Goldshore Intersects
1.34 g/t Au over 90.95m in 100 Meter Step-Out to the
North
VANCOUVER, B.C.,
November 2, 2022 -- 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:
-
Results for eight holes, drilled to both expand
and 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:
-
2.66 g/t Au over 8.15m
from 18.1m depth in MMD-22-057 and
-
1.34 g/t Au over 90.95m
from 254.05m including
-
2.42 g/t Au over 12m
from 260.4m and
-
4.02 g/t Au over 16.4m
from 283.55m
-
1.02 g/t Au over 59.9m
from 502m depth in MMD-22-056 including
-
4.78 g/t Au over 9.35m
from 542m
-
4.38 g/t Au over 9.5m
from 84.5m depth in MMD-22-036
-
1.05 g/t Au over 26.45m
from 373.55m depth in MMD-22-048
-
1.8 g/t Au over 18m
from 121.0m depth in MMD-22-053 and
-
1.3 g/t Au over 43.65m
from 355.6m
-
Results for four holes, drilled to evaluate the
under-drilled Southwest Zone, have confirmed narrow higher-grade
gold mineralized structures with best
intercepts of:
-
23.7 g/t Au over 3.5m
from 182m depth in MMD-22-064
-
2.26 g/t Au over 8.25m
from 388m depth in MMD-22-042
President and CEO Brett Richards stated:
"Throughout our entire
drilling campaign from 2021 to now, we have consistently and
repeatedly delivered promising drill results, indicating not only
the size and scale potential of the Moss Lake Project, but also the
quality of the higher-grade areas of the deposit. As
we illustrated at the end of
H1 2022, our focus turned from identifying and drilling the size of
the global resource; to identifying the high(er) grade sections
contained within the historical resource (and stepped out from the
historical resource), and focusing on building a much smaller open
pit project PEA around this. The results from this change in focus
are evident in press releases in H1 2022 and Q3 2022, and continue
with the results highlighted today. To that end, we are expediting
our independent mineral resource estimate
("MRE") on the high(er)
grade sections within the historical resource, and look to have the
results of this MRE presented to the market by the end of 2022,
versus the end of Q1 2023, as previously guided. This will also
lead to the Company accelerating a preliminary economic assessment
("PEA") on a smaller,
high(er) grade resource, but much more manageable project in terms
of CapEx and project timeline, versus a large-scale project PEA on
an updated larger resource similar to the historic
resource.
The target delivery to the
market of the economic results of the PEA is slated for the end of
Q1 2023, under current market conditions and circumstances, versus
the end of Q2 2023, as previously guided".
Technical
Overview
Figure 1 shows the
better intercepts in plain view and Figure 2 is a typical section
through hole MMD-22-057.
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-22-057 relative to implicit
modelled grade shells showing 100-meter step out to the
north
Over the last month, results have been received
for eighteen holes, including:
-
Eight holes that have infilled areas of the
Main Zone that are between sections drilled by historic holes with
collar survey problems. They will replace the low-confidence
historic holes in the upcoming resource model update.
-
Four holes drilled to evaluate the
under-drilled Southwest Zone.
-
Five holes testing the margins of the main +1
g/t Au zones that provide valuable geological information in these
marginal areas.
As with the historic holes, the Main and
Southwest Zone holes intersected several broad zones of low-grade
mineralization within the altered diorite intrusion host. Examples
include 0.98 g/t Au over 50.9m from
51m and 0.32 g/t Au over 122m from 473m depth in
MMD-22-036; 0.48 g/t Au over 88m from
388m and 0.53 g/t Au over 33m from 279m depth in
MMD-22-042; 0.46 g/t Au over 133m from
443m depth and 0.35 g/t Au over 29.25m from 316.85m
depth in MMD-22-048; 0.70 g/t Au over 126m from
335m depth and 0.89 g/t Au over 60.6m from
120.4m depth in MMD-22-053; 0.80 g/t Au over 25.35m
from 563.65m depth in MMD-22-055; 0.64 g/t Au over 44m from 168m
depth and 0.63 g/t Au over 33.65m from 237.35m depth in MMD-22-064;
0.47 g/t Au over 38.1m from 615.45m depth in MMD-22-066; and 0.46
g/t Au over 27.65m from 366.25m depth in MMD-22-078.
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.,
1.34 g/t Au over 90.95m
from 254.05m depth in MMD-22-057) and several narrow
high-grade intervals, including better intercepts of 39.3 g/t Au
over 0.7m from 90.45m depth in MMD-22-036; 47.4 g/t Au over 0.5m
from 420.25m depth in MMD-22-052; 11.4 g/t Au over 2.35m from 549m
depth in MMD-22-056; 26.7 g/t Au over 1m from 287m depth in
MMD-22-057; and 231 g/t Au over 0.35m from
182.75m depth in MMD-22-064.
Four holes were drilled into the Link zone and
potential overlap between the QES zone and Moss Main zone to
properly define the boundaries of each zone and to better
understand the behavior of the southern edge of the altered diorite
package. These dominantly drilled through the lesser altered and
deformed porphyritic diorite phase containing several narrow lenses
of low-grade mineralization as indicated by the historic drill
results.
Geological modelling of the altered diorite
host rock and anastomosing shear network at Moss Lake has
progressed faster than anticipated and is now complete. As a
result, the Company has embarked on an independent resource
modelling exercise and has engaged international consulting group,
CSA Global (an ERM group company) to complete this work. This will
lead to a new Mineral Resource estimate that will be reported
following National Instrument 43-101 standards for disclosure. This
new estimate will be published before the end of 2022.
Pete Flindell, VP Exploration for Goldshore,
said "These drill results
continue the vein of local high grade gold mineralization that
bulks out to produce 50- to 200-meter-wide zones of +1 g/t Au gold
mineralization within a "sea" of low-grade mineralization. This
style of mineralization is capable of producing large, low-grade
gold resources with a significant volume of higher-grade
mineralization. We anticipate that this should, with the selection
of the appropriate gold price for the constraining Whittle shell,
allow the reporting of a smaller, higher-grade resource at the Moss
Lake Project."
Table 1 shows the significant intercepts and
Table 2 shows the drill hole locations.
Table 1: Significant downhole gold intercepts
|
ZONE
|
HOLE ID
|
FROM
|
TO
|
LENGTH (m)
|
TRUE WIDTH
(m)
|
CUT GRADE
(g/t Au)
|
UNCUT
GRADE
(g/t Au)
|
|
MAIN
|
MMD-22-036
|
22.00
|
35.80
|
13.80
|
4.4
|
0.62
|
0.62
|
|
|
|
51.00
|
101.90
|
