Goldshore reports drill results from summer program and provides Corporate Update o Mineral resource model has been reviewed and confirmed by G Mining Services for use in the PEA study. o The Company share price has outperformed the GDXJ by 155% since the updated MRE was
EE
Goldshore reports drill results from summer program and
provides Corporate Update
o Mineral resource model has been reviewed and confirmed by G Mining Services for use in
the PEA study.
o The Company share price has outperformed the GDXJ by 155% since the updated MRE was
published on February 6, 2024.
o Summer drill programs lead to identification of fault along the western edge of the Moss Gold
Deposit that will allow the C ompany to focus its exploration efforts to expand the deposit to
the west around the Moss Nose target.
VANCOUVER, B.C., September 10, 2024: Goldshore Resources Inc. (TSXV: GSHR / OTC
Markets: GSHRF / FSE: 8X00) (“Goldshore” or the “ Company”) is pleased to announce drill
results from the summer drill program and provides an update on progress of its Preliminary
Economic Assessment (“PEA”).
• Scout Drilling Results Overview:
o At the Boundary Zone a 6 - 8 meter (true width) shear zone was encountered with
nuggety gold mineralization. A b est intercept of 13.30 m at 1.27g/t gold was
encountered.
o The Boundary zone is interpreted as a mineralized splay at 30 degrees to the Moss
Gold Deposit trend and represents an exploration target as the Company looks to
identify additional shear zones with similar orientations as potential drill targets
adjacent to the 3.6km long Moss Gold Deposit.
o Southwest Extension drilling has identified the location of a significant sinistral
NNE-striking fault that is interpreted to offset the Moss Gold D eposit to the
southwest. This provides a focus area to develop additional drill targets in the Moss
Nose area that has to date been defined by selective rock grab samples and soil
samples by the Company.
o Intersected mineralization in the Southwest Extension was interpreted to be
smaller scale peripheral shears to the main Moss trend.
• PEA Progress Overview:
o G Mining Services Inc. (“G Mining”) completed a Site visit on July 23, 2024 to
evaluate potential infrastructure sites.
o Mineral resource model has been reviewed and confirmed by G Mining Services
for use in the PEA study.
o Currently reviewing high level economics of several mining and milling scenarios
to identify the optimal project for PEA study.
• Market Overview:
o From publishing of the updated MRE on February 6, 2024 until August 31, 2024,
the Company share price has outperformed the VanEck Junior Gold Miners ETF
(the “ GDXJ”) by 155% with the Goldshore share price rising 191% during the
period.
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o The Company has observed strong insider support with roughly 6 million shares
acquired in the open market from May 1, 2024 until July 31, 2024, approximately
10% of the total volume during the period.
o As of August 31, 2024, 6.4% of the Company stock is held by board and
management with an additional 35.0% held by strategic shareholders which
includes Brian Paes-Braga, Lutry Investments, members of the SAF group and
close associates.
Michael Henrichsen, CEO of Goldshore commented, “The Company is pleased to provide an
update as we continue to execute on our strategic plan. From a growth perspective we tested two
important targets and gained valuable information to continue to explore in and around the Moss
Gold Deposit. Of note to the technical team is the identification of a fault along the western edge
of Moss that offsets the deposit to the south -southwest and will allow the Company to focus its
exploration efforts to expand the deposit to the west along the Moss Nose target. In addition, solid
progress has been made on the PEA study, the Company’s largest catalyst in the next 6 - 7
months with G Mining Services. A site visit and a validation of the mineral resource model have
been completed and the study is currently focusing on identifying the optimal mining and milling
scenario for a phased production approach that will form the basis of the PEA study moving
forward. We are encouraged by the strong performance of our share price, underpinned by the
steadfast support of our strategic shareholders, who have consistently demonstrated their
commitment through substantial open market purchases. This support has enabled us to continue
transitioning shares into the hands of long- term shareholders, aligning our ownership structure
with our long-term growth strategy.”
Figure 1: Moss geology maps with location of recent drilling
Scout Drilling Results
The Boundary Zone program was designed to evaluate , and expand upon, historical drilling
results to define the full extent of the high -grade shear zone. Drilling intersected broad zones of
intense, strongly sericitized and sheared intermediate volcanics containing disseminated pyrite
3
and pyrite-chalcopyrite stringers with narrow moderately sheared diorite dykes similar to what
was recorded by Tamavack Resources Inc. in the historical core logs. The main mineralized shear
is approximately 6 - 8 meters wide and strikes 030°, approximately 30 degrees away from the
060° regional foliation and dominant trend of shearing at Moss. Assay results confirmed the width
of the mineralization reported in the historic al drilling but failed to replicate the individual high-
grade samples, suggesting a strong nugget effect in the zone, amplified by the historical drilling
using BQ core which provides a smaller sample size.
Hole MBD-24-123, which intersected 13.30m at 1.27 g/t Au from 131.5m depth, was a near twin
of the historical hole TML-87-04 which intersected 21.49m at 2.26 g/t Au (cut) from 148.5m. The
latter was biased by a single 59 g/t gold sample, highlighting the impact of sample size on reported
grades. The Company does not treat the historical estimates disclosed in this news release as
current mineral resources.
Further regional exploration is being conducted along similar oblique structures to identify
additional zones of mineralization. Significant results of the Boundary Zone scout drill program
are summarized below in Table 1.
