Goldshore Intersects 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051
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Goldshore Intersects 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051
VANCOUVER, B.C., September 29, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “Company”), is pleased to announce assay results
from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario,
Canada (the “Moss Lake Gold Project”).
Highlights:
Results for five holes, drilled to infill historic but poorly surveyed drill sections in the Main
Zone, have confirmed higher-grade gold mineralization within a large volume of well
mineralized diorite with best intercepts of:
o 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051, including
62m @ 1.49 g/t Au from 113m and
48.7m @ 1.29 g/t Au from 208.3m
o 11.85m @ 1.87 g/t Au from 441.15m depth in MMD-22-041
o 28.0m @ 1.51 g/t Au from 580.0m depth in MMD-22-046, including
11.0m @ 3.45 g/t Au from 587.0m
o 9.75m @ 1.78 g/t Au from 282.55m depth in MMD-22-047
o 34.25m @ 1.03 g/t Au from 209.0m depth in MMD-22-049, including
3.8m @ 6.98 g/t Au from 239.45m
President and CEO Brett Richards stated: “ As we have been discussing for some time, the
continued results of intersecting wide zones of +1 g/t Au mineralization underpin our belief that
the Moss Lake Deposit has potential to develop an initial high-grade phase 1 open pit within the
larger low-grade open pit operation. It can be seen that the projected grade shell of +1.0 g/t Au is
significant at this early stage, and we will look to further explore these high grade areas, as we
continue with our program.”
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Technical Overview
Figure 1 shows the better intercepts in plain view and Figure 2 is a typical section through hole
MMD-22-041 and MMD-22-051.
Figure 1: Drill plan showing best of several +1 g/t Au intercepts relative to implicit modelled grade shells
Figure 2: Drill section through MMD-22-041 and MMD-22-051 relative to implicit modelled grade shells
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Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
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)
MMD-22-041 41.00 45.00 4.00 2.0 0.38 0.38
132.80 137.00 4.20 2.1 0.75 0.75
152.75 158.60 5.85 3.0 0.39 0.39
175.35 187.00 11.65 5.9 0.30 0.30
189.90 205.25 15.35 7.8 0.36 0.36
258.75 262.15 3.40 1.7 0.48 0.48
308.10 332.05 23.95 12.3 0.67 0.67
including 330.00 332.05 2.05 1.1 1.89 1.89
348.45 383.00 34.55 18.0 0.43 0.43
including 380.00 382.00 2.00 1.0 2.50 2.50
439.00 480.00 41.00 21.3 0.79 0.79
including 441.15 453.00 11.85 6.1 1.87 1.87
493.00 495.35 2.35 1.2 0.32 0.32
519.00 565.75 46.75 24.3 0.46 0.46
including 525.00 527.00 2.00 1.0 2.18 2.18
and 543.50 549.00 5.50 2.9 1.02 1.02
MMD-22-046 8.00 37.50 29.50 14.3 0.50 0.50
including 29.40 31.40 2.00 1.0 1.16 1.16
65.00 111.00 46.00 21.9 0.82 0.82
including 66.00 77.00 11.00 5.3 1.41 1.41
and 100.00 111.00 11.00 5.2 1.30 1.29
144.00 148.00 4.00 1.9 0.31 0.31
154.00 157.00 3.00 1.4 0.55 0.55
172.00 182.00 10.00 4.6 1.29 1.29
including 176.00 182.00 6.00 2.8 1.96 1.96
220.00 239.00 19.00 8.5 0.48 0.48
253.00 268.00 15.00 6.7 0.35 0.35
306.45 346.00 39.55 17.3 0.71 0.71
including 307.00 312.25 5.25 2.3 2.48 2.48
and 334.00 336.10 2.10 0.9 2.93 2.93
and 342.00 344.20 2.20 1.0 1.27 1.27
370.00 386.90 16.90 7.4 0.37 0.37
411.00 416.90 5.90 2.5 0.31 0.31
421.90 496.55 74.65 32.1 0.66 0.66
including 424.00 426.00 2.00 0.9 2.51 2.51
and 468.10 472.00 3.90 1.7 3.37 3.37
512.45 520.00 7.55 3.2 0.46 0.46
575.00 577.00 2.00 0.8 0.45 0.45
580.00 608.00 28.00 11.8 1.51 1.51
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including 587.00 598.00 11.00 4.6 3.45 3.45
MMD-22-047 26.50 59.70 33.20 22.6 0.36 0.36
including 40.50 43.90 3.40 2.3 1.08 1.08
94.90 107.00 12.10 8.4 0.35 0.35
136.40 138.90 2.50 1.7 0.30 0.30
141.90 204.90 63.00 43.8 0.37 0.37
including 172.20 175.05 2.85 2.0 1.12 1.12
239.90 242.75 2.85 2.0 1.09 1.09
including 240.65 242.75 2.10 1.5 1.29 1.29
282.55 333.90 51.35 36.9 0.73 0.73
including 282.55 292.30 9.75 7.0 1.78 1.78
363.90 366.20 2.30 1.7 0.52 0.52
371.80 375.60 3.80 2.8 0.36 0.36
398.90 407.70 8.80 6.4 0.54 0.54
580.00 582.70 2.70 2.1 0.34 0.34
MMD-22-049 20.00 47.00 27.00 13.8 0.59 0.59
68.25 91.00 22.75 11.6 0.48 0.48
140.00 142.00 2.00 1.0 0.35 0.35
166.00 193.00 27.00 13.7 0.44 0.44
209.00 243.25 34.25 17.7 1.03 1.03
including 217.95 220.00 2.05 1.1 2.09 2.09
and 239.45 243.25 3.80 2.0 6.98 6.98
254.35 279.70 25.35 13.2 0.66 0.66
including 254.80 260.65 5.85 3.1 2.07 2.07
290.75 318.00 27.25 14.1 0.50 0.50
353.00 410.00 57.00 29.4 0.51 0.51
434.00 436.00 2.00 1.1 0.54 0.54
468.50 471.40 2.90 1.6 0.31 0.31
518.00 523.00 5.00 2.8 0.38 0.38
572.00 575.30 3.30 1.9 0.53 0.53
640.70 642.90 2.20 1.3 0.59 0.59
MMD-22-051 44.85 55.60 10.75 7.9 0.35 0.35
94.45 287.20 192.75 149.1 1.02 1.02
including 94.45 97.00 2.55 1.9 1.08 1.08
and 113.00 175.00 62.00 48.0 1.49 1.49
and 188.00 191.80 3.80 2.9 1.59 1.59
and 208.30 257.00 48.70 37.7 1.29 1.29
Intersections calculated above at 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 gr am x metres / tonne gold. True widths are approximate
and assume a subvertical body.
