Goldshore Resources Receives Initial Magnetics Images from Geotech VTEM System Survey on the Moss Lake Gold Project
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
U.S.
Goldshore Resources Receives Initial Magnetics Images from Geotech VTEM System
Survey on the Moss Lake Gold Project
VANCOUVER, B.C., September 9, 2021: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “Company”), is pleased to announce that it has
received the initial magnetic images from the heli-borne Versatile Time-Domain Electromagnetic
(VTEM™ Plus) and Horizontal Magnetic Gradiometer geophysical survey conducted by Geotech
Ltd. (“Geotech”) on the Moss Lake Gold Project located in northwest Ontario (Figure 1).
Highlights:
• Geotech’s processed magnetic images highlight the regional -scale attenuation,
asymmetric boudinage and anastomosing character of shear zones, which are conducive
for similar-scale fluid flow systems and speak to the prospectivity for mineralization in the
district;
• The data allows the mapping of tightly folded stratigraphic units and intrusion margins,
which correlate with gold mineralization and provide additional targets for drill testing;
• The data also highlight late NNE -striking sinistral strike slip faults that truncate the Moss
Lake gold deposit and suggest a potential extension of mineralization in an area that has
been significantly under-drilled; and
• T he structurally controlled NE -trending domain boundary between highly magnetic and
weakly magnetic rocks along the eastern flank of the Company’s tenement is the focus of
high-grade copper -gold mineralization in the Hamlin prospect (IOCG) and the North
Coldstream mine (VMS).
Peter Flindell, VP Exploration commented: “We are delighted to receive this excellent quality
dataset that provides significant insight into the structural complexity of our portion of the
Shebandowan Greenstone Belt. At this early stage, it suggests both potential offsets of, and
focusing mechanisms for, mineralization. This information will greatly assist our efforts to generate
new targets and prioritize our drilling program.”
2
Figure 1: Location map showing Goldshore’s Moss Lake Project relative to the Shebandowan Greenstone
Belt
Technical Overview
In July 2021, Geotech completed a 2,080-line kilometer heliborne VTEM and magnetic survey on
a 100-metre line spacing over the entire tenement, and a 50-metre line spacing over the areas of
known mineralization at Moss Lake, Coldstream, and Hamlin. The sensor was maintained at a
nominal drape height of 30 meters. The details of this survey are described in the Goldshore press
release dated July 14, 2021.
Goldshore technical staff have conducted a preliminary review of the recently received magnetic
imagery ahead of a more detailed study being undertaken by TechnoImaging LLC, of Salt Lake
City, Utah; which will include 3D inversions of the entire magnetic and VTEM data.
TechnoImaging will produce a more qualified and detailed geological interpretation together with
constrained 3D targets for follow up exploration.
As part of Goldshore’s review, the Company commenced with the Total Magnetic Intensity (“TMI”)
image available from the OGSEarth website curated by Ontario’s Ministry of Northern
Development, Mines, Natural Resources and Forestry (Figure 2). This is a composite of several
historic kilometer-scale surveys. It shows the Shebandowan Greenstone Belt to be structurally
complex with multiple sigmoidal magnetic trends defined by anastomosing shears and attenuated,
lenticular, rigid bodies, which attests to the high degree of non-axial shearing. Furthermore, the
presence of boudinaged rigid bodies in the high strain zones provides for markedly different strain
responses that can be important for producing and maintaining a permeability network for
mineralizing fluids. These rigid bodies include highly magnetic mafic intrusions and low magnetic
granitic intrusions, while the highly sheared rocks are a sequence of felsic, intermediate and mafic
volcanic rocks together with minor sedimentary units.
3
Figure 2: Goldshore’s Moss Lake Project and known prospects relative to the Shebandowan Greenstone
Belt (as defined by the OGSEarth TMI image) together with identified magnetic domains showing the
complex anastomosing shears and asymmetric boudinaged bodies.
The Geotech TMI image (Figure 3) overlays extr emely well with the regional TMI image giving
high confidence in the validity of both datasets as a tool for geological interpretation. The detailed
TMI image shows two domains of high magnetic intensity along a NE-SW axis representing mafic
intrusions and volcanic rocks along the southeast and northwest margin of the Moss Lake Gold
Project. The central NE -striking band of lower magnetic character through the core of the Moss
Lake Gold Project reflects the sheared sequence of felsic – intermediate volcanic rocks and
sedimentary units together with smaller, presumably also boudinaged, intrusions.
