Diamond drilling program focused on expanding the mineral resource estimate within the conceptual open pit. Program will focus on the top 200 meters from surface by increasing drill density with the goal of extending known mineralization toward the surface to reduce the overall strip ratio and add to the ounce profile of the Moss Gold Project.
Discovery focused geophysical and geochemical program aims to define drill targets along 23 kms of prospective structural corridors that have not been systematically explored.
Vancouver, British Columbia--(Newsfile Corp. - November 25, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce it has awarded its resource expansion diamond drill program and its top of bedrock sonic drilling program to Laframboise Drilling Inc. and Forages Technic-Eau Inc., respectively. In parallel, the Company announces it has awarded the geophysical program to Abitibi Geophysics.
Michael Henrichsen, CEO of Goldshore commented, "We are very pleased to have awarded the contracts for our winter resource expansion and discovery-based exploration programs. The resource expansion targets we have identified have the potential to deliver ounces within the top 200 meters from surface, within the conceptual open pit, and could improve the economic performance of the deposit, building on the forthcoming Preliminary Economic Assessment ("PEA") scheduled for release in Q1 2025. In addition, the first systematic discovery-based geophysical and top of bedrock sonic drill programs will give the Company the opportunity to develop robust drill targets that we feel will ultimately lead to a discovery and the uncovering of additional ounces at the project."
Resource Expansion Drilling
The in-pit diamond drill program consists of approximately 15,000 meters of drilling focused on the top 200 meters from surface (Figure 1) with the goal of expanding the current mineral resource estimate ("MRE") and reducing the strip ratio of the deposit through the following three avenues.
Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
Extending known mineralized shear zones laterally along strike; and
Extending mineralized shear zones intersected at depth at the Moss Gold Project towards surface where no shallow drilling has occurred.
Figure 1: Illustrates the upcoming 15,000 meter drill program within the conceptual open pit associated with the current MRE. This drill program is targeting resource expansion within the top 200 m from surface.
The discovery focused exploration program is designed to define robust drill targets along 23 kilometers of prospective structural corridors in the area of the Moss Gold Project. This focus area has not seen systematic exploration due to extensive till and muskeg that cover the prospect structural corridors.
The sonic drill program will sample the top of bedrock over the prospective structural corridors on 50 to 100 meter centers along 400 and 800 meter spaced lines to define areas of gold mineralization (Figure 2). The program will consist of up to 200 drill holes along the Moss Gold Project extensions and 12 kilometer long Kawa trend.
The geophysical program will consist of a 40 line-kilometer pole-dipole survey over the Moss Gold Project and a 235 line-kilometer gradient array survey with select IP pole-dipole lines planned across the 23 kilometers of prospective structural corridors (Figure 3). These surveys will allow the Company to obtain the resistivity and chargeability signature of the Moss Gold Project which has never been the subject to modern ground based geophysical surveys, and to look for similar geophysical responses in the 23 kilometers of prospective structural corridors.
Figure 2: Focus area for top of bedrock sonic drill program along the prospective mineralized structural corridors. Drill holes will be spaced 50 to 100 meters apart on 400 or 800 meters spaced lines.
Figure 3: Focus area for ground based induced polarization geophysics surveys across the Moss Gold Project and prospective mineralized structural corridors.
Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"), has approved the scientific and technical information contained in this news release.
About Goldshore
Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 MRE, dated March 20, 2024 and prepared by Apex Geoscience Ltd., has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.
Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted increase in the ounce profile of the Moss Gold Project, and the release of an updated PEA and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the PEA may not be completed on the timetable expected or at all; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; and the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance. The forward-looking information in this news release is based on management's reasonable expectations and assumptions as of the date of this news release, including that the Company's business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the PEA will be completed on the timetable anticipated.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
