Goldshore drills 1.05 g/t gold over 128.3 metres at Moss Lake, Ontario

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Goldshore Resources Inc. [GSHR-TSXV; GSHRF-OTC] reported assay results in hole MQD-22-014 from its ongoing 100,000-metre drill program at the 100%-owned Moss Lake Project in northwest Ontario. Drilling is aiming to better define and expand high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource.

Highlights include a broad zone of high-grade mineralization confirming the tenor of mineralization modeled in the QES Zone with best intercepts of 128.3 metres at 1.05 g/t gold from 121.3 metres, including 40.6 metres at 1.99 g/t gold from 139.4 metres; 3.6 metres at 1.80 g/t gold from 199.0 metres; and 22.0 metres at 1.25 g/t gold from 227.0 metres.

New high grade gold mineralization is open in all directions with visible gold intersected in a northern parallel structure. This northern structure is interpreted to be the same parallel structure intersected over 100 metres further to the east. In addition, the identification of VG in this northern structure could provide elevated milling recoveries in any future operation. The drilling returned 16.0 metres at 5.31 g/t gold from 477.0 metres, including 5.25 metres at 15.8 g/t gold from 477.75 metres.

There is expanding drill capacity through the engagement of two additional drill contractors who are mobilizing three rigs to site in the coming week. This will enable Goldshore to increase the drilling rate at the Moss Lake gold deposit and expand the drill program to the Coldstream area to evaluate the gold deposit at East Coldstream and copper-gold-cobalt mineralization at North Coldstream.

Brett Richards, President and CEO, commented: “The drilling intercept of 128.3 metres at 1.05 g/t gold reaffirms our view that the Moss Lake gold project contains a significant volume of +1 g/t gold mineralization that can underpin a meaningful, economic gold deposit. The fact that we are continuing to intersect gold mineralization outside of the volume modelled in 2013 also affirms our belief that the deposit is significantly larger than previously interpreted. Separately, we are pleased to be bringing in additional drill contractors that will enable us to increase our drilling rate at Moss Lake while commencing drilling at Coldstream.

“MQD-22-014 was drilled 120 metres west of MQD-21-009 at a -45˚ dip and 335˚azimuth to test the 2013 resource model and twin the historic hole 90-203. The reported significant intercept of 128.3 metres at 1.05 g/t gold from 121.3 metres occurs within a broader zone of strongly silica-sericite-chloriteplus or minuscarbonate altered diorite that assays 200.75 metres at 0.77 g/t gold from 14 metres above a 0.3 g/t gold cutoff. These results are similar to those intersected in the historic hole, which returned 136.0 mteres at 1.09 g/t gold from 137.0 metres.

“Importantly, we continue to intersect parallel structures that were not previously reported. Visible gold was intersected within a 1.45-metre-wide quartz-pyrite-chalcopyrite vein from 477.75-479.20 metres averaging 54.1 g/t gold. This occurs within a biotite-altered diorite that returned 16.0 metres at 5.31 g/t gold from 477.0 metres.”“MQD-22-014 was drilled 120 metres west of MQD-21-009 at a -45˚ dip and 335˚azimuth to test the 2013 resource model and twin the historic hole 90-203. The reported significant intercept of 128.3 metres at 1.05 g/t gold from 121.3 metres occurs within a broader zone of strongly silica-sericite-chloriteplus or minuscarbonate altered diorite that assays 200.75 metres at 0.77 g/t gold from 14 metres above a 0.3 g/t gold cutoff. These results are similar to those intersected in the historic hole, which returned 136.0 mteres at 1.09 g/t gold from 137.0 metres.

Peter Flindell, VP Exploration, commented: “These drilling results confirm the historic drill results and help us to understand the non-linear distribution of high grades that will enable us to model the higher-grade gold resource more accurately later in the year. Our relogging work and surveying of historic drill collars will also allow us to incorporate many of the historic drillholes, which will reduce the number of holes we need to drill in this campaign. Just as we are intersecting new parallel zones of mineralization that will expand the Mineral Resource, we are also identifying mineralization in the historic holes that was previously unsampled, thereby adding assay data to our database.”

Wesdome Gold Mines Ltd. [WDO-TSX; WDOFF-OTCQX] is a strategic shareholder of Goldshore with an approximate 22% equity position in the company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

The 14,292-hectare Moss Lake Gold Project is located approximately 100 km west of Thunder Bay, northwest Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north.


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