AUXX.V · 2022-11-02 12:00:00

Goldshore Intersects 1.34 g/t Au over 90.95m in 100 Meter Step-Out to the North

Drill Results

VANCOUVER, B.C., November 2, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:

GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results

from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario,

Canada (the “Moss Lake Gold Project”).

Highlights:

• Results for eight holes, drilled to both expand and infill historic but poorly surveyed drill

sections in the Main Zone, have confirmed higher-grade gold mineralization within a

large volume of well mineralized diorite with best intercepts of:

o 2.66 g/t Au over 8.15m from 18.1m depth in MMD-22-057 and

o 1.34 g/t Au over 90.95m from 254.05m including

 2.42 g/t Au over 12m from 260.4m and

 4.02 g/t Au over 16.4m from 283.55m

o 1.02 g/t Au over 59.9m from 502m depth in MMD-22-056 including

 4.78 g/t Au over 9.35m from 542m

o 4.38 g/t Au over 9.5m from 84.5m depth in MMD-22-036

o 1.05 g/t Au over 26.45m from 373.55m depth in MMD-22-048

o 1.8 g/t Au over 18m from 121.0m depth in MMD-22-053 and

o 1.3 g/t Au over 43.65m from 355.6m

• Results for four holes, drilled to evaluate the under -drilled Southwest Zone , have

confirmed narrow higher-grade gold mineralized structures with best intercepts of:

o 23.7 g/t Au over 3.5m from 182m depth in MMD-22-064

o 2.26 g/t Au over 8.25m from 388m depth in MMD-22-042

President and CEO Brett Richards stated: “Throughout our entire drilling campaign from 2021 to

now, we have consistently and repeatedly delivered promising drill results, indicating not only the

size and scale potential of the Moss Lake Project, but also t he quality of the higher-grade areas

of the deposit. As we illustrated at the end of H1 2022, our focus turned from identifying and

drilling the size of the global resource; to identifying the high(er) grade sections contained within

the historical resource (and stepped out from the historical resource), and focusing on building a

much smaller open pit project PEA around this. The results from this change in focus are evident

in press releases in H1 2022 and Q3 2022, and continue with the results highlighted today. To

that end, we are expediting our independent mineral resource estimate (“ MRE”) on the high(er)

grade sections within the historical resource, and look to have the results of this MRE presented

to the market by the end of 2022, versus the end of Q1 2023, as previously guided. This will also

lead to the Company accelerating a preliminary economic assessment (“ PEA”) on a smaller,

high(er) grade resource, but much more manageable project in terms of CapEx and project

timeline, versus a large-scale project PEA on an updated larger resource similar to the historic

resource. The target delivery to the market of the economic results of the PEA is slated for the

end of Q1 2023, under current market conditions and circumstances, versus the end of Q2 2023,

as previously guided”.

Technical Overview

Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole

MMD-22-057.

Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells

Figure 2: Drill section through MMD-22-057 relative to implicit modelled grade shells showing 100-meter step

out to the north

Over the last month, results have been received for eighteen holes, including:

• Eight holes that have infilled areas of the Main Zone that are between sections drilled by

historic holes with collar survey problems. They will replace the low -confidence historic

holes in the upcoming resource model update.

• Four holes drilled to evaluate the under-drilled Southwest Zone.

• Five holes testing the margins of the main +1 g/t Au zones that provide valuable geological

information in these marginal areas.

As with the historic holes, the Main and Southwest Zone holes intersected several broad zones

of low-grade mineralization within the altered diorite intrusion host. Examples include 0.98 g/t Au

over 50.9m from 51m and 0.32 g/t Au over 122m from 473m depth in MMD-22-036; 0.48 g/t Au

over 88m from 388m and 0.53 g/t Au over 33m from 279m depth in MMD -22-042; 0.46 g/t Au

over 133m from 443m depth and 0.35 g/t Au over 29.25m from 316.85m depth in MMD-22-048;

0.70 g/t Au over 126m from 335m depth and 0.89 g/t Au over 60.6m from 120.4m depth in

MMD-22-053; 0.80 g/t Au over 25.35m from 563.65m depth in MMD-22-055; 0.64 g/t Au over 44m

from 168m depth and 0.63 g/t Au over 33.65m from 237.35m depth in MMD-22-064; 0.47 g/t Au

over 38.1m from 615.45m depth in MMD -22-066; and 0.46 g/t Au over 27.65m from 366.25m

depth in MMD-22-078.

