Goldshore Mobilizes Drill Rig and Outlines Targets for 2,500-Meter Summer Drill Program
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Goldshore Mobilizes Drill Rig and Outlines Targets for
2,500-Meter Summer Drill Program
VANCOUVER, B.C., June 20, 2024: Goldshore Resources Inc. (TSXV: GSHR / OTC Markets:
GSHRF / FSE: 8X00) (“Goldshore” or the “ Company”) is pleased to announce plans for its
upcoming 2,500-meter summer drill program scheduled to begin June 25, 2024. The program is
designed to test two targets immediately adjacent to the conceptual open pit outlined in the
Company’s current Mineral Resource Estimate (“MRE”) (see press release dated
February 6, 2024), with the goal of demonstrating the growth potential for high margin ounces
from surface to 200 meters depth.
The drill program is the first step in exploring the high potential “Moss B lock”, an area
approximately 8 km x 6 km centered on the Moss deposit, which contains 91% of the ounces in
the Project’s MRE. These drill holes will evaluate the potential of two ready -to-drill prospects –
the Boundary Zone and SW Extension – to potentially add to the Moss MRE and expand the
current open pit shell (Figure 1).
Michael Henrichsen, CEO of Goldshore commented, “We are excited to demonstrate the potential
for additional ounces at shallow depths adjacent to the open pit. Our goal is to put the Company
in position to quickly add ounces that have the potential to improve the economic performance of
the deposit by targeting higher grade mineralization and reducing the strip ratio.”
Figure 1: Illustrates the targets adjacent to the Moss deposit. The Boundary and SW Extension form the basis of the
upcoming 2500-meter drill program.
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The Boundary Zone is located 100 – 200 meters to the south of the conceptual pit boundary and
has six historical drill holes over a 300- meter strike length , defining a continuous body of
mineralization including intercepts of 31.4 m of 5.28g/t Au , and 21.5 m of 4.27g/t Au (Figure 2).
The mineralized zone has the potential to extend over 800 meters in length based on anomalous
rock chip and soil samples along the mineralized structural corridor. The current plan is to drill six
holes for a total of 1,500 meters into the core of the Boundary Zone to confirm and expand on the
mineralization encountered in historical drillholes.
Figure 2: Illustrates the drill plan at the Boundary Zone as highlighted by the yellow drill traces over a strike length of
approximately 500 meters in the core of the Boundary Zone.
The SW Extension is the immediate extension of the southwest margin of the conceptual open
pit with mineralization open along strike (Figure 3). The last fence of drill holes completed in the
Southwest Zone intersected 17.2 m of 1.91g/t Au and 16.9m of 1.47g.t Au. The potential to extend
the deposit as currently defined is over a 300 meter by 700 meter area based on anomalous rock
chip samples. The Company plans to drill 4 holes with the goal of extending the deposit 300
meters.
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Figure 3: Illustrates the drill plan for the SW Extension as highlighted by the yellow drill traces. The goal of the drill
program is to extend the Moss deposit 300 meters to the southwest.
Market Communications Engagements:
The Company also announces that it has engaged the following service providers (the
“Contractors”) to advise and coordinate market communications and investor relations on behalf
of the Company. The Company is at arms -length from each of the Contractors and does not
propose to issue any securities to any of the Contractors in consideration of services to be
provided to the Company.
The Company has engaged Independent Trading Group (ITG), Inc. (“ITG”) on a monthly basis
from June 10, 2024, to provide market making services to the Company. ITG is entitled to receive
a monthly fee of $6,000 in consideration of the services provided.
The Company has engaged Earthlabs Media Inc. (“Earthlabs”) for a term of six months from
June 13, 2024, to assist with the development of featured articles and videos describing the
activities of the Company. Earthlabs received a total fee of $75,000 in consideration for services
to be provided through the term of the engagement.
The Company has engaged DCWL Media Ventures Ltd. (“DCWL”) to provide a video describing
the activities of the Company. DCWL received a total fee of $7,500 in consideration for services
to be provided.
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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 has large scale, high
grade and excellent metallurgy. It is uniquely positioned in Ontario, Cana da, with direct
accessibility from the Trans -Canada Highway with hydroelectric power at site, supportive local
communities and skilled workforce. The Company has invested over $6 0 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 fast track through this
development cycle. 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 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
time to time in order to continue its operations which may not be available when needed or on
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acceptable terms and conditions acceptable; compliance with extensive government regulation;
domestic and foreign laws and regulations could adversely affect the Company’s business and
results of operations; 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; and the impact of COVID-19.
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. 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.