Goldshore closes Private Placement of $13.9 Million for Moss Lake

Goldshore Resources has closed a $13.9 million private placement, securing crucial funding to advance its exploration at the Moss Gold Project, a 100% owned asset in Ontario. “This successful financing strengthens our ability to aggressively explore and unlock the immense potential of Moss Lake,” said Brett Richards, President and CEO of Goldshore.
The company raised funds through the issuance of over 28 million flow-through and charity flow-through shares, taking advantage of tax benefits provided under Canadian law. A consortium of financial agents led by Eight Capital and Clarus Securities helped drive the financing, with proceeds set to be directed toward Canadian exploration expenses, specifically in Ontario.
The announcement was made in mid-July, and the funds raised will fuel exploration at Moss Lake, an emerging major gold deposit in Canada. The company has already invested over $60 million into the project, drilling 80,000 meters and significantly expanding its mineral resources. Currently, Moss Lake hosts an impressive 1.54 million ounces of Indicated gold resources and 5.2 million ounces of Inferred gold, making it one of the most significant undeveloped gold deposits in the country.
While the company focuses on exploration, it also benefits from excellent infrastructure and accessibility. Moss Lake is located just off the Trans-Canada Highway, near hydroelectric power, with strong community support. Richards emphasized, “With such a robust foundation, Moss Lake is positioned to be a major gold producer, capable of delivering long-term shareholder value.”
The project’s strategic importance is underscored by its expansion potential. The current resource covers only 3.6 kilometers of the 35+ kilometer mineralized trend, leaving much of the property unexplored. Recent drilling has confirmed the presence of additional mineralized zones, including a new parallel shear zone that mirrors the known high-grade mineralization at Moss Lake.
Despite the challenging market conditions, Goldshore remains committed to advancing Moss Lake. The company has temporarily scaled back its exploration activities, opting for a conservative approach to conserve cash. Richards and his management team have taken salary reductions, maintaining a lean operational model while awaiting more favorable conditions. “This is a long-term play,” said Richards. “We know what Moss Lake can become, and we’ll continue to strategically position ourselves to realize that vision when the time is right.”
The company’s next major milestone will be the completion of a Preliminary Economic Assessment (PEA) in Q1 2025. G-Mining Services Inc. has been engaged to lead this study, which will provide crucial insights into Moss Lake’s production potential. Richards noted, “We’re aiming to demonstrate Moss Lake as a potential 200,000 to 300,000-ounce per year producer.”
In addition to financing and exploration, Goldshore has also expanded its marketing and digital outreach efforts. The company has engaged Machai Capital Inc. to provide branding, search engine optimization, and digital marketing services over a three-month period, enhancing the company’s presence and visibility in the marketplace.
With $13.9 million secured and a clear strategy for growth, Goldshore Resources is well-positioned to continue its journey toward developing one of Canada’s next major gold mines. As the company awaits final approval from the TSX Venture Exchange, it remains confident that Moss Lake will continue to deliver results and value in the years ahead.
Tags: Northern Ontario / Deals & Financial / Gold / All Articles