Goldshore drills 1.17 g/t gold over 78.35 metres at Moss Lake, Ontario
Goldshore Resources Inc. [GSHR-TSXV; GSHRF-OTC] reported assay results from its continuing 100,000-metre drill program at the 100%-owned Moss Lake project 100 km west of Thunder Bay, northwest Ontario, Canada. 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: Four shallow holes drilled during the winter ice program have confirmed high-grade gold mineralization within shears hosted by altered diorite with best intercepts of 78.35 metres at 1.17 g/t gold from 170.35 metres depth in MMD-22-020, including 22.65 metres at 2.31 g/t gold from 217.0 metres, and including 5.65 metres at 5.69 g/t gold from 234.0 metres.
Hole MMD-22-017 returned 24.7 metres at 1.28 g/t gold from 105.3 metres depth, including 2.75 metres at 7.80 g/t gold from 106.9 metres. Hole MMD-22-016 returned 24.65 metres at 1.05 g/t gold from 81.2 metres depth, including 2.0 metres at 7.95 g/t gold from 103.0 metres, 12.0 metres at 1.41 g/t gold from 127.0 metres.
President and CEO Brett Richards stated: “We are excited to continue to deliver consistent drilling results supporting our belief from the beginning of our 100,000-metre drill program, that Moss Lake is much larger in depth, width and along strike, to the historical mineral resource. I am very encouraged about the high grade sections we are seeing, as this will provide a lot of optionality when we model the resource later in the year and start to look at economic pit shells. We see several PEA permutations, including a smaller, higher grade starting project (Phase 1) followed by a larger scale operation formulated on the global resource (Phase 2). Given the current economic climate, a lower CapEx project (Phase 1) expanding to the larger operation (Phase 2) may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier One potential. We will make these determinations later in the year, as we continue to evaluate the results from our 100,000-metre program.”
Four shallow drill holes were completed over ice this past winter. They were drilled to help define the resource in the upper levels of the deposit. This includes localized high-grade structural zones – 2.0m at 7.95 g/t Au, 2.75m at 7.80 g/t Au, and 5.65m at 5.69 g/t Au – that are common in the Main and QES Zones.
Pete Flindell, vice-president of exploration, said: “Our drilling program continues to confirm that the large volume of low grade gold mineralization is plumbed by anastomosing high grade shears. These high grade zones are not reflected in the historic (2013) Mineral Resource and will be a focus of our resource update intended to be released at the end of 2022. Accurate modelling of the high grade zones will significantly improve the economics of the Moss Project. Drilling is also continuing to better define these zones within the known extents of the deposit and in parallel zones that will add to the overall tonnage.”
Wesdome Gold Mines Ltd. [WDO-TSX; WDOFF-OTCQX] is a strategic shareholder of Goldshore with an approximate 27% equity position.