Goldshore Completes 2,780-Meter Summer Drilling Program at Moss Gold Project

Rhea-AI Summary

Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) has completed its 2024 summer drill program at the Moss Gold Project, exceeding expectations by drilling 2,780 meters across 12 holes, surpassing the initial 2,500-meter target. The program, finished ahead of schedule and under budget, focused on two key areas:

1. Boundary Zone Prospect: 7 holes, 1,571 meters
2. Southwest Drilling Zone Prospect: 5 holes, 1,209 meters

CEO Michael Henrichsen expressed satisfaction with the program's efficiency, highlighting a 600-meter step-out at the SW Zone and encouraging visual results at the Boundary Zone, including a new parallel shear zone. First assay results are expected in August. Additionally, Goldshore has engaged Investor Insights Systems Inc. for a 12-month digital marketing campaign starting July 22, 2024, with a $225,000 upfront fee.

Positive

• Completed 2,780-meter summer drill program, exceeding initial 2,500-meter target
• Finished drilling ahead of schedule and under budget
• Discovered a new parallel shear zone at the Boundary Zone with similar characteristics to known mineralization
• Conducted a 600-meter step-out from the Moss deposit at the SW Zone

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 24, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to announce that it has completed it's 2,500-meter summer drill program on schedule and under budget allowing for the completion of an additional high priority drill hole for a total of 12 drill holes and 2,780 meters.

The Company completed 7 drill holes for 1,571 meters at the Boundary Zone Prospect and 5 drill holes for 1,209 meters at the Southwest Drilling Zone Prospect and expects first results back from the assay lab in August.

Michael Henrichsen, CEO of Goldshore, commented, "We are pleased to finish our 2024 summer drill program ahead of schedule and under budget. An additional 280 meters were drilled due to efficiencies within the program that allowed for an additional test of the SW Zone where the Company stepped out 600 meters from limits of the drilling at the Moss deposit. At the Boundary Zone the Company was focused on replicating and building upon historical intercepts that were outside of the current mineral resource and conceptual pit shell. Results to date are encouraging with visual confirmation of the Boundary Zone as well as the definition of a new parallel shear zone that has similar characteristics to the known Boundary Zone mineralization. We look forward to analyzing the assay results to inform our next steps."

Communications Program Update

The Company has engaged Investor Insights Systems Inc. ("Investor Insights") for a term of twelve months commencing July 22, 2024, to provide digital marketing services, including digital content creation, distribution, search engine marketing (SEM), pay-per-click (PPC) advertising and market awareness campaigns. Investor Insights is based in Vancouver, British Columbia, and will receive a total fee of $225,000, payable upfront, in consideration for services to be provided through the term of the engagement. Services provided by Investor Insights will be overseen on behalf of Investor Insights by Mac Foster. Mr. Foster directly owns 50,000 shares of the Company. To the Company's knowledge, neither Investor Insights nor its principals have any further interest, directly or indirectly, in the securities of the Company. The Company is at arms-length from Investor Insights and Mr. Foster, and does not propose to issue any securities to Investor Insights, or Mr. Foster, in consideration of services to be provided to the Company.

Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release.

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 is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near 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 timing and release of assay results 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/217507

FAQ

How many meters did Goldshore Resources (GSHRF) drill in its 2024 summer program at the Moss Gold Project?

Goldshore Resources (GSHRF) drilled a total of 2,780 meters across 12 holes in its 2024 summer drill program at the Moss Gold Project, exceeding the initial 2,500-meter target.

When does Goldshore Resources (GSHRF) expect to receive the first assay results from the 2024 summer drilling program?

Goldshore Resources (GSHRF) expects to receive the first assay results from the 2024 summer drilling program in August 2024.

What marketing services has Goldshore Resources (GSHRF) engaged for July 2024?

Goldshore Resources (GSHRF) has engaged Investor Insights Systems Inc. for a 12-month digital marketing campaign starting July 22, 2024, including digital content creation, distribution, search engine marketing, pay-per-click advertising, and market awareness campaigns.

How much is Goldshore Resources (GSHRF) paying for the marketing services provided by Investor Insights Systems Inc.?

Goldshore Resources (GSHRF) is paying a total fee of $225,000, payable upfront, to Investor Insights Systems Inc. for their 12-month digital marketing services.