Goldshore drills 117.12 metres of 1.26 g/t gold at Moss Lake, Ontario
Â Goldshore Resources Inc. [GSHR-TSXV; GSHRF-OTC; 8X00-FSE] reported gold assay results from the holes MMD-21-004 and MMD-21-005 drilled to validate gold mineralization at the 100%-optioned Moss Lake gold deposit located approximately 100 km west of Thunder Bay, northwest Ontario. The 14,292-hectare property is accessed via Highway 11 which passes within 1 km of the property boundary to the north.
Several higher-grade zones within large low-grade envelopes with best intercepts of 117.12 metres at 1.26 g/t gold from 1.1 metres in MMD-21-004, including 42.53 metresat 1.37 g/t gold from 1.1 metres; 17.00 metres at 2.40 g/t gold from 57.0 metres, and 26.22 metres at 1.63 g/t gold from 92.0 metres; 23.45 metres at 1.54 g/t gold from 302.85 metres in MMD-21-004; 8.50 metres at 2.53 g/t gold from 42.5 metres; and 16.50 metres at 1.26 g/t gold from 139.5 metres in MMD-21-005.
Significant volume additions: mineralization continues to be intersected laterally and at depth, significantly expanding the width and depth of mineralization compared to the 2013 grade model. MMD-21-004 has extended the width and depth of mineralization, relative to the 2013 model, by 38% and 56%, respectively.
Expanding drill capacity: the company’s drilling contractor, Missinaibi Drilling Services, has mobilized two additional drilling rigs to site, bringing the total active rigs to four. An additional rig is expected on site before Christmas.
Brett Richards, president and CEO, commented: “The drilling intercept of 117.12 metres at 1.26 g/t gold, essentially from surface, 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 wider and larger than previously interpreted.”
It is too soon to develop conceptual models for the deposit, though the company is working with leading researchers in the field of orogenic gold deposits to develop its understanding of the deposit.
Peter Flindell, VP Exploration commented: “These drilling results confirm the caliber of results received since the start of the drilling program and confirm the significant widths of higher grade, +1 g/t gold mineralization. Our plan to expand the drilling fleet over winter will allow us to reach our targeted monthly meterage of 10,000 metres and allow us to test extensions to Moss Lake suggested by our airborne geophysical survey, as well as infill the gold deposit to support next year’s Preliminary Economic Analysis.”
Moss Lake has 1.47 M oz of Indicated and 2.51 M oz of InferredÂ historical gold resources.
On November 23, 2021, certain directors, officers, employees and consultants of the company were granted options to purchase up to an aggregate of 1,037,500 common shares. Each option is exercisable into one common share at an exercise price of $0.65 for five years.