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Goldshore Resources Inc
Symbol GSHR
Shares Issued 208,659,918
Close 2023-09-28 C$ 0.125
Market Cap C$ 26,082,490
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Goldshore Resources identifies five Au trends at Moss

2023-09-28 12:16 ET - News Release

Mr. Brett Richards reports

GOLDSHORE SUMMER FIELD PROGRAM IDENTIFIES FIVE NEW GOLD TRENDS INCLUDING TWO HIGH GRADE COPPER-GOLD TRENDS

Goldshore Resources Inc. has provided an update with respect to results from the company's summer exploration program at the Moss gold project in Northwestern Ontario, Canada.

Highlights

Goldshore field crews have identified five unique gold mineralization trends including two polymetallic gold-copper trends across the Moss gold project through a combination of ionic leach soil sampling and property-wide field mapping with a combined strike of over 35 kilometres. Recent rock sample results include:

  • Moss trend -- 9.59 grams per tonne Au and 60.6 g/t silver plus five g/t Au, 96.2 g/t Ag and 0.98 per cent Cu from samples in diorite-hosted shears along strike from the current mineral resource;
    • 24.9 g/t Au and 9.99 g/t Ag from samples of strongly altered dacite 200 metres south of the Moss Main zone, representing a new parallel zone;
  • Kawa trend -- 33.7 g/t Au, 0.64 per cent zinc and 75.3 parts per million molybdenum from sheared diorite/volcanic contacts within a new 6.5-kilometre-long belt;
  • Hamlin trend has been expanded to become an eight-kilometre-long polymetallic Au-Ag-Cu-Mo belt with values including 0.73 g/t Au, 0.14 per cent Cu, 7.6 ppm bismuth and 7.1 ppm tellurium;
  • Coldstream trend has been widened to 800 metres through the discovery of parallel structures assaying 1.07 g/t Au and 0.98 per cent Zn;
    • 9.79 g/t Au from mafic-hosted carbonate shear veins at the Benton prospect, east of the East Coldstream deposit;
  • Vanguard trend -- 3.97 per cent Cu, 1.73 g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a nine-kilometre-long belt of polymetallic volcanogenic massive sulphide Cu-Zn-Au-Ag mineralization that is now found to be 120 metres wide through discovery of additional lenses.

President and chief executive officer Brett Richards stated: "We have previously stated our confidence to the market that the Moss project of approximately 183 million tonnes containing an inferred resource of six million ounces Au at 1.02 g/t (with 55 per cent of the deposit hosting a shear domain at 1.84 g/t) could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30 km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multigenerational mining camp in the Shebandowan greenstone belt."

Field program update

Goldshore embarked on a property-wide field reconnaissance program in June, 2022 -- in the background to drilling -- exploring the numerous unexplained geophysical anomalies and underexplored gold and base metal showings. This program accelerated over the last several months. The field crews have compiled a systematic interpretation of the project geology, structure, alteration and mineralization across the project. Through this investigation and in combination with a substantial ionic soil leach program, the historic gold showings and newly discovered mineralization have resolved to be part of five distinct mineralized trends, including two polymetallic trends.

The Moss trend has been confirmed over an eight-kilometre strike containing the existing resource. The mineralization is dominantly hosted in anastomosing shears through an extensive altered diorite package. This zone is consistent with a belt of magnetic-low bodies (altered intrusions) adjacent to folded magnetic highs (magnetic-bearing wall rocks) that present a belt with a high competency and redox contrast. Recent work has discovered elevated copper and silver mineralization toward the southwestern extents with recent rock samples returning values including 9.59 g/t Au and 60.6 g/t Ag, five g/t Au plus 96.2 g/t Ag, and 0.98 per cent Cu. Samples of strongly altered dacite 200 m south of the Moss Main zone returned assays of 24.9 g/t Au and 9.99 g/t Ag, representing a new parallel zone. The field results confirm the interpretation from the stepout and deep drilling at the Moss gold project that the mineralized corridor is at least 1,000 metres wide.

The Kawa trend lies approximately two kilometres south of, and parallel to, the Moss trend over a 6.5-kilometre strike length with a confirmed width of 550 m. It has a similar magnetic character as the Moss trend and mapping has shown that mineralization is hosted within and along a sheared diorite/volcanic contact. The company therefore expects the Kawa trend to have the same potential as the Moss trend. Partial assays results have been received for this area with values including 33.7 g/t Au.

The known Hamlin trend has been extended by four kilometres to the east to form an eight-kilometre-long belt of polymetallic Au-Ag-Cu-Mo mineralization with a confirmed width from 400 to 700 metres. Recent expanded inductively coupled plasma analysis indicates additional Bi and Te potential. Partial assays results have been received for this area with values including 0.73 g/t Au, 0.14 per cent Cu, 7.6 ppm Bi and 7.1 ppm Te.

The Coldstream trend containing the East Coldstream deposit has a confirmed strike of 3.5 kilometres hosted by late shearing within altered mafic volcanics and includes the historic North Coldstream copper-cobalt mine. Recent exploration has discovered parallel mineralized shears within the northern intermediate volcanics expanding the width potential of the mineralization with rock sample assays returning values including 1.07 g/t Au and 0.98 per cent Zn.

The Vanguard trend has an established nine-kilometre strike length of polymetallic VMS Cu-Zn-Au-Ag mineralization linking with the Iris Lake Au prospect through a series of untested geophysical conductors. Results from the recent exploration have discovered additional parallel gold-bearing shears north of the main Vanguard showing and ignored by much of the historical exploration giving it width of 120 metres. Partial assay results have been received for this area with values including 3.97 per cent Cu, 1.73 g/t Au and 19.1 g/t Ag and 2.94 g/t Au.

Additional poorly understood prospects defined by historical prospecting and known to host Cu-Au mineralization have been confirmed toward the east, west and south of the East Coldstream deposit with assay results including 9.79 g/t Au. Future exploration programs will focus on better understanding this mineralization and its potential.

Pete Flindell, vice-president, exploration, for Goldshore, said: "Goldshore's geologists have done an excellent job of mapping and sampling through challenging terrain to uncover the additional mineralized potential of the Moss gold project. This includes ionic leach soil sampling across muskeg to understand the character of concealed structural targets. These results speak to district-scale potential of the Moss gold project."

Corporate announcement

Heather Laxton has resigned from the Goldshore board of directors with immediate effect. Ms. Laxton was a nominee of Wesdome Gold Mines Ltd. and served on the board since the listing of the company.

Qualified person

Mr. Flindell, PGeo, MAusIMM, MAIG, vice-president, exploration, of the company, a qualified person under National Instrument 43-101, has approved 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 with an approximate 19-per-cent 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.

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