Goldshore
Intersects 9.46 g/t Au
over 7.45m in the Southwest Zone
Widths of Mineralized
System Expanded Significantly
VANCOUVER, B.C.,
February 7, 2023 -- InvestorsHub NewsWire
-- 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:
-
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
-
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:
-
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
-
3.67 g/t Au over 13.65m
from 612.35m
-
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
-
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."
Technical
Overview
Figure 1 shows the
better intercepts in plain view and Figure 2 is a typical section
through hole MMD-22-063. 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
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.
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 intercepts
|
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
|
|
|
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
|
|
|
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.
|
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.
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. brichards@goldshoreresources.com
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; 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 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.