Goldshore Announces Commencement of 2,500-Meter Drill Program

Rhea-AI Summary

Goldshore Resources has started its 2,500-meter summer drilling program in the highly prospective Moss Block area. This program targets the Boundary Zone and SW Extension, aiming to assess the potential growth of high-margin ounces from surface to 200 meters depth. The Moss Block represents 91% of the project's total Mineral Resource Estimate. Additionally, Goldshore has engaged several contractors to manage market communications and investor relations, including Conrad Orzel, OGIB Corporate Bulletin, and the National Inflation Association, with fees ranging from $2,500 monthly to $40,000 for specific terms.

Positive

• Commencement of 2,500-meter summer drilling program in Moss Block.
• Targeting high-priority zones, the Boundary Zone and SW Extension.
• Moss Block accounts for 91% of the project's total Mineral Resource Estimate.
• Engagement of market communication and investor relation services to boost visibility.

Negative

• High costs associated with market communications and investor relations, including $2,500 monthly for Orzel and $40,000 for OGIB.

Vancouver, British Columbia--(Newsfile Corp. - June 26, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce that further to the Company News release dated June 20, 2024, the Company has commenced its 2,500-meter summer drilling program.

Michael Henrichsen, CEO of Goldshore commented, "We're excited to announce the commencement of our 2024 summer drill program, which focuses on the highly prospective 'Moss Block' area. This region, spanning 8 km by 6 km, is centered around the Moss deposit and accounts for a significant 91% of the project's total Mineral Resource Estimate. Our drilling efforts will focus on assessing the potential of two high-priority targets, the Boundary Zone and the SW Extension, with the goal of demonstrating the growth potential for high margin ounces from surface to 200 meters depth."

Figure 1: Illustrates the targets adjacent to the Moss deposit. The Boundary and SW Extension form the basis of the upcoming 2500-meter drill program.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/214426_48f43b6dc4a77bd7_002full.jpg

Market Communications Engagements:

The Company also announces that it has engaged the following service providers (the "Contractors") to advise and coordinate market communications and investor relations on behalf of the Company. The Company is at arms-length from each of the Contractors and does not propose to issue any securities to any of the Contractors in consideration of services to be provided to the Company.

The Company has engaged Conrad Orzel ("Orzel") on a monthly basis from July 1 to December 31, 2024, to provide investor relations services to the Company. Orzel is entitled to receive a monthly fee of $2,500 in consideration for services to be provided through the term of the engagement.

The Company has engaged OGIB Corporate Bulletin ("OGIB") from June 25, 2024 for a term of nine months, to assist with the development of featured articles describing the activities of the Company. OGIB received a total fee of $40,000 in consideration for services to be provided through the term of the engagement.

The Company has engaged GRA Enterprises LLC DBA National Inflation Association ("NIA") for a term of three months from July 1, 2024, which can be extended at the option of the Company, to assist with the development of featured articles describing the activities of the Company. NIA received a total fee of US$30,000 in consideration for services to be provided through the term of the engagement.

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world's largest gold company and backed by one of Canada's pre-eminent private equity firms. The Company's current focus is the advanced stage 100% owned Moss Gold Project which has large scale, high grade and excellent metallurgy. It is uniquely positioned in Ontario, Canada, with direct accessibility from the Trans-Canada Highway with hydroelectric power at site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate ("MRE") has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for fast track through this development cycle. For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company's website (www.goldshoreresources.com).

For More Information - Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.

E: mhenrichsen@goldshoreresources.com
W: www.goldshoreresources.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur.

Forward-Looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project, the release of an updated mineral resource estimate and preliminary economic assessment, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/214426

FAQ

What is the focus of Goldshore Resources' new drilling program?

The focus of Goldshore Resources' new 2,500-meter drilling program is the Moss Block area, specifically targeting the Boundary Zone and SW Extension.

When did Goldshore Resources start its 2,500-meter summer drilling program?

Goldshore Resources commenced its 2,500-meter summer drilling program on June 26, 2024.

What percentage of the total Mineral Resource Estimate does the Moss Block represent?

The Moss Block represents 91% of the project's total Mineral Resource Estimate.

Which contractors has Goldshore Resources engaged for market communications?

Goldshore Resources has engaged Conrad Orzel, OGIB Corporate Bulletin, and the National Inflation Association for market communications and investor relations.

What are the fees associated with Goldshore's engagement of market communication services?

Goldshore will pay Conrad Orzel $2,500 monthly, OGIB Corporate Bulletin $40,000 for nine months, and the National Inflation Association $30,000 for three months.

What is the stock symbol for Goldshore Resources?

The stock symbol for Goldshore Resources on the OTCQB is 'GSHRF'.