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Goldshore intersects 62.8m @ 0.88% copper equivalent at North Coldstream in NWO

Oct 4, 2022

Goldshore Resources Inc. has announced assay results from its initial scout drilling campaign testing the historic North Coldstream copper mine ("North Coldstream") at the Moss Lake Project in Northwest Ontario, Canada (the "Moss Lake Gold Project").


  • Initial results from one North Coldstream hole confirm significant copper, cobalt and gold mineralization hosted within a sheared volcanic massive sulphide deposit with best intercepts of: 
    • 62.8m @ 0.88% CuE (0.36% Cu, 0.06% Co, 0.30 ppm Au and 3.1 ppm Ag) from 8.2m depth in CND-22-006, including
      • 13.35m @ 1.18% CuE (0.54% Cu, 0.07% Co, 0.39 ppm Au and 3.5 ppm Ag) from 8.2m
      • 14.65m @ 1.30% CuE (0.57% Cu, 0.09% Co, 0.39 ppm Au and 4.4 ppm Ag) from 23.1m
  • These copper and cobalt results confirm that North Coldstream has important critical mineral value and highlights multiple deposit styles in the district, which is a hallmark of important mineral districts worldwide
    • North Coldstream was mapped by last year's VTEM survey (press release dated March 10, 2022) as a discrete magnetic conductor. There are twelve similar targets in the Moss Lake Project, highlighting the potential for similar copper-cobalt-gold deposits.
  • Drilling also identified a gold only intercept of 2.1m @ 1.88 g/t Au from 98.9m in the footwall to the North Coldstream VMS deposit, which is related to the East Coldstream style of mineralization 1.6 kilometers to the east, suggesting greater continuity of the gold-bearing structures.

President and CEO Brett Richards stated: "Although we are very focused on the Moss Lake drilling and defining a higher-grade resource within the lower grade historical resource; these findings at North Coldstream are extremely encouraging and provide tremendous potential optionality in the future. As we have illustrated previously to the market, North Coldstream was a past producing copper-gold mine, so these results are not unexpected. However, I think the exciting story is the emergence and identification of cobalt in the historic mine. These drill results prove the value and priority of further drilling and exploration at the North Coldstream deposit, and could identify it as a critical mineral asset, which is important for the development of renewable energies, electrification of vehicles and global decarbonization initiatives."

Technical Overview

Figure 1 shows the location of North Coldstream relative to the main Moss Lake Gold Deposit. Figures 2 and 3 show a plan and long section of the historic workings, respectively, with the location of CND-22-006. Figure 4 shows a photograph of the drill core to illustrate the style of mineralization. Table 1 shows the hole details and Table 2 shows the significant intercepts.

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Figure 1: Location map showing North Coldstream relative to Moss Lake

To view an enhanced version of Figure 1, please visit:

Table 1: Location of drill holes in this press release



Approximate collar coordinates in NAD 83, Zone 15N


Table 2: Significant downhole copper equivalent intercepts

(% CuE)
(% Cu)
(% Co)
(ppm Au)
(ppm Ag)







Intersections calculated above a 0.1% Cu cut off with no top cut and a maximum internal waste interval of 2 metres. Bordered intervals are higher grade intersections above a 0.2% Cu cut off. Copper equivalent values assume prices of $3.50/lb Cu, $25/lb Co, $1700/oz Au and $19/oz Ag. Metallurgical recoveries are assumed at 90% Cu, 70% Co, 70% Au and 70% Ag based on similar mineralization in the Copperbelt, however, metallurgical test work is yet to be conducted. True widths are approximate and assume a subvertical body.


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Figure 2: Drill plan showing drill hole relative to the historic copper mine

To view an enhanced version of Figure 2, please visit:

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Figure 3: Long section through the historic copper mine showing initial drill results

To view an enhanced version of Figure 3, please visit:

The Company has completed six scout holes to test the geology and multi-element chemistry of the North Coldstream deposit that was mined for copper between 1957 and 1967. The challenging aspect of this program has been drilling to avoid the historic stopes, which has meant, at this stage, