Could be a while stand by?
Brett Richards's Goldshore Resources Inc. (GSHR) slid five cents to 26.5 cents on 1.83 million shares on word it has updated its resource estimate for the Moss deposit, and declared a maiden calculation for East Coldstream, both on its Moss property in Northwestern Ontario. At the Moss deposit Goldshore now lists 161 million tonnes inferred as an open-pittable resource at one gram of gold per tonne and another 2.6 million tonnes underground at 2.9 grams per tonne, a total of 5.4 million ounces of gold.
Goldshore calculates the new East Coldstream deposit with 19.8 million tonnes inferred as an open-pittable resource, at 0.89 gram of gold per tonne, along with 183.6 million tonnes deemed an underground resource at 1.02 grams per tonne, providing 6.57 million ounces of gold. In all, the two-deposit resource at Moss now stands at 12 million ounces of gold.
Mr. Richards, president and CEO, deemed the new calculations "an important milestone" for his company and its project. He is "pleased" with the results of the resource estimate, as it illustrates the size, scale, and potential of the Moss gold project, which he and his crew "have been communicating for the past many months." From here, Mr. Richards cheers, the next important step in the development of the project now shifts to starting work on a preliminary economic assessment "by putting a mining project around the resource with the goal of understanding the economic outputs."
Investors with just a rudimentary understanding of project economics will be girding for a major plan and hence a major capital cost. Mr. Richards says that Goldshore "will now start to run scenario planning" for the dream sheet to come, "with respect to how we construct a phase I project of a clearly larger mineral resource," investigating various leaching methodologies, including heap leach. "When we have a clear picture of the scope of the preliminary economic assessment," Mr. Richards concludes, "we will guide the market as to when we believe the results of it will be available to the market." In other words, stay tuned, but do not hold your breath.