Goldshore Resources drills 3.25 g/t gold over 13.05 metres at Moss project, Ontario

Goldshore Resources Inc. [GSHR-TSXV; GSHRF-OTCQB; 8X00-FSE] reported assay results from its 100,000-metre drill program at the 100%-owned Moss gold project in Northwest Ontario, Canada.

Highlights: Results from nine holes drilled to infill poorly tested parts of the Southwest Zone have delineated multiple high-grade structures within the broader mineralized envelope with best intercepts of 1.47 g/t gold over 16.9 metres from 375.3 metres depth in MMD-22-111, including 3.88 g/t gold over 5.6 metres from 386.0 metres; 1.34 g/t Au over 37.0 metres from 400.85 metres depth in MMD-23-116, including 3.25 g/t Au over 13.05 metres from 405.55 metres; 1.63 g/t Au over 14.0 metres from 409.0 metres depth in MMD-23-118A1.97 g/t Au over 10.95 metres from 157.0 metres depth in MMD-23-119.

Drill results prove that the Southwest Zone is a continuation of the Main Zone and not a fault offset as previously interpreted. Mapping and geophysical data, together with historical scout drilling, show that mineralization continues intermittently for another 3 kilometers to the southwest and that many of the better targets are yet to be drilled.

With drilling recently completed, the company is preparing an updated mineral resource expected in May. The May 2023 MRE will use data from an additional 72 holes compared to the November 2022 mineral resource estimate. Mineralization in the resource area remains open in multiple directions.

President and CEO Brett Richards stated: “These results continue to support our thesis that the size and scale of the Moss Gold Project will be large enough to support a material and meaningful update to the mineral resource estimate, which is expected in early May 2023.

“These additional results highlighting the mineralization in the south-west zone augment the press release of April 20, 2023, and continue to expand the zone well outside the historical resource, still open in several directions and at depth. In addition to the May 2023 MRE, we still have 30 quality drill targets to be tested. These include gold, copper+/-cobalt, and polymetallic prospects. We have drilled less than 10% of the identified targets on our land package and are currently building a plan to drill test the better targets. It will be an exciting period when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package.

“We have focused on the currently defined portion of the Moss Gold Deposit as a meaningful Phase One Project that Goldshore itself can build. The Moss Gold Deposit remains open at depth and through several yet-to-be drilled parallel structures; and it is part of an overall 8-kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One Project is part of a much larger total project.”

Pete Flindell, VP Exploration for Goldshore, said, “These results show that the Southwest Zone is much better mineralized than historical drillholes suggested. They also show that the Moss Gold Deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated.”

Goldshore granted 4,100,000 stock options good to purchase common shares of the company to certain directors, officers, employees and consultants. Such Options are exercisable into common shares of the company at an exercise price of $0.25 per common share for five years from the date of grant. Of the Options, 3,900,000 will vest 1/3 on October 24, 2023, 1/3 on October 24, 2024, and 1/3 on October 24, 2025; and 200,000 will vest 1/3 immediately and 1/3 annually thereafter. All Options expire on April 24, 2028.

Goldshore also issued a total of 1,673,968 restricted share units (RSUs) to certain directors and officers of the company. The RSUs will fully vest on the date that is one year from the date of grant. Once vested, each RSU represents the right to receive one common share of the company, the equivalent cash value thereof, or a combination of the two, at the company’s discretion. The grant of Options and issuance of RSUs have been made in accordance with the company’s Omnibus Incentive Plan that was approved by the company’s directors on November 8, 2022. The Plan remains subject to the approval of the shareholders at its next Annual General and Special Meeting. Any grants of share-based compensation made under the Plan will also be subject to the approval of disinterested shareholders at the next Annual General and Special Meeting of the company.

In addition, certain directors and officers of the company have agreed to forgive an aggregate of $168,833 of debt, representing accrued consulting fees incurred during the period from January 2023 to March 2023 and directors’ fees incurred during the period from July 2022 to March 2023.