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Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MMD-22-041 668,784 5,379,185 436 154° -61° 606.0
MMD-22-046 668,865 5,379,218 435 156° -61° 609.1
MMD-22-047 669,155 5,379,424 429 153° -47° 602.05
MMD-22-049 668,953 5,379,245 428 155° -60° 666.05
MMD-22-051 668,704 5,379,104 434 154° -45° 293.0
Approximate collar coordinates in NAD 83, Zone 15N
Results have been received for five holes that have infilled areas of the Main Zone that are
between sections drilled by historic holes with collar survey problems. As a result, they will replace
the low-confidence historic holes in the upcoming resource model update.
As with the historic holes, these holes intersected several broad zones of low-grade mineralization
within the altered diorite intrusion host. Examples include 41.0m @ 0.79 g/t Au from 439.0m
depth and 46.75m @ 0.46 g/t Au from 519.0m in MMD-22-041; 88.0m @ 0.48 g/t Au from
388.0m in MMD-22-042; 46.0m @ 0.82 g/t Au from 65.0m, 39.55m @ 0.71 g/t Au from 306.45m
and 74.65m @ 0.66 g/t Au from 421.9m in MMD-22-046; 63.0m @ 0.37 g/t Au from 141.9m
and 51.35m @ 0.73 g/t Au from 282.55m in MMD-22-047; and 57.0m @ 0.51 g/t Au from
353.0m in MMD-22-049. The long intercept in MMD-22-051 of 192.75m @ 1.02 g/t Au from
94.45m is similar but higher grade.
All these low-grade zones occur as envelopes to higher-grade structures that form a three-
dimensional, anastomosing shear network that has developed in response to strain on the altered
diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the
highlights (e.g., 192.75m @ 1.02 g/t Au from 94.45m depth in MMD-22-051) and several narrow
high-grade intervals, including 1.0m @ 9.14 g/t Au from 449.0m depth in MMD-22-041; 1.0m @
12.7 g/t Au from 441.0m, 0.9m @ 9.99 g/t Au from 468.1m and 1.0m @ 16.6 g/t Au from 587.0m
in MMD-22-046; 0.85m @ 5.93 g/t Au from 290.7m in MMD-22-047; 0.45m @ 8.22 g/t Au from
30.55m, 0.75m @ 12.0 g/t Au from 421.25m, 0.55m @ 9.93 g/t Au from 306.95m and 0.65m @
15.1 g/t Au from 365.35m in MMD-22-049; and 1.0m @ 14.0 g/t Au from 159.0m and 1.0m @
10.6 g/t Au from 256.0m in MMD-22-051.
Geological modelling of the altered diorite host rock and anastomosing shear network has
progressed faster than anticipated and is nearly complete. The new model will enable the
interpolation of low and high-grade gold populations within constraining wireframes, which we
expect will provide a more accurate estimation of the gold distribution and, therefore, the
contained gold resource.
Pete Flindell, VP Exploration for Goldshore, said “These drill results confirm our contention that
there are coherent zones of +1 g/t Au gold mineralization with a “sea” of low grade mineralization
that should allow for the generation of a smaller, higher-grade resource at the Moss Lake Project.
Drilling around these higher grade zones continues.”
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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.
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
7
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-hoste d 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 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 48,904,0 00 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 50,364,0 00 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 80,897,0 00 0.98 2,514,876
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Notes:
(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Pa lich, 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 Pierre-Luc Richard, MSc, PGeo (InnovExplo Inc), and Carl Pelletier, BSc, PGeo
(InnovExplo Inc), and the effective date of the Moss Lake Histor ical 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 par ameters: 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, supporte d 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 tw o 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. Calc ulations 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 Es timate on the Osmani Gold Deposit, Coldstream Property,
Northwestern Ontario”, prepared for Foundation Resources In c. 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 Wardr op), and Jeff Wilson, Ph.D., P.G eo. (Tetratech Wardrop),
and the effective date of the East Cold stream Historical Estimate is Decemb er 12, 2011. Resources are presented
unconstrained, undiluted and in situ. The East Coldstream Historical Estimate includes 2 gold-bearing zones. A cut-
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. Resource
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 discrepancie s 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 historical 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 Es timates 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 resour ces, 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 explorat ion 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 us ing 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 Canadian Institute of Mining for mineral resource estimation, and have
a lower level of confidence.