All these low -grade zones occur as envelopes to higher -grade structures that form a three -

dimensional, anastomosing shear network that has developed in response to strain on the altered

diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the

highlights (e.g., 1.34 g/t Au over 90.95m from 254.05m depth in MMD -22-057) and several

narrow high-grade intervals, including better intercepts of 39.3 g/t Au over 0.7m from 90.45m

depth in MMD-22-036; 47.4 g/t Au over 0.5m from 420.25m depth in MMD -22-052; 11.4 g/t Au

over 2.35m from 549m depth in MMD-22-056; 26.7 g/t Au over 1m from 287m depth in MMD-22-

057; and 231 g/t Au over 0.35m from 182.75m depth in MMD-22-064.

Four holes were drilled into the Link zone and potential overlap between the QES zone and Moss

Main zone to properly define the boundaries of each zone and to better understand the behavior

of the southern edge of the altered diorite package. These dominantly drilled through the lesser

altered and deformed porphyritic diorite phase containing several narrow lenses of low- grade

mineralization as indicated by the historic drill results.

Geological modelling of the altered diorite host rock and anastomosing shear network at Moss

Lake has progressed faster than anticipated and is now complete. As a result, the Company has

embarked on an independent resource m odelling exercise and has engaged international

consulting group, CSA Global (an ERM group company) to complete this work. This will lead to a

new Mineral Resource estimate that will be reported following National Instrument 43 -101

standards for disclosure. This new estimate will be published before the end of 2022.

Pete Flindell, VP Exploration for Goldshore, said “These drill results continue the vein of local high

grade gold mineralization that bulks out to produce 50- to 200-meter-wide zones of +1 g/t Au gold

mineralization within a “sea” of low-grade mineralization. This style of mineralization is capable of

producing large, low -grade gold resources with a significant volume of higher -grade

mineralization. We anticipate that this should, with the selection of the appropriate gold price for

the constraining Whittle shell, allow the reporting of a smaller, higher-grade resource at the Moss

Lake Project.”

Table 1 shows the significant intercepts and Table 2 shows the drill hole locations.

Table 1: Significant downhole gold intercepts

ZONE HOLE ID FROM TO LENGTH (m) TRUE WIDTH (m) CUT GRADE

(g/t Au)

UNCUT GRADE

(g/t Au)

