Goldshore Resources Provides Corporate Update Preliminary Economic Assessment On-Schedule; Robust Mineral Resource Independently Confirmed
Goldshore Resources Provides Corporate Update
Preliminary Economic Assessment On-Schedule; Robust Mineral Resource
Independently Confirmed
VANCOUVER, B.C., August 10, 2023: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “Company”), is pleased to share a corporate update
in regards to its ongoing activities.
Highlights:
• The Preliminary Economic Assessment (“PEA”) on the Moss Gold Project is progressing
well and is on schedule for release mid Q4 2023.
• The PEA is being managed by an independent multidisciplinary team at Ausenco
Engineering Canada Inc. (“Ausenco”).
• Base Metallurgical Laboratories Ltd. (“BaseMet”) has completed a gold deportment study
with positive results and a dditional heap leach metallurgical test work is in progress at
Kappes, Cassaday and Associates (“KCA”) to maximize potential gold recoveries.
• Independent review of the May 5, 2023 Mineral Resource Estimate for the Moss Gold
Project recently completed by SRK Consulting (Canada) Ltd. (“SRK”) confirms that the
resource meets the CIM guidelines for the reporting of inferred mineral resources.
• Independent review of project permitting paths by CSL Environmental & Geotechnical Ltd.
(“CSL”) confirms that the permitting process is on -track for development with significant
studies already completed and no major information or timeline hurdles expected.
• Goldshore continues to take a proactive approach to community engagement, with regular
information sharing meetings with host indigenous communities and benefiting greatly
from feedback on all aspects of the PEA process.
• The Company has been approved to receive an Ontario Junior Exploration Program grant
of $200,000.
• An additional >8,000 ha of new mineral claims have been staked 15 -25 km north of the
Moss Gold Project.
President and CEO Brett Richards stated: “In the wake of this market turbulence, we continue to
pursue our goals of establishing the economic viability of the Moss Gold Proje ct; as well as
increasing our footprint in the region in a responsible manner. We continue to see great potential
for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting,
but appreciate we need to establish the Project as an economically viable resource in its existing
size, grade, and metallurgy. Initial indications are extremely encouraging, and we are looking
forward to releasing the complete economic results in mid Q4 2023.”
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PEA Update
Ausenco has completed Phase One of the ongoing PEA for the Moss Gold Project. Phase One
was an initial high-level review of various mining and milling rates and different plant processes
that is conducted to select the optimal configuration for the detailed PEA (Phase Two). While not
definitive in and of itself, Phase One indicated that the most effective method to process
mineralized material from the Moss Gold Project is conventional cyanide leaching with stockpiling
of low-grade material for processing at the end of mine life. The Phase One results also indicated
that an alternate (though more complex) flotation-leach process with heap-leaching of low-grade
material provided similar returns, but size and scope of this approach needs to be studied in the
future for project scoping on a larger resource (in both geological domains).
During Phase Two, further test work will be conducted to better define the cost and recovery
profile entailed by the alternative of heap-leaching low-grade material. To this end, the Company
will soon commence column leach testing of mineralization with KCA, who are recognized leaders
in heap leach technology.
Alternate processing options highlight the flexibility of the Moss Gold Project, and future test work
may unlock potential opportunity for upside on creating a different size scoped project in the
future, with different recovery methods.
Mineral Deportment Study
Sixteen samples were submitted to BaseMet in Kamloops, BC, for gold deportment studies that
evaluated the gold associations, gold particle size distribution, degree of gold liberation and gold
mineralogy. The samples are composites from shear and i ntrusion domains, plus combined
composites, from the Main, Central and QES Zones (the “Moss Pit”), Moss Southwest Zone and
East Coldstream. Within the Moss Pit, combined samples were prepared for the three zones as
well as an overall pit composite.
In general, observed gold grains in all samples are ultrafine, predominantly in -20 µm size fraction.
This is at the ver y bottom end where centrifugal gold concentrators operate, hence the low
recoveries observed in the E -GRG test. The strong association with pyrite in several samples
shows why flotation was successful and , with regrind, leach extractions improved significa ntly.
The bulk mineralogy shows high amounts of quartz and plagioclase in all samples which corelate
to the high competency and hardness seen in the comminution results.
Mineral Resource Audit
Following the inclusion of external comments within the technical report drafted by CSA Global;
Goldshore retained SRK to conduct an independent review of the mineral resource estimate and
its reliability. Dr. Gilles Arseneau, Principal Consultant at SRK, conducted an independent review
of the May 2023 mineral resource estimate reported by CSA. He also completed an in -depth
review of the drill data and wireframes used for this estimate.
Dr. Arseneau concluded that, “the mineral resource reported by CSA Global effective May 5,
2023, meets the criteria under CIM guidelines for reporting inferred mineral resources.”
Although Dr. Arseneau noted concerns with the historical drilling data, they were fewer than those
noted by CSA, and he also noted that with further analysis it may be possible to reclassify
part of the Mineral Resource as indicated mineral resources under CIM guidelines.
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Goldshore has concluded that the mineral resource estimate is suitable for the purpose of
advancing the current PEA.
Independent Outlook for Permitting
CSL are Goldshore’s independent environmental site auditors as well as project manag ers for
current baseline studies. CSL have considerable experience in this field through their work on the
permitting for Impala’s Lac des Iles mine, north of Thunder Bay. This positions them perfectly to
manage the Section 20 environmental studies for the PEA. As part of this, CSL produced an
independent position paper on the steps required to permit the Moss Gold Project.
CSL has used the rigour around site layout and engineering to identify additional baseline studies
that will need to be undertaken and completed as part of the permitting and approvals process.
This includes future engagement with indigenous communities on site layout as well as long lead
time permits (federal and provincial).
