Goldshore Resources Drills 128.3m grading 1.1 g/t Au from the Moss Lake deposit Additional Parallel zone returned 16.0m at 5.31 g/t Au with visible gold also discovered
Goldshore Resources Drills 128.3m grading 1.1 g/t Au from the Moss Lake deposit
Additional Parallel zone returned 16.0m at 5.31 g/t Au with visible gold also discovered
VANCOUVER, B.C., May 05, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF
/ FWB: 8X00 ) (“Goldshore” or the “ Company”), is pleased to announce assay results in hole
MQD-22-014 from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest
Ontario, Canada. Drilling is aiming to better define and expand high-grade structural zones within
the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral
resource.
Highlights:
• Broad zone of high-grade mineralization confirming the tenor of mineralization modeled
in the QES Zone with best intercepts of:
o 128.3m at 1.05 g/t Au from 121.3m, including
40.6 m at 1.99 g/t Au from 139.4m,
3.6m at 1.80 g/t Au from 199.0m, and
22.0 m at 1.25 g/t Au from 227.0m.
• New h igh grade gold mineralization open in all directions with visible gold
intersected in a northern parallel structure. This northern structure is interpreted to
be the same parallel structure intersected over 100 metres further to the east (see
press release dated January 28, 2022). In addition, the identification of VG in this
northern structure could provide elevated milling recoveries in any future
operation. The drilling returned:
o 16.0m at 5.31 g/t Au from 477.0m, including
5.25 m at 15.8 g/t Au from 477.75m
• Expanding Drill Capacity through the engagement of two additional drill contractors who
are mobilizing three rigs to site in the coming week. This will enable Goldshore to increase
the drilling rate at the Moss Lake gold deposit and expand the d rill program to the
Coldstream area to evaluate the gold deposit at East Coldstream and copper-gold-cobalt
mineralization at North Coldstream.
Click here to view interactive VRIFY 3D tour of recent drilling; including results from Hole
MQD-22-014.
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Brett Richards, President and Chief Executive Officer of Goldshore commented: “The drilling
intercept of 128.3m at 1.05 g/t Au reaffirms our view that the Moss Lake gold project contains a
significant volume of +1 g/t Au mineralization that can underpin a meaningful, economic gold
deposit. The fact that we are continuing to intersect gold mineralization outside of the volume
modelled in 2013 also affirms our belief that the deposit is significantly larger than previously
interpreted. Separately, we are pleased to be bringing in additional drill contractors that will enable
us to increase our drilling rate at Moss Lake while commencing drilling at Coldstream.”
Technical Overview
Figure 1 and Table 1 summarize the significant intercepts in MQD -22-014. Figure 2 shows the
visible gold seen at 478.1 meters depth, which corresponds to the high-grade parallel structure.
Figure 3 and Table 2 show the drill hole location.
Figure 1: Drill section through MQD-22-014 showing mineralized intercepts relative to the 2013 grade model
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Figure 2: Visible gold in quartz-pyrite veins at 478.1m in MQD-22-014
Figure 3: Drill plan showing the drill holes relative to the 2013 resource model and historic drill holes
Table 1: Significant downhole gold intercepts in MQD-22-014
HOLE ID FROM TO
HOLE
LENGTH
(m)
TRUE
WIDTH
(m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MQD-22-014 59.00 97.05 38.05 25 0.36 0.36
121.30 249.60 128.30 92 1.05 1.05
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including 139.40 180.00 40.60 29 1.99 1.99
and 199.00 202.60 3.60 3 1.80 1.80
and 227.00 249.00 22.00 16 1.25 1.25
363.75 373.10 9.35 7 0.57 0.57
477.00 493.00 16.00 12 2.69 5.31
including 477.75 483.00 5.25 4 7.87 15.8
including 477.75 479.20 1.45 1 25.30 54.1
561.00 563.95 2.95 2 0.42 0.42
570.75 573.75 3.00 2 0.57 0.57
607.10 614.45 7.35 6 0.36 0.36
619.40 621.55 2.15 2 0.39 0.39
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
MQD-22-014 670106 5379466 428 335° -45° 686.0m
Approximate collar coordinates in NAD 83, Zone 15N
MQD-22-014 was drilled 120 meters west of MQD-21-009 (see press release dated January 28,
2022) at a -45° dip and 335° azimuth to test the 2013 resource model and twin the historic hole
90-203.
The reported significant intercept of 128.3m at 1.05 g/t Au from 121.3m occurs within a broader
zone of strongly silica-sericite-chlorite±carbonate altered diorite that assays 200.75m at 0.77 g/t
Au from 14m above a 0.3 g/t Au cutoff. T he better grade segments (e.g., 40.6m at 1.99 g/t Au
from 1 39.4m) are characterized by intense foliation and brecciation, which reflect numerous
sigmoidal shear zones that provide the plumbing for the hydrothermal system.
These results are similar to those intersected in the historic hole, which returned 136.0m at 1.09
g/t Au from 137.0m.
Importantly, we continue to intersect parallel structures that were not previously reported. Visible
gold was intersected within a 1.45 -meter-wide quartz -pyrite-chalcopyrite vein from 477.75-
479.20m, which averages 54.1 g/t Au. This occurs within a biotite -altered diorite that returned
16.0m at 5.31 g/t Au from 477.0m.
Peter Flindell, VP Exploration commented: “These drilling results confirm the historic drill results
and help us to understand the non- linear distribution of high grades that will enable us to model
the higher -grade gold resource more accurately later in the year. Our relogging work and
surveying of historic drill collars will also allow us to incorporate many of the historic drillholes,
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which will reduce the number of holes we need to drill in this campaign. Just as we are intersecting
new parallel zones of mineralization that will expand the Mineral Resource, we are also identifying
mineralization in the historic holes that was previously unsampled, thereby adding assay data to
our database.”
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
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 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 3), the historically producing North Coldstream Mine (Table
4), 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
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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 expansion 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.
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 significant 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 between
the Moss Lake and East Coldstream deposits that is significantly underexplored.
Table 3: 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
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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 treat ing the
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 4: 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:
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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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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
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