Goldshore Sampling of Historic Core Expands Mineralization with 104.2m at 1.04 g/t Au and Identifies New Parallel Zone
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Goldshore Sampling of Historic Core Expands Mineralization with 104.2m at 1.04 g/t Au
and Identifies New Parallel Zone
VANCOUVER, B.C., August 23, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results
from previously unsampled historic drill core at the Moss Lake Project in Northwest Ontario,
Canada (the “Moss Lake Gold Project”).
Goldshore’s team has retrieved historical core that remains on the Moss Lake Gold Project where
the drill collars have been recovered and accurately surveyed. Prior operators selectively sampled
core that fit with the model used at the time. This core is now being relogged and sampled by
Goldshore. This presents an excellent, cost-effective opportunity for Goldshore to generate
significant results without new drilling, particularly in those holes that coincide with Goldshore’s
identified targets. This news release presents results from six such historical holes where
sampling by prior operators was incomplete.
Highlights:
• Sampling of unsampled sections of two historic drill holes at the QES Zone have
increased the width and grade of gold mineralization over that previous ly reported.
The expanded intercepts include:
o 104.2m @ 1.04 g/t Au from 422.0m in NS247, including
19.40m @ 2.66 g/t Au from 458.6m
This section includes the visible gold reported on April 19, 2022
The hole ended in mineralization
o 56.1m @ 0.42 g/t Au from 493.5m in NS248
• Sampling has also identified a new southern parallel zone that w as previously
unrecognized, including:
o 9.30m @ 1.28 g/t Au from 244.6m depth, including
0.9m @ 10.95 g/t from 253.0m
o 0.9m @ 35.7 g/t Au from 271.65m and
o 78.45m @ 0.35 g/t Au from 331.55m in NS247
o 69.10m @ 0.49 g/t Au from 413.0m in NS248
• Additional sampling of four drillholes assessing regional prospects confirmed initial results.
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President and CEO Brett Richards stated: “All of the work we have conducted at Moss Lake,
whether new drilling results or sampling and analysis of the historic drilling, all indicates that the
extent of mineralization is far greater than the footprint of the historical resource. These results
indicate yet another parallel zone of mineralization not previously identified and will provide new
high quality drill targets in the future; as well as meaningful data when conducting the resource
estimation.”
Technical Overview
Table 1 shows the significant intercepts. Table 2 and Figure 1 show the drill hole locations.
Figure 1: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones
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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)
ML-02-006
ML-04-016 156.20 181.50 25.30 19.4 0.51 0.51
206.80 215.90 9.10 7.0 0.73 0.73
270.20 276.20 6.00 4.6 0.86 0.86
ML-04-017
ML-04-018 111.00 118.20 7.20 4.9 0.34 0.34
NS247 66.20 69.00 2.80 1.2 0.44 0.44
85.95 96.15 10.20 4.2 0.54 0.54
121.00 123.45 2.45 1.0 0.44 0.44
244.60 253.90 9.30 4.4 1.28 1.28
including 253.00 253.90 0.90 0.4 11.0 11.0
271.65 272.55 0.90 0.4 30.0 35.7
331.55 410.00 78.45 39.8 0.35 0.35
422.00 526.20 104.20 54.4 1.04 1.04
including 458.60 478.00 19.40 10.1 2.66 2.66
542.20 550.00 7.80 4.5 0.79 0.79
0.00 0.0
NS248 33.50 43.10 9.60 4.4 0.67 0.67
308.00 312.40 4.40 2.4 0.44 0.44
353.00 367.70 14.70 7.9 0.79 0.79
413.00 482.10 69.10 42.1 0.49 0.49
493.50 549.60 56.10 36.1 0.42 0.42
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. 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.
Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
ML-02-006 670011 5379164 429 155 -45° 318.91m
ML-04-016 671016 5378230 429 156° -45° 300m
ML-04-017 671039 5377982 429 336 -45° 132m
ML-04-018 671050 5377959 429 336 -45° 171m
NS247 670352 5379453 434 336° -69° 550m
NS248 669958 5379129 429 336° -65° 647m
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for six historical holes that were incompletely sampled in the past
and have now been more completely sampled to fully assess the intersected mineralized zones.
Two holes (NS247 and NS248) targeted the QES Zone and four holes (ML-02-006, ML-04-016,
ML-04-017, and ML-04-018) tested regional prospects south of the Moss Lake Project.
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Assays from new sampling at NS247 and NS248 have expanded the widths of the known
mineralized intercepts and identified a new parallel zone to the south of QES. They show that
gold mineralization at Moss Lake is wider than previously believed and contains additional higher-
grade structures beyond that defined by historic drilling. Step back drilling of the QES Zone has
begun to determine the extent of the new parallel zones south of the QES Zone.
The broad zone of 104.2m @ 1.04 g/t Au from 422.0m in NS247 compares to an historic interval
of 104.2m @ 0.88 g/t Au if the unsampled intervals are assigned zero grade, which seems to be
what previous geologists thought. Similarly, the interval 56.1m @ 0.42 g/t Au from 493.5m in
NS248 compares to an historic interval of 56.1m @ 0.31 g/t Au.
The high-grade section of NS247(19.40m @ 2.66 g/t Au from 458.6m) includes a narrow quartz-
pyrite-chalcopyrite vein zone with visible gold that was reported on April 19, 2022. Surprisingly,
this interval returned only 0.3m @ 1.01 g/t Au from 546.8m highlighting the nuggetty nature of
gold mineralization. The drill hole ended in gold mineralization suggesting that the mineralized
zone is wider.