MAIN MMD-22-036 22.00 35.80 13.80 4.4 0.62 0.62

51.00 101.90 50.90 16.6 0.98 1.11

including 62.50 67.35 4.85 1.6 1.39 1.39

and 84.50 94.00 9.50 3.1 3.70 4.38

238.50 256.30 17.80 6.1 0.47 0.47

276.40 286.20 9.80 3.4 0.46 0.46

including 279.00 281.85 2.85 1.0 1.01 1.01

419.10 446.50 27.40 10.0 0.36 0.36

including 420.00 422.00 2.00 0.7 1.84 1.84

473.00 595.00 122.00 47.4 0.32 0.32

613.45 619.95 6.50 2.6 0.36 0.36

631.00 634.75 3.75 1.5 0.47 0.47

671.45 686.00 14.55 5.8 0.35 0.35

MAIN MMD-22-048 190.00 192.40 2.40 1.5 0.78 0.78

220.00 227.00 7.00 4.3 0.54 0.54

277.60 285.00 7.40 4.5 0.34 0.34

316.85 346.10 29.25 18.0 0.35 0.35

373.55 400.00 26.45 16.3 1.05 1.05

including 388.00 399.15 11.15 6.9 1.60 1.60

443.00 576.00 133.00 84.2 0.46 0.46

including 446.00 458.20 12.20 7.6 1.08 1.08

and 467.90 472.00 4.10 2.6 1.37 1.37

and 521.00 538.35 17.35 11.1 1.03 1.03

602.00 614.00 12.00 7.8 0.31 0.31

620.00 635.40 15.40 10.0 0.56 0.56

MAIN MMD-22-052 104.35 111.00 6.65 3.4 0.46 0.46

138.00 140.00 2.00 1.1 0.31 0.31

274.25 277.30 3.05 1.7 0.44 0.44

311.15 313.35 2.20 1.3 0.35 0.35

MAIN MMD-22-053 18.00 27.00 9.00 4.9 0.39 0.39

33.00 38.00 5.00 2.7 0.42 0.42

49.35 66.30 16.95 9.1 0.37 0.37

77.00 81.45 4.45 2.4 1.58 1.58

including 77.75 81.45 3.70 2.0 1.81 1.81

92.20 100.20 8.00 4.2 1.63 1.63

including 92.20 98.00 5.80 3.1 2.10 2.10

120.40 181.00 60.60 32.1 0.89 0.89

including 121.00 139.00 18.00 9.5 1.80 1.80

and 158.00 167.00 9.00 4.8 1.72 1.72

201.00 205.00 4.00 2.1 0.53 0.53

222.00 225.00 3.00 1.6 5.24 5.24

248.00 263.00 15.00 7.8 0.38 0.38

285.00 304.00 19.00 9.9 0.35 0.35

310.60 313.00 2.40 1.3 0.35 0.35

335.00 461.00 126.00 65.6 0.70 0.70

including 341.00 344.00 3.00 1.6 1.14 1.14

and 355.60 399.25 43.65 22.7 1.30 1.30

and 444.00 450.00 6.00 3.1 1.63 1.63

487.75 490.00 2.25 1.2 0.57 0.57

MAIN MMD-22-054 383.00 389.60 6.60 2.1 0.42 0.42

429.40 434.30 4.90 1.6 0.51 0.51

531.05 539.00 7.95 2.6 0.31 0.31

MAIN MMD-22-055 168.00 182.85 14.85 8.4 0.30 0.30

212.00 215.00 3.00 1.7 0.73 0.73

360.60 374.90 14.30 7.8 1.07 1.07

including 364.00 374.90 10.90 5.9 1.28 1.28

525.40 528.25 2.85 1.6 1.55 1.55

563.65 589.00 25.35 14.2 0.80 0.80

including 581.05 583.80 2.75 1.6 3.08 3.08

600.00 612.10 12.10 6.9 0.36 0.36

MAIN MMD-22-056 181.00 185.60 4.60 2.1 0.52 0.52

221.00 225.00 4.00 1.8 0.38 0.38

267.00 270.35 3.35 1.5 0.34 0.34

287.85 296.00 8.15 3.7 0.63 0.63

336.35 342.25 5.90 2.6 0.62 0.62

353.70 358.45 4.75 2.1 0.35 0.35

379.40 387.65 8.25 3.6 1.20 1.20

441.00 461.50 20.50 8.9 0.49 0.49

502.00 561.90 59.90 25.5 1.02 1.02

including 509.00 511.00 2.00 0.9 3.16 3.16

and 542.00 551.35 9.35 4.0 4.78 4.78

593.30 598.00 4.70 2.0 0.38 0.38

MAIN MMD-22-057 18.10 26.25 8.15 2.8 2.66 2.66

40.90 43.10 2.20 0.8 0.46 0.46

254.05 345.00 90.95 34.2 1.34 1.34

including 260.40 272.40 12.00 4.5 2.42 2.42

and 283.55 299.95 16.40 6.2 4.02 4.02

and 312.00 328.75 16.75 6.3 1.04 1.04

366.00 371.25 5.25 2.0 1.11 1.11

382.00 385.00 3.00 1.2 0.70 0.70

457.50 461.00 3.50 1.4 0.36 0.36

552.40 559.00 6.60 2.7 0.36 0.36

570.00 583.00 13.00 5.5 0.34 0.34