50.90
|
16.6
|
0.98
|
1.11
|
|
|
including
|
62.50
|
67.35
|
4.85
|
1.6
|
1.39
|
1.39
|
|
|
and
|
84.50
|
94.00
|
9.50
|
3.1
|
3.70
|
4.38
|
|
|
|
238.50
|
256.30
|
17.80
|
6.1
|
0.47
|
0.47
|
|
|
|
276.40
|
286.20
|
9.80
|
3.4
|
0.46
|
0.46
|
|
|
including
|
279.00
|
281.85
|
2.85
|
1.0
|
1.01
|
1.01
|
|
|
|
419.10
|
446.50
|
27.40
|
10.0
|
0.36
|
0.36
|
|
|
including
|
420.00
|
422.00
|
2.00
|
0.7
|
1.84
|
1.84
|
|
|
|
473.00
|
595.00
|
122.00
|
47.4
|
0.32
|
0.32
|
|
|
|
613.45
|
619.95
|
6.50
|
2.6
|
0.36
|
0.36
|
|
|
|
631.00
|
634.75
|
3.75
|
1.5
|
0.47
|
0.47
|
|
|
|
671.45
|
686.00
|
14.55
|
5.8
|
0.35
|
0.35
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-048
|
190.00
|
192.40
|
2.40
|
1.5
|
0.78
|
0.78
|
|
|
|
220.00
|
227.00
|
7.00
|
4.3
|
0.54
|
0.54
|
|
|
|
277.60
|
285.00
|
7.40
|
4.5
|
0.34
|
0.34
|
|
|
|
316.85
|
346.10
|
29.25
|
18.0
|
0.35
|
0.35
|
|
|
|
373.55
|
400.00
|
26.45
|
16.3
|
1.05
|
1.05
|
|
|
including
|
388.00
|
399.15
|
11.15
|
6.9
|
1.60
|
1.60
|
|
|
|
443.00
|
576.00
|
133.00
|
84.2
|
0.46
|
0.46
|
|
|
including
|
446.00
|
458.20
|
12.20
|
7.6
|
1.08
|
1.08
|
|
|
and
|
467.90
|
472.00
|
4.10
|
2.6
|
1.37
|
1.37
|
|
|
and
|
521.00
|
538.35
|
17.35
|
11.1
|
1.03
|
1.03
|
|
|
|
602.00
|
614.00
|
12.00
|
7.8
|
0.31
|
0.31
|
|
|
|
620.00
|
635.40
|
15.40
|
10.0
|
0.56
|
0.56
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-052
|
104.35
|
111.00
|
6.65
|
3.4
|
0.46
|
0.46
|
|
|
|
138.00
|
140.00
|
2.00
|
1.1
|
0.31
|
0.31
|
|
|
|
274.25
|
277.30
|
3.05
|
1.7
|
0.44
|
0.44
|
|
|
|
311.15
|
313.35
|
2.20
|
1.3
|
0.35
|
0.35
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-053
|
18.00
|
27.00
|
9.00
|
4.9
|
0.39
|
0.39
|
|
|
|
33.00
|
38.00
|
5.00
|
2.7
|
0.42
|
0.42
|
|
|
|
49.35
|
66.30
|
16.95
|
9.1
|
0.37
|
0.37
|
|
|
|
77.00
|
81.45
|
4.45
|
2.4
|
1.58
|
1.58
|
|
|
including
|
77.75
|
81.45
|
3.70
|
2.0
|
1.81
|
1.81
|
|
|
|
92.20
|
100.20
|
8.00
|
4.2
|
1.63
|
1.63
|
|
|
including
|
92.20
|
98.00
|
5.80
|
3.1
|
2.10
|
2.10
|
|
|
|
120.40
|
181.00
|
60.60
|
32.1
|
0.89
|
0.89
|
|
|
including
|
121.00
|
139.00
|
18.00
|
9.5
|
1.80
|
1.80
|
|
|
and
|
158.00
|
167.00
|
9.00
|
4.8
|
1.72
|
1.72
|
|
|
|
201.00
|
205.00
|
4.00
|
2.1
|
0.53
|
0.53
|
|
|
|
222.00
|
225.00
|
3.00
|
1.6
|
5.24
|
5.24
|
|
|
|
248.00
|
263.00
|
15.00
|
7.8
|
0.38
|
0.38
|
|
|
|
285.00
|
304.00
|
19.00
|
9.9
|
0.35
|
0.35
|
|
|
|
310.60
|
313.00
|
2.40
|
1.3
|
0.35
|
0.35
|
|
|
|
335.00
|
461.00
|
126.00
|
65.6
|
0.70
|
0.70
|
|
|
including
|
341.00
|
344.00
|
3.00
|
1.6
|
1.14
|
1.14
|
|
|
and
|
355.60
|
399.25
|
43.65
|
22.7
|
1.30
|
1.30
|
|
|
and
|
444.00
|
450.00
|
6.00
|
3.1
|
1.63
|
1.63
|
|
|
|
487.75
|
490.00
|
2.25
|
1.2
|
0.57
|
0.57
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-054
|
383.00
|
389.60
|
6.60
|
2.1
|
0.42
|
0.42
|
|
|
|
429.40
|
434.30
|
4.90
|
1.6
|
0.51
|
0.51
|
|
|
|
531.05
|
539.00
|
7.95
|
2.6
|
0.31
|
0.31
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-055
|
168.00
|
182.85
|
14.85
|
8.4
|
0.30
|
0.30
|
|
|
|
212.00
|
215.00
|
3.00
|
1.7
|
0.73
|
0.73
|
|
|
|
360.60
|
374.90
|
14.30
|
7.8
|
1.07
|
1.07
|
|
|
including
|
364.00
|
374.90
|
10.90
|
5.9
|
1.28
|
1.28
|
|
|
|
525.40
|
528.25
|
2.85
|
1.6
|
1.55
|
1.55
|
|
|
|
563.65
|
589.00
|
25.35
|
14.2
|
0.80
|
0.80
|
|
|
including
|
581.05
|
583.80
|
2.75
|
1.6
|
3.08
|
3.08
|
|
|
|
600.00
|
612.10
|
12.10
|
6.9
|
0.36
|
0.36
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-056
|
181.00
|
185.60
|
4.60
|
2.1
|
0.52
|
0.52
|
|
|
|
221.00
|
225.00
|
4.00
|
1.8
|
0.38
|
0.38
|
|
|
|
267.00
|
270.35
|
3.35
|
1.5
|
0.34
|
0.34
|
|
|
|
287.85
|
296.00
|
8.15
|
3.7
|
0.63
|
0.63
|
|
|
|
336.35
|
342.25
|
5.90
|
2.6
|
0.62
|
0.62
|
|
|
|
353.70
|
358.45
|
4.75
|
2.1
|
0.35
|
0.35
|
|
|
|
379.40
|
387.65
|
8.25
|
3.6
|
1.20
|
1.20
|
|
|
|
441.00
|
461.50
|
20.50
|
8.9
|
0.49
|
0.49
|
|
|
|
502.00
|
561.90
|
59.90
|
25.5
|
1.02
|
1.02
|
|
|
including
|
509.00
|
511.00
|
2.00
|
0.9
|
3.16
|
3.16
|
|
|
and
|
542.00
|
551.35
|
9.35
|
4.0
|
4.78
|
4.78
|
|
|
|
593.30
|
598.00
|
4.70
|
2.0
|
0.38
|
0.38
|
|
|
|
|
|
|
|
|
|
|
MAIN
|
MMD-22-057
|
18.10
|
26.25
|
8.15
|
2.8
|
2.66
|
2.66
|
|
|
|
40.90
|
43.10
|
2.20
|
0.8
|
0.46
|
0.46
|
|
|
|
254.05
|
345.00
|
90.95
|
34.2
|
1.34
|
1.34
|
|
|
including
|
260.40
|
272.40
|
12.00
|
4.5
|
2.42
|
2.42
|
|
|
and
|
283.55
|
299.95
|
16.40
|
6.2
|
4.02
|
4.02
|
|
|
and
|
312.00
|
328.75
|
16.75
|
6.3
|
1.04
|
1.04
|
|
|
|
366.00
|
371.25
|
5.25
|
2.0
|
1.11
|
1.11
|
|
|
|
382.00
|
385.00
|
3.00
|
1.2
|
0.70
|
0.70
|
|
|
|
457.50
|
461.00
|
3.50
|
1.4
|
0.36
|
0.36
|
|
|
|
552.40
|
559.00
|
6.60
|
2.7
|
0.36
|
0.36
|
|
|
|
570.00
|
583.00
|
13.00
|
5.5
|
0.34
|
0.34
|
|
|
|
594.00
|
599.00
|
5.00
|
2.1
|
0.34
|
