Goldshore Resources Commences 100,000 Meter Planned Drilling Campaign on the Moss Lake Gold Project

July 30, 2021

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S.

VANCOUVER, B.C., July 30, 2021: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:GSHRF) (“Goldshore” or the “Company”), is pleased to announce that it has commenced drilling at the Moss Lake Gold Project, as part of a planned 100,000m drilling program for 2021 and 2022.

Brett Richards, President and Chief Executive Officer of Goldshore commented: “This is another milestone achieved in the Goldshore story, as many things had to be coordinated and organized on the ground to allow for drilling to commence on such an expedited timeline.  Several work streams have culminated in moving towards this milestone, including:

  • working with Orix Geoscience on collating and organizing all of the historical data into establish a risk-coded database to define drilling priorities;
  • establishing the technical and support team, including health, safety and technical training;
  • relogging of selected historic drill holes and the creation of a rock library defining lithologies and mineralization and alteration suites;
  • building the infrastructure on the ground to successfully execute on such a large campaign;
  • designing and implementing a comprehensive core orientation, core logging, core photography and bulk density sampling program;
  • completing the Geotech Ltd. Heliborne VTEM Geophysical Survey as announced on July 14, 2021; and
  • mobilizing the first drill rig to commence drilling. The campaign will expand to three rigs in August when the additional rigs are mobilized to site.

This was no small feat by the team, particularly during the on-going pandemic restriction(s) and lockdown, and recent Ontario Ministry of Natural Resources imposed operating shutdown due to the forest fires and fire hazard risk in Northwestern Ontario and Manitoba.”

Pete Flindell, VP Exploration, said “a lot of work has gone into establishing the foundation and framework for a comprehensive drilling program that we hope will deliver maximum quality results in support next year’s PEA/PFS. We are all excited to be drilling and soon to be delivering results to the market.”

Correction to Filing Statement

The Company further advises of a correction to its filing statement dated May 26, 2021 (the “Filing Statement“). The Company wishes to clarify that an aggregate of 7,700,000 stock options were issued in connection with its reverse takeover transaction, rather than 9,700,000 as disclosed in the Filing Statement. All such options are exercisable at $0.65 until June 2, 2026.

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 strategic shareholder of Goldshore with an approximate 30% 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.

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 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. Historic drill hole highlights from the Moss Lake Deposit include 11.3 g/t Au over 70.4m in ML-08-01, 2.55 g/t Au over 71.3 m in 89-172, and 1.19 g/t Au over 163.1 m in 87-101.

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

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, including planned drilling activities, 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.

Explore Goldshore Resources

Moss Lake Property

Explore our Moss Lake Property - located in Ontario - with historical gold resources on the property

Team

Meet the experienced team behind the scenes at  Goldshore Resources

Investors

Everything you need to know to start investing in Goldshore Resources