Total Width of the Main Zone Expands from 300m-350m to 600m-650m
Goldshore Resources Drills 65.0m @ 1.04 g/t Au at the QES Zone
Total Width of the Main Zone Expands from 300m-350m to 600m-650m
VANCOUVER, B.C., June 14, 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. Drilling is aiming to expand and better define high-grade structural zones within the
Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral
resource.
Highlights:
• MQD-22-019 at the QES Zone, has upgraded the mineralization within the modeled
volume and confirm ed the parallel zone of mineralization to the north with best
intercepts of:
o 65.0m @ 1.04 g/t Au from 142.4m depth, including
1.6m @ 6.56 g/t Au from 142.4m and
13.0m @ 2.14 g/t Au from 173.0m
o 5.5m @ 1.23 g/t Au from 606.1m
• A recent evaluation of assay zones parallel to the 2013 resource body has enabled the
preliminary modelling of shears that combine to extend the width of mineralization from
its previous 300-400 meters to a zone that is 600-650 meters wide.
o This work suggests that the Southwest Zone is not a structural offset as previously
thought and is instead an extension of the southern parallel zone, compounding
additional resource tonnage (in width) and along strike.
o Exploration work has begun targeting additional parallel structures to further expand
the width of gold mineralization.
President and CEO Brett Richards stated: “As we have demonstrated since the beginning of our
drill program, our thesis that Moss Lake is larger (in depth, in width and along strike) is proving
to be true. I am also encouraged about the high grade sections we are seeing, as this will provide
us with optionality when we model the resource later in the year and start to look at economic pit
shells. We see several PEA permutations including: a low tonnage / higher grade starting project
(Phase 1); and a larger scale operation on the global resource (Phase 2). Given the current
economic climate (high/hyper inflationary economy), a lower CapEx project (Phase 1 ) then
expanding the operation (Phase 2) may well be the best approach to developing Moss Lake, while
2
not losing sight of our Tier One potential. We will make these determinations later in the year, as
we evaluate the results from our 100,000m program.”
Technical Overview
Table 1 shows the significant intercepts calculated from recently received drill hole results. Figure
1 shows a cross section through MQD-22-019. Table 2 and Figure 2 show 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)
MQD-22-019 62.70 64.70 2.00 1.4 0.85 0.85
102.00 120.50 18.50 12.9 0.36 0.36
137.00 227.00 90.00 65.8 0.85 0.85
including 142.40 207.40 65.00 47.5 1.04 1.04
including 142.40 144.00 1.60 1.2 6.56 6.56
and 173.00 186.00 13.00 9.5 2.14 2.14
415.50 419.75 4.25 3.2 0.65 0.65
445.40 448.40 3.00 2.2 0.54 0.54
546.00 554.00 8.00 6.0 0.79 0.79
including 552.00 554.00 2.00 1.5 2.31 2.31
572.15 574.90 2.75 2.1 0.49 0.49
601.00 621.25 20.25 15.5 0.52 0.52
including 606.10 611.60 5.50 4.2 1.23 1.23
667.00 676.00 9.00 7.0 0.45 0.45
722.00 738.00 16.00 12.4 0.32 0.32
MMD-22-026 47.00 59.95 12.95 9.8 0.71 0.71
72.70 79.00 6.30 4.8 0.56 0.56
90.10 94.25 4.15 3.1 0.56 0.56
121.65 155.70 34.05 26.1 0.54 0.54
including 149.00 155.70 6.70 5.1 1.50 1.50
308.55 324.65 16.10 12.7 0.78 0.78
including 312.00 315.00 3.00 2.4 2.25 2.25
403.35 410.80 7.45 5.9 0.36 0.36
566.00 570.00 4.00 3.3 0.38 0.38
MMD-22-029 60.00 83.70 23.70 18.4 0.31 0.31
193.00 230.00 37.00 29.5 0.49 0.49
including 210.00 212.00 2.00 1.6 1.69 1.69
and 225.00 230.00 5.00 4.0 1.71 1.71
250.40 263.85 13.45 10.7 0.32 0.32
276.25 286.00 9.75 7.9 0.74 0.74
298.00 304.00 6.00 4.9 0.31 0.31
309.70 317.70 8.00 6.5 0.42 0.42
344.00 351.00 7.00 5.7 0.33 0.33
594.95 608.00 13.05 10.8 0.34 0.34
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.
3
Figure 1: Drill section through MQD-22-019 showing mineralized intercepts relative to the 2013 grade model
and the new parallel zone to the north
Table 2: Location of drill holes in this press release
HOLE EAST NORTH RL AZIMUTH DIP EOH
MQD-22-019 670015 5379424 428 335° -45° 751.0m
MMD-22-026 669411 5379553 427 155° -45° 677.0m
MMD-22-029 669336 5379508 428 155° --45° 620.0m
Approximate collar coordinates in NAD 83, Zone 15N
4
Figure 2: Drill plan showing the drill holes relative to the 2013 resource model and the new parallel zones
MQD-22-019 was drilled to the west of the high grade holes MQD -22-009 and MQD -22-014
reported on January 28, 2022 and May 5, 2022, respectively. The results of this hole extend the
envelope of +1 g/t Au mineralization further to the west in what appears to be a significant zone
of high grade mineralization.
The deeper section of the hole confirmed gold mineralization in an anastomosing shear that is
becoming a significant parallel zone. Drilling in the coming months will target the near surface
extension of this zone, as well as the high-grade portion of the QES Zone.
Holes MMD-22-026 and -029 were drilled to test the patchily mineralized eastern extension of the
Main Zone. These holes confirmed the nature of this part of the deposit and added valuable infill
data. Structural data collected since the start of the drill program from our oriented core program
that is used to correctly orient the structural controls in the deposit has allowed for a more detailed
interpretation of the highly foliated zones controlling part of the Moss Lake Main Zone
mineralization. These zones are believed to be part of several anastomosing shears encountered
over a width of 600-650m.
Pete Flindell, VP Exploration for Goldshore, said “I am very encouraged by the extent of the
parallel zones that we are seeing at both the Main Zone and QES Zone at Moss Lake, as the
greater width will reduce the amount of waste in an open pit; thereby improving the economics of
the project. Historic scout drilling, previously thought to be unrelated to Moss Lake, suggests that
additional parallel zones will be discovered. Furthermore, our understanding of the high grades in
the deposit – whereby 29% of the mineralized samples exceed 1 g/t Au; is improving to the point
where we will be able to model them separately to ensure that they are accurately represented in
the mineral resource update later in the year. This will also enhance the economics by allowing
the optimization of a smaller, high-grade starter pit.“
5
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 Gol dshore 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 Gold Mines Ltd. is currently a strategic 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.
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
6
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, 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 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 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
7
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 no t 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 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 Deposi t4
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.
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.
8
P. +1 604 288 4416 M. +1 905 449 1500
W. www.goldshoreresources.com
Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: 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, 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 opinions,
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.