Goldshore Expands Environmental Data Collection to Support Permitting Process

Rhea-AI Summary

Goldshore Resources (TSXV: GSHR) (OTCQB: GSHRF) has expanded its environmental data collection efforts at the 100%-owned Moss Gold Project in Ontario, Canada. The company has initiated several key programs:

- Extended surface water flow and quality sampling network (ongoing since mid-2021)
- Started water bore drilling in the proposed open pit area
- Completed seismic geophysics survey with 3D model delivery expected in Q2 2025
- Expanded aquatic and terrestrial biology studies to be completed by 2026
- Commenced environmental geochemical characterization of waste and mineralized rock
- Planning Stage 2 archaeological field studies with Indigenous communities for Q2/Q3 2025

CEO Michael Henrichsen emphasized the company's commitment to responsible development while acknowledging the growing political support for streamlined regulatory processes in resource development.

Positive

• Historical mineralized rock (50,000 tonnes) shows no environmental concerns after 40 years
• Nearly four years of continuous environmental data collection demonstrates thorough preparation
• Growing political support for streamlined regulatory processes

Negative

• Environmental studies and permitting process will extend into 2026-2027
• Multiple pending environmental assessments could impact project timeline

Vancouver, British Columbia--(Newsfile Corp. - April 2, 2025) - Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 8X00) ("Goldshore" or the "Company"), is pleased to provide an update on its ongoing environmental data collection at its 100%-owned Moss Gold Project located in Ontario, Canada (the "Moss Gold Project"). In preparation for permitting activities, Goldshore has significantly increased the collection of vital environmental data through several ongoing work programs, including the following:

• Expanded the surface water flow and water quality sampling network in key streams and lakes across the project area that commenced in mid-2021 to ensure a comprehensive understanding of the pre-mining state of the natural watercourse system. Stream measurements will continue on an ongoing basis, building on almost four years of continuous data, to ensure a complete and comprehensive baseline through exploration, environmental assessment, construction, mining and mine closure.

• Commenced drilling of water bores in the proposed open pit area, along with packer testing, and nested water well pairs in proposed infrastructure sites to provide a comprehensive dataset used to generate a numerical water model of the groundwater system. These data will inform the needs for water management that will be reviewed during a future Feasibility Study. This program will be completed in 2026.

• Completed a seismic geophysics survey over the proposed open pit area that, together with exploration drilling logs, will enable the creation of an accurate 3D model of the glacial till overburden covering the Moss Gold Deposit. The model will be delivered in Q2 2025. Further seismic surveys will be conducted over the proposed tailings management facility site.

• Expanded aquatic and terrestrial biology studies, including fisheries, wetlands, small mammals and waterfowl. This is part of a two-year program that will be completed by the end of 2026 and reported on in early 2027. It will inform discussion with potentially affected Indigenous communities on, among other items, fisheries and wetlands offset agreements.

• Commenced environmental geochemical characterization of waste and mineralized rock types through static and kinetic test work. Initial work will continue for the next three to four quarters with the goal of understanding whether the different rock types have the capacity to generate acid and, if so, what mitigation measures could be applied during potential future mining operations. The Company notes that approximately 50,000 tonnes of historical mineralized rock that was left on site by explorers in the 1980s has not generated any environmental concerns, even after forty years.

• Commencing Stage 2 archaeological field studies along with members of potentially affected Indigenous communities in Q2 and Q3 2025. The Company notes that the Stage 1 desktop study, completed in 2021, did not identify any known sites.

Michael Henrichsen, CEO of Goldshore commented, "The Company is encouraged by the growing political and public recognition of the need for regulatory efficiencies to support responsible resource development. Recent provincial and federal discourse has emphasized the importance of streamlining approval processes for major projects in order to reduce duplication, address prevailing inefficiencies, and respond to broader economic challenges. In this context, the Company's ongoing environmental and geotechnical data collection will help ensure it is well-positioned to advance the Moss Gold Project responsibly and efficiently within the evolving political and regulatory landscape. Regardless of any forthcoming regulatory changes, Goldshore will continue to prioritize its relationships with potentially affected Indigenous communities to ensure that the project is being developed in a robust and responsible manner."

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 development in this cycle. Please see NI 43-101 technical report titled: "Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada," dated March 20, 2024 with an effective date of January 31, 2024 available under the Company's SEDAR+ profile at www.sedarplus.ca. 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 potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources; the enhancement of the Moss Gold Project; statements regarding the Company's future drill plans, including the expected benefits and results thereof; that the Superion target has the potential to significantly add to the current mineral resource estimate within the top 200 meters from surface with continued drilling and to reduce the overall strip ratio of the deposit; the potential for resource growth at Moss and the fact that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; 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: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated; 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; the economic performance of the deposit may not be consistent with management's expectations; the Company's exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company's limited operating history; intervention by non-governmental organizations; outside contractor risks; 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 Superion target may not add to the current mineral resource; and other risks associated with executing the Company's objectives and strategies as well as those risk factors discussed in the Company's continuous disclosure documents filed under the Company's SEDAR+ profile at www.sedarplus.ca.

The forward-looking information in this news release is based on management's reasonable expectations and assumptions as of the date of this news release. Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company's ability to fund its programs; the Company's ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company's mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company's ability to operate in a safe, efficient, and effective manner; the Company's ability to obtain financing as and when required and on reasonable terms; that the Company's activities will be in accordance with the Company's public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company's exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.

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. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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/247030

FAQ

What environmental studies is GSHRF conducting at the Moss Gold Project?

GSHRF is conducting water quality sampling, bore drilling, seismic surveys, aquatic and terrestrial biology studies, geochemical characterization, and archaeological field studies.

When will Goldshore's environmental studies at the Moss Gold Project be completed?

Various studies have different completion dates: seismic model by Q2 2025, biology studies by end of 2026, and archaeological studies in Q2/Q3 2025.

How long has GSHRF been collecting water quality data at the Moss Gold Project?

GSHRF has been collecting water quality data since mid-2021, accumulating almost four years of continuous data.

What is the purpose of GSHRF's geochemical characterization testing?

The testing aims to determine if different rock types can generate acid and identify potential mitigation measures for future mining operations.