Infill sampling of ML-04-016 and ML-04-018 yielded minor increases to the width of historic
intercepts. No additional mineralized zones were identified in any of the four holes.
Several additional holes have been identified as having unsampled intervals within mineralized
drill core. Historical core archives are being reexamined to locate, identify, and recover drill core
for further infill sampling.
Pete Flindell, VP Exploration for Goldshore, said “These drill results confirm our contention that
previous explorers did not assess the full scale of gold mineralization at Moss Lake. As such,
Moss Lake holds significant potential to be a larger gold system . Our assessment of historic drill
core will continue in parallel with our 100,000-meter drill program.”
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-
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 large shareholder of Goldshore with an
approximate 27% 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.
The Moss Lake Gold Project 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 (the “Moss Lake
Historical Estimate”) was completed on the Moss Lake Gold Project in 2013 and published by
Moss Lake Gold Mines Ltd. (“Moss Lake Gold Mines”)1,3. A historical mineral resource estimate
(the “East Coldstream Historical Estimate”) was completed on the East Coldstream Deposit in
2011 by Foundation Resources Inc .2,3 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.
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.
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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 Historical 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 Historical 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. “ Technical Report and Preliminary Economic
Assessment for the Moss Lake Project”, prepared for Moss Lake Gold Mines Ltd. The qualified persons for the Moss
Lake Historical Estimate are Pierr e-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo
(InnovExplo Inc), and the effective date of the Moss Lake Historical Estimate is February 8, 2013. In-Pit results are
presented undiluted and in situ, within Whittle-optimized pit shells. Underground results are presented undiluted and
in situ, outside Whittle-optimized pit shells. The Moss Lake Historical Estimate includes 18 gold-bearing zones and 1
envelope containing isolated gold intercepts. Whittle parameters: mining cost = C$2.28; pit slope angle = 50.0
degrees; production cost = C$9.55; mining Dilution = 5%; mining recovery = 95%; processing recovery = 80% to 85%;
gold price = C$1,500. In-Pit and Underground resources were compiled at cut -off grades from 0.3 to 5.0 g/t Au (for
sensitivity characterization). A cut-off grade of 0.5 g/t Au was selected as the official in-pit cut-off grade and a cut-off
grade of 2.0 g/t Au was selected as the official underground cut-off grade. The Moss Lake Historical Estimate is based
on 352 diamond drill holes (90,978 m) drilled from 1983 and 2008. A fixed density of 2.78 g/cm3 was used. A minimum
true thickness of 5.0 m was applied, using the grade of the adjacent material when assayed or a value of zero when
not assayed. Capping was established at 35 g/t Au, supported by statistical analysis and the high grade distribution
within the deposit. Compositing was done on drill hole sections falling within the mineralized zone solids (composite
= 1 m). Resources were evaluated from drill hole samples using the ID2 interpolation method in a multi-folder percent
block model using Gems version 6.4. Based on geostatistics, the ellipse range for interpolation was 75m x 67.5m x
40m. The Indicated category is defined by combining the blocks within the two main zones and various statistical
criteria, such as average distance to composites, distance to closest composite, quantity of drill holes within the search
area. Ounce (troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The
number of metric tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding
effects; rounding followed the recommendations in NI 43-101.
(2) Source: McCracken, T. “Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream Property,
Northwestern Ontario”, prepared for Foundation Resources Inc. and Alto Ventures Ltd. The East Coldstream
Historical Estimate is based on a 0.4 g/t Au cut- off grade. The qualified persons for the East Coldstream Historical
Estimate are Todd McCracken, P.Geo. (Tetratech Wardrop), and Jeff Wilson, Ph.D., P.Geo. (Tetratech Wardrop),
and the effective date of the East Coldstream Historical Estimate is December 12, 2011. Resources are presented
unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-
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off grade of 0.4 g/t Au was selected as the official resource cut-off grade. The East Coldstream Historical Estimate is
based on 116 diamond drill holes drilled from 1986 to 2011. A fixed density of 2.78 g/cm3 was used. Capping was
established at 5.89 g/t Au and 5.70 g/t Au for domains EC -1 and EC-2, respectively. This is supported by statistical
analysis and the high grade distribution within the deposit. Compositing was done on drill hole sections falling within
the mineralized zone solids (composite = 1 m). Resources were evaluated from drill hole samples using the ID2
interpolation method in a multi -folder percent block model using Datamine Studio 3 version 3.20.5321.0. Recource
categorization is based on spatial continuity based from the variography of the assays within the drillholes. Ounce
(troy) = metric tons x grade / 31.10348. Calculations used metric units (metres, tonnes and g/t). The number of metric
tonnes was rounded to the nearest thousand. Any discrepancies in the totals are due to rounding effects; rounding
followed the recommendations in NI 43-101.
(3) The reader is cautioned that the Moss Lake Historical Estimate East and the East Coldstream Historical Estimate (the
“Historical Estimates”) are considered historical in nature and as such is based on prior data and reports prepared
by previous property owners. The reader is cautioned not to treat them, or any part of them, as current mineral
resources or reserves. The Company has determined these historic al resources are reliable, and relevant to be
included here in that they demonstrate simply the mineral potential of the Moss Lake Gold Project. A qualified person
has not done sufficient work to classify the Historical Estimates 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 Estimates 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. The Historical
Estimates relating to inferred mineral resources were calculated using prior mining industry standard definitions and
practices for estimating mineral resource and mineral reserves. Such prior definitions and practices were utilized prior
to the implementation of the current standards of the Canadi an Institute of Mining f or mineral resource estimation,
and have a lower level of confidence.
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.
Peter Flindell, P.Geo., 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
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 exploration and development of 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 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 opi nions,
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.