They're putting the work into Moss Lake. I think we own 30% of these guys?
Brett Richards's Goldshore Resources Inc. (GSHR) closed unchanged at 52 cents on 310,000 shares on word that the company has drilled a 28-metre true width interval averaging 1.35 grams of gold per tonne at its Moss Lake project in Northwestern Ontario, with the lowest 18 metres of that zone averaging 1.79 grams per tonne. The other hole in this two-hole batch of assays also produced gold, including a 47-metre true-width interval averaging 0.87 gram per tonne.
Mr. Richards, president and CEO, says the work -- as he has said before -- "continues to produce drill results that confirm the historical resource estimate modelled in 2013." Further, he adds, the latest drilling shows significant extensions outside the old calculation. As well, Goldshore is discovering additional parallel zones that it believes will improve the project economics by replacing waste material with mineralization in a proposed pit. All this, he enthuses, "affirms our belief that the deposit is significantly larger than previously interpreted."
That previous interpretation, now eight years old, listed 39.8 million tonnes indicated at 1.1 grams of gold per tonne and another 50.4 million tonnes inferred at 1.1 grams per tonne, a total of 3.1 million ounces of gold. Those numbers, being historical, are not to be relied on as the regulators would say, so the 2013 dream sheet based on the calculation is even less reliable, one presumes. Still, it proposed a $543-million, 40,000-tonne-per-day open-pit mine that would average 244,000 ounces annually over a 10-year run.
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