594.00 599.00 5.00 2.1 0.34 0.34

SW MMD-22-042 36.95 41.00 4.05 2.7 0.87 0.87

106.65 110.75 4.10 3.0 0.49 0.49

209.00 212.05 3.05 2.5 0.50 0.50

239.00 241.00 2.00 1.7 0.43 0.43

256.55 266.00 9.45 8.1 0.97 0.97

including 261.95 266.00 4.05 3.5 1.77 1.77

279.00 312.00 33.00 29.0 0.53 0.53

330.00 341.00 11.00 10.0 0.94 0.94

366.00 377.00 11.00 10.2 0.74 0.74

including 370.00 377.00 7.00 6.5 1.08 1.08

388.00 476.00 88.00 84.1 0.48 0.48

including 388.00 396.25 8.25 7.7 2.26 2.26

SW MMD-22-050 162.00 168.35 6.35 5.0 0.68 0.68

194.40 207.10 12.70 10.4 0.48 0.48

300.15 312.90 12.75 11.4 0.82 0.82

including 303.00 311.00 8.00 7.1 1.10 1.10

SW MMD-22-064 28.00 31.85 3.85 2.5 1.42 1.42

42.45 55.10 12.65 8.2 0.92 0.92

168.00 212.00 44.00 29.9 0.64 2.24

including 182.00 185.50 3.50 2.4 3.64 23.70

237.35 271.00 33.65 23.2 0.63 0.63

including 250.25 252.40 2.15 1.5 1.59 1.59

SW MMD-22-066 451.00 453.25 2.25 1.7 0.58 0.58

559.35 572.00 12.65 9.7 0.31 0.31

586.00 589.00 3.00 2.3 0.39 0.39

599.00 609.55 10.55 8.2 0.36 0.36

615.45 653.55 38.10 30.1 0.47 0.47

including 625.00 627.00 2.00 1.6 1.08 1.08

LINK MMD-22-074 603.85 607.90 4.05 3.1 0.66 0.66

LINK MMD-22-078 62.55 67.90 5.35 3.6 0.40 0.40

366.25 393.90 27.65 20.1 0.46 0.46

422.55 425.50 2.95 2.2 0.31 0.31

447.80 455.40 7.60 5.7 0.64 0.64

including 452.20 455.40 3.20 2.4 1.08 1.08

492.25 498.40 6.15 4.6 0.31 0.31

LINK MMD-22-081 83.00 91.00 8.00 5.6 0.45 0.45

253.20 257.65 4.45 3.3 0.64 0.64

286.55 295.00 8.45 6.3 0.51 0.51

335.00 353.95 18.95 14.4 0.30 0.30

LINK MMD-22-082 122.00 131.00 9.00 6.5 0.74 0.74

including 122.00 124.00 2.00 1.5 1.22 1.22

147.00 149.00 2.00 1.5 0.51 0.51

167.00 178.00 11.00 8.2 0.90 0.90

including 172.00 175.00 3.00 2.2 1.34 1.34

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

ZONE HOLE EAST NORTH RL AZIMUTH DIP EOH

MAIN MMD-22-036 668,868 5,379,279 441 154° -71° 690.00

SW MMD-22-042 668,520 5,378,529 436 158° -50° 516.00

MAIN MMD-22-048 668,705 5,379,209 435 155° -52° 690.00

SW MMD-22-050 668,517 5,378,529 437 110° -50° 464.00

MAIN MMD-22-052 668,994 5,379,542 438 155° -60° 597.30

MAIN MMD-22-053 669,014 5,379,307 427 154° -61° 605.85

MAIN MMD-22-054 668,705 5,379,209 435 150° -70° 576.00

MAIN MMD-22-055 668,721 5,379,279 443 154° -59° 618.00

MAIN MMD-22-056 668,801 5,379,340 438 151° -61° 600.00

MAIN MMD-22-057 668,887 5,379,368 437 154° -70° 603.00

SW MMD-22-064 668,481 5,378,460 439 109° -51° 407.15

SW MMD-22-066 669,077 5,378,242 432 290° -50° 654.30

LINK MMD-22-074 669,241 5,378,339 430 335° -51° 660.85

LINK MMD-22-077 669,659 5,379,054 432 335° -60° 12.00

LINK MMD-22-078 669,659 5,379,055 432 337° -50° 603.00

LINK MMD-22-079 669,573 5,379,011 437 336° -50° 333.00

LINK MMD-22-081 669,469 5,378,982 428 334° -48° 375.00

LINK MMD-22-082 669,248 5,378,768 437 335° -46° 347.85

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 Labor atories 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 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

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.

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