Intersects 9.46 g/t Au over 7.45m in the Southwest Zone Widths of Mineralized System Expanded Significantly
EE
Goldshore
Intersects 9.46 g/t Au over 7.45m in the Southwest Zone
Widths of Mineralized System Expanded Significantly
VANCOUVER,
B.C.,
February
2,
2023:
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:
•
Hole MMD-22-063 has confirmed the presence of
high-grade mineralization within the
previously
perceived
low
grade
and
low
tonnage
Southwest
Zone
and
shown
the
zone to be almost 300 meters wide
. Best intercepts
include:
o
1.60
g/t Au over 57.5m from 230.5m
depth in MMD-22-063
including:
9.46 g/t Au over 7.45m from 234.0m
o
1.18
g/t Au over
18.25m from
387.75m
•
Results
for
thirteen
holes
drilled
to
explore
the
northern
and
southern
flanks
of
the
mineralized
shear zone system
in the
Main
Zone
have
expanded the cumulative width
of
multiple,
close-spaced,
high-grade
gold
shears
by
150-200
meters
to
over
550
meters
at
the
Main Zone
with
best
intercepts of:
o
0.93 g/t Au over
126.0m from
467.0m
depth in MMD-22-059
including:
1.64 g/t over 48.0m from 513.0m
o
3.67
g/t Au over
13.65m from 612.35m
o
1.05
g/t Au over
34.0m from
257.0m
depth
in
MMD-22-088
including:
1.51 g/t Au
over 15.0m from 276.0m
o
1.84
g/t Au over 14.95m from 483.05m
President and CEO, Brett Richards, stated:
“
These results
once again support our thesis that
the
size
and
scale
of
the
Moss
Lake
Gold
Project
will
be
large
enough
to
support
a
material
and
meaningful
update
to
the
mineral
resource
estimate
(“MRE”)
in
April
2023,
followed
by
a
preliminary
economic
assessment
(“PEA”)
on
the
updated
resource.
We
continue
to
find
additions to the resource
on step out
holes
laterally and along strike from the historic
resource
profile, and we look to continue to explore the impact of these additions to the resource
model, as well as guiding us in future drill targets.”
2
Technical Overview
Figure 1 shows the better intercepts in pla
i
n view and Figure 2 is a typical section through hole
MMD-
22
-0
63
.
Table 1 shows the significant intercepts. Table 2 shows the drill hole locations.
Figure
1: Drill plan showing
best of several +1 g/t Au intercepts relative to the current Mineral Resource and
highlighting the additional shears.
Figure
2: Drill
section through MMD-22-063
relative
to
the current Mineral Resource and highlighting the
additional shears and potential to significantly deepen the open pit shell.
3
Results have been received for MMD -22-063, which was the final hole from the first pass drill
pattern at the Southwest Zone. The hole infills two previous holes and has shown that there is
continuity to the high-grade core of the zone. In addition to the high-grade lenses highlighted
above, the hole also intersected multiple lenses of lower grade mineralization throughout the hole
including 0.58 g/t Au over 23.2m from 27.9m, 0.81 g/t Au over 20.6m from 355m, and 0.55 g/t Au
over 7.95m from 417.05m. These confirm the increased tonnage potential in the Southwest Zone
with mineralization above the low-grade cutoff of 0.40 g/t Au used for the current mineral resource
estimate over a zone that is almost 300 meters wide.
A second pass drill pattern over the Southwest zone was completed in January, infilling the newly
discovered high-grade shears and exploring for additional shears.
Results have also been received for thirteen holes that have explored the edges of the Main Zone
on its northern and southern flanks. Six holes targeted the northern side of the shear system, and
seven holes targeted the southern side. These holes intersected high-grade shears over a zone
that is 200 meters wider than previously understood, making the main zone over 550 meters wide
at its widest point.
As with the center of the Main Zone, these shears lie within broad zones of low -grade
mineralization within the altered diorite intrusion host. Examples include 0.84 g/t Au over 37m
from 608m in MQD-22-058; 0.33 g/t Au over 35.65m from 231.35m, 0.42 g/t Au over 34m from
273m and 0.86 g/t Au over 126m from 467m in MMD-22-059; 0.58 g/t Au over 75m from 543.5m
in MMD-22-060; 0.91 g/t Au over 33m from 257m in MMD-22-088; 0.58 g/t Au over 75m from
422m in MMD-22-089; 0.39 g/t Au over 40.5m from 453.8m in MQD-22-091; and 0.72 g/t Au over
15m from 207 in MMD-22-095.
The shears in the north and south were sparsely drilled by historical drill holes and represent
opportunity to potentially expand the mineral resource and to properly understand the mineralizing
system.
