AUXX.V · 2021-12-08 12:00:00

Goldshore Resources Intersects 117.12m @ 1.26 g/t Au from 1.1m in MMD-21-004

Drill Results

VANCOUVER, B.C., December 08, 2021: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:

GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce gold assay

results from the holes MMD-21-004 and MMD-21-005 drilled to validate gold mineralization at the

Moss Lake gold deposit in Northwest Ontario, Canada.

Highlights:

• Several higher-grade zones within large low-grade envelopes with best intercepts of:

o 117.12m @ 1.26 g/t Au from 1.1m in MMD-21-004, including

 42.53m at 1.37 g/t Au from 1.1m,

 17.00m at 2.40 g/t Au from 57.0m, and

 26.22m @ 1.63 g/t Au from 92.0m.

o 23.45 m @ 1.54 g/t Au from 302.85m in MMD-21-004

o 8.50m at 2.53 g/t Au from 42.5m, and

o 16.50m at 1.26 g/t Au from 139.5m in MMD-21-005

• Significant Volume Additions: Mineralization continues to be intersected laterally and

at depth, significantly expanding the width and depth of mineralization compared to the

2013 grade model. MMD-21-004 has extended the width and depth of mineralization,

relative to the 2013 model, by 38% and 56%, respectively.

• Expanding Drill Capacity: The Company’s drilling contractor, Missinaibi Drilling

Services, has mobilized two additional drilling rigs to site, bringing the total active rigs to

four. An additional rig is expected on site before Christmas.

Brett Richards, President and Chief Executive Officer of Goldshore commented: “The drilling

intercept of 117.12m @ 1.26 g/t Au, 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, economic gold deposit. 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 wider and larger

than previously interpreted.”

Technical Overview

Figure 1 shows the location of the project in Northwest Ontario. Figures 2 and 3 and Table 1

summarize the intercepts in MMD-21-004 to 005. Figure 4 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-21-003 (in black; reported on October 21, 2021) and MMD-21-004 showing mineralized intercepts relative

to the 2013 grade model

Figure 3: Drill section through MMD-21-005 showing mineralized intercepts relative to the 2013 grade model

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-21-004 to 005

HOLE ID FROM

(m)

HOLE

LENGTH

(m)

TRUE

WIDTH

(m)

GRADE

(g/t Au)

MMD-21-004 1.10 75.87 74.77 32 1.38

including 1.10 43.63 42.53 18 1.37

and 57.00 74.00 17.00 7 2.40

91.05 144.40 53.35 23 0.96

including 92.00 118.22 26.22 11 1.63

159.00 167.45 8.45 4 1.09

242.90 247.10 4.20 2 0.51

256.45 380.00 123.55 54 0.57

including 266.80 269.85 3.05 1 1.63

and 302.85 326.30 23.45 10 1.54

393.00 400.00 7.00 3 0.40

423.00 434.00 11.00 5 0.31

440.00 490.35 50.35 22 0.41

546.40 555.60 9.20 4 0.45

565.55 608.45 42.90 19 0.56

including 568.00 578.00 10.00 5 1.20

679.85 686.00 6.15 3 0.55

732.90 743.45 10.55 5 1.21

including 736.95 743.45 6.50 3 1.73

798.00 805.45 7.45 3 0.66

MMD-21-005 31.00 105.50 74.50 54 0.57

including 42.50 51.00 8.50 6 2.53

and 91.30 94.85 3.55 3 2.25

122.00 156.55 34.55 26 0.97

including 129.50 135.50 6.00 4 1.21

and 139.50 156.00 16.50 12 1.26

174.00 229.00 55.00 42 0.38

including 193.50 197.00 3.50 3 1.31

265.50 288.00 22.50 18 0.51

345.00 349.55 4.55 4 0.52

376.00 381.00 5.00 4 0.42

425.00 427.00 2.00 2 0.35

433.00 437.45 4.45 4 0.36

449.00 451.50 2.50 2 0.34

459.00 461.00 2.00 2 0.33

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-21-004 668855.11 5379119.55 433.84 155° -45° 831.0m

MMD-21-005 668928.28 5379142.99 429.70 155° -65° 480.2m

Approximate collar coordinates in NAD 83, Zone 15N

MMD-21-004 and MMD-21-005 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 wall rock sequence is strongly foliated and metamorphosed to

greenschist facies. 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 the later intrusive phases, are variably altered with quartz -sericite, albite -sericite and

chlorite-epidote assemblages. 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.

It is too soon to develop conceptual models for the deposit, though the Company is working with

leading researchers in the field of orogenic gold deposits to develop its understanding of the

deposit.

MMD-21-004 drilled at -60° beneath MMD-21-003, which was reported on October 21, 2021. As

the hole collared in +1 g/t Au mineralization, there is an expectation of continued mineralization

behind the drill hole to the north. The hole intersected 117.12m @ 1.26 g/t Au from 1.1m as part

of a longer intercept of +0.3 g/t Au mineralization that extends the mineralized volume from 380

to 804 meters down hole. This represents an approximate true width lateral extension of 150

meters and ver tical depth extension of 250 meters to the 2013 model, or 38% and 56%,

respectively.

MMD-21-005 was drilled to twin ML-08-14, but difficulties in overburden led to an exercise in

drilling a shallow angled hole that ended up at -27°. This meant that the hole tested a lower grade

part of the 2013 model, which was confirmed by the drill intercept of 154.50m @ 0.57 g/t Au.

Peter Flindell, VP Exploration commented: “These drilling results confirm the caliber of results

received since the start of the drilling program and confirm the significant widths of higher grade,

+1 g/t Au mineralization. Our plan to expand the drilling fleet over winter will allow us to reach our

targeted monthly meterage of 10,000m and allow us to test extensions to Moss Lake suggested

by our airborne geophysical survey, as well as infill the gold deposit to support next year’s

Preliminary Economic Analysis.”

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry i n 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 rec eived, 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 sa mple

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 r eported to Goldshore by Orix

Geoscience Inc.

Grant of Stock Options

On November 23, 2021, certain directors, officers, employees and consultants of the Company

were granted options (“Options”) to purchase up to an aggregate of 1,037,500 Common Shares.

Each Option is exercisable into one Common Share at an exercise price of $0.65. The Options

will expire five years from the date of grant . All Options were granted in accordance with

Company’s stock option plan (the “ Plan”). A copy of the Plan is available under the Company's

SEDAR profile at www.sedar.com.

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, 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 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 s it 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

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.

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.

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