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Goldsource Mines Inc
Symbol C : GXS
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Close 2018-07-11 C$ 0.06
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Goldsource drills 2 m of 87.51 g/t Au at Eagle Mountain

2018-07-12 15:32 ET - News Release

Mr. Yannis Tsitos reports


Goldsource Mines Inc. has released additional results from the continuing exploration program at the Salbora target and initial results for the Bishop Growler target at its Eagle Mountain gold project in Guyana. The company has received assay results from shallow auger drilling completed at Salbora, which is located approximately 1.5 kilometres northwest of the Eagle Mountain deposit. Results from the first 14 auger holes drilled in Salbora returned gold mineralization in four holes (AS18-136 to AS18-139) with an average length and grade of 4.0 metres at 1.20 grams per tonne (g/t) gold from surface. All holes bottom in mineralized saprolite. At Bishop Growler, the company has received results from 28 shallow holes completed by the Geoprobe drill and 124 auger shallow holes. The most significant holes were EMC18-066, with 2.0 metres grading 87.51 g/t gold, and EMC18-085, with 1.0 metre grading 13.60 g/t gold. Both holes intercepted near-surface high-grade gold mineralization in saprolite. Infill drilling at the main Eagle Mountain deposit intercepted high-grade mineralization in several holes.

Yannis Tsitos, president, commented: "The additional results from Salbora, initial results from Bishop Growler and infill drilling at the Eagle Mountain deposit are encouraging and reaffirm the potential to expand the near-surface saprolite gold resource at the Eagle Mountain gold project. While further assay results are pending, we continue with diamond drilling, auger drilling and trenching to follow up, both laterally and at depth, on the higher-grade near-surface mineralized saprolite intercepted in all defined targets. With continued success, the results from the ongoing drilling will be included in an updated Eagle Mountain resource by the end of 2018. Some deeper diamond holes are needed at Salbora and Bishop Growler to provide a better understanding of the gold mineralization and conceptual similarities to the main Eagle Mountain deposit."

The associated tables summarize the most significant shallow auger and sonic core drill intercepts from the Salbora and Bishop Growler targets, as well as significant diamond core drilling intercepts from previously announced holes with outstanding analytical results from the Eagle Mountain deposit (uncut, undiluted).

                          SALBORA TARGET AREA 

Hole ID    Drill type    From (m)  To (m)    Estimated true        Au (g/t)*
                                                interval (m)

AS18-136        Auger        1.0     4.0                3.0           3.21   
Incl.                        2.0     3.0                1.0           8.30   
AS18-137        Auger        0.0     1.0                1.0           0.48   
AS18-138        Auger        0.0     6.0                6.0           1.00   
Incl.                        1.0     2.0                1.0           3.81   
AS18-139        Auger        0.0     6.0                6.0           0.50   

All numbers rounded. All reported holes are drilled vertical.

* Cut-off grade of 0.5 g/t gold (Au).

                        BISHOP GROWER TARGET AREA

Hole ID    Drill type**  From (m)  To (m)    Estimated true        Au (g/t)*
                                                interval (m)

EMC18-065        Core        3.0     5.0                2.0           0.41   
and                          8.0     9.0                1.0           2.22   
EMC18-066        Core        4.0     6.0                2.0          87.51  
including                    4.0     5.0                1.0         165.90  
EMC18-068        Core       10.0    11.0               1.0            0.73   
EMC18-070        Core        7.0     8.0                1.0           1.55   
EMC18-075        Core        0.0     2.0                2.0           0.87   
EMC18-077        Core        0.0     2.0                2.0           1.02   
EMC18-085        Core        0.0     1.0                1.0          13.60  
AS18-002        Auger        0.0     1.0                1.0           0.68   
AS18-027        Auger        0.0     0.5               Grab           0.58   
AS18-082        Auger        0.0     2.0                2.0           1.12   
AS18-099        Auger        0.0     1.0                1.0           4.81 

All numbers rounded. All reported holes are drilled vertical.

* Cut-off grade of 0.5 g/t Au.

** Core is by Geoprobe sonic drill and depths are limited to the presence of 
groundwater horizon and floating boulders within the weathered saprolite layer. 
Auger holes are a maximum of six metres in depth.

                          EAGLE MOUNTAIN DEPOSIT

Hole ID    Drill type    From (m)  To (m)    Estimated true        Au (g/t)*
                                                interval (m)

EMD18-029     Diamond        3.4     4.9                1.5           0.77   
EMD18-032     Diamond        0.0     0.6                0.6           1.00   
and                          7.9    15.0                7.1           1.40    
                                  end of
EMD18-033     Diamond        3.4     4.9                1.5           1.33
and                         15.4    21.4                6.0           1.10
EMD18-034     Diamond        0.6     3.4                2.8           2.00

All numbers rounded. All reported holes are drilled vertical.

* Cut-off grade of 0.5 g/t Au.

All geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana.

From May, 2017, to July, 2018, the company has completed drill holes and trenches, as shown in the associated table.

Time period and type of drilling    Number of holes or trenches   Metres  Analytical results pending

2017 program (May to December)                                                               
Geoprobe core drilling                                      119    1,172                           0
Auger drilling                                              226      830                           0
Sampling along trenches                                       0        0                           0
2018 program (January to July 1)                                                           
Diamond core drilling*                                       39    1,143                  196 metres
Geoprobe core drilling                                      110    1,237                           0
Auger drilling                                              230      616                  179 metres
Sampling along trenches                                      35      836                  123 metres
Total program to July 1, 2018                                                               
Total core drilling                                         268    3,552                  196 metres
Total auger drilling                                        456    1,446                  179 metres
Total trenching                                              35      836                  123 metres

* In January, 2018, a diamond core rig was introduced to the project.

