Goldshore Delineates Moss Deposit Resource Expansion Targets

Rhea-AI Summary

Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) has identified resource expansion targets at the Moss Deposit, potentially increasing the gold ounce profile and reducing the strip ratio. The current resource stands at 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. Five targets have been defined within the top 200m from surface, representing three expansion strategies:

• Strategic infill drilling
• Lateral extension of known mineralized shear zones
• Extending deep mineralized shear zones towards the surface

The company is finalizing a 15,000-meter drilling program to test these targets, aiming to expand the Mineral Resource Estimate (MRE) and potentially improve the deposit's economic performance.

Positive

• Identification of five resource expansion targets within 200m from surface
• Potential to increase gold ounce profile above current 1.54M Indicated and 5.20M Inferred ounces
• Opportunity to reduce overall strip ratio, potentially enhancing project economics
• Planned 15,000-meter drilling program to test expansion targets

Negative

• Current mineral resources are not mineral reserves and have no demonstrated economic viability
• Expansion targets are conceptual and require further drilling to confirm potential

Resource expansion targets identified at the Moss Deposit offer potential to increase the ounce profile above the current resource (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), and reduce the overall strip ratio, potentially enhancing project economics.

Vancouver, British Columbia--(Newsfile Corp. - September 17, 2024) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company") is pleased to provide an update on resource expansion targets at the Moss Deposit. The identified targets are located within the top 200m from surface and are within, or directly adjacent to, the conceptual open pit shell defined in the Company's current mineral resource estimate ("MRE") (Figure 1). Collectively, there are five targets that have been defined that represent three avenues for potential mineral resource expansion (collectively, the "Expansion Targets"):

• Strategic infill to increase drill density in locations where mineralized drill intercepts are currently too widely spaced to be included in the inferred mineral resource category;
• Extending known mineralized shear zones laterally along strike; and
• Extending mineralized shear zones intersected at depth at the Moss Deposit towards surface where no shallow drilling has occurred (Figure 2).

Michael Henrichsen, CEO of Goldshore commented, "We are very pleased with the mineral resource Expansion Targets that have been delineated which represent an opportunity to not only increase the ounce profile of the Moss Deposit, but to also reduce the overall strip ratio in a potential mining scenario. We view the drilling of these targets as a critical step to potentially improving the economic performance of the deposit on the back of the PEA, currently in progress with G Mining Services, being released as we continue to look to add ounces in the top 200m from surface."

The Company is finalizing a conceptual program of approximately 15,000 meters that would test the Expansion Targets outlined with the combined goals of expanding the MRE within the top 200m through increasing drill density, extending known mineralization, and reducing the strip ratio within the conceptual open pit. A summary of the targets is presented below:

• The Superion and QES Up targets represent an opportunity to add ounces by extending mineralization toward surface in the top 200 m over a roughly 1.5 km and 1 km strike length respectively within and immediately adjacent to the conceptual open pit.
• The Southern Main target is similar to the QES Up target where drilling in the top 50 - 200 m from surface will aim to extend mineralization over an area of 400 m by 100 m
• The Southwest Infill and QES extension targets focus on areas spanning 800 meters and 400 meters, respectively, where drill density was insufficient for inclusion in the current mineral resource estimate.

Figure 1. Proposed winter drill holes within Moss pit.

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/223573_e1a2da06145279e5_002full.jpg

Figure 2. Section through Superion target and QES Up target highlighting waste in pit that may convert to mineralized shears

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8051/223573_e1a2da06145279e5_003full.jpg

Mineral resources that are not mineral reserves have no demonstrated economic viability. There is no guarantee that any part of the mineral resources discussed herein will be converted to a mineral reserve in the future. The estimate of mineral resources may also be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

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 the Company's SEDAR+ profile at (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, potential mineral resource expansion drill targets, timing and completion of a mineral resource expansion drill program, the impact of an expansion drill program on reducing the strip ratio, the targeted expansion of the deposit along the Superion target, the targeted increase in the ounce profile of the Moss Deposit, and the release of an updated 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 foregoing exploration and development goals of the Company may not occur on the timetable anticipated or at all; the preliminary economic assessment may not be completed on the timetable expected or at all; 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; risks related to compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; and 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. The forward-looking information in this news release is based on management's reasonable expectations and assumptions, including that the Company's business and financial position and general economic conditions will not be adversely affected; that the expansion drill program will be completed and on the timetable expected; and that the preliminary economic assessment will be completed on the timetable anticipated.

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/223573

FAQ

What is the current gold resource at Goldshore's Moss Deposit (GSHRF)?

The current resource at Goldshore's Moss Deposit is 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.

How many expansion targets has Goldshore Resources (GSHRF) identified at the Moss Deposit?

Goldshore Resources has identified five expansion targets at the Moss Deposit, located within the top 200m from surface and within or directly adjacent to the conceptual open pit shell.

What is the size of the planned drilling program for Goldshore's Moss Deposit expansion targets?

Goldshore is finalizing a conceptual drilling program of approximately 15,000 meters to test the expansion targets at the Moss Deposit.

What are the main goals of Goldshore's (GSHRF) expansion targets at the Moss Deposit?

The main goals are to increase the ounce profile of the Moss Deposit, reduce the overall strip ratio in a potential mining scenario, and potentially improve the economic performance of the deposit.