Goldshore
Resources Announces Option Agreement to Earn In to Iris Lake &
Vanguard Properties held by White Metal Resources
Corp.
VANCOUVER,
B.C., July 7, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF / FWB: 8X00) ("Goldshore"
or the "Company"), is pleased to announce it has executed an option agreement
(the "Option
Agreement") with White
Metal Resource Corp. (TSXV:WHM) ("White
Metal") to earn in to
certain mining claims held by White Metal in the Shebandowan
greenstone belt known as the Iris Lake and Vanguard properties (the
"Property" or "Properties").
Key Terms of the Option
Agreement
-
Total cash payments (CAD$) of an aggregate of $110,000 to
White Metal over 3 years, to be paid as follows:
-
$10,000 within five days of July 6,
2022 (the "Effective
Date");
-
an additional $20,000 on or before
the 12-month anniversary of the Effective Date;
-
an additional $30,000 on or before
the 24-month anniversary of the Effective Date; and
-
an additional $50,000 on or before
the 36-month anniversary of the Effective Date;
-
Total share issuance of an aggregate of 1,500,000 common
shares of the Company (each, a "Share") (such Shares to be
subject to resale restrictions) as follows:
-
300,000 Shares within five days of
the Effective Date;
-
an additional 300,000 Shares on or
before the 12-month anniversary of the Effective Date;
-
an additional 400,000 Shares on or
before the 24-month anniversary of the Effective date;
and
-
an additional 500,000 Shares on or
before the 36-month anniversary of the Effective Date;
-
Total incurred expenditures on the Property of not less than
$1,650,000 over 3 years as follows:
-
$100,000 on or before the six-month
anniversary of the Effective Date;
-
an additional $200,000 on or before
the 12-month anniversary of the Effective Date;
-
an additional $600,000 on or before
the 24-month anniversary of the Effective Date; and
-
an additional $750,000 on or before
the 36-month anniversary of the Effective Date.
-
Other non-material administrative and technical matters
guiding the earn in relationship between the Company and White
Metal.
President and CEO Brett Richards
stated: "We
are excited to add on this land package through the Option
Agreement with White Metal. As illustrated in Figure
1.0, the Properties are adjacent to our north-eastern property
claims in the Coldstream and Iris Lake area. As we have suggested in the
past, and with the interpretation of the airborne geo-physical VTEM
survey conducted in 2021; there is a strong correlation through
Coldstream and Iris Lake towards the Properties, that suggest this
strike length is contiguous."
Figure 1 – The
White Metal Resources Corp Iris Lake and Vanguard
properties
For a larger more detailed map of the White
Metal's properties, please refer to:
https://goldshoreresources.com/wp-content/uploads/2022/07/GSH_Claim-Map_2022-May.pdf
Current
Market Conditions
Goldshore has decided to
temporarily scale back its drilling program from 7 rigs to 2 rigs
in an effort to preserve capital in this uncertain and volatile
capital market environment. The Company has also evaluated all possible
cost containment and cost control measures to assist in this
regard, and are reducing costs wherever possible. This decision to
slow drilling production may affect Goldshore's ability to complete
its planned 100,000m drill program in 2022, as previously planned,
but does not change the strategy or management's view on the Moss
Lake Project.
The Company will continue to
monitor all market conditions, as well as its ability to execute on
its objectives going forward.
About
Goldshore
Goldshore is an emerging junior
gold development company, and owns the Moss Lake Gold Project located in
Ontario. Wesdome 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 1), the historically
producing North Coldstream Mine (Table 2), 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 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 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 1:
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
|
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 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 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 2:
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, 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 or the Properties, an update to the historical
resource at 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.
Grafico Azioni Goldshore Resources (QB) (USOTC:GSHRF)
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Da Dic 2023 a Dic 2024