Key permits that Goldshore will be seeking include:
• Federally, an Impact Assessment and a Fisheries Habitat C ompensation Plan, and
various approvals, authorizations and licenses; and
• Provincially, a Closure Plan, various Environmental Compliance Approvals and several
standard work permits. All of these permits have been factored into internal planning
timelines.
Chris Perusse, P.Geo., President and Senior Geoscientist with CSL, noted, “there are no major
informational or timeline hurdles to permitting the Moss Gold Project and a relatively
straightforward path with Goldshore well on track with studies completed to date. There is
no major lake remediation process, rather a diversion of the Wawiag River, which broadens
into the very shallow Snodgrass Lake, around the proposed mine site.”
Goldshore is taking a proactive approach to consultation with our host indigenous communities
through regular meetings to share information and benefit from feedback on all aspects of the
PEA process.
Hillcrest Project
As part of the Company’s strategy for an exploration and development pipeline, Goldshore has
acquired 390 cell claims covering 8,261 hectares in the Quetico Subprovince, 15-25km kilometres
north of Moss. This has been named the Hillcrest Project.
The Hillcrest Project represents a blue-sky approach to gold exploration. Fault systems cutting
the area appear to be deep-seated structures, “plumbing” the mantle, that were active in the same
timeframe as the “Timiskaming-type” deformation zones which have a known, close association
with gold mineralization within the Shebandowan Belt (specifically, the high -grade Delta-1 and
Tower gold deposits, held by Delta Resources and Thunder Gold, respectively). The interpreted
tectonic regime predicts a relatively high den sity of subvertical second-order deformation zones
which acted as fluid conduits. Lake sediment geochemistry is anomalous in gold and other
pathfinder elements, which highlights the unrecognized prospectivity of the area.
The Hillcrest Project is also pros pective for critical minerals – specifically, Alaska-type Ni-Cu-
PGE±Au and lithium pegmatites – as suggested by pre -staking p rospecting conducted by
Goldshore’s geologists.
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The current focus remains on the Moss Gold Project and fieldwork is not planned on the Hillcrest
Project until 2024-25.
Ontario Junior Exploration Program Funding
The Company applied for a $200,000 grant under Ontario’s Junior Exploration Program (OJEP),
which was approved on July 13, 2023. Goldshore has been using these funds to conduct
geological mapping and geochemical sampling that is focused on potential copper-cobalt targets
within the Moss Gold Project. The Company has received approval for the full $200,000 grant
under OJEP which consists of a 50% rebate on $400,000 of grassroots focused exploration
expenses incurred in 2023.
The Company mobilized field crews in May which have been actively exploring the northern
tenement of the project targeting favourable geological horizons and alteration envelopes
associated with VMS mineralization as identified at the Vanguard and North Coldstream deposits.
The program will progressively move south exploring regional targets around the Moss deposit
and Hamlin prospect identified through the earlier completed airborne geophysics survey
including many unexplained EM anomalies.
The Company looks forward to continuing its part nership with the Ontario government through
OJEP and will be monitoring the program for additional opportunities for funding.
President and CEO Brett Richards stated: “ I would like send a note of thanks to the Minister of
Mines, for the creation of the Ontario Junior Exploration Program funding, and for our acceptance
to receive the generous grant to continue our field work.”
Pete Flindell, VP Exploration for Goldshore, said , “Goldshore remains active with field mapping
and geochemical sampling programs to prioritize scout drilling targets for when the drill rigs return
later this year. At the same time, we are pursuing studies to determine the economic value of the
Moss Gold Project . Initial results are highly encouraging, exceeding all of the Company’s
economic metrics given to Ausenco as the framework for scoping the project.”
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Qualified Persons
Peter Flindell, P.Geo., MAusIMM, MAIG , Vice President – Exploration of the Company is a
"Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects. He has reviewed and verified the scientific and technical information contained in this
news release.
Dr Gilles Arseneau, P. Geo. is an associate with SRK Consulting (Canada) Inc. SRK Consulting
is an independent, global network of consulting practices in over 45 countries on six continents.
Its experienced engineers and scientists work with clients in multi -disciplinary teams to deliver
integrated, sustainable solutions across a range of sectors – mining, water, environment,
infrastructure, and energy. He has reviewed and verified the information regarding the Mineral
Resource audit on the Moss Gold Project disclosed in this news release.
Robert Raponi, P.Eng is a Senior Mining Engineer Specialist with Ausenco Engineering Canada
Inc. He has reviewed and verified the information regarding the metallurgical and processing
results on the Moss Gold project disclosed in the news release.
Chris P erusse, P.Geo, is President and Senior Geoscientist with CSL Environmental and
Geotechnical Ltd. He has reviewed and verified the information regarding the independent outlook
on permitting on the Moss Gold project disclosed in the news release.
About Goldshore
Goldshore is an emerging junior gold development company, and owns 100% of the Moss Gold
Project located in Ontario. Wesdome is currently a large shareholder of Goldshore , and the
Company is supported by an industry-leading management group, board of directors and advisory
board. Goldshore is well positioned to advance the Moss Gold Project through the next stages of
exploration and development.
About Ausenco
Ausenco is a global diversified engineering, construction and project management company
providing consulting, project delivery and asset management solutions to the resources, energy
and infrastructure sectors. Ausenco’s experience in gold projects ranges from conceptual, pre -
feasibility and feasibility studies for new project developments t o project execution with EPCM
and EPC delivery. Ausenco is currently engaged on a number of global projects with similar
characteristics and opportunities to the Moss Gold Project.
Neither the TSXV nor its Regulation Services Provider (as that term is def ined 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 exp ressed 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 expl oration and development of the Moss Gold Project and the
Hillcrest Project, the release of an updated mineral resource estimate and 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 impl ied 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 condi tions 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.