The company said results for five holes, drilled to infill historic but poorly surveyed drill sections of the Main Zone, have higher-grade gold mineralization within a large volume of mineralized diorite. Drilling highlights include 192.75 metres at 1.02 g/t gold from a depth of 94.45 metres in MMD-22-051, including 62 metres at 1.49 g/t gold from 113 metres and 48.7 metres of 1.29 g/t gold from 208.3 metres.
“As we have been discussing for some time, the continued results of intersecting wide zones of greater than 1.0 g/t gold mineralization underpin our belief that the Moss Lake Deposit has the potential to develop an initial high-grade phase 1.0 open pit within the larger low-grade open pit operation,’’ said Goldshore President and CEO Brett Richards.
“It can be seen that the projected grade shell of greater than one g/t Au is significant at this early stage, and we will look forward to further explore these high-grade areas, as we continue with our program,’’ he said. Richards has previously said that drilling results will provide optionality that can only help to improve the new preliminary economic assessment (PEA) study next year.
Goldshore is an emerging junior gold development company and owns the Moss Lake project. One of its key shareholders is Wesdome Gold Mines Ltd. [WDO-TSX], which holds a 27% interest in Goldshore.
On Thursday, the company said results have been received for five holes that have infilled areas of the Main Zone that are between sections drilled by historic holes with collar survey problems. As a result, they will replace the low-confidence historic holes in the upcoming resource model update.
On September 28, 2022, Goldshore shares rose 9.1% or $0.015 to 18 cents. The shares are currently trading in a 52-week range of 73 cents and 16.5 cents.
The Moss Lake project is located approximately 100 kilometres west of Thunder Bay, Ont. It covers 14,292 hectares and consists of 282 unpatented and patented mining claims. The project hosts a number of gold and base metal-rich deposits, including the Moss Lake deposit, the East Coldstream deposit, the historically producing North Coldstream Mine and Hamlin Zone, all of which occur over a mineralized trend exceeding 20 kilometres in length.
The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit, which outcrops at surface. It has been drilled over a 2.5-kilometre-length and to depths of 300 metres with 376 holes completed between 1983 and 2017.
The last drilling program was conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along the strike extension of the deposit. It was successful in expanding the mineralized footprint and hydrothermal system 1.6 kilometres to the northeast.