Table 1: Significant results of the 2024 Boundary zone drill program
HOLE ID FROM TO LENGTH
(m)
TRUE
WIDTH
(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MBD-24-121 161.5 163.5 2 1.5 1.63 1.63
incl 162.5 163.5 1 0.8 2.74 2.74
MBD-24-122
MBD-24-123 131.5 144.8 13.3 7.2 1.27 1.27
MBD-24-124 126 136.5 10.5 6.0 0.86 0.86
incl 132 134.55 2.55 1.4 3.04 3.04
MBD-24-125 104.25 107.2 2.95 2.1 1.38 1.38
and 118.6 121.6 3 2.2 2.38 2.38
and 197 217 20 15.2 0.69 0.69
incl 205 206 1 0.8 5.86 5.86
MBD-24-126 89 93 4 2.9 0.32 0.32
MBD-24-127 72 103.55 31.55 16.5 0.32 0.32
incl 72 73 1 0.5 3.05 3.05
and 117 126.4 9.4 5.1 0.95 0.95
and 126 126.4 0.4 0.2 15.8 15.8
and 147 148 1 0.5 3.24 3.24
and 161 163 2 1.1 0.69 0.69
Intersections calculated above a 0.3 g/t Au cut off w ith a top cut of 30 g/t Au
and a maximum internal w aste interval of 10 metres. Shaded intervals are
intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those
w ith a grade thickness factor exceeding 20 gram x metres / tonne gold. True
w idths are approximate and assume a subvertical body.
No significant results
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Drilling at the Southwest Extension targeted 300m and 600m step outs to the two mineralized
zones associated with the Southwest Zone of the Moss Gold Deposit . Drilling intersected a
foliated diorite intrusion complex containing the signature interchanging Moss alteration suite of
sericite, silica, chlorite, hematite, albite, epidote, and carbonate. Minor (2 -3%) sulphide
mineralization, as is typical of the Moss deposit , was characterized by disseminated pyrite, with
pyrite-chalcopyrite-molybdenite mineralization hosted in occasional quartz-carbonate veins.
Assay results showed wide intersections of anomalous gold mineralization containing sporadic
multi-gram assays, but these assays do not cluster together to develop significant mineralized
intercepts. A review of the trace element geochemistry noted an abrupt change in the chemistry
of the host diorites at the Moss Gold Deposit suggesting a fault offset along the NNE trending Till
Groove Fault shown to offset the nearby Moss stock by ~ 1km (Figure 1). A similar offset would
align the extension of the Moss Gold Deposit with the Moss Nose prospect, which is being actively
explored as part of the 2024 summer field program. Significant results of the Southwest Extension
scout drillholes are outlined below in Table 2.
Table 2: Significant results of the 2024 Southwest Extension drill program
Mineral resources that are not mineral reserves have no demonstrated economic viability. There
is no guarantee that any part of the mineral resources discussed herein will be converted to a
mineral reserve in the future. The estimate of mineral resources may also be materially affected
by geology, environment, permitting, legal, title, taxation, socio- political, marketing, or other
relevant issues.
HOLE ID FROM TO LENGTH
(m)
TRUE
WIDTH
(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD-24-128 237 242 5 4.1 0.36 0.36
MMD-24-129 171.9 175 3.1 2.5 0.34 0.34
and 224.35 224.85 0.5 0.4 2.24 2.24
MMD-24-130 33 34.25 1.25 0.9 6.56 6.56
and 33.55 34.25 0.7 0.5 10.8 10.8
and 50.15 56 5.85 4.2 0.36 0.36
and 109.6 118.3 8.7 6.5 0.55 0.55
and 179 185 6 4.6 0.62 0.62
MMD-24-131 112 120 8 6.0 0.37 0.37
and 207.1 212.8 5.7 4.5 0.32 0.32
MMD-24-132 34 41.05 7.05 5.1 0.35 0.35
and 71 72 1 0.7 2.51 2.51
Intersections calculated above a 0.3 g/t Au cut off w ith a top cut of 30 g/t Au
and a maximum internal w aste interval of 10 metres. Shaded intervals are
intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those
w ith a grade thickness factor exceeding 20 gram x metres / tonne gold. True
w idths are approximate and assume a subvertical body.
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PEA Update
G Mining continues to advance the PEA for the Moss Gold Project. G Mining has completed its
review of the MRE, finding it acceptable for use in the PEA , while providing several
recommendations on opportunities for further enhancement and improvement which are actively
being incorporated into Goldshore’s ongoing site programs. The G Mining team conducted a site
visit on July 23 , 2024 along with select Goldshore and CSL Environmental & Geotechnical Ltd.
personnel, to evaluate opportunities for the placement of potential key site infrastructure. G Mining
is currently reviewing a series of high level scenarios involving a variety of mining and milling
options to identify the optimal project for PEA study. Importantly, Goldshore has elected to
exclude the small gold resource at East Coldstream to focus on the larger part of the mineral
resource at Moss and a smaller project footprint.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice- President, Exploration, of the Company, and a
qualified person under National Instrument 43- 101, has approved the scientific and technical
information contained in this news release.
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 i s positioned in
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 $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 the Company’s
profile at 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.
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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 Gold Project , including
identifying additional shear zones as potential drill targets, the evaluation of potential
infrastructure sites, the review of high level economics of mining and milling scenarios, and the
targeted expansion of the deposit to the west along the Moss Nose target; the release of an
updated preliminary economic assessment and the expected timing thereof; 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 foregoing exploration and development goals of the
Company may not occur on the timetable anticipated or at all; the preliminary economic
assessment may not be completed on the timetable expected or at all; 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; risks related to compliance with
extensive government regulation; domestic and foreign laws and regulations could adversely
affect the Company’s business and results of operations; and 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 forward-looking information in this news release is based on management’s
reasonable expectations and assumptions, including that the Company’s business and financial
position and general economic conditions will not be adversely affected; that the Company’s
exploration and development goals will be met and on the timetable expected; and that the
preliminary economic assessment will be completed on the timetable anticipated.
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.