0.34
|
|
|
|
|
|
|
|
|
|
|
SW
|
MMD-22-042
|
36.95
|
41.00
|
4.05
|
2.7
|
0.87
|
0.87
|
|
|
|
106.65
|
110.75
|
4.10
|
3.0
|
0.49
|
0.49
|
|
|
|
209.00
|
212.05
|
3.05
|
2.5
|
0.50
|
0.50
|
|
|
|
239.00
|
241.00
|
2.00
|
1.7
|
0.43
|
0.43
|
|
|
|
256.55
|
266.00
|
9.45
|
8.1
|
0.97
|
0.97
|
|
|
including
|
261.95
|
266.00
|
4.05
|
3.5
|
1.77
|
1.77
|
|
|
|
279.00
|
312.00
|
33.00
|
29.0
|
0.53
|
0.53
|
|
|
|
330.00
|
341.00
|
11.00
|
10.0
|
0.94
|
0.94
|
|
|
|
366.00
|
377.00
|
11.00
|
10.2
|
0.74
|
0.74
|
|
|
including
|
370.00
|
377.00
|
7.00
|
6.5
|
1.08
|
1.08
|
|
|
|
388.00
|
476.00
|
88.00
|
84.1
|
0.48
|
0.48
|
|
|
including
|
388.00
|
396.25
|
8.25
|
7.7
|
2.26
|
2.26
|
|
|
|
|
|
|
|
|
|
|
SW
|
MMD-22-050
|
162.00
|
168.35
|
6.35
|
5.0
|
0.68
|
0.68
|
|
|
|
194.40
|
207.10
|
12.70
|
10.4
|
0.48
|
0.48
|
|
|
|
300.15
|
312.90
|
12.75
|
11.4
|
0.82
|
0.82
|
|
|
including
|
303.00
|
311.00
|
8.00
|
7.1
|
1.10
|
1.10
|
|
|
|
|
|
|
|
|
|
|
SW
|
MMD-22-064
|
28.00
|
31.85
|
3.85
|
2.5
|
1.42
|
1.42
|
|
|
|
42.45
|
55.10
|
12.65
|
8.2
|
0.92
|
0.92
|
|
|
|
168.00
|
212.00
|
44.00
|
29.9
|
0.64
|
2.24
|
|
|
including
|
182.00
|
185.50
|
3.50
|
2.4
|
3.64
|
23.70
|
|
|
|
237.35
|
271.00
|
33.65
|
23.2
|
0.63
|
0.63
|
|
|
including
|
250.25
|
252.40
|
2.15
|
1.5
|
1.59
|
1.59
|
|
|
|
|
|
|
|
|
|
|
SW
|
MMD-22-066
|
451.00
|
453.25
|
2.25
|
1.7
|
0.58
|
0.58
|
|
|
|
559.35
|
572.00
|
12.65
|
9.7
|
0.31
|
0.31
|
|
|
|
586.00
|
589.00
|
3.00
|
2.3
|
0.39
|
0.39
|
|
|
|
599.00
|
609.55
|
10.55
|
8.2
|
0.36
|
0.36
|
|
|
|
615.45
|
653.55
|
38.10
|
30.1
|
0.47
|
0.47
|
|
|
including
|
625.00
|
627.00
|
2.00
|
1.6
|
1.08
|
1.08
|
|
|
|
|
|
|
|
|
|
|
LINK
|
MMD-22-074
|
603.85
|
607.90
|
4.05
|
3.1
|
0.66
|
0.66
|
|
|
|
|
|
|
|
|
|
|
LINK
|
MMD-22-078
|
62.55
|
67.90
|
5.35
|
3.6
|
0.40
|
0.40
|
|
|
|
366.25
|
393.90
|
27.65
|
20.1
|
0.46
|
0.46
|
|
|
|
422.55
|
425.50
|
2.95
|
2.2
|
0.31
|
0.31
|
|
|
|
447.80
|
455.40
|
7.60
|
5.7
|
0.64
|
0.64
|
|
|
including
|
452.20
|
455.40
|
3.20
|
2.4
|
1.08
|
1.08
|
|
|
|
492.25
|
498.40
|
6.15
|
4.6
|
0.31
|
0.31
|
|
|
|
|
|
|
|
|
|
|
LINK
|
MMD-22-081
|
83.00
|
91.00
|
8.00
|
5.6
|
0.45
|
0.45
|
|
|
|
253.20
|
257.65
|
4.45
|
3.3
|
0.64
|
0.64
|
|
|
|
286.55
|
295.00
|
8.45
|
6.3
|
0.51
|
0.51
|
|
|
|
335.00
|
353.95
|
18.95
|
14.4
|
0.30
|
0.30
|
|
|
|
|
|
|
|
|
|
|
LINK
|
MMD-22-082
|
122.00
|
