Goldshore Resources Reports Continuing Broad Zones of Gold Mineralization from Drilling at Moss Lake
Goldshore Resources Reports Continuing Broad Zones of Gold Mineralization from
Drilling at Moss Lake
VANCOUVER, B.C., January 28, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce gold assay
results from holes MMD-21-006 and MQD-21-009, which continue to validate gold mineralization
from the Moss Lake Gold Deposit in Northwest Ontario, Canada.
Highlights:
• New parallel zone indicated to the north of QES Zone : drilling confirmed the grades
within the 2013 resource model and identified a second high- grade structure
approximately 250 meters north of the model. High-grade mineralized intercepts include:
o 52.85m @ 1.35 g/t Au from 194.0m
o 7.85m @ 1.18 g/t Au from 607.0m and
o 9.0m @ 1.42 g/t Au from 638.0m
• Twin holes confirm historic drill results: a comparison between the two sets of twin
holes, based on geological rather grade intervals, shows a good comparison between gold
grades and interval widths:
o 231.9m @ 0.57 g/t Au from 160 meters ( MMD-21-006) vs 233.0m @ 0.58 g/t Au
from 167 meters (90-223)
o 132.0m @ 0.72 g/t Au from 141 meters ( MQD-21-009) vs 128.0m @ 0.74 g/t Au
from 164 meters (90-209)
• Continued high grade structures at Main Zone: one main high-grade mineralized zone
occurs within a larger envelope of +0.3 g/t Au mineralization at the southwestern edge of
the Main Zone in MMD-21-006, including:
o 8.15m @ 1.10 g/t Au from 167.05m
o 29.5m @ 1.19 g/t Au from 199.0m and
o 10.8m @ 1.57 g/t Au from 248.2m
Brett Richards, President and Chief Executive Officer of Goldshore commented: “As we have
previously reported, we continue to produce drill results that confirm the historical resource
estimate modelled in 2013, and significant extensions outside of the historical resource. As well,
we are discovering additional parallel zones that we think will improve the project economics by
replacing waste material in a design pit with mineralized blocks. The fact that we are continuing
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to intersect gold mineralization outside of the volume modelled in 2013 also affirms our belief that
the deposit is significantly larger than previously interpreted.”
Technical Overview
Figure 1 shows the location of the project in Northwest Ontario. Figures 2 and 3 are the drill
sections for MMD -21-006 and MQD -21-009, respectively. Table 1 summarizes the significant
intercepts, while Figure 4 and Table 2 show the drill hole locations.
Figure 1: Location map showing Goldshore’s Moss Lake Project relative to the Shebandowan Greenstone Belt
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Figure 2: Drill section through MMD-21-006 (hole not yet surveyed) showing mineralized intercepts relative to the 2013 grade model
Figure 3: Drill section through MQD-21-009 (hole not yet surveyed) showing mineralized intercepts relative to the 2013 grade model
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Figure 4: 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-21-006 and MQD-21-009
HOLE ID FROM TO
HOLE
LENGTH
(m)
TRUE
WIDTH
(m)
GRADE
(g/t Au)
MMD-21-006 48.00 50.00 2.00 1 0.43
118.60 124.00 5.40 3 0.33
140.00 144.00 4.00 3 0.37
160.00 175.20 15.20 10 0.70
including 167.05 175.20 8.15 5 1.10
185.45 259.00 73.55 47 0.87
including 199.00 228.50 29.50 19 1.19
and 248.20 259.00 10.80 7 1.57
271.00 312.90 41.90 27 0.53
including 293.75 297.40 3.65 2 1.99
331.70 391.90 60.20 39 0.50
including 334.60 337.50 2.90 2 2.03
and 382.00 385.45 3.45 2 1.59
408.60 423.00 14.40 9 0.44
including 408.60 411.00 2.40 2 1.26
455.05 461.50 6.45 4 0.32
MQD-21-009 85.80 90.80 5.00 4 0.67
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102.40 112.10 9.70 7 0.44
141.00 273.00 132.00 93 0.72
including 156.15 159.00 2.85 2 1.33
and 194.00 198.00 4.00 3 1.20
and 201.00 211.55 10.55 7 1.16
and 221.00 246.85 25.85 18 1.79
287.95 302.75 14.80 10 0.54
375.00 380.00 5.00 4 0.37
385.00 392.50 7.50 5 0.35
561.00 566.00 5.00 4 0.37
579.65 584.70 5.05 4 0.43
607.00 647.00 40.00 28 0.71
including 607.00 614.85 7.85 6 1.18
and 638.00 647.00 9.00 6 1.42
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-21-006 668,659 5,379,089 427 155° -50° 535.75m
MQD-21-009 670,215 5,379,511 428 335° -45° 1,008.10m
Approximate collar coordinates in NAD 83, Zone 15N
MMD-21-006 was drilled at -50° near the southwest end of the known Main Zone as a twin of
drillhole 90-223 drilled in 1990. It has taken considerable time to complete because of problems
drilling through overburden. The hole was terminated 65 meters before the target depth because
of difficult ground conditions but has successfully drilled through the mineralized target. The hole
remains unsurveyed, as the Company’s drilling contractor has had problems recovering a stuck
rod string.
