Goldshore Resources Intersects Three +1 g/t Au Zones over 810 Meters
Goldshore Resources Intersects Three +1 g/t Au Zones over 810 Meters
VANCOUVER, B.C., January 17, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce gold assay
results from hole MMD-21-007, which continues to demonstrate gold mineralization from the Main
Zone of the Moss Lake Gold Deposit in Northwest Ontario, Canada . Significantly, the results
suggest a new parallel zone to the southeast that has not been previously tested.
Highlights:
• Continued high grade structures intersected at Main Zone: high-grade mineralized
structures occur within a larger envelope of +0.3 g/t Au mineralization and include:
o 36.75m @ 1.27 g/t Au from 37.5m
o 8.0m @ 3.51 g/t Au from 80.0m
o 11.0m @ 1.23 g/t Au from 242.0m and
o 37.0m @ 1.09 g/t Au from 268.0m
• New parallel zone indicated: mineralization was intersected in a second altered diorite
intrusion near the end of MMD-21-007, suggesting that the Main Zone is some 200 meters
or 48% wider than the 420m width modelled in 2013. High-grade mineralized intercepts
include:
o 12.0m @ 1.15 g/t Au from 695.0m and
o 32.0m @ 1.55 g/t Au from 769.0m
• Step out drilling has begun: Drilling has begun testing step out targets aiming to expand
the deposit beyond the strike of the current mineralization envelope. This drilling will run
concurrently with the resource development drilling of the main deposit.
Brett Richards, President and Chief Executive Officer of Goldshore commented: “The intersection
of several +1 g/t Au zones, essentially from surface, reaffirms our view that the Moss Lake Gold
Project contains a significant volume of +1 g/t Au mineralization that can underpin a meaningful
update to the historic 2013 preliminary economic assessment later this year. 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.”
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Technical Overview
Figure 1 shows the location of the project in Northwest Ontario. Figure 2 is the drill section for
MMD-21-007. Table 1 summarizes the significant intercepts. Figure 3 and Table 2 show the drill
hole location.
Figure 1: Location map showing Goldshore’s Moss Lake Project relative to the Shebandowan Greenstone Belt
Figure 2: Drill section through MMD-21-005 (in black; reported on December 8, 2021) and MMD-21-007 showing mineralized
intercepts relative to the 2013 grade model and extending mineralization by approximately 200 meters to the southeast
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Figure 3: Drill plan showing the 2021 drill holes relative to the 2013 resource model and historic drill hole location
Table 1: Significant downhole gold intercepts in MMD-21-007
HOLE ID FROM TO
HOLE
LENGTH
(m)
TRUE
WIDTH
(m)
GRADE
(g/t Au)
MMD-21-007 15.15 74.25 59.10 29 0.94
including 37.50 74.25 36.75 18 1.27
80.00 94.00 14.00 6 0.95
including 80.00 88.00 8.00 4 1.35
112.00 141.00 29.00 13 0.52
including 131.00 134.00 3.00 1 1.34
170.00 255.00 85.00 39 0.41
including 193.00 195.00 2.00 1 2.17
and 242.00 253.00 11.00 5 1.23
268.00 305.00 37.00 17 1.09
including 274.00 294.50 20.50 9 1.65
318.00 326.00 8.00 4 0.33
348.00 355.00 7.00 3 0.31
385.00 402.00 17.00 8 0.39
435.00 438.00 3.00 1 0.33
482.30 485.00 2.70 1 2.43
516.00 518.00 2.00 1 0.37
589.80 592.50 2.70 1 0.45
606.00 622.00 16.00 7 0.37
including 609.00 612.00 3.00 1 1.18
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631.75 647.25 15.50 7 0.47
694.00 708.35 14.35 7 1.05
including 695.00 707.00 12.00 5 1.15
769.00 801.00 32.00 15 1.55
including 770.00 801.00 31.00 14 1.58
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 with a top cut of 30 g/t Au. 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
MMD-21-007 668,928 5,379,143 430 155° -65° 810.0m
Approximate collar coordinates in NAD 83, Zone 15N
MMD-21-007 was drilled at -65° beneath MMD-21-005, which was reported by the Company on
December 8, 2021. It drilled through a massive diorite intrusion emplaced within a NE-striking and
steeply SE -dipping sequence of intermediate to mafic lavas and felsic to intermediate
volcaniclastic rocks. The hole intercepted a second massive diorite intrusion at the end of the hole
which it did not fully penetrate. This looks to be a previously untested parallel zone.
Later porphyritic and fine grained intermediate and mafic dikes cut the preceding rocks. These
are variably foliated to massive, suggesting that the later intrusions post-date metamorphism. All,
but these later intrusive phases, are variably altered with quartz -sericite, albite -sericite and
chlorite-epidote assemblages. The limited drilling of the second diorite intrusion shows it to have
a similar alteration assemblage as the first apart from containing a biotite-magnetite assemblage.
Quartz-calcite±chlorite±tourmaline veinlets occur as a weak stockwork in the more brittle-
deformed rocks. Disseminated and veinlet pyrite is common throughout and there is occasional
chalcopyrite and molybdenite mineralization.
MMD-21-007 intersected the underground workings from 74.25 to 80.0 meters. The void
separates two high grade intercepts of 36.75m @ 1.75 g/t Au from 37.5m and 8.0m @ 1.35 g/t
Au from 80.0m, suggesting that they are a single high-grade intercept that is 50.5 meters long
downhole. The drill hole intersected a second high-grade zone with two parts, including 11.0m @
1.23 g/t Au from 242.0m and 37.0m @ 1.09 g/t Au from 268.0m . These mineralized zones are
predominantly associated within areas of pervasive moderate to strong sericite- silica alteration
overprinted by weak hematite -chlorite-carbonate alteration within the main diorite body. These
are often shouldered by less mineralized zones of weak to moderate epidote alteration and
veining.
In addition to several narrow high- grade zones, MMD-21-007 intersected 32.0m @ 1.55 g/t Au
from 769m associated with the newly recognized parallel body of altered diorite. This zone would
extend up-dip beyond the end of MMD -21-005, suggesting that mineralization is potentially 200
meters (48%) wider than the modelled width of approximately 420 meters. It also shows that the
mineralized structures extend much deeper than the modelled volume.
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Goldshore note that MMD-21-006 was delayed by drilling problems. Results are expected for this
hole, as well as MMD-21-008 and MQD-21-009 in the coming weeks.
Peter Flindell, VP Exploration commented: “Drilling of the Main Zone continues to prove up the
large volume of mineralized diorite intrusion, likely within an anticlinal axis, that is cut by several
higher-grade structures hosted our +1 g/t Au intercepts. The discovery of a second, parallel
mineralized intrusion is encouraging and highlights the potential to expand the volume of
mineralized material in the Moss Lake Gold Deposit.”
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 Labor atories 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 sam ple
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 26 % 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.
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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 exceedi ng 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 Coldst ream 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 ar ea spanning approximately 7 km between
the Moss Lake and East Coldstream deposits that is significantly underexplored.
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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 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 t he
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 Deposit4
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.
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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
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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, including
planned drilling activities, an update to the historical 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
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