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Goldshore Resources: Moss Lake deposit larger than expected

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Goldshore Resources [TSX:GSHR] has published a Mineral Resource Estimate for its Moss Lake deposit, a 100%-owned project in NW Ontario. The open-pit constrained Inferred Mineral Resource Estimate was 34.7 Mt of 2.0 g/t Au, and contained metal at 2.2 Moz Au (shear). Intrusion was reported at 87 Mt of 0.7 g/t grade and 1.97 Moz Au.

The inferred resources were based on USD 1500 gold and an economic cut-off grade of 0.4 g/t Au. This represents a major milestone for the gold miner, as the shear domain under report represents an opportunity for a high grade open pit gold resource.

The current MRE represents a significant expansion over the 2013 historical estimate for the project with 35% more tonnes and 33% more contained gold ounces. The Moss Lake project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate.

Goldshore Resources said yesterday that there is a significant and clear expansion potential through strike and dip extensions to known shears, as well as parallel shears. It has included 48 holes from its 2021 and 2022 drilling campaign in the new MRE and has drilled an additional 52 holes that are not included in the MRE because assays have not been received to date.

The geology of the Moss Lake deposit

The Moss Lake gold deposit is a structurally controlled gold deposit within the greenstone terrain of the Archean Superior Province. Mineralisation is localised where the major NE-trending Wawiag fault zone cuts a dioritic to granodioritic intrusive complex.

The deposit is defined by a series of anastomosing centimeter- to meter-scale NE-trending shear zones carrying higher-grade gold mineralisation, and lower-grade gold mineralisation associated with more brittle-style deformation and veining in the intrusive rock mass between the shear zones. Mineralisation is associated with pyritic sericitic and chloritic alteration and millimeter- to centimeter-scale irregular quartz-carbonate veinlets.

Detailed geological logging and multi-element geochemical analysis of drill core from the 2021-22 drilling has supported modelling of discrete shear domains within the larger altered and variably mineralised intrusive domain. The shear domains have a different higher-grade gold population to the low-grade intrusive domain and these domains have been estimated separately using different search parameters.

Importantly, this allows a more accurate representation of the true variability within the deposit than has been achieved in previous estimates.

“Larger than previously thought”

President and CEO Brett Richards stated: “This mineral resource estimate confirms our belief that the Moss Lake Deposit is larger than previously thought. More importantly, there is a mass of higher-grade mineralisation that can be prioritised in a potential phase one operation that Goldshore can build with a smaller capital requirement.”

The findings on this MRE are exciting for the future of the Moss Lake Gold Project, as the company now has short- and medium-term options to continue to deliver value to the Goldshore shareholders, as it explores expansions and quality increases (infill drilling to Indicated resource category) to the higher-grade resource. It can also test other areas of known strong mineralisation like East Coldstream, North Coldstream, Iris and Vanguard, across a trend of 35 km on the project.

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This article does not constitute investment advice. Do your own research or consult a professional advisor.

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