Despite the drilling problems, the hole did intersect the targeted main diorite intrusion between
160 and 436 meters (276 meters downhole width). This is hosted in a folded sequence of felsic
to intermediate volcaniclastic strata intruded by smaller diorite and granodiorite dikes. Broad
stretches of moderate to intense silica-sericite±albite±pyrite alteration and quartz-carbonate
veinlets, which contain significant gold mineralization, are related to structures and rock
contacts.
The HQ twin hole drill program was designed to evaluate potential sampling issues in the older
holes that were drilled with BQ and NQ core gauges. The results from MMD-21-006 (HQ) and
90-223 (NQ) compare favorably and suggest that sampling issues are less important than the
local grade variations that are expected in gold deposits. A comparison based on geological
rather than grade intervals shows that the main altered and mineralization diorite contains
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231.9m @ 0.57 g/t Au from 160 meters in MMD-21-006 and 233.0m @ 0.58 g/t Au from 167
meters in 90-223 using a 10 g/t Au top cut to reduce the impact of individual +5 g/t Au assays.
MQD-21-009 is the first drill hole in the QES Zone approximately 1,600 meters east of MMD-21-
006. The hole, drilled at -45°, is a twin of drillhole 90-209 drilled in 1990. It remains unsurveyed,
as the Company’s drilling contractor has had problems with the engine on their two new VD5000
diamond drill rigs.
MQD-21-009 was allowed to run to over 1,000 meters depth to investigate potential mineralization
in the wall rock to the QES Zone defined by the 2013 Mineral Resource estimate. It intersected
the target diorite intrusion between 75 and 690 meters within the folded sequence of felsic to
intermediate volcaniclastic strata with occasional diorite and diorite porphyry dikes well beyond
the main diorite intrusion.
The diorite body is intensely silica-sericite±albite±pyrite altered. It exhibits highly sheared and
mylonitic sections up to 10 meters wide, as well as multiple, broad (>20 meters wide) zones with
highly foliated and densely sheeted quartz-carbonate veinlets.
The results from MQD -21-009 (HQ) and 90 -209 (NQ) compare favorably and suggest that
sampling issues are less important than t he local grade variations that are expected in gold
deposits. A comparison based on geological rather than grade intervals shows that the main
altered and mineralization diorite contains 132. 0m @ 0.72 g/t Au from 1 41 meters in MQD-21-
009 and 128.0m @ 0.74 g/t Au from 164 meters in 90-209.
Peter Flindell, VP Exploration commented: “Assay results continue to confirm the Main and QES
Zones include wide zones of +1 g/t Au mineralization within a much larger envelope of lower
grade gold mineralization. Drilling was shut down over a 2-week Christmas/New Year period and
we have restarted drilling operations with four rigs on site. As we get through the difficult operating
environment of the winter months with lower production levels; we should be able to accelerate
production levels back to normal daily / monthly operating levels later in the spring.”
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-
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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, boar d 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
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 D eposit 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
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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
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