Salbora target (discovery)

Goldsource has completed 63 shallow auger drill holes (totalling 232 metres of drilling) and 123 metres of trenching at Salbora, in addition to previously reported trench results (refer to Goldsource's news release dated May 24, 2018). Assay results have been received for the first 14 auger drill holes. Assays for an additional 49 auger holes and 123 metres of trenching remain outstanding. All holes with gold mineralization were intercepted within two metres of surface in saprolite and are approximately 200 metres south of the discovery trench (TRSB18-002, with a length of 123 metres grading 1.92 g/t gold) previously announced on May 24, 2018. All holes ended in mineralization.

The Coolie area, immediately south of the Salbora area, has not yet been tested by Goldsource, and historically intersected gold in diamond and auger drilling by Iamgold and Golden Star. These historic results are not included in the current National Instrument 43-101 resource. Gold at the Coolie area was discovered concurrently with Eagle Mountain by Anaconda Mining in the 1940s. Inclusive of historical data, the Montgomery-Salbora-Coolie mineralized north-northwest-south-southeast zone extends approximately three kilometres in length. This target area warrants further exploration work, including deeper diamond drilling to be initiated in the second half (H2) of 2018.

Bishop Growler target

Goldsource has received assay results from the first 28 shallow Geoprobe core and 124 shallow auger drill holes completed at the Bishop Growler target. Drilling has returned anomalous gold values, with highlights including hole EMC18-066, which returned 2.0 metres grading 87.51 g/t gold, and hole EMC18-085, which returned 1.0 metre grading 13.60 g/t gold. The company has drilled four deeper diamond drill holes at Bishop Growler (196 metres of diamond drilling total), with assay results pending. High-grade near-surface outcropping zones of gold mineralization suggest a north-northwest-south-southeast mineralized corridor at least two kilometres in length. The area warrants further and deeper drilling to determine whether a high-grade footprint can be delineated at Bishop Growler for inclusion in the updated resource estimate. Further work will be completed in H2 2018.

Eagle Mountain deposit

A preliminary internal model is being constructed for the main Eagle Mountain deposit using all data completed to date. This model will determine mineralized saprolite areas within the deposit requiring further drilling to convert inferred resources to indicated resource for the prefeasibility study. Further drilling is anticipated in H2 2018 within the deposit.

Historical auger data from Salbora and Bishop Growler

The company acquired the Eagle Mountain project from Omai Gold Mines Ltd. in 2010, along with a historical database of shallow auger drill holes covering parts of the Eagle Mountain prospecting licence (5,000 acres). Shallow drilling had a maximum depth of two metres. Prior to the recent positive trenching results at Salbora (announced May 24, 2018) and the acquisition of the option to purchase the Bishop Growler mining permit (announced April 5, 2018), the company analyzed historical drilling results for targeting purposes. The historical results from the database are considered the most significant auger intercepts (uncut, undiluted) for the designated targets.

                                 SALBORA TARGET AREA 

Historical hole ID   Drill type  From (m)  To (m)  True thickness interval (m)  Au (g/t)*

So-2807                   Auger      0.0     1.0                          1.0      1.58
So-3786                   Auger      0.0     1.0                          1.0      1.27
So-3800                   Auger      0.0     1.0                          1.0      1.44
So-3803                   Auger      0.0     1.0                          1.0      1.47
So-3824                   Auger      0.0     1.0                          1.0      2.06
So-3826                   Auger      0.0     1.0                          1.0      2.13
So-3828                   Auger      0.0     1.0                          1.0      2.19
BF06-58                   Auger      0.0     1.0                          1.0      2.65
DA06-926                  Auger      0.0     1.0                          1.0      1.32
DA07-1462                 Auger      0.0     2.0                          2.0      0.68
DA07-1463                 Auger      0.0     1.0                          1.0      3.45

All numbers rounded. All reported holes are drilled vertical.

* Cut-off grade of 0.5 g/t Au.

                              BISHOP GROWLER TARGET AREA

Historical hole ID   Drill type  From (m)  To (m)  True thickness interval (m)  Au (g/t)*

DA06-282                  Auger      0.0     1.0                          1.0      2.87
DA06-300                  Auger      0.0     1.0                          1.0      1.42
DA06-326                  Auger      0.0     0.5                          0.5      1.69
EDA98054                  Auger      0.0     1.5                          1.5      1.30
So-4459                   Auger      0.0     1.0                          1.0      4.70
So-4462                   Auger      0.0     1.0                          1.0      1.40
So-5413                   Auger      0.0     1.0                          1.0      1.08
G-2311                    Auger      0.0     1.0                          1.0      4.00

All numbers rounded. All reported holes are drilled vertical.

* Cut-off grade of 0.5 g/t Au.

The company's initial results from Salbora and Bishop Growler are encouraging and warrant follow-up exploration work to determine if resources can be delineated at both prospects in order to be incorporated into the continuing prefeasibility study for the Eagle Mountain gold project. Subsequent to completion of this drill program, the company plans to release an updated resource estimate in late 2018.

The qualified person under National Instrument 43-101, Standards of Disclosure for Mineral Projects, for this news release is N. Eric Fier, CPG, PEng, chief operating officer and executive chairman for Goldsource, who has reviewed and approved its contents.

We seek Safe Harbor.

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