Goldshore Resources Announces Innovative Technology Application for Moss Lake Project Exploration and Closing of Non-Brokered Financing
Goldshore Resources Announces Innovative Technology Application for Moss Lake
Project Exploration and Closing of Non-Brokered Financing
VANCOUVER, B.C., May 18, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF
/ FWB: 8X00) (“Goldshore” or the “Company”), is pleased to announce that it is working with Dr.
Russell Birrell of Globex on implementing his innovative ionic leach soil sampling technique that
will enable the Company to detect bedrock anomalies beneath muskeg swamp and glacial till.
Initial sampling will be conducted across known mineralization at the QES Zone to calibrate the
geochemical response and enable a more accurate assessment of results in new areas.
Peter Flindell, Vice President Exploration comments: “I have worked with Dr. Birrell and the ionic
leach technique in Scotland where we successfully identified several mineralized targets. This
technique is well suited to the type of cover at Moss Lake and I look forward to reviewing the first
results over the QES Zone. The ionic leach program will continue throughout the 2022 summer
field season and focus on the targets developed from last year’s VTEM/magnetics survey. This
will help us to rank and rate all targets, and to prioritize the scout drilling program, outside the
historical Moss Lake deposit.”
Dr. Birrell was part of the team that developed the Mobile Metal Ion (MMI) sampling technique at
CSIRO. The MMI technique has been widely used in exploration programs for the past three
decades. His work on ionic leach marks an or der of magnitude increase in sensitivity that has
mapped several concealed mineralized targets in similar terranes.
Closing of Non-Brokered Financing
The Company is also pleased to announce that it has closed a non- brokered private placement
of 1,000,000 units (each, a “ Unit”) at a price of $0.50 per Unit for gross proceeds of $500,000
(the “Financing”). Each Unit issued in connection with the Financing is comprised of one common
share of the Company (each, a “Common Share”) and one-half common share purchase warrant
(each whole warrant, a “ Warrant”). Each Warrant shall entitle the holder thereof to acquire one
Common Share at an exercise price of $0.75, for a period of 24 months following the date hereof,
subject to acceleration if the Common Shares trade above $1.10 on the TSX Venture Exchange
(the “Exchange”) for twenty (20) consecutive days.
The Company intends to use the proceeds raised from the Financing for future exploration work
on its Moss Lake gold deposit in Northwest Ontario, Canada and for general working capital
purposes.
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The securities issued pursuant to the Financing will be subject to a four-month and one day hold
period under applicable securities laws in Canada. Closing of the Financing is subject to final
approval by the Exchange.
About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold
Project located in Ontario. Wesdome Gold Mines Ltd. is currently a strategic 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 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.
Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit,
the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table
2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.
A historical preliminary economic assessment was completed on Moss Lake in 2013 and
published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East
Coldstream Deposit in 2011 by Foundation Resources Inc2,3. 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 Gold Mines Ltd. (“ 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 deposit 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 expansi on 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.
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The historically producing North Coldstream Mine is reported 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 signifi cant 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 Moss Lake Gold Project and there is an area spanning approximately 7 km bet ween
the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 1: Historical Mineral Resources1,2,3
INDICATED INFERRED
Deposit Tonnes Au g/t Au oz Tonnes Au g/t Au oz
Moss Lake Deposit1 (2013 resource estimate)
Open Pit Potential 39,795,000 1.1 1,377,300 48,904,000 1.0 1,616,300
Underground Potential - - - 1,461,100 2.9 135,400
Moss Lake Total 39,795,000 1.1 1,377,300 50,364,000 1.1 1,751,600
East Coldstream Deposit2 (2011 resource estimate)
East Coldstream Total 3,516,700 0.85 96,400 30,533,000 0.78 763,276
Combined Total 43,311,700 1.08 1,473,700 80,897,000 0.98 2,514,876
Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic
Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake
Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground
resources.
(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream
Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures
Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade.
(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in
nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has
not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the
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historical estimates as current resources. Significant data compilation, re- drilling, re-sampling and data verification
may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified
as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will
ever become economically viable. In addition, mineral resources are not mineral reserves and do not have
demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further
exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource
category.
Table 2: Reported Historical Production from the North Coldstream Deposi t4
Deposit Tonnes Cu % Au g/t Ag Cu lbs Au oz Ag oz
Historical Production 2,700,0000 1.89 0.56 5.59 102,000,000 44,000 440,000
Note::
(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12,
Ontario Geological Survey, pp. 314-316.
Peter Flindell, 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.
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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 use
of proceeds from the Financing, 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 acceptable terms and conditions acceptable; compliance with
extensive government regulation; domestic and foreign laws and regulations could adversel y
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, regard less 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.
This news release does not constitute an offer to sell, or a solicitation of an offer to buy, any
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption from
such registration is available.