Goldshore Resources Drills 78.35m at 1.17 g/t Au and delineates higher grade lenses within Moss Lake Deposit
Goldshore Resources Drills 78.35m at 1.17 g/t Au and delineates higher grade lenses
within Moss Lake Deposit
VANCOUVER, B.C., June 29, 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. 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:
• Four shallow holes drilled during the winter ice program have confirmed high-grade gold
mineralization within shears hosted by altered diorite with best intercepts of:
o 78.35m @ 1.17 g/t Au from 170.35m depth in MMD-22-020, including
▪ 22.65m @ 2.31 g/t Au from 217.0m, including
▪ 5.65m @ 5.69 g/t Au from 234.0m
o 24.7m @ 1.28 g/t Au from 105.3m depth in MMD-22-017, including
▪ 2.75m @ 7.80 g/t Au from 106.9m
o 24.65m @ 1.05 g/t Au from 81.2m depth in MMD-22-016, including
▪ 2.0m @ 7.95 g/t Au from 103.0m
o 12.0m @ 1.41 g/t Au from 127.0m
President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling
results supporting our belief from the beginning of our 100,000m drill program, that Moss Lake is
much larger in depth, width and along strike , to the historical mineral resource. I am very
encouraged about the high grade sections we are seeing, as this will provide a lot of optionality
when we model the resource later in the year and start to look at economic pit shells . We see
several PEA permutations, including a smaller, higher grade starting project (Phase 1) followed
by a larger scale operation formulated on the global resource (Phase 2). Given the current
economic climate, a lower CapEx project (Phase 1) expanding to the larger operation (Phase 2)
may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier
One potential. We will make these determinations later in the year, as we continue to evaluate
the results from our 100,000m program.
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Technical Overview
Table 1 shows the significant intercepts calculated from recently received drill hole results. Figure
1 shows a typical cross section through MMD-22-020. Table 2 and Figure 2 show the drill hole
locations.
Table 1: Significant downhole gold intercepts
HOLE ID FROM TO LENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD-22-016 55.00 69.85 14.85 9.7 0.71 0.71
including 65.00 69.85 4.85 3.2 1.29 1.29
81.20 105.85 24.65 16.2 1.05 1.05
including 81.20 86.00 4.80 3.1 1.42 1.42
and 103.00 105.00 2.00 1.3 7.95 7.95
121.00 240.00 119.00 78.1 0.53 0.53
including 127.00 139.00 12.00 7.9 1.41 1.41
and 184.60 187.00 2.40 1.6 3.93 3.93
MMD-22-017 49.20 58.00 8.80 5.8 0.48 0.48
70.20 92.00 21.80 14.6 0.44 0.44
105.30 130.00 24.70 16.5 1.28 1.28
including 106.90 109.65 2.75 1.8 7.80 7.80
MMD-22-020 92.65 118.35 25.70 18.5 0.45 0.45
129.85 142.50 12.65 9.3 0.49 0.49
170.35 248.70 78.35 59.1 1.17 1.17
including 179.50 180.75 1.25 0.9 5.56 5.56
and 198.00 202.00 4.00 3.0 2.09 2.09
and 217.00 239.65 22.65 17.1 2.31 2.31
including 220.65 221.00 0.35 0.3 20.7 20.7
and 234.00 239.65 5.65 4.3 5.69 5.69
MMD-22-021 85.00 99.50 14.50 9.5 0.63 0.63
including 96.00 99.50 3.50 2.3 1.93 1.93
115.25 119.00 3.75 2.5 0.41 0.41
142.35 153.10 10.75 7.2 0.37 0.37
164.00 169.00 5.00 3.3 0.30 0.30
171.00 177.00 6.00 4.1 0.32 0.32
including 184.30 189.65 5.35 3.6 1.11 1.11
184.30 251.00 66.70 46.3 0.49 0.49
including 218.60 224.00 5.40 3.8 1.20 1.20
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. The fact that cut and uncut assays are the same, shows that all samples assayed less than the
30 g/t Au top cut.
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Figure 1: Drill section through M MD-22-020 showing mineralized intercepts relative to the 2013 grade model ,
the newly defined parallel zones and high grade structures within the model
Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones
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Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MMD-22-016 668874 5378962 426 335° -50° 245.0m
MMD-22-027 668965 5379004 426 335° -50° 130.0m
MMD-22-020 669071 5378898 426 335° -55° 251.0m
MMD-22-021 668980 5378856 426 335° -55° 251.0m
Approximate collar coordinates in NAD 83, Zone 15N
Four shallow drill holes were completed over ice this past winter. They were drilled to help define
the resource in the upper levels of the deposit. This includes localized high grade structural zones
– 2.0m @ 7.95 g/t Au, 2.75m @ 7.80 g/t Au, and 5.65m @ 5.69 g/t Au – that are common in the
Main and QES Zones.
Pete Flindell, VP Exploration for Goldshore, said “Our drilling program continues to confirm that
the large volume of low grade gold mineralization is plumbed by anastomosing high grade shears.
These high grade zones are not reflected in the historic (2013) Mineral Resource and will be a
focus of our resource update intended to be released at the end of 2022. Accurate modelling of
the high grade zones will significantly improve the economics of the Moss Project. Drilling is also
continuing to better define these zones within the known extents of the deposit and in parallel
zones that will add to the overall tonnage.“
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 Te sting 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 t imes 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.
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About Goldshore
Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold
Project located in Ontario. Wesdome is currently a strategic shareholder of Goldshore with an
approximate 27% equity position in the Company. Well-financed and supported by an industry -
leading management gro up, 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 mine ralized 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, which consisted of widely spaced holes along
the strike extension of the deposit was successful in expanding the mineralized footprint a nd
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 t o 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 silve r4 from mineralization with potential iron -oxide-copper-gold
deposit style affinity. The exploration potential immedia tely 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
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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
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 Deposi t, 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 estima tes as current resources and Goldshore is not treating 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.
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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 sc ientific 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, o r 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 alway s, 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 Lake Gold Project, an
update to the historical resource at the Moss Lake Gold Project, 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
8
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 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.
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.