Mr. Brett Richards reports

GOLDSHORE ANNOUNCES PRELIMINARY METALLURGY RESULTS FOR THE MOSS GOLD PROJECT; GOLD RECOVERIES INCREASE TO 93% FOR MOSS AND 98% FOR EAST COLDSTREAM

Goldshore Resources Inc. has released the preliminary results from its preliminary economic assessment-level metallurgical test work at the Moss gold project in Northwest Ontario, Canada. The results were produced from the recent metallurgical testing program completed by Base Metallurgical Laboratories in Kamloops, B.C., under the overall supervision of Ausenco Engineering Canada Inc.

Highlights:

• Test work shows significantly increased gold recoveries from a flotation-regrind-leach process averaging:
  • 93-per-cent recovery at Moss;
  • 98-per-cent recovery at East Coldstream.
• These results represent an 8-to-13-per-cent increase in gold recoveries from previously conducted standard leach test work.
• Coarse bottle roll leach test results returned gold recoveries between 53 per cent and 64 per cent, which encourage investigation of a low-recovery heap leach solution for low-grade mineralization that may bring gold production forward and reduce tailings.

President and chief executive officer Brett Richards stated: "We are very pleased with the early results from the metallurgical test program, as recoveries have increased from the InnovExplo's 2011 mineral resource estimate and subsequent 2013 preliminary economic assessment by 8 per cent to 13 per cent. This detailed testing being undertaken will enhance the economics of our new mineral resource estimate due out in the near future, and the new preliminary economic assessment due to commence immediately thereafter. As well, these results also appear to provide early support for heap leaching the low-grade material, which positively changes the dynamics of an economic analysis."

Technical overview

The metallurgical gold recovery test work was conducted to assess the potential gold recoveries and potential process flowsheets for the Moss gold project, which includes the Moss gold deposit and East Coldstream gold deposit. Testing started in early 2023 on composite and variability samples from the Main, QES and SW zones at Moss, and from East Coldstream. The program included comminution testing, grind optimization for leaching and flotation, gravity concentration, and leach testing. Cyanide destruction and solid liquid separation testing are still continuing and will be completed later in Q2 2023.

Gold recovery test work results summary

The program evaluated 18 discrete composite samples representing the two gold deposits. Each composite consisted of multiple samples collected from diamond drill core and coarse rejects. Primary composites were selected for the Main/QES zones (three samples), and one sample each for the SW zone and East Coldstream deposits to reflect grade, spatial and lithological distributions. The composition of the primary pit composites was designed to have anticipated average grades that will be confirmed in a planned mineral resource estimate. Variability samples were selected to provide representation from higher-grade shear zones and lower-grade host rocks from the deposits.

Crushing and grinding testing

Comminution testing characterized sample hardness by Steve Morell comminution (SMC) testing, Bond rod mill (RWI), ball mill work index (BWI) and Bond abrasion index (Ai) tests. Three samples from the Main QES deposit were used for this testing.

The results showed:

• SMC Axb average value of 34.7 indicates the samples are competent.
• Average RWI and BWI values of 18.4 and 19.5 (metric), respectively, considered hard to very hard range of hardness.
• Average Ai value of 0.175 gram, which is classified as low to moderately abrasive.

Gravity concentration testing

The Main and QES zone composite samples were tested with the extended gravity recoverable gold protocol to determine their amenability to gravity concentration.

The results showed:

• Moderate gravity recoverable gold content totalling 40 per cent gold;
• At full scale, this would be in the gold recovery range of 10 per cent to 15 per cent.

Leach testing

Coarse particle size leach tests

Intermittent bottle roll leach tests were conducted on the samples at crush sizes of negative 6.25 millimetres and negative two mm to evaluate potential for heap leaching. Tests were run over eight days with bottles rolled for one minute per hour.

The results showed:

• Average leach extraction for the negative 6.25 mm crush size samples is 52.6 per cent Au;
• Average leach extraction for the negative two mm crush size samples is 64.2 per cent Au.

Standard leach tests

Initial standard bottle rolls leach tests were completed on the primary composites from Main and QES zones, over a range of grind sizes with 48 hours leaching and without gravity concentration prior to leaching. The results showed a weak relationship between grind size and recovery. As a result, a grind of 80 per cent passing 100 microns was selected for further testing. The selected retention time was 48 hours. Gold leach extractions averaged 84 per cent for these tests.

A total of 25 leach tests were conducted, including initial screening tests and a bulk leach test (pending) that will generate a sample for cyanide detox testing. The results showed:

• Gold leach extractions ranging from 74 per cent to 93 per cent, averaging 83 per cent, with final residue values of 0.08 gram per tonne to 0.32 g/t gold, averaging 0.20 g/t gold;
• Calculated gold head grades ranging from 0.40 g/t to 3.06 g/t gold, averaging 1.36 g/t gold;
• Shear zone samples and low-grade intrusion domain samples showed similar leach extractions to higher-grade shear zone samples, based on leach residue grades as a function of head grades;
• Sodium cyanide consumption averaged 0.50 kilogram/t.

Flotation leach tests

Testing was also completed using a flotation leach flowsheet which includes:

• Grinding to 80 per cent passing 100 microns;
• Flotation of a sulphide concentrate;
• Concentrate regrind to 80 per cent passing 15 microns followed by 48 hours leaching;
• Flotation tailings leach without regrinding for 48 hours.

Results were positive with higher extractions than the standard leach tests. Key results include:

• Sulphide concentrate mass recoveries averaged 11 per cent, ranging from 5 per cent to 19 per cent.
• Concentrate leach extractions averaged 96 per cent, ranging from 92 per cent to 98 per cent.
• Flotation tailings leach extractions averaged 76 per cent, ranging from 69 per cent to 90 per cent.
• Combined leach extractions averaged 93 per cent, ranging from 87 per cent to 98 per cent.
• Calculated gold head grades ranging from 0.60 g/t to 2.77 g/t gold, averaging 1.46 g/t gold.
• Sodium cyanide consumption averaged 0.75 kg/t.

A summary of the results from the primary composites with the two flowsheets evaluated are shown herein.

Plant recoveries will be estimated with typical plant losses for use in the planned mineral resource estimate.

Pete Flindell, vice-president, exploration, for Goldshore, said: "These metallurgical test results affirm our belief that gold recoveries in the sulphide-bearing shear zone mineralization can be significantly improved by flotation, while the low-sulphide-bearing low-grade intrusion domain mineralization may be amenable to heap leaching. Further test work is required to investigate the latter, but we have now established 90-per-cent-plus gold recoveries for the bulk of the contained ounces at Moss and East Coldstream are achievable with a flotation-regrind-leach circuit."

Qualified persons

Mr. Flindell, PGeo, MAusIMM, MAIG, vice-president, exploration, of the company, and Tommaso Roberto Raponi, PEng, an independent consultant with Ausenco Engineering Canada, are both qualified persons as defined by National Instrument 43-101 -- Standards of Disclosure for Mineral Projects and have reviewed and verified the scientific and technical information contained in this news release.

About Goldshore Resources Inc.

Goldshore is an emerging junior gold development company, and owns 100 per cent of the Moss gold project located in Ontario. Wesdome is currently a large shareholder of Goldshore. 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.

We seek Safe Harbor.