Goldshore advances on Ontario gold resource update
Goldshore Resources Inc. [GSHR-TSXV, GSHRF-OTCQB, 8X00-FSE] has announced an updated mineral resource estimate for the Moss and East Goldstream deposits, which are both located on the company’s Moss Lake project in northwestern Ontario.
Goldshore shares advanced on the news, rising 11.1% or $0.01 to 10 cents on volume of 225,000. The shares currently trade in a 52-week range of 33 cents and $0.085.
The updated estimate includes a total indicated resource of 38.9 million tonnes of grade 1.23 g/t gold or 1.5 million ounces. On top of that is an inferred resources of 146.2 million tonnes of grade 1.11 g/y t gold or 5.2 million ounces.
Of that amount 1.2 million ounces of indicated and 4.9 million ounces of inferred material is contained in the Moss deposit. East Coldstream is estimated to contain 307,000 ounces of indicated gold, 280,000 ounces of interred metal. The new estimate has been released ahead of a preliminary economic assessment, planned for this year.
Goldshore is an emerging junior gold development company and owns the Moss Lake project. One of its key shareholders is Wesdome Gold Mines Ltd. [WDO-TSX], which holds a 27% interest in Goldshore.
The Moss Lake project is located approximately 100 kilometres west of Thunder Bay, Ont. It covers 14,292 hectares and consists of 282 unpatented and patented mining claims. The project hosts a number of gold and base metal-rich deposits, including the Moss Lake deposit, the East Coldstream deposit, the historically producing North Coldstream Mine and Hamlin Zone, all of which occur over a mineralized trend exceeding 20 kilometres in length.
The Moss project encompasses 36 satellite targets, including several mapped and sampled gold trends near the Moss Gold deposit (a shear-hosted disseminated-style gold deposit, which outcrops at surface), offering prospects for discoveries and additional gold mineralization.
The East Coldstream deposit is a structurally controlled gold deposit, located approximately 13 kilometres northeast of the Moss deposit
“The mineral resource estimate results above are extremely encouraging and validate the strategic exploration and drilling campaign we embarked on almost three years ago,’’ said Goldshore President and CEO Brett Richards
“We continue to believe that the Moss Gold will be a sector anomaly of having top quartile grade and top quartile size and scale within our comparable peers; as it moves closer towards being a Tier One asset,’’ he said.
“Conducting this update to the mineral resource estimate was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project.’’
The Moss project drillhole database consists of 538 drill holes that intersected the interpreted mineralization wireframes at the Moss Deposit and 156 drill holes that intersected the interpreted wireframes of he East Coldstream deposit for a total of 738 drill holes.