion complex cut by
closely spaced, texturally destructive sericite+chlorite+carbonate altered shears. Additional
shearing, and subsequent alteration, is seen extending into the neighboring intermediate
volcanics but is poorly mineralized.
The gold mineralization appears more nuggety than elsewhere in the deposit with a greater
portion of the mineralization attributed to pyrite ±chalcopyrite bearing quartz -carbonate veins
within the sheared intervals. Mineralization includes visible gold (Figure 4) . Several very high-
grade intercepts include:
o 54.4 g/t Au over 1.6m from 189.4m depth in MMD-22-105
o 11.3 g/t Au over 0.5m from 147.7m depth in MMD-22-108 and
o 11.5 g/t Au over 0.7m from 232.35m
o 10.6 g/t Au over 0.95m from 323.3m depth in MMD-23-112
o 19.0 g/t Au over 0.65m from 54m depth in MMD-23-114 and
o 22.9 g/t Au over 1m from 128m depth and
o 14.4 g/t Au over 1m from 137m depth
Holes MMD- 22-109 and MMD -23-113 intersected the high- grade structure but encountered
lesser vein mineralization resulting in more modest grade intercepts including:
o 0.44 g/t Au over 81.2m from 298.8m depth in MMD-22-109, including
1.08 g/t Au over 8.60m from 335.35m
o 0.63 g/t Au over 29.5m from 129.55m depth in MMD-23-113, including
4.76 g/t Au over 2.0m from 140.0m and
o 0.51 g/t Au over 58m from 204.0m depth, including
1.92 g/t Au over 4.0m from 205.0m and
1.84 g/t Au over 3.0m from 229.0m
Holes MMD-22-106, and MMD-23-112 were focused on infilling the drill spacing of the existing
Southwest Zone. All three holes intercepted broad zones of mineralization hosted primarily within
altered granodiorite containing narrow higher grade shear zones. Best intercepts include:
o 0.47 g/t Au over 63m from 277m depth in MMD-22-106
o 0.61 g/t Au over 41.25m from 232m depth in MMD-23-112
o 0.39 g/t Au over 53.5m from 301m depth in MMD-23-112
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Figure 4: Visible gold flake within a quartz -carbonate-pyrite vein at 190.42m (1.6 m @ 54.4 g/t Au) in MMD -22-
105 within the sheared, altered intrusion of the Southwest zone . Note that th is photo is not intended to be
representative of broader mineralization on the Moss Lake Gold Project.
Pete Flindell, VP Exploration for Goldshore, said “These results show that the Southwest Zone is
much larger and better mineralized than historical drillholes suggested; and is potentially as large
as the Main Zone. We await the results from the final batch of assays that are expected to provide
critical infill beneath the heart of the Southwest Zone.”