A detailed review of current and previous high-grade intercepts has identified various gold, silver,
and bismuth bearing tellurides across all three zones of the Moss Lake Gold Project deposit. The
tellurides have been located within pyrite± -chalcopyrite bearing quartz -chlorite-carbonate veins
and sulphide-rich hydrothermal breccias previously identified in the vein paragenesis to be
emplaced near the end of deformational history. Identifying and outlining the late structural events
will allow for enhanced targeting of the high-grade portions of Moss Lake Gold Project and will
assist in refining generative targets by focusing on preferred horizons for these structures to
occur.
Figure 3: Tellurides identified at 234.1m of MQD-21-009 within a py+cpy bearing undulating qt+ch±cb shear
vein. The sample yielded 39.7g/t Au, 73.7g/t Ag, 63.5g/t Te over 0.9m.
4
HOLE ID
FROM
TO
LENGTH
(m)
TRUE
WIDTH (m)
CUT
GRADE
(g/t Au)
UNCUT
GRADE
(g/t Au)
MMD
-22-058
314.00
321.00
7.00
4.1
0.41
0.41
374.90
392.30
17.40
10.3
0.36
0.36
466.00
468.30
2.30
1.4
0.38
0.38
491.70
505.00
13.30
8.1
0.39
0.39
517.00
519.00
2.00
1.2
0.35
0.35
553.45
574.45
21.00
13.3
0.37
0.37
593.00
595.00
2.00
1.3
0.37
0.37
608.00
645.00
37.00
23.9
0.87
0.87
including
614.00
621.00
7.00
4.5
1.40
1.40
and
628.00
636.00
8.00
5.2
1.04
1.04
and
641.00
645.00
4.00
2.6
1.54
1.54
MMD
-22-059
231.35
307.00
75.65
51.8
0.36
0.36
including
236.00
239.20
3.20
2.2
1.01
1.01
and
280.00
284.00
4.00
2.7
1.45
1.45
342.00
348.00
6.00
4.2
0.36
0.36
361.00
392.00
31.00
22.0
0.36
0.36
467.00
593.00
126.00
92.3
0.93
0.93
including
475.60
484.70
9.10
6.6
1.50
1.50
and
504.65
509.30
4.65
3.4
1.08
1.08
and
513.00
561.00
48.00
35.3
1.64
1.64
612.35
626.00
13.65
10.2
2.56
3.67
MMD
-22-060
95.20
102.00
6.80
3.5
0.40
0.40
336.95
346.00
9.05
5.1
0.31
0.31
361.10
379.00
17.90
10.2
0.70
0.70
including
364.00
368.10
4.10
2.3
2.14
2.14
475.80
481.10
5.30
3.1
0.39
0.39
543.50
569.00
25.50
16.1
0.79
0.79
584.00
592.15
8.15
5.2
0.46
0.46
MMD
-22-061
113.55
121.00
7.45
3.9
0.30
0.30
125.25
130.00
4.75
2.5
0.31
0.31
213.00
216.40
3.40
1.9
0.38
0.38
234.95
237.00
2.05
1.1
0.46
0.46
331.65
343.30
11.65
6.7
0.58
0.58
449.00
455.10
6.10
3.6
0.39
0.39
Pete Flindell, VP Exploration for Goldshore, said,
“The high-grade drill results in the Southwest
Zone provide confidence that this area has significant resource potential.
The
results along the
northern and southern flanks of the Main Zone also represent a significant
expansion to the width
of
the
mineralized
zone,
which
should
assist
our
goal
of
potentially
expanding
the
mineral
resource and improving its quality in early Q2.”
Table
1: Significant downhole gold i
n
tercepts
5
460.00 462.00 2.00 1.2 0.64 0.64
570.00 593.00 23.00 14.5 0.31 0.31
MMD-22-063 27.90 51.10 23.20 15.0 0.58 0.58
including 39.00 41.95 2.95 1.9 1.45 1.45
165.00 169.00 4.00 2.7 0.53 0.53
230.50 288.00 57.50 42.0 1.60 1.60
including 234.00 241.45 7.45 5.4 9.46 9.46
328.00 330.00 2.00 1.5 0.89 0.89
355.00 375.60 20.60 15.5 0.81 0.81
including 357.00 360.00 3.00 2.2 3.57 3.57
and 373.00 375.60 2.60 2.0 1.28 1.28
387.75 406.00 18.25 13.8 1.18 1.18
417.05 425.00 7.95 6.0 0.55 0.55
544.00 546.00 2.00 1.6 0.31 0.31
MMD-22-068 17.15 23.00 5.85 2.9 0.34 0.34
307.00 327.00 20.00 11.8 0.42 0.42
337.10 341.40 4.30 2.5 0.45 0.45
347.95 350.55 2.60 1.5 0.44 0.44
361.00 376.00 15.00 9.0 0.61 0.61
including 370.00 373.00 3.00 1.8 1.78 1.78
570.40 581.30 10.90 7.1 0.32 0.32
625.55 672.00 46.45 31.3 0.35 0.35
MMD-22-069 57.00 63.00 6.00 3.3 0.77 0.77
266.50 276.00 9.50 6.5 0.52 0.52
