Goldshore
Expands Gold
Mineralization Along Strike and at Depth at the Southwest
Zone
Includes
Intersects 2.17 g/t Au over 50.35m and 6.96 g/t Au over
15.05m
VANCOUVER,
B.C., April 20, 2023 -- InvestorsHub NewsWire
-- Goldshore
Resources Inc. (TSXV: GSHR / OTCQB: GSHRF / FWB: 8X00) ("Goldshore"
or the "Company"), is pleased to announce assay results from its recently completed drill program at the Moss Lake Project in Northwest Ontario, Canada (the "Moss Gold
Project").
Highlights:
-
Results from seven holes testing
the extension of the Southwest Zone toward the Main Zone have
delineated a new high-grade lens,
including visible gold, northeast of the Southwest Zone resource
that extends from surface to at least 250 meters depth
with best intercepts
of:
-
6.96 g/t Au
over 15.05m from 189.4m depth in MMD-22-105, including
-
54.4 g/t Au
over 1.6m from 189.4m
-
2.17 g/t Au
over 50.35m from 103.55m depth in MMD-23-114, including
-
3.47 g/t Au
over 26.05m from 120.35m
-
1.30 g/t Au over 21.35m from
214m depth in MMD-22-108,
including
-
2.60 g/t Au
over 7.35 from 228.0m
-
These drill results prove that
the Southwest Zone is a
continuation of the Main Zone and not a fault offset as previously
interpreted. They also show that the Southwest Zone extends to
depth and is potentially as large as the Main Zone.
-
With drilling recently completed,
the Company is preparing an updated mineral resource
expected in May. The
updated resource will use data from an additional 72 holes compared
to the November 2022 resource. Mineralization in the
resource area remains open in multiple directions.
President and CEO Brett Richards
stated: "These results continue to
support our belief that the size and scale of the Moss Gold Project
is much larger and continues to be open at all directions, along
strike both to the northeast and southwest, as well as our
understanding of lateral mineralized targets to the south-east of
the Southwest Zone and the Main Zone. For now, we have halted the
program to step back; understand the quantum of this resource, and
prepare for a mineral resource update in early May, we can now see
a viable path to a meaningful project PEA (preliminary economic
analysis). We look forward to those
results in the coming months, as we start to plan for an infill
drilling program working towards a pre-feasibility study in the
future."
Technical
Overview
Figure 1 shows the location of the
drill holes in this press release and Figure 2 shows a close up of
the drilled area with significant intercepts. Figure 3 is a typical
section through hole MMD-22-105, -108 and -109. Table 1 shows the
significant intercepts. Table 2 shows the drill hole
locations.
Continued infill of the Southwest
Zone has delineated a new continuous high-grade structure over a
250m strike length from near surface to 200m depth immediately
northeast of the historical Southwest Zone. Holes MMD-22-105, -108,
-109 and MMD-23-113, and -114 intersected this structure along with
previously released holes MMD-22-031, -042, -063, and -064. The
newly understood zone orientation was tested against the phase 1
drill results and confirmed the continuity of the high-grade
structures controlling the mineralization.
The mineralized zone occurs within
an albitite+hematite altered diorite intrusion complex cut by
closely spaced, texturally destructive sericite+chlorite+carbonate
altered shears.
Additional shearing, and subsequent
alteration, is seen extending into the neighboring intermediate
volcanics but is poorly mineralized.
The gold mineralization appears
more nuggety than elsewhere in the deposit with a greater portion
of the mineralization attributed to pyrite±chalcopyrite bearing quartz-carbonate veins
within the sheared intervals. Mineralization includes visible gold
(Figure 4). Several very high-grade intercepts include:
-
54.4 g/t Au over 1.6m from 189.4m
depth in MMD-22-105
-
11.3 g/t Au over 0.5m from 147.7m
depth in MMD-22-108 and
-
11.5 g/t Au over 0.7m from
232.35m
-
10.6 g/t Au over 0.95m from 323.3m
depth in MMD-23-112
-
19.0 g/t Au over 0.65m from 54m
depth in MMD-23-114 and
-
22.9 g/t Au over 1m from 128m depth
and
-
14.4 g/t Au over 1m from 137m
depth
Holes MMD-22-109 and MMD-23-113
intersected the high-grade structure but encountered lesser vein
mineralization resulting in more modest grade intercepts
including:
-
0.44 g/t Au over 81.2m from 298.8m
depth in MMD-22-109, including
-
1.08 g/t Au over 8.60m from
335.35m
-
0.63 g/t Au over 29.5m from 129.55m
depth in MMD-23-113, including
-
4.76 g/t Au over 2.0m from 140.0m
and
-
0.51 g/t Au over 58m from 204.0m
depth, including
-
1.92 g/t Au over 4.0m from 205.0m
and
-
1.84 g/t Au over 3.0m from
229.0m
Holes MMD-22-106, and MMD-23-112
were focused on infilling the drill spacing of the existing
Southwest Zone. All three holes intercepted broad zones of
mineralization hosted primarily within altered granodiorite
containing narrow higher grade shear zones. Best intercepts
include:
-
0.47 g/t Au over 63m from 277m
depth in MMD-22-106
-
0.61 g/t Au over 41.25m from 232m
depth in MMD-23-112
-
0.39 g/t Au over 53.5m from 301m
depth in MMD-23-112
Pete Flindell, VP Exploration for
Goldshore, said "These results show that the
Southwest Zone is much larger and better mineralized than
historical drillholes suggested; and is potentially as large as the
Main Zone. We await the results from the final batch of assays that
are expected to provide critical infill beneath the heart of the
Southwest Zone."
