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Home > News > Goldshore to announce PEA...

Goldshore to announce PEA for Moss Lake in next four weeks

Jun 12, 2024


Goldshore Resources Inc. has announced its strategic plan for the next 12 months which will focus on the Moss Gold Project ("Moss"), specifically growth potential, advancement of economic studies, development of a permitting plan, and continued engagement with our host indigenous communities.

Highlights

  • 2,500m summer drill program commencing in June 2024;
  • Complete much anticipated PEA in Q1 2025 outlining phased approach to production, prioritizing IRR and minimizing initial Capex;
  • District scale exploration work including first systematic geochemistry and geophysics across 23kms of mineralized trends; and
  • Prioritize permitting plan as the Company focuses on advancing Moss toward production.

Further details on the strategic plan will be shared in the coming weeks as the Company accelerates work programs and moves forward with project development. 

Michael Henrichsen, CEO of Goldshore commented, "Having spent the last month working with our team and our strategic advisor, SAF Group, I am very confident we have the internal expertise and support needed to meaningfully advance Moss in the next 12 months. I have been very impressed with the growth possibilities at Moss and the optionality that is present with respect to potential development scenarios, particularly with the possibility for higher grade starter pits that we internally believe will be defined in the PEA study. Moss represents an exceptional opportunity to advance a Tier 1 project adjacent to developed infrastructure in Canada and I look forward to realizing the full potential of the project in the coming years."

Image removed.

Figure 1: Focus Area for 2024 Exploration Efforts at the Moss Gold Project

To view an enhanced version of this graphic, please visit:
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Strategic 12 Month Plan

Growth:

  • The Company plans to focus its exploration efforts in the "Moss Block," an area approximately 8 km x 6 km that is centered on the Moss deposit containing 91% of the ounces of the project (Figure 1);
  • The Company will initiate a 2500-meter drill program designed to test targets immediately adjacent to the conceptual open pit, from surface to 200 meters depth, to demonstrate growth potential with the goal to define additional zones containing high margin near surface ounces that will be included in a future mineral resource estimate update. The planned start date for the drill program is June 25, 2024; and 
  • In addition, the Company will target blue sky discovery potential within the Moss Block by conducting systematic bedrock geochemical and induced polarization geophysical surveys along well defined prospective structural corridors within the Moss Block that extend and run parallel to known mineralization at Moss. The Company's objective with these surveys is to "fingerprint" the geochemical and geophysical responses of the Moss deposit and target similar responses within the prospective structural corridors that have a combined strike length of 23 km. 

Economic Study:

  • The Company will launch a Preliminary Economic Assessment ("PEA") on the project within the next 4 weeks. The goal of the PEA is to develop a phased approach to production prioritizing internal rate of return ("IRR"). The expected date of completion of the PEA is March 31, 2025;
  • The Company will take a rigorous approach to the PEA to produce an accurate project description, enabling efficient advancement of the permitting processes moving forward. Additionally, the Company will utilize well-defined cost estimates to ensure the projected capital expenditures ("Capex") align with prefeasibility study standards, enhancing the project's economic viability and credibility; and
  • The PEA will define a work program that will allow the Company to advance towards a subsequent prefeasibility study. 

Community/Environment/Permitting:

  • The Company has immediate plans to establish an external permitting team, comprising expert consultants, that will focus on Indigenous engagement, environmental baseline work, and navigating regulatory pathway options; and 
  • The Company will develop a strategic plan for permitting over the next 3 months that will provide a roadmap to production that minimizes regulatory risk and efficiently navigates the environmental assessment process.


Tags: Northern Ontario / Exploration / Gold / All Articles