Goldshore Resources drills 0.88% CuEq over 62.8 metres at Moss Lake, Ontario
Goldshore Resources Inc. [GSHR-TSXV; GSHRF-OTCQB] reported assay results from its initial scout drilling campaign testing the historic North Coldstream copper mine at the 100%-owned Moss Lake project in northwest Ontario, Canada.
Initial results from one North Coldstream hole confirm significant copper, cobalt and gold mineralization hosted within a sheared volcanic massive sulphide deposit with best intercepts of 62.8 metres at 0.88% copper equivalent (CuEq) (0.36% copper (Cu), 0.06% cobalt (Co), 0.30 parts per million (ppm) gold (Au) and 3.1 ppm silver (Ag)) from 8.2 metres depth in CND-22-006, including 13.35 metres at 1.18% CuEq (0.54% Cu, 0.07% Co, 0.39 ppm Au and 3.5 ppm Ag) from 8.2 metres; 14.65 metres at 1.3% CuEq (0.57% Cu, 0.09% Co, 0.39 ppm Au and 4.4 ppm Ag) from 23.1 metres.
These copper and cobalt results confirm that North Coldstream has important critical mineral value and highlights multiple deposit styles in the district, which is a hallmark of important mineral districts worldwide:
North Coldstream was mapped by last year’s VTEM (versatile time domain electromagnetic) survey as a discrete magnetic conductor. There are twelve similar targets in the Moss Lake project, highlighting the potential for similar copper-cobalt-gold deposits.
Drilling also identified a gold-only intercept of 2.1 metres at 1.88 g/t gold from 98.9 metres in the footwall to the North Coldstream VMS deposit, which is related to the East Coldstream style of mineralization 1.6 km to the east, suggesting greater continuity of the gold-bearing structures.
President and CEO Brett Richards stated: “Although we are very focused on the Moss Lake drilling and defining a higher-grade resource within the lower grade historical resource; these findings at North Coldstream are extremely encouraging and provide tremendous potential optionality in the future. As we have illustrated previously to the market, North Coldstream was a past producing copper-gold mine, so these results are not unexpected. However, I think the exciting story is the emergence and identification of cobalt in the historic mine. These drill results prove the value and priority of further drilling and exploration at the North Coldstream deposit, and could identify it as a critical mineral asset, which is important for the development of renewable energies, electrification of vehicles and global decarbonization initiatives.”
Pete Flindell, VP Exploration, said, “These drill results confirm our expectations of high-grade copper mineralization, especially as we are on the margin of the volcanic massive sulphide lens, and are extremely encouraging with respect to Cobalt grades. While the five pending holes are also around the margin of the system, and therefore likely to contain similar grades, I look forward to drilling closer to the core of the deposit to understand how the critical mineral elements may increase. These data will be invaluable in guiding our future drilling of similar, untested targets within the Moss Lake Project.”
Wesdome Gold Mines [WDO-TSX] is a large shareholder of Goldshore with an approximate 27% equity position. The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.