Table 1: Significant downhole gold intercepts
|
HOLEID
|
FROM
|
TO
|
LENGTH
(m)
|
TRUE WIDTH
(m)
|
CUT
GRADE
(g/t
Au)
|
UNCUT
GRADE
(g/t
Au)
|
|
MMD-22-105
|
45.00
|
48.00
|
3.00
|
2.3
|
0.33
|
0.33
|
|
|
62.00
|
66.45
|
4.45
|
3.5
|
0.34
|
0.34
|
|
|
117.55
|
125.00
|
7.45
|
6.0
|
0.38
|
0.38
|
|
|
189.40
|
204.45
|
15.05
|
12.5
|
3.64
|
6.96
|
|
including
|
189.40
|
191.00
|
1.60
|
1.3
|
30.0
|
54.4
|
|
|
|
|
|
|
|
|
|
MMD-22-106
|
165.00
|
187.00
|
22.00
|
15.7
|
0.33
|
0.33
|
|
|
204.20
|
229.00
|
24.80
|
18.0
|
0.50
|
0.50
|
|
|
256.00
|
263.00
|
7.00
|
5.2
|
0.34
|
0.34
|
|
|
277.00
|
292.40
|
15.40
|
11.5
|
0.37
|
0.37
|
|
|
299.20
|
340.00
|
40.80
|
30.9
|
0.59
|
0.59
|
|
including
|
325.00
|
335.00
|
10.00
|
7.6
|
1.17
|
1.17
|
|
|
353.15
|
384.00
|
30.85
|
23.9
|
0.61
|
0.61
|
|
including
|
359.00
|
368.70
|
9.70
|
7.5
|
1.08
|
1.08
|
|
|
|
|
|
|
|
|
|
MMD-22-108
|
126.55
|
133.15
|
6.60
|
4.7
|
0.36
|
0.36
|
|
|
143.55
|
168.00
|
24.45
|
17.6
|
0.62
|
0.62
|
|
including
|
143.55
|
148.20
|
4.65
|
3.3
|
1.99
|
1.99
|
|
including
|
147.70
|
148.20
|
0.50
|
0.4
|
11.3
|
11.3
|
|
|
190.80
|
196.25
|
5.45
|
4.0
|
0.31
|
0.31
|
|
|
214.00
|
235.35
|
21.35
|
15.9
|
1.30
|
1.30
|
|
including
|
215.40
|
218.00
|
2.60
|
1.9
|
1.10
|
1.10
|
|
and
|
228.00
|
235.35
|
7.35
|
5.5
|
2.60
|
2.60
|
|
including
|
232.35
|
233.05
|
0.70
|
0.5
|
11.5
|
11.5
|
|
|
319.00
|
322.15
|
3.15
|
2.5
|
0.37
|
0.37
|
|
|
|
|
|
|
|
|
|
MMD-22-109
|
238.35
|
244.00
|
5.65
|
4.1
|
0.52
|
0.52
|
|
|
271.00
|
274.00
|
3.00
|
2.2
|
0.37
|
0.37
|
|
|
298.80
|
380.00
|
81.20
|
61.2
|
0.44
|
0.44
|
|
including
|
335.35
|
343.95
|
8.60
|
6.5
|
1.08
|
1.08
|
|
|
395.10
|
404.65
|
9.55
|
7.4
|
0.39
|
0.39
|
|
|
|
|
|
|
|
|
|
MMD-23-112
|
103.35
|
106.85
|
3.50
|
2.5
|
0.38
|
0.38
|
|
|
118.00
|
138.00
|
20.00
|
14.3
|
0.39
|
0.39
|
|
|
179.00
|
182.00
|
3.00
|
2.2
|
0.57
|
0.57
|
|
|
207.00
|
218.90
|
11.90
|
8.9
|
1.17
|
1.17
|
|
including
|
207.00
|
215.00
|
8.00
|
6.0
|
1.63
|
1.63
|
|
|
232.00
|
273.25
|
41.25
|
31.5
|
0.61
|
0.61
|
|
|
287.10
|
290.10
|
3.00
|
2.3
|
0.33
|
0.33
|
|
|
301.00
|
309.00
|
8.00
|
6.3
|
0.32
|
0.32
|
|
|
313.00
|
354.05
|
41.05
|
32.8
|
0.42
|
0.42
|
|
including
|
323.00
|
325.60
|
2.60
|
2.1
|
4.41
|
4.41
|
|
including
|
323.30
|
324.25
|
0.95
|
0.8
|
10.6
|
10.6
|
|
|
