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Goldsource Mines Inc
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Shares Issued 390,847,109
Close 2021-04-08 C$ 0.11
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Goldsource files NI 43-101 report for Eagle Mountain

2021-04-09 00:01 ET - News Release

Mr. Steve Parsons reports


Goldsource Mines Inc. has filed a technical report, which includes an updated mineral resource estimate (the MRE) prepared in accordance with National Instrument 43-101 for the company's Eagle Mountain gold project. The report is titled "Eagle Mountain Gold Project, Potaro-Siparuni Region, Guyana, NI 43-101 Technical Report," dated April 7, 2021, with an effective date of Feb. 17, 2021. The summary results of the report were previously announced in the company's news release dated Feb. 22, 2021, and there are no material differences in the mineral resources between the report and that news release.

The report, prepared for Goldsource by CSA Global, is available under the company's profile on SEDAR or from the company's website.

Highlights of the February, 2021, mineral resource estimate (MRE):

  • Estimated 23 million tonnes grading 1.14 grams per tonne gold for 848,000 ounces of gold contained in indicated resources and 25 Mt grading 1.09 g/t gold for 868,000 oz of gold in inferred resources;
  • The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock;
  • Mineral resources, employing cut-off grades of 0.30 g/t gold for the saprolite and 0.50 g/t gold for the fresh rock, are contained within a conceptual open pit;
  • The MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which include infill and exploration drilling up to Nov. 6, 2020.

                    (combined Eagle Mountain and Salbora deposits)
Classification            Tonnes (000 t)              Gold (g/t)          Ounces Au (oz)

Saprolite                        11,000                    0.95                 353,000
Fresh rock                       12,000                    1.32                 495,000
Total                            23,000                    1.14                 848,000
Saprolite                         5,000                    0.82                 140,000
Fresh rock                       20,000                    1.16                 728,000
Total                            25,000                    1.09                 868,000
                               --------                  ------               ---------

  • Numbers have been rounded to reflect the precision of a mineral resource estimate. Totals may vary due to rounding.
  • Gold cut-off has been calculated based on a gold price of $1,500 (U.S.) per ounce, mining costs of $1.50 (U.S.) per tonne for saprolite and $2 (U.S.) per tonne for fresh rock, processing costs of $6 (U.S.) per tonne for saprolite and $12 (U.S.) per tonne for fresh rock, and mine-site administration costs of $3 (U.S.) per tonne. Metallurgical recoveries of 95 per cent are based on prior testwork.
  • Mineral resources conform to National Instrument 43-101, the 2019 CIM (Canadian Institute of Mining, Metallurgy and Petroleum) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines, and 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves.
  • The company is not aware of any environmental, permitting, legal, title, taxation, socio-economic, marketing or political factors that might materially affect these mineral resource estimates.
  • Mineral resources are not mineral reserves as they do not have demonstrated economic viability. The quantity and grade of reported inferred resources in this mineral resource estimate are uncertain in nature, and there has been insufficient exploration to define these inferred resources as indicated or measured resources; however, it is reasonably expected that the majority of inferred mineral resources could be upgraded to indicated mineral resources with continued exploration.

Qualified persons

Adrian Martinez (PGeo) of CSA, who is the independent qualified person for the mineral resource estimates presented in this press release, has approved its publication. Luke Longridge (PGeo) of CSA, the principal author of the National Instrument 43-101 technical report, has approved the information in this press release.

The company QP under NI 43-101 for this news release is N. Eric Fier, CPG, PEng, executive chairman and vice-president, finance, for Goldsource, who has reviewed and approved its contents.

About Goldsource Mines Inc.

Goldsource is a Canadian exploration company focused on the 100-per-cent-owned Eagle Mountain gold project in Guyana, South America. The Eagle Mountain project contains 23 million tonnes grading 1.14 g/t gold for 848,000 oz gold in indicated resources and 25 million tonnes grading 1.09 g/t gold for 868,000 oz gold in inferred resources with additional exploration targets and tangible opportunities for production scalability. The company is led by an experienced management team, proved in making precious metal exploration discoveries and executing on phased project development in the Americas.

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