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Goldshore Resources’ results from Moss Lake look very positive

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Goldshore Resources [TSXV:GSHR] has announced assay results from its ongoing 100,000-meter drill program at the Moss Lake Project in Northwest Ontario, Canada. Goldshore is an emerging junior gold development company, and owns 100% of the Moss Lake Gold Project located in Ontario.

Wesdome Gold Mines is currently a large shareholder of Goldshore Resources with an approximate 23% equity position in the miner. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is currently well-positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

Five things we like about Goldshore Resources:

  • Original mineral resource estimate was larger than previously thought
  • Still a wide range of short and medium term exploration options
  • Solid backing from Wesdome Gold Mines
  • 100% owned deposit in NW Ontario
  • Upsized its private placement in December to over CAD 1m (inc warrants)

What do the latest results look like?

Results for seven holes, drilled to infill the western part of the QES Zone, have confirmed and extended closely spaced higher-grade gold mineralised structures within a large volume of mineralised diorite. The holes were drilled to infill a sparsely tested volume at 300 to 500 meters vertical depth over a 500-meter strike length.

These results improve the resolution of modelled shears and will potentially facilitate the expansion of pit-constrained mineral resource in this volume.

Results not included in latest MRE

The results from these drill holes in the QES Zone are part of the 52-hole data set that was not included in the recent mineral resource estimate.

“They confirm our belief that there are additional high-grade shear zones within the deposit that will add to the shear domain component of the mineral resource that we anticipate will be prioritized in the mining schedule when we conduct our preliminary economic analysis this year,” said CEO Brett Richards.

Results have been received this month for seven holes that have infilled a poorly drilled volume of the QES Zone over a strike length of 500 meters and at a depth of 300 to 500 meters. This corresponds to the base of the constraining pit shell to the 2022 mineral resource and is an addition of drill data 100-200 meters beneath most of the drilling in the area.

The results confirm the geological interpretation that multiple higher-grade shears are hosted within a greater volume of low-grade intrusion host and that this model extends at depth.

The addition of structural data at depth and along strike will allow for improved modelling of the shear system and increased confidence in the mineralisation, which should allow for an expansion of the Mineral Resource in this area.

As with previous drill holes, the intercepts reported herein include several narrow high-grade intercepts that mark the approximate centerline of shears. Examples include: 11.3 g/t Au over 1.6m from 507.05m depth in MQD-22-062; 10.4 g/t Au over 1m from 529m in MQD-22-070; 21.0 g/t Au over 0.45m from 522m, 23.6 g/t Au over 0.45m from 526.8m, 14.1 g/t Au over 0.5m from 536m, 13.8 g/t Au over 1m from 549m and 11.5 g/t Au over 0.45m from 571m depth in MQD-22-072; 15.0 g/t Au over 0.4m from 580.85m in MQD-22-094 and 11.0 g/t Au over 0.6m from 636.6m in MQD-22-097.

Goldshore said that these drill results confirm the high-grade shears that the company has modelled at the QES Zone and show that there are additional shears that it can model ahead of the next mineral resource update. This should all work together to add to the pit constrained mineral resource.

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

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