368.00
|
370.00
|
2.00
|
1.6
|
0.71
|
0.71
|
|
|
423.85
|
428.50
|
4.65
|
3.8
|
0.33
|
0.33
|
|
|
462.00
|
472.75
|
10.75
|
9.0
|
0.56
|
0.56
|
|
|
526.80
|
532.00
|
5.20
|
4.4
|
0.37
|
0.37
|
|
|
|
|
|
|
|
|
|
MMD-23-113
|
18.00
|
42.00
|
24.00
|
16.2
|
0.42
|
0.42
|
|
including
|
31.00
|
34.00
|
3.00
|
2.0
|
1.55
|
1.55
|
|
|
129.55
|
132.00
|
2.45
|
1.8
|
0.41
|
0.41
|
|
|
136.00
|
165.50
|
29.50
|
21.6
|
0.63
|
0.63
|
|
including
|
140.00
|
142.00
|
2.00
|
1.5
|
4.76
|
4.76
|
|
|
204.00
|
262.00
|
58.00
|
44.5
|
0.51
|
0.51
|
|
including
|
205.00
|
209.00
|
4.00
|
3.0
|
1.92
|
1.92
|
|
and
|
229.00
|
232.00
|
3.00
|
2.3
|
1.84
|
1.84
|
|
|
274.00
|
276.00
|
2.00
|
1.6
|
0.33
|
0.33
|
|
|
289.00
|
291.00
|
2.00
|
1.6
|
0.31
|
0.31
|
|
|
332.00
|
334.30
|
2.30
|
1.8
|
0.82
|
0.82
|
|
|
|
|
|
|
|
|
|
MMD-23-114
|
30.00
|
32.25
|
2.25
|
1.7
|
0.33
|
0.33
|
|
|
40.65
|
62.65
|
22.00
|
16.3
|
0.78
|
0.78
|
|
including
|
54.00
|
54.65
|
0.65
|
0.5
|
19.0
|
19.0
|
|
|
103.55
|
153.90
|
50.35
|
38.8
|
2.17
|
2.17
|
|
including
|
120.35
|
146.40
|
42.85
|
20.0
|
3.47
|
3.47
|
|
including
|
128.00
|
129.00
|
1.00
|
0.8
|
22.9
|
22.9
|
|
and
|
137.00
|
138.00
|
1.00
|
0.8
|
14.4
|
14.4
|
|
|
183.00
|
189.85
|
6.85
|
5.4
|
0.36
|
0.36
|
|
|
|
|
|
|
|
|
|
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-22-105
|
668,498
|
5,378,484
|
438
|
110°
|
-41°
|
249
|
|
MMD-22-106
|
668,438
|
5,378,379
|
440
|
126°
|
-50°
|
450
|
|
MMD-22-108
|
668,524
|
5,378,519
|
437
|
125°
|
-50°
|
450
|
|
MMD-22-109
|
668,466
|
5,378,591
|
427
|
125°
|
-51°
|
501
|
|
MMD-23-112
|
668,172
|
5,378,186
|
443
|
125°
|
-50°
|
600
|
|
MMD-23-113
|
668,494
|
5,378,469
|
438
|
126°
|
-50°
|
450
|
|
MMD-23-114
|
668,533
|
5,378,424
|
428
|
123°
|
-44°
|
402
|
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 100% of the Moss Gold Project
located in Ontario. Wesdome is currently a large shareholder of
Goldshore with an approximate 22% 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 Gold Project
through the next stages of exploration and development.
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, the release of an updated mineral resource
estimate and preliminary economic assessment, 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.
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