525.00 530.00 5.00 3.5 0.35 0.35
540.15 545.00 4.85 3.4 0.45 0.45
567.00 569.95 2.95 2.1 0.61 0.61
581.90 588.20 6.30 4.5 0.32 0.32
MMD-22-071 629.85 633.80 3.95 3.0 0.45 0.45
MMD-22-084 194.00 213.15 19.15 14.9 0.53 0.53
including 198.00 203.00 5.00 3.9 1.32 1.32
229.00 231.00 2.00 1.6 0.47 0.47
255.00 258.50 3.50 2.8 1.74 1.74
292.55 294.55 2.00 1.6 0.43 0.43
399.00 403.65 4.65 3.8 0.96 0.96
MMD-22-088 55.25 58.05 2.80 2.0 0.31 0.31
111.00 115.55 4.55 3.3 0.31 0.31
149.00 166.00 17.00 12.8 0.45 0.45
179.00 186.00 7.00 5.3 0.41 0.41
209.70 222.00 12.30 9.4 0.46 0.46
6
257.00 291.00 34.00 26.3 1.05 1.05
including 276.00 291.00 15.00 11.6 1.51 1.51
432.00 434.00 2.00 1.6 0.46 0.46
444.95 468.10 23.15 18.5 0.32 0.32
483.05 498.00 14.95 12.0 1.84 1.84
including 483.05 496.00 12.95 10.4 2.04 2.04
MMD-22-089 302.10 309.00 6.90 5.1 0.63 0.63
including 307.00 309.00 2.00 1.5 1.30 1.30
321.00 334.80 13.80 10.3 0.34 0.34
390.00 392.00 2.00 1.5 0.41 0.41
422.00 497.00 75.00 58.4 0.59 0.59
including 431.00 433.00 2.00 1.5 3.66 3.66
and 444.00 456.00 12.00 9.3 1.05 1.05
and 478.00 488.00 10.00 7.8 1.19 1.19
MMD-22-091 153.70 162.55 8.85 6.1 0.53 0.53
201.00 206.95 5.95 4.2 0.42 0.42
363.55 378.00 14.45 10.7 0.32 0.32
397.00 401.55 4.55 3.4 0.45 0.45
453.80 494.30 40.50 30.8 0.41 0.41
MMD-22-093 473.25 481.00 7.75 6.0 0.61 0.61
496.00 512.80 16.80 13.2 0.44 0.44
including 509.25 512.80 3.55 2.8 1.05 1.05
523.00 525.25 2.25 1.8 3.04 3.04
551.00 555.20 4.20 3.3 0.32 0.32
587.20 606.20 19.00 15.1 0.33 0.33
617.40 620.55 3.15 2.5 0.33 0.33
628.00 630.80 2.80 2.2 0.56 0.56
MMD-22-095 161.20 167.45 6.25 4.4 1.10 1.10
including 163.00 165.00 2.00 1.4 2.41 2.41
186.30 190.00 3.70 2.6 0.33 0.33
207.00 222.00 15.00 10.7 0.72 0.72
including 211.65 215.05 3.40 2.4 1.56 1.56
267.00 276.00 9.00 6.5 0.46 0.46
including 274.00 276.00 2.00 1.4 1.61 1.61
373.60 376.15 2.55 1.9 0.44 0.44
412.50 418.00 5.50 4.1 0.71 0.71
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 gram x metres / tonne gold. True widths are approximate
and assume a subvertical body.
7
Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MMD-22-058 668,743 5,379,407 454 153° -60° 645.00
MMD-22-059 668,819 5,379,436 439 154° -50° 648.00
MMD-22-060 668,909 5,379,474 436 155° -60° 600.05
MMD-22-061 669,091 5,379,558 448 155° -60° 600.00
MMD-22-063 668,481 5,378,460 439 148° -50° 563.00
MMD-22-068 669,177 5,379,614 455 154° -60° 699.10
MMD-22-069 669,254 5,379,629 445 151° -59° 600.00
MMD-22-071 669,077 5,378,242 432 335° -51° 648.00
MMD-22-084 668,973 5,378,574 428 337° -45° 414.15
MMD-22-088 669,031 5,378,642 431 336° 45° 498.00
MMD-22-089 668,972 5,378,560 428 314
° -51° 497.90
MMD-22-091 669,172 5,378,762 431 332° -49° 494.30
MMD-22-093 669,018 5,378,463 430 289° -50° 651.00
MMD-22-095 669,090 5,378,690 428 345° -45° 420.00
Approximate collar coordinates in NAD 83, Zone 15N
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.
8
About Goldshore
Goldshore is an emerging junior gold development company, and owns
100% of
the Moss Lake
Gold Project located in Ontario. Wesdome is currently a
large
shareholder of Goldshore with an
approximate
22%
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.
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
E.
W.w
ww.goldshoreresources.com
:
GoldShoreRes |
Twitter:
GoldShoreRes |
: goldshoreres
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;
an updated mineral
resource estimate and the timing thereof; completion of a PEA and the timing thereof, 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