Significant Cobalt Assays
Goldshore Intersects 62.8m @ 0.88% Copper Equivalent at North Coldstream with
Significant Cobalt Assays
VANCOUVER, B.C., October 4, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:
GSHRF / FWB: 8X00) (“Goldshore” or the “ Company”), is pleased to announce assay results
from its initial scout drilling campaign testing the historic North Coldstream copper mine (“ North
Coldstream”) at the Moss Lake Project in Northwest Ontario, Canada (the “ Moss Lake Gold
Project”).
Highlights:
• Initial results from one North Coldstream hole confirm significant copper, cobalt and
gold mineralization hosted within a sheared volcanic massive sulphide deposit with
best intercepts of:
o 62.8m @ 0.88% CuE ( 0.36% Cu, 0.06% Co, 0.30 ppm Au and 3.1 ppm Ag) from
8.2m depth in CND-22-006, including
13.35m @ 1.18% CuE (0.54% Cu, 0.07% Co, 0.39 ppm Au and 3.5 ppm Ag)
from 8.2m
14.65m @ 1.30% CuE (0.57% Cu, 0.09% Co, 0.39 ppm Au and 4.4 ppm Ag)
from 23.1m
• These copper and cobalt results confirm that North Coldstream has important critical
mineral value and highlights multiple deposit styles in the district , which is a
hallmark of important mineral districts worldwide.
o North Coldstream was mapped by last year’s VTEM survey (press release dated
March 10, 2022) as a discrete magnetic conductor. There are twelve similar targets in
the Moss Lake Project, highlighting the potential for similar copper -cobalt-gold
deposits.
• Drilling also identified a gold only intercept of 2.1m @ 1.88 g/t Au from 98.9m in the footwall
to the North Coldstream VMS deposit, which is related to the East Coldstream style of
mineralization 1.6 kil ometers to the east, suggesting greater continuity of the gold-
bearing structures.
President and CEO Brett Richards stated: “Although we are very focused on the Moss Lake
drilling and defining a higher -grade resource within the lower grade historical resource; these
findings at North Coldstream are extremely encouraging and provide tremendous potential
optionality in the future. As we have illustrated previously to the market, North Coldstream was a
past producing copper -gold mine, so these results are not unexpected. However, I think the
exciting story is the emergence and identification of cobalt in the historic mine. These drill results
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prove the value and priority of further drilling and exploration at the North Coldstream deposit,
and could identify it as a critical mineral asset, which is important for the development of
renewable energies, electrification of vehicles and global decarbonization initiatives.”
Technical Overview
Figure 1 shows the location of North Coldstream relative to the main Moss Lake Gold Deposit.
Figures 2 and 3 show a plan and long section of the historic workings, respectively, with the
location of CND -22-006. Figure 4 shows a photograph of the drill core to illustrate the style of
mineralization. Table 1 shows the hole details and Table 2 shows the significant intercepts.
Figure 1: Location map showing North Coldstream relative to Moss Lake
Table 1: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
CND-22-006 678,060 5,385,953 461 180° -55° 300.2M
Approximate collar coordinates in NAD 83, Zone 15N
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Table 2: Significant downhole copper equivalent intercepts
HOLE ID FROM TO LENGTH
(m)
TRUE
WIDTH
(m)
COPPER
EQUIV
(% CuE)
COPPER
(% Cu)
COBALT
(% Co)
GOLD
(ppm Au)
SILVER
(ppm Ag)
CND-22-006 8.20 71.00 62.80 41.2 0.88 0.36 0.06 0.30 3.1
including 8.20 21.55 13.35 8.6 1.18 0.54 0.07 0.39 3.5
and 23.10 37.75 14.65 9.4 1.30 0.57 0.09 0.39 4.4
and 45.05 60.80 15.75 10.3 0.69 0.31 0.05 0.16 2.9
and 69.75 71.00 1.25 0.8 2.09 0.84 0.01 2.07 6.3
98.90 101.00 2.10 1.4 1.06 0.01 <0.01 1.88 0.7
Intersections calculated above a 0.1% Cu cut off with no top cut and a maximum internal waste interval of 2 metres. Shaded
intervals are higher grade intersections above a 0.2% Cu cut off. Copper equivalent values assume prices of $3.50/lb Cu,
$25/lb Co, $1700/oz Au and $19/oz Ag. Metallurgical recoveries are assumed at 90% Cu, 70% Co, 70% Au and 70% Ag
based on similar mineralization in the Copperbelt, however, m etallurgical test work is yet to be conducted. True widths are
approximate and assume a subvertical body.
Figure 2: Drill plan showing drill hole relative to the historic copper mine
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Figure 3: Long section through the historic copper mine showing initial drill results
The Company has completed six scout holes to test the geology and multi -element chemistry of
the North Coldstream deposit that was mined for copper between 1957 and 1967. The challenging
aspect of this program has been drilling to avoid the historic stopes, whic h has meant, at this
stage, drilling the fringes of the deposit as we target extensions to shoots.
CND-22-006 intersected a broad zone of copper mineralization associated with the western edge
of the historic workings. While gold and silver credits were expected, based on historic production
figures, elevated levels of cobalt in the range of 0.02 to 0.2% Co suggest previously unrecognized
critical mineral value at North Coldstream.
A review of the geology has confirmed that the deposit is a sheared volcanic massive sulphide
deposit with chalcopyrite-pyrite-pyrrhotite mineralization associated with brecciated siliceous
cherts containing variable amounts of syngenetic magnetite (Figure 4). Minor sphalerite
mineralization defines a very distinct 40-meter halo around the main massive sulphide lens,
bolstering the interpretation of a VMS setting for the mineralization. Within the m assive sulphide
lens copper, cobalt, gold, and silver grades track each other closely, indicating that they
precipitated as part of a single event. In contrast, the narrow intervals of gold mineralization
outboard of the main lens are associated with quartz-carbonate veining and have only minor silver
and weak copper-cobalt values. These are likely related to the gold mineralization 1.6 kilometers
along strike at the East Colds tream deposit and highlight the prospectivity of this trend for
additional gold targets.
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Figure 4: Photograph of drill core in the main high-grade zone (CND-22-006: 25.9-38.15m averages 1.34%
CuE, including 0.59% Cu, 0.09% Co, 0.41 ppm Au and 4.5 ppm Ag)
The Company will address the backlog of North Coldstream core once it has cleared the balance
of drill core from Moss Lake. Future drilling will target pillars within the deposit, potential depth
extensions, and test similar targets in the district that are characterized by magnetic conductor s
(press release dated March 10, 2022).
Pete Flindell, VP Exploration for Goldshore, said “These drill results confirm our expectations of
high-grade copper mineralization, especially as we are on the margin of the volcanic massive
sulphide lens, and are extremely encouraging with respect to Cobalt grades. While the five
pending holes are also around the margin of the system, and therefore likely to contain similar
grades, I look forward to drilling closer to the core of the deposit to understand how the critical
mineral elements may increase. These data will be invaluable in guiding our future drilling of
similar, untested targets within the Moss Lake Project.”
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
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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
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 Dep osit 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.
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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 48,904,000 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 Pierre -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
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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-
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 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