Goldshore
Intersects 29.05m @ 2.99 g/t Au in 100m Down-dip
Step-out
VANCOUVER,
B.C., Canada -- September 8, 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
infill historic but poorly surveyed drill sections in the Main
Zone, have confirmed high-grade gold
mineralization within a large volume of well mineralized
diorite with best
intercepts of:
-
29.05m @ 2.99
g/t Au from 478.6m depth
in MMD-22-045, including
-
13.5m @ 6.08
g/t Au from 481.25m
-
16.4m @ 1.87
g/t Au from 415.6m depth
in MMD-22-033, including
-
6.65m @ 4.09
g/t Au from 416.15m
-
5.85m @ 3.47
g/t Au from 110m depth in
MMD-22-034
-
17.0m @ 1.44
g/t Au from 58m depth in
MMD-22-039, including
-
14.45m @ 1.63
g/t Au from 58.55m
-
18.0m @ 1.43
g/t Au from 354m depth,
including
-
6.7m @ 3.37 g/t
Au from 365.3m
-
22.65m @ 1.59
g/t Au from 344.15m depth
in MMD-22-040
-
The better intercepts are
all centered around twelve very
high-grade gold zones that represent the axis of the shear
network,
including:
-
1.0m @ 22.0 g/t Au from 418m in
MMD-22-033,
-
1.0m @ 17.7 g/t Au from 349m in
MMD-22-040, and
-
0.75m @ 88.6 g/t Au from 481.25m in
MMD-22-045
President and CEO Brett Richards
stated: "We
continue to intersect wide zones of +1 g/t Au mineralization that
underpin our belief that the Moss Lake Deposit has potential to
develop an initial high-grade phase 1 open pit within the larger
low-grade open pit operation. It can be seen that the
projected grade shell of +1.0 g/t Au is significant at this early
stage, and we will look to expand upon these exploration results,
as we continue with our program."
Technical
Overview
The Goldshore team has obtained sufficient
quality drill information, along with oriented core data, to
generate working models of the grade distribution using implicit
modelling algorithms. These show coherent high grade structural
zones that reflect the three dimensional anastomosing shear
network, which are projected to surface in the following
figures.
Table 1 shows the significant intercepts. Table
2 and Figure 1 show the drill hole locations. Figure 2 shows the
better intercepts and Figure 3 is a typical section through holes
MMD-22-040 and -045.
Figure 1: Drill plan showing drill holes relative to implicit
modelled grade shells
Figure 2: Drill plan showing best of several +1 g/t Au intercepts
relative to implicit modelled grade shells
Figure 3: Drill section through MMD-22-040 and -045 relative to
implicit modelled grade shells
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-22-033
|
32.00
|
36.00
|
4.00
|
2.0
|
3.08
|
3.08
|
|
|
69.00
|
72.40
|
3.40
|
1.7
|
0.54
|
0.54
|
|
|
99.10
|
115.60
|
16.50
|
8.3
|
0.63
|
0.63
|
|
including
|
100.00
|
105.00
|
5.00
|
2.5
|
1.64
|
1.64
|
|
|
257.25
|
265.35
|
8.10
|
4.2
|
0.58
|
0.58
|
|
|
372.65
|
379.00
|
6.35
|
3.3
|
1.16
|
1.16
|
|
including
|
372.65
|
375.00
|
2.35
|
1.2
|
2.07
|
2.07
|
|
|
415.60
|
432.00
|
16.40
|
8.6
|
1.87
|
1.87
|
|
including
|
416.15
|
422.80
|
6.65
|
3.5
|
4.09
|
4.09
|
|
|
453.00
|
461.45
|
8.45
|
4.5
|
0.66
|
0.66
|
|
|
518.70
|
521.00
|
2.30
|
1.2
|
0.69
|
0.69
|
|
|
541.00
|
543.00
|
2.00
|
1.1
|
0.32
|
0.32
|
|
|
581.00
|
603.90
|
22.90
|
12.3
|
0.65
|
0.65
|
|
including
|
588.00
|
591.00
|
3.00
|
1.6
|
2.13
|
2.13
|
|
and
|
598.00
|
602.00
|
4.00
|
2.1
|
1.05
|
1.05
|
|
|
|
|
|
|
|
|
|
MMD-22-034
|
13.00
|
17.00
|
4.00
|
2.3
|
0.33
|
0.33
|
|
|
41.15
|
56.75
|
15.60
|
9.0
|
0.40
|
0.40
|
|
|
69.30
|
72.70
|
3.40
|
2.0
|
0.44
|
0.44
|
|
|
110.00
|
115.85
|
5.85
|
3.4
|
3.47
|
3.47
|
|
including
|
111.90
|
115.85
|
3.95
|
2.3
|
4.87
|
4.87
|
|
|
131.65
|
134.90
|
3.25
|
1.9
|
0.56
|
0.56
|
|
|
148.50
|
155.00
|
6.50
|
3.8
|
2.42
|
2.42
|
|
including
|
148.80
|
155.00
|
6.20
|
3.6
|
2.51
|
2.51
|
|
|
173.00
|
193.15
|
20.15
|
11.6
|
0.55
|
0.55
|
|
|
210.65
|
213.25
|
2.60
|
1.5
|
0.57
|
0.57
|
|
|
|
|
|
|
|
|
|
MMD-22-037
|
386.10
|
388.10
|
2.00
|
1.1
|
0.49
|
0.49
|
|
|
422.00
|
428.95
|
6.95
|
3.7
|
0.61
|
0.61
|
|
|
566.60
|
570.40
|
3.80
|
2.1
|
0.55
|
0.55
|
|
|
627.70
|
632.50
|
4.80
|
2.6
|
0.33
|
0.33
|
|
|
|
|
|
|
|
|
|
MMD-22-038
|
82.00
|
84.00
|
2.00
|
1.0
|
0.45
|
0.45
|
|
|
129.00
|
134.00
|
5.00
|
2.6
|
0.34
|
0.34
|
|
|
204.00
|
206.00
|
2.00
|
1.0
|
0.38
|
0.38
|
|
|
211.00
|
216.00
|
5.00
|
2.6
|
0.32
|
0.32
|
|
|
315.00
|
317.00
|
2.00
|
1.1
|
0.53
|
0.53
|
|
|
329.00
|
434.00
|
105.00
|
58.3
|
0.43
|
0.43
|
|
including
|
331.80
|
339.00
|
7.20
|
4.0
|
2.45
|
2.45
|
|
and
|
372.00
|
374.25
|
2.25
|
1.2
|
1.01
|
1.01
|
|
and
|
420.80
|
425.60
|
4.80
|
2.7
|
1.30
|
1.30
|
|
|
460.55
|
465.55
|
5.00
|
2.8
|
0.57
|
0.57
|
|
|
501.45
|
526.00
|
24.55
|
14.2
|
0.65
|
0.65
|
|
including
|
507.50
|
519.05
|
11.55
|
6.7
|
1.05
|
1.05
|
|
|
546.40
|
552.70
|
6.30
|
3.7
|
0.49
|
0.49
|
|
|
|
|
|
|
|
|
|
MMD-22-039
|
15.00
|
18.00
|
3.00
|
1.4
|
1.20
|
1.20
|
|
|
28.60
|
38.50
|
9.90
|
4.8
|
0.42
|
0.42
|
|
|
58.00
|
75.00
|
17.00
|
8.1
|
1.44
|
1.44
|
|
including
|
58.55
|
73.00
|
14.45
|
6.9
|
1.63
|
1.63
|
|
|
106.50
|
110.00
|
3.50
|
1.7
|
0.42
|
0.42
|
|
|
279.00
|
281.00
|
2.00
|
1.0
|
0.50
|
0.50
|
|
|
285.00
|
295.35
|
10.35
|
5.0
|
0.33
|
0.33
|
|
|
311.80
|
314.00
|
2.20
|
1.1
|
0.32
|
0.32
|
|
|
354.00
|
372.00
|
18.00
|
8.8
|
1.43
|
1.43
|
|
including
|
365.30
|
372.00
|
6.70
|
3.3
|
3.37
|
3.37
|
|
|
412.50
|
439.40
|
26.90
|
13.6
|
0.33
|
0.33
|
|
|
468.00
|
472.00
|
4.00
|
2.1
|
1.15
|
1.15
|
|
|
508.00
|
510.00
|
2.00
|
1.0
|
0.33
|
0.33
|
|
|
512.00
|
514.00
|
2.00
|
1.1
|
0.35
|
0.35
|
|
|
557.00
|
570.55
|
13.55
|
7.2
|
0.61
|
0.61
|
|
including
|
557.00
|
562.00
|
5.00
|
2.6
|
1.33
|
1.33
|
|
|
|
|
|
|
|
|
|
MMD-22-040
|
75.55
|
91.65
|
16.10
|
5.7
|
0.40
|
0.40
|
|
|
166.90
|
169.45
|
2.55
|
0.9
|
0.46
|
0.46
|
|
|
263.00
|
269.00
|
6.00
|
2.2
|
0.45
|
0.45
|
|
|
319.45
|
377.50
|
58.05
|
21.8
|
0.86
|
0.86
|
|
including
|
344.15
|
366.80
|
22.65
|
8.5
|
1.59
|
1.59
|
|
|
403.00
|
420.50
|
17.50
|
6.7
|
0.34
|
0.34
|
|
|
457.50
|
467.75
|
10.25
|
4.0
|
0.51
|
0.51
|
|
|
539.00
|
602.00
|
63.00
|
24.7
|
0.42
|
0.42
|
|
|
|
|
|
|
|
|
|
MMD-22-044
|
13.35
|
24.50
|
11.15
|
7.9
|
1.39
|
1.39
|
|
including
|
13.35
|
24.50
|
11.15
|
7.9
|
1.39
|
1.39
|
|
|
130.20
|
151.00
|
20.80
|
14.9
|
0.97
|
0.97
|
|
including
|
138.80
|
142.30
|
3.50
|
2.5
|
4.37
|
4.37
|
|
|
250.20
|
253.35
|
3.15
|
2.3
|
0.38
|
0.38
|
|
|
256.30
|
349.35
|
93.05
|
68.2
|
0.49
|
0.49
|
|
including
|
260.80
|
268.45
|
7.65
|
5.6
|
2.26
|
2.26
|
|
and
|
293.80
|
296.25
|
2.45
|
1.8
|
2.00
|
2.00
|
|
and
|
330.90
|
334.25
|
3.35
|
2.5
|
1.75
|
1.75
|
|
|
370.70
|
372.90
|
2.20
|
1.6
|
0.30
|
0.30
|
|
|
|
|
|
|
|
|
|
MMD-22-045
|
16.00
|
28.00
|
12.00
|
6.9
|
0.54
|
0.54
|
|
|
62.50
|
66.00
|
3.50
|
2.0
|
0.41
|
0.41
|
|
|
109.60
|
111.80
|
2.20
|
1.3
|
0.92
|
0.92
|
|
|
189.70
|
192.00
|
2.30
|
1.4
|
1.03
|
1.03
|
|
|
204.40
|
232.00
|
27.60
|
16.6
|
0.32
|
0.32
|
|
|
243.00
|
310.50
|
67.50
|
41.1
|
0.44
|
0.44
|
|
including
|
256.70
|
258.70
|
2.00
|
1.2
|
2.04
|
2.04
|
|
and
|
292.10
|
299.25
|
7.15
|
4.3
|
1.27
|
1.27
|
|
|
326.85
|
337.20
|
10.35
|
6.4
|
0.64
|
0.64
|
|
including
|
334.30
|
337.20
|
2.90
|
1.8
|
1.06
|
1.06
|
|
|
365.25
|
367.75
|
2.50
|
1.6
|
0.71
|
0.71
|
|
|
387.65
|
423.00
|
35.35
|
22.2
|
0.48
|
0.48
|
|
including
|
405.30
|
412.00
|
6.70
|
4.2
|
1.25
|
1.25
|
|
|
433.65
|
441.50
|
7.85
|
4.9
|
0.31
|
0.31
|
|
|
478.60
|
507.65
|
29.05
|
18.2
|
1.48
|
2.99
|
|
including
|
481.25
|
494.75
|
13.50
|
8.5
|
2.83
|
6.08
|
|
|
562.00
|
567.35
|
5.35
|
3.4
|
0.40
|
0.40
|
|
|
583.50
|
594.00
|
10.50
|
6.6
|
0.57
|
0.57
|
|
|
656.00
|
697.00
|
41.00
|
26.2
|
0.70
|
0.70
|
|
including
|
660.00
|
669.25
|
9.25
|
5.9
|
1.88
|
1.88
|
|
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
|
HOLE
|
EAST
|
NORTH
|
RL
|
AZIMUTH
|
DIP
|
EOH
|
|
MMD-22-033
|
669,348
|
5,379,506
|
427
|
152°
|
-62°
|
675.25m
|
|
MMD-22-034
|
668,868
|
5,379,279
|
441
|
155°
|
-56°
|
236.9m
|
|
MMD-22-037
|
668,587
|
5,379,078
|
430
|
154°
|
-59°
|
654m
|
|
MMD-22-038
|
669,160
|
5,379,417
|
428
|
154°
|
-59°
|
602m
|
|
MMD-22-039
|
669,256
|
5,379,456
|
429
|
155°
|
-60°
|
605m
|
|
MMD-22-040
|
668,790
|
5,379,260
|
438
|
153°
|
-70°
|
609m
|
|
MMD-22-043
|
668,791
|
5,379,259
|
438
|
155°
|
-55°
|
22m
|
|
MMD-22-045
|
668,815
|
5,379,285
|
435
|
165°
|
-54°
|
717m
|
|
Approximate collar
coordinates in NAD 83, Zone 15N
|
Results have been received for
eight holes that have infilled areas of the Main Zone that are
between sections drilled by historic holes with collar survey
problems. As a result, they will replace the low-confidence
historic holes in the upcoming resource model update.
MMD-22-043 ws terminated early as
it hit the old underground exploration decline. MMD-22-045 was
drilled at slightly different azimuth to intersect the volume
targeted by hole -043.
As with the historic holes, these
holes intersected several broad zones of low-grade mineralization
within the altered diorite intrusion host. Examples include
105m @ 0.43 g/t
Au from 329m depth
and 63.0m @ 0.42 g/t Au from
539m depth in
MMD-22-038; 58.05m @ 0.86 g/t Au from
319.45m depth in
MMD-22-040; 20.8m @ 0.97 g/t Au from
130.2m depth and
93.05m @ 0.49
g/t Au from 256.3m depth
in MMD-22-044; and 67.5m @ 0.44 g/t Au from
243m depth and
41.0m @ 0.70
g/t Au from 656m depth in
MMD-22-045.
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., 29.05m @
2.99 g/t Au from 478.6m depth in MMD-22-045) and several narrow
high-grade intervals, including 0.5m @ 18.5 g/t Au from 34m and
1.0m @ 22.0 g/t Au from 418m in MMD-22-033; 0.6m @ 21.0 g/t Au from
113.4m in MMD-22-034; 0.9m @ 10.6 g/t Au from 332.85m in
MMD-22-038; 0.4m @ 25.2 g/t Au from 366.2m in MMD-22-039; 1.0m @
17.7 g/t Au from 349m in MMD-22-040; 0.35m @ 10.3 g/t Au from
261.95m and 0.55m @ 10.6 g/t Au from 395.7m in MMD-22-042; 0.5m @
15.2 g/t Au from 24m, 1.0m @ 12.3 g/t Au from 138.8m and 0.85m @
15.6 g/t Au from 260.8m in MMD-22-044; and 0.75m @ 88.6 g/t Au from
481.25m in MMD-22-045.
Geological modelling of the altered
diorite host rock and anastomosing shear network has commenced. It
will continue for the next three months as we continue with our
campaigns of active drilling and relogging of historic drill core.
The final model will enable the interpolation of low and high-grade
gold populations within constraining wireframes, which should
provide a more accurate estimation of the gold distribution and,
therefore, the contained gold resource.
Pete Flindell, VP Exploration for
Goldshore, said "These drill results confirm
the excellent results that we are receiving from our 100,000-meter
drill program. All results received to date confirm our improved
understanding of geological controls, which shows grade decreasing
away from a network of anastomosing shears. This has enabled us to
more accurately model high-grade gold zones within the deposit
using an implicit modelling algorithm."
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 Gold Mines Ltd. 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. Recource 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, 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.