131.00
|
9.00
|
6.5
|
0.74
|
0.74
|
|
|
including
|
122.00
|
124.00
|
2.00
|
1.5
|
1.22
|
1.22
|
|
|
|
147.00
|
149.00
|
2.00
|
1.5
|
0.51
|
0.51
|
|
|
|
167.00
|
178.00
|
11.00
|
8.2
|
0.90
|
0.90
|
|
|
including
|
172.00
|
175.00
|
3.00
|
2.2
|
1.34
|
1.34
|
|
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.
|
Table 2: Location of drill holes in this press release
|
ZONE
|
HOLE
|
EAST
|
NORTH
|
RL
|
AZIMUTH
|
DIP
|
EOH
|
|
MAIN
|
MMD-22-036
|
668,868
|
5,379,279
|
441
|
154°
|
-71°
|
690.00
|
|
SW
|
MMD-22-042
|
668,520
|
5,378,529
|
436
|
158°
|
-50°
|
516.00
|
|
MAIN
|
MMD-22-048
|
668,705
|
5,379,209
|
435
|
155°
|
-52°
|
690.00
|
|
SW
|
MMD-22-050
|
668,517
|
5,378,529
|
437
|
110°
|
-50°
|
464.00
|
|
MAIN
|
MMD-22-052
|
668,994
|
5,379,542
|
438
|
155°
|
-60°
|
597.30
|
|
MAIN
|
MMD-22-053
|
669,014
|
5,379,307
|
427
|
154°
|
-61°
|
605.85
|
|
MAIN
|
MMD-22-054
|
668,705
|
5,379,209
|
435
|
150°
|
-70°
|
576.00
|
|
MAIN
|
MMD-22-055
|
668,721
|
5,379,279
|
443
|
154°
|
-59°
|
618.00
|
|
MAIN
|
MMD-22-056
|
668,801
|
5,379,340
|
438
|
151°
|
-61°
|
600.00
|
|
MAIN
|
MMD-22-057
|
668,887
|
5,379,368
|
437
|
154°
|
-70°
|
603.00
|
|
SW
|
MMD-22-064
|
668,481
|
5,378,460
|
439
|
109°
|
-51°
|
407.15
|
|
SW
|
MMD-22-066
|
669,077
|
5,378,242
|
432
|
290°
|
-50°
|
654.30
|
|
LINK
|
MMD-22-074
|
669,241
|
5,378,339
|
430
|
335°
|
-51°
|
660.85
|
|
LINK
|
MMD-22-077
|
669,659
|
5,379,054
|
432
|
335°
|
-60°
|
12.00
|
|
LINK
|
MMD-22-078
|
669,659
|
5,379,055
|
432
|
337°
|
-50°
|
603.00
|
|
LINK
|
MMD-22-079
|
669,573
|
5,379,011
|
437
|
336°
|
-50°
|
333.00
|
|
LINK
|
MMD-22-081
|
669,469
|
5,378,982
|
428
|
334°
|
-48°
|
375.00
|
|
LINK
|
MMD-22-082
|
669,248
|
5,378,768
|
437
|
335°
|
-46°
|
347.85
|
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 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 silver4
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
|
48,904,000
|
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 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 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 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 Canadian Institute of Mining for 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
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, release of the MRE, release of a PEA, 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.