Table 1: Significant downhole gold intercepts
HOLEID FROM TO LENGTH (m) TRUE WIDTH
(m)
CUT GRADE
(g/t Au)
UNCUT GRADE
(g/t Au)
MMD-22-105 45.00 48.00 3.00 2.3 0.33 0.33
62.00 66.45 4.45 3.5 0.34 0.34
117.55 125.00 7.45 6.0 0.38 0.38
189.40 204.45 15.05 12.5 3.64 6.96
including 189.40 191.00 1.60 1.3 30.0 54.4
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MMD-22-106 165.00 187.00 22.00 15.7 0.33 0.33
204.20 229.00 24.80 18.0 0.50 0.50
256.00 263.00 7.00 5.2 0.34 0.34
277.00 292.40 15.40 11.5 0.37 0.37
299.20 340.00 40.80 30.9 0.59 0.59
including 325.00 335.00 10.00 7.6 1.17 1.17
353.15 384.00 30.85 23.9 0.61 0.61
including 359.00 368.70 9.70 7.5 1.08 1.08
MMD-22-108 126.55 133.15 6.60 4.7 0.36 0.36
143.55 168.00 24.45 17.6 0.62 0.62
including 143.55 148.20 4.65 3.3 1.99 1.99
including 147.70 148.20 0.50 0.4 11.3 11.3
190.80 196.25 5.45 4.0 0.31 0.31
214.00 235.35 21.35 15.9 1.30 1.30
including 215.40 218.00 2.60 1.9 1.10 1.10
and 228.00 235.35 7.35 5.5 2.60 2.60
including 232.35 233.05 0.70 0.5 11.5 11.5
319.00 322.15 3.15 2.5 0.37 0.37
MMD-22-109 238.35 244.00 5.65 4.1 0.52 0.52
271.00 274.00 3.00 2.2 0.37 0.37
298.80 380.00 81.20 61.2 0.44 0.44
including 335.35 343.95 8.60 6.5 1.08 1.08
395.10 404.65 9.55 7.4 0.39 0.39
MMD-23-112 103.35 106.85 3.50 2.5 0.38 0.38
118.00 138.00 20.00 14.3 0.39 0.39
179.00 182.00 3.00 2.2 0.57 0.57
207.00 218.90 11.90 8.9 1.17 1.17
including 207.00 215.00 8.00 6.0 1.63 1.63
232.00 273.25 41.25 31.5 0.61 0.61
287.10 290.10 3.00 2.3 0.33 0.33
301.00 309.00 8.00 6.3 0.32 0.32
313.00 354.05 41.05 32.8 0.42 0.42
including 323.00 325.60 2.60 2.1 4.41 4.41
including 323.30 324.25 0.95 0.8 10.6 10.6
368.00 370.00 2.00 1.6 0.71 0.71
423.85 428.50 4.65 3.8 0.33 0.33
462.00 472.75 10.75 9.0 0.56 0.56
526.80 532.00 5.20 4.4 0.37 0.37
MMD-23-113 18.00 42.00 24.00 16.2 0.42 0.42
including 31.00 34.00 3.00 2.0 1.55 1.55
129.55 132.00 2.45 1.8 0.41 0.41
136.00 165.50 29.50 21.6 0.63 0.63
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including 140.00 142.00 2.00 1.5 4.76 4.76
204.00 262.00 58.00 44.5 0.51 0.51
including 205.00 209.00 4.00 3.0 1.92 1.92
and 229.00 232.00 3.00 2.3 1.84 1.84
274.00 276.00 2.00 1.6 0.33 0.33
289.00 291.00 2.00 1.6 0.31 0.31
332.00 334.30 2.30 1.8 0.82 0.82
MMD-23-114 30.00 32.25 2.25 1.7 0.33 0.33
40.65 62.65 22.00 16.3 0.78 0.78
including 54.00 54.65 0.65 0.5 19.0 19.0
103.55 153.90 50.35 38.8 2.17 2.17
including 120.35 146.40 42.85 20.0 3.47 3.47
including 128.00 129.00 1.00 0.8 22.9 22.9
and 137.00 138.00 1.00 0.8 14.4 14.4
183.00 189.85 6.85 5.4 0.36 0.36
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-22-105 668,498 5,378,484 438 110° -41° 249
MMD-22-106 668,438 5,378,379 440 126° -50° 450
MMD-22-108 668,524 5,378,519 437 125° -50° 450
MMD-22-109 668,466 5,378,591 427 125° -51° 501
MMD-23-112 668,172 5,378,186 443 125° -50° 600
MMD-23-113 668,494 5,378,469 438 126° -50° 450
MMD-23-114 668,533 5,378,424 428 123° -44° 402
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
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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 100% of the Moss Gold
Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an
approximate 22% 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 Gold Project through the next stages of exploration and development.
Peter Flindell, P.Geo., 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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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 Lake Gold Project, the
release of an updated mineral resource estimate and preliminary economic assessment, 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 or implied by such forward-looking statements.
Such factors and risks include, among others: the Company may require additional financing from