Vancouver, British Columbia--(Newsfile Corp. - May 1, 2025) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company"), is pleased to announce its latest assay results from its ongoing 20,000-meter drill program and the second batch of results from the QES Up program, targeting the near surface extension of the most northern QES shears at the Moss Gold Project in Northwest Ontario, Canada (the "Moss Gold Project").
Michael Henrichsen, CEO of Goldshore commented, "We are pleased with the ongoing positive results from our winter drill program, which has allowed us to test the previously undrilled upper central part of the Moss Gold Deposit. Historically undrilled areas had been modelled as waste, but these new drill results will enable us to model mineralized shears toward the surface, enhancing the deposit's economic potential. We look forward to continuing our aggressive drilling to create value."
Highlights:
Results from hole MQD-25-160, along the eastern end in the QES Up program, intersected a widening of the near surface extension of the deeper shears yielding increased mineralization with best intercepts of:
25.0m of 1.10 g/t Au from 107.2m in MQD-25-160, including
2.05m of 1.69g/t from 111.1m and
7.65m of 2.62 g/t Au from 117.55m
Results from three additional QES Up holes confirmed near surface extension of the deeper marginal shears representing further opportunities to convert modelled waste to mineral resource within the current conceptual open pit with best intercepts of:
19.75m of 0.45 g/t Au from 123.1m in MQD-25-151, including
0.3m of 8.87 g/t Au from 126.5m
6.0m of 1.34 g/t Au from 131.0m in MQD-25-152
11.85m of 0.36 g/t from 148.15m in MQD-25-158
Technical Overview
Figure 1 shows the location of the drill holes being reported with respect to the planned winter drill program, while Figure 2 illustrates a cross section through drill hole MQD-25-160. Tables 1 & 2 summarize significant intercepts and drill hole locations, respectively.
Figure 1: Summarizes the ongoing winter 2025 drill program targeting resource expansion within the conceptual open pit outlined in grey. Drill holes being reported are highlighted in red.
Figure 2: Cross section through MQD-25-160 illustrating the extension of marginal shears toward surface on the northern flank of the QES Zone (QES Up).
Drill results are from the eastern portion of the QES Up program, which aims to prove the surface extension of deeper-modelled mineralized shear zones along the northern boundary of the QES Zone. This area lies entirely within the conceptual open pit, with all mineralized intersections representing opportunities to convert currently modelled waste to mineral resource.
MQD-25-160 was drilled between holes MQD-25-152 and MQD-25-158 targeting both the near-surface extension of deeper modelled shears and the potential northern deflection of the QES mineralization. The hole collared into a similar weakly deformed and chlorite-epidote altered diorite with a more consistent zone of sericite-silica-hematite altered shearing, like that seen in the core of the QES zone (Figure 3). The sericite-silica-hematite shears are strongly mineralized with intercepts of 25.0m of 1.10 g/t Au from 107.2m, including 2.05m of 1.69 g/t from 111.1m and 7.65m of 2.62 g/t Au from 117.55m (Table 1). The increasing grade towards the northeast is being interpreted as a sinistral drag structure similar to that observed between the Main and Southwest Zones.
The hole was terminated within the mineralized QES envelope, as the deeper sections of the Zone have been sufficiently tested by previous drilling.
Figure 3: High-grade portion of sheared and mineralized granodiorite in MQD-25-160 returning 25.0m of 1.10 g/t Au from 107.2m along the northern edge of the QES Zone at QES Up
Holes MQD-25-151 and MQD-25-152 were drilled on 100m sections, targeting surface extensions of deeper-modelled mineralized shear zones along the northern boundary of the QES Zone. Both holes collared into a weakly deformed and chlorite-epidote altered diorite with intermittent sericite-silica-hematite altered shear zones increasing in intensity at depth. The sericite-silica-hematite shears are moderately mineralized with intercepts including 19.75m of 0.45 g/t Au from 123.1m in MQD-25-153, including 0.3m of 8.87 g/t Au from 126.5m; 16.15m of 0.48 g/t Au from 88.0m, and 6.0m of 1.34 g/t Au from 131.0m in MQD-25-152 (Table 1).
Both holes were terminated within the mineralized QES envelope, as the deeper sections of the Zone have been sufficiently tested by previous drilling.
MQD-25-158 was drilled 400m further east than MQD-25-151 and MQD-25-152 targeting similar surface extensions of deeper modelled shears and confirming the eastern extension of the QES system. The hole collared into similar a weakly deformed and chlorite-epidote altered diorite with intermittent sericite-silica-hematite altered shear zones increasing with intensity at depth with intercepts of 11.85m of 0.36 g/t from 148.15m. The hole was extended to intercept the typical QES granodiorite at 262m confirming the orientation of the main QES host lithology with results of 13.5m of 0.38 g/t Au from 254.45m (Table 1). The hole was terminated prior to drilling through the entirety of the QES zone.
Table 1: Significant intercepts
HOLE ID
FROM
TO
LENGTH (m)
TRUE WIDTH (m)
CUT GRADE (g/t Au)
UNCUT GRADE (g/t Au)
MQD-25-151
67.85
73.00
5.15
3.7
0.40
0.40
86.00
90.00
4.00
2.8
0.58
0.58
123.10
142.85
19.75
14.2
0.45
0.45
incl
126.50
126.80
0.30
0.2
8.87
8.87
MQD-25-152
61.00
66.10
5.10
3.7
0.55
0.55
88.00
104.15
16.15
11.9
0.48
0.48
131.00
137.00
6.00
4.5
1.34
1.34
MQD-25-158
135.00
137.00
2.00
1.6
0.43
0.43
148.15
160.00
11.85
9.5
0.36
0.36
170.40
173.65
3.25
2.6
0.53
0.53
229.20
233.00
3.80
3.1
0.50
0.50
254.45
270.85
16.40
13.5
0.38
0.38
261.45
265.85
4.40
3.3
0.55
0.55
293.10
297.55
4.45
3.3
0.43
0.43
MQD-25-160
107.20
132.20
25.00
18.7
1.10
1.10
incl
111.10
113.15
2.05
1.5
1.69
1.69
and
117.55
125.20
7.65
5.7
2.62
2.62
incl
119.95
120.30
0.35
0.3
30.0
30.1
Intersections calculated above a 0.3 g/t Au cut off with a top cut of 30 g/t Au and a maximum internal waste interval of 5 metres. Shaded intervals are intersections calculated above a 1.0 g/t Au cut off. Intervals in bold are those with a grade thickness factor exceeding 20 gram x metres / tonne gold. True widths are approximate and assume a subvertical body.
Table 2: Drill Collars
HOLE
EAST
NORTH
RL
AZIMUTH
DIP
EOH
MQD-25-151
670,138
5,379,811
428
155.0
-45.0
150.00
MQD-25-152
670,209
5,379,849
428
155.6
-45.7
150.00
MQD-25-158
670,483
5,380,136
428
153.5
-45.2
300.00
MQD-25-160
670,412
5,380,044
428
156.5
-45.1
150.00
Analytical and QA/QC Procedures
The HQ diameter drill core has been oriented using ACTIII or equivalent tools and validated in the core shack. All core has been sawn in half cut just off the core orientation line (bottom of hole) with the right half (looking downhole) of the core bagged and sent to a third-party analytical laboratory. The left half of the core was returned to core boxes and is stored at Goldshore's Kashabowie core yard facility.
All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analysed for gold via fire assay with an AA finish ("Au-AA23") and 48 pathfinder elements via ICP-MS after four-acid digestion ("ME-MS61"). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish ("Au-GRA21").
In addition to ALS quality assurance / quality control ("QA/QC") protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.
Qualified Person
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, has approved the scientific and technical information contained in this news release.
Mr. Flindell has verified the data disclosed. To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company's health and safety policies in the field to ensure full compliance, and consulted with the Project's host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company's remediation protocols.
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 mineral resource estimate ("MRE") 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 development in this cycle. Please see NI 43-101 technical report titled: "Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada," dated March 20, 2024 with an effective date of January 31, 2024 available under the Company's SEDAR+ profile at www.sedarplus.ca. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldshoreresources.com).
For More Information - Please Contact:
Michael Henrichsen President, Chief Executive Officer and Director Goldshore Resources Inc.
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; the potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company's future drill plans, including the expected benefits and results thereof; that the Superion target has the potential to significantly add to the current mineral resource estimate within the top 200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit; the potential for resource growth at Moss and the fact that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; 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: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; 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; the economic performance of the deposit may not be consistent with management's expectations; the Company's exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company's limited operating history; intervention by non-governmental organizations; outside contractor risks; 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 Superion target may not add to the current mineral resource; and other risks associated with executing the Company's objectives and strategies as well as those risk factors discussed in the Company's continuous disclosure documents filed under the Company's SEDAR+ profile at www.sedarplus.ca.
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. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company's exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.
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. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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.