4
Figure 3: Detailed Total Magnetic Intensity image from Geotech showing the known prospects relative to
the main magnetic domains
While the structures shown in the TMI image (Figure 2) reflect the regional -scale attenuation
within the greenstone belt, the more processed Tilt Derivative (“TD”) image (Figure 3) shows a
high degree of geological detail. The TD image, which combines the approach taken in more
traditional vertical derivative and horizontal gradient images, emphasizes changes in magnetic
signature rather than absolute magnetic intensity.
5
Figure 4: Tilt Derivative image from Geotech showing the greater geological detail than can be mapped by
the detailed magnetic survey data. This includes NNE -striking strike-slip faults and tightly folded bodies
indicated by contorted red colours. The inset box refers to the location of Figure 5.
The TD image shows better definition of the domain boundaries shown in Figure 3 and hints at
significant and multiple tight folding events that can result in progressive repartitioning of fluid flow
and maintenance of permeability networks over significant time. This speaks to the prospectivity
of the geology within Goldshore’s land package.
The image also maps late NNE-striking faults, which offset the structurally complex stratigraphy.
Figure 5 is an inset of the area around the Moss Lake gold deposit. It shows the detail that may
not be obvious in the larger image (Figure 4), including the multiply folded geometry and the
association of gold grades with the edges of magnetic and non-magnetic bodies. Figure 5 also
shows areas where the Company may expect to discover additional mineralization as extensions
of the historical resource.
6
Figure 5: Detailed view of the Moss Lake gold deposit showing the Company’s preliminary interpretation,
gold assays above 0.5 g/t Au in historic drill holes and new target areas. The latter include the following
short term priorities: A – immediate southwest extension to Moss Lake; B – faulted offset extension to
Moss Lake; C and D – northeast strike extensions to Moss Lake Main Zone; and E – potential
mineralization in a parallel zone. Potential exists in many other similar, but not yet defined settings.
The Company’s preliminary observations include:
• Domain boundaries between mafic dominated and felsic dominated stratigraphic and
intrusive rocks are clearly major fault zones across which there are high gradients in
shearing strain (Figures 2 and 3);
• The known high-grade copper-gold projects at Hamlin and the North Coldstream mine lie
along the eastern NE-trending domain boundary (Figures 2-4);
• The late NNE-trending faults are interpreted as sinistral strike-slip structures (Figure 4);
7
• The high-grade Iris Lake prospect appears to be localized in a fold nose (Figures 3 and
4);
• One of the late NNE -striking faults truncates the western margin of the Moss Lake gold
deposit raising the potential for the discovery of the extension of this deposit on the other
side of the fault. Current information suggests that the extension likely occurs to the
southwest in an area that has been drilled by only two holes by the previous explorers ,
which did intersect gold mineralization (Figure 5);
• Isoclinal folding and boudinaging in shear zones points to the much greater structural
complexity of the Shebandowan Greenstone Belt, suggesting that a greater number of
structurally localized mineralized areas may await discovery (Figures 4 and 5); and
• Gold mineralization at the Moss Lake gold deposit occurs along the flanks of magnetic
bodies. Several potential extensions to mineralization at the deposit scale are indicated
on Figure 5.
Goldshore is confident that a closer review of these magnetic data over the whole tenement,
together with historic prospecting datasets that are yet to benefit from this valuable geological
context, will generate many more prospect candidates for future drill testing.
The Company awaits the final VTEM imagery, which will highlight the distribution of conductive
units across the project. These are generally concentrations of sulphide mineralization that should
correlate with our high-grade copper-gold targets, but may also include graphite-rich stratigraphic
units. Work by TechnoImaging will allow us to discriminate these anomaly sources. The nature of
these conductors will map the extent of the known mineralization, while any additional conductors
will be new and previously undiscovered targets.
“The first results received, while only a small part of the entire package we will ultimately receive
from Geotech and TechnoImaging, highlight the importance and benefits of conducting a detailed
project-wide geophysical survey. We can already test discrete new targets and extensions to gold
mineralization at Moss Lake; and start to prepare for testing the copper -gold and gold targets at
Hamlin, Iris and North and East Coldstream”, commented Brett Richards, President and Chief
Executive Officer of Goldshore.
About Tilt Derivative Magnetics
The Tilt Derivative (“TD”) is a function of the ratio of the vertical and horizontal derivatives of the
magnetic field intensity. The peaks of tilt angle amplitude should be located over the center and
its zeros over the edges of the source body. The tilt angle method is used to investigate the
boundaries of deep and shallow structures and provides considerably more fine detail than the
standard processed products.
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 30% equity position in the Company. Well-financed and
supported by an industry -leading management group, board of directors and advisory board,
8
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 Projec t 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 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 from previous / historical
exploration.
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 mi ning 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.