Diamond drilling activities continue in winter-only accessible areas with extended altered diorite intrusions discovered at Superion.
Bedrock geochemical sampling program continues to infill critical data gaps along the Kawa Trend.
Ground IP geophysics contractor has mobilized to site with preliminary results of the first lines being reviewed.
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2025) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company"), is pleased to provide the following update on the winter exploration program with all key activities under way including the completion of 5,848 meters of the 15,000 meter in-pit diamond drill program of which the Company anticipates further assay results by the end of February.
Michael Henrichsen, Goldshore CEO, commented: "We're excited to see our exploration program yielding promising results, with the discovery of extended altered diorite intrusions along the Superion trend and ongoing progress in infilling critical data gaps along the Kawa Trend. The addition of ground IP geophysics will further enhance our understanding of the property's potential, and we look forward to reviewing the preliminary results and integrating them into our ongoing exploration efforts."
Winter Exploration Program Update
In-Pit Drilling Update
The Company has completed 19 drill holes for 5,848 meters of the 15,000-meter winter drill program. This includes 14 holes from dry land at the Southwest Zone that have been accessible without any need for a consistent period of winter conditions. These holes successfully intersected shear zone hosted mineralization within the altered diorite package, targeting previously unpopulated resource blocks as defined in the current resource model. Additionally, these holes helped to better define the near-surface extent of the southern margin of the zone, refining our understanding of the margin of the system in this area.
Since late December, work has focused on building ice on Snodgrass Lake and on packing snow over the muskeg areas at Superion and QES. This work has allowed the Company to move the rigs in late January and to complete four drill holes at Superion and, most recently, the first hole at QES Up. Although the program is still in its early stages, drilling has intersected a broad chlorite-epidote-silica altered diorite intrusive with localized sericite-silica sulphide bearing shear zones on the northern flank of the main shear zone corridor.
A third drill rig is being sourced to assist with the upcoming lake ice portion of the drilling program. Further assay results from the in-pit diamond drill program are anticipated by the end of February.
The bedrock geochemical sampling program commenced last December using a track-mounted sonic rig focused on drilling the extensive area of esker that covers the boundary between the Hood Lake Stock and volcanic rocks of the Kawa Trend that is interpreted to be marked by the Knife Lake Fault. Drilling has been conducted from existing tracks and trails, pending the onset of winter conditions that will enable access to areas with muskeg terrain once frozen.
As part of the bedrock geochemistry program, 41 holes have been completed out of the planned 200. To date, 39 holes have successfully intersected bedrock at depths ranging from 10 to 50 meters. Additionally, two holes reached a maximum depth of 64 meters, remaining in esker material, which represents the operational limit of the drill rig. The holes that have intersected bedrock encountered unmineralized intrusion of the Hood Lake Stock in the southwest, sheared and faulted rocks of the Knife Lake Fault, and altered gabbro and volcanic rocks, which exhibit significant pyrite mineralization, in the northwest.
Equity Grant to Management
The Company also announces that in connection with her appointment as Chief Financial Officer and Corporate Secretary, Ms. Erica Borgstrom has been granted 500,000 incentive stock options ("Options") and 250,000 restricted share units ("RSUs"), pursuant to the Company's omnibus incentive plan. The Options are exercisable at $0.38 per share for a period of five (5) years and vest as follows: 1/3 on August 10, 2025, 1/3 on August 10, 2026 and 1/3 on August 10, 2027. The RSUs became fully vested on February 10, 2025.
Marketing Agreement
The Company also announces that it has entered into an online marketing agreement dated February 10, 2025 (the "Agreement") with i2i Marketing Group, LLC, an arm's length marketing and media company (the "Consultant"), pursuant to which the Consultant has agreed to provide to the Company corporate marketing and investor awareness services, including, but not limited to, content creation management, author sourcing, project management and media distribution. In consideration of such services, the Company will pay the Consultant an aggregate cash fee of USD$325,000, with USD$81,250 payable upon the execution of the Agreement and USD$243,750 payable immediately prior to media distribution testing to take place on or about three weeks from the date of the Agreement. The fees will be paid from the Company's general working capital account.
The Agreement is for an initial term of three months, subject to extension through supplemental insertion orders as agreed to by the parties, which will set out a monthly media spend and the services to be provided, with the maximum monthly media spend not to exceed USD$150,000 over the term of such extended arrangement unless otherwise approved by the TSX Venture Exchange (the "TSXV").
The Consultant does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest. The Consultant's place of business is located at 1107 Key Plaza #222, Key West, Florida, 33040. The Agreement remains subject to the approval of the Exchange. The Consultant has agreed to comply with all applicable securities laws and the policies of the Exchange in providing the services to the Company.
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 HSE 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; that the Company anticipates further assay results with respect to its diamond drill program by the end of February; the fact that the addition of ground IP geophysics will further enhance the Company's understanding of the property's potential, and that the Company will review and integrate the preliminary results into its ongoing exploration efforts; the fact that a third drill rig is being sourced; the Company's expansion targets and objectives for its ongoing drill program; what the Company's ongoing drill program will consist of and that it will have a potential economic impact for future resources updates following the ongoing PEA studies; the provision of services by the Consultant and the payment by the Company of consideration therefore, in accordance with the Agreement; obtaining the required regulatory approval for the Agreement; 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 fluctuating price of gold; unknown labilities 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; global financial conditions; uninsured risks; climate change risks; delays in obtaining or failure to obtain required regulatory approval for the Agreement and the risk that the Agreement is terminated early; 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: 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; that the Company will receive further assay results by the end of February; that the ongoing drill program will provide the Company with the information expected; that the Company will carry out its ongoing drill program in the matter expected; 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 there will be no material adverse change or disruptions affecting the Company or its properties; that the Company will obtain the required regulatory approval for the Agreement; that the Agreement will not be terminated early; that the Consultant will provide the services set out in the Agreement; and that the Company will have the funds required to pay the consideration under the Agreement.
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.
