Vancouver, British Columbia--(Newsfile Corp. - September 23, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce assay results from the 2024 field programs that concentrated on extending mineralization along the Moss trend, and evaluating the exploration potential along the Kawa trend through rock chip and channel sampling and through assaying unsampled historical drill core (Figures 1 & 2). The Company plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over these prospective shear zones in the future to develop robust drill targets.
Sampling has focused on largely undercover areas, yielding favorable results including the following:
- Discovery of additional high grade mineralized areas north of the Moss Deposit at the Superion and West Span prospects including grab assays of 15.4 g/t Au and 10.5 g/t Au.
- Discovery of a new mineralized shear outside of the drilling envelope close to the Southwest Zone of the Moss Deposit returning a surface assay of 12.3 g/t Au.
- Expanded mineralized intercepts at the Moss Nose and Kawa prospects through assaying of unsampled historical drill core returning individual values as high as 7.88 g/t Au over 0.65m in ML-02-001.
- Additional mineralized outcrops discovered at the Moss Nose prospects with grab samples returning up to 3.39 g/t Au.
- Identified mineralization at surface over 4.5km along the Kawa trend with channel samples at the Deaty prospect returning 0.92 g/t over 2.85m.
Michael Henrichsen, CEO of Goldshore commented, "The results from the rock chip and channel sampling programs in conjunction with assaying unsampled historical drill core has demonstrated the potential within the Moss Deposit area. These results re-enforce not only our belief of the ability to extend the Moss Deposit but also the discovery potential in the area. The Company's technical team is currently designing a program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area where we believe there is excellent potential for a new discovery."
Review of regional historical drill core:
Goldshore's Moss Nose and Kawa trend targets were initially drilled in the early 2000s by then project holder Moss Lake Gold Mines ("MLGM"). Goldshore has relogged the MLGM core and noted strong similarities between the diorite complex which hosts the Moss Deposit and the diorites present at both the Moss Nose and Kawa targets. Goldshore assayed 477 samples to fill in significant gaps in the original MLGM sampling to better define the widths and grade of the historical drilling. Assay results returned elevated Au values which expand the known mineralized zones at both targets with values as high as 7.88 g/t Au over 0.65m in ML-02-001 underscoring the difficulty of visually identifying mineralization (Figure 1). Trace element values within the diorites of the Moss Nose and Kawa trends are very similar to those of the Moss Deposit demonstrating the prospectivity of the host rocks at these target areas. Updated significant intercepts resulting from the assaying of unsampled historical drill core are presented in Table 1 and demonstrate intervals that could be on the margins of higher-grade zones as observed at the margins of the Moss Deposit.
Figure 1: Select assays from infill sampling of historical core
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Table 1: Updated significant intercepts from the assaying of unsampled historical drill core
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Results of 2023 field program:
Goldshore's 2023 field program focused on advancing targets within the Moss Deposit area. Gold mineralization styles discovered during this program included sulphidised iron formations as well as "Moss-like" shear-controlled sulphides. Assay results received from the 2024 grab and channel samples have revealed expanded surface gold mineralization at several targets including West Span, Southwest Kawa, Deaty, Moss Nose and a new near-deposit mineralized shear near the Moss Southwest Zone (Figure 2). Collectively these results demonstrate the potential within the Moss Deposit area. In particular, the high-grade grab samples of 15.4g/t Au and 10.5g/t Au from the West Span target demonstrate the potential of extending mineralization to the northeast of the Moss Deposit. In addition, the results from the Deaty prospect along the Kawa trend has demonstrated gold mineralization over a 4.5 km length and show the need for systematic exploration along the approximately 10km long trend to develop robust drill targets as the Company aims to realize the full potential of this structural corridor. Select results of the surface grabs and mineralized channel widths are included in Table 2 and Table 3 respectively.
Figure 2: Select assays from grab and channel sampling during the 2023 field activities.
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Table 2: Selected surface grab sample results from the 2023 field program.
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Table 3: Significant channel widths from the 2023 field program.
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Update of ongoing field activities
In 2024 Goldshore has embarked on a systematic geochemical sampling program across the core of the project surrounding the Moss Deposit in order to identify the broader signature of the gold mineralization system and identify further targets. This work is split between an ongoing summer/fall outcrop sampling program and a top-of-bedrock drilling campaign that is in planning stages for 2025 to infill unexposed areas. Sampling from prior field work is contributing to this project where able.
A stripping program is also scheduled in the fall to expose more of the SW Kawa prospect discovered in 2022 (2.5km southeast of the Moss Deposit). Additional detailed geological mapping and channel sampling will assist in determining correlations between the broad mineralization seen across the Kawa trend and that of the Moss Deposit.
Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, soci-political, marketing, or other relevant issues.
Digital marketing services
Machai Capital Inc. ("Machai") has been engaged to provide branding and content and data optimization to assist the Company in creating in-depth marketing campaigns. Machai will also offer search engine optimization, search engine marketing, lead generation, digital marketing, social media marketing, email marketing, and brand marketing services to the Company.
Machai has been engaged by the Company for an initial 3-month period. In consideration for the services provided, the Company will pay Machai a total of $110,000 in cash based on the completion of service milestones.
Machai has a business address at 505 - 5033 Cambie Street, Vancouver, BC, V5Z 0H6. The services to be provided by Machai will be overseen by Suneal Sandhu, President. The Company and Machai act at arm's length, and neither Machai Capital nor Suneal Sandhu has a present interest, directly or indirectly, in the Company or its securities, or any right or present intent to acquire such an interest.
Machai has agreed to comply with all applicable securities laws and the policies of the TSX Venture Exchange in providing the services to the Company.
Qualified Person
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate ("MRE") has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldshoreresources.com).
For More Information - Please Contact:
Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.
E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com
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.
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 Gold Project, the Company's plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over prospective shear zones to develop robust drill targets, the proposed program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area, the top-of-bedrock drilling campaign planned in winter 2025, the stripping program scheduled for the fall, 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's plans to conduct systematic top of bedrock sampling and ground based induced polarization geophysical surveys over prospective shear zones to develop robust drill targets, the proposed program to efficiently evaluate the 23 km of prospective structural corridors in the Moss Deposit area, the top-of-bedrock drilling campaign planned in winter 2025, and the stripping program scheduled for the fall may not be carried on the timing anticipated or at all; 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; and 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. The forward-looking information in this news release is based on management's reasonable expectations and assumptions, including that the Company's business and financial position and general economic conditions will not be adversely affected and that the Company's planned exploration and development programs will be completed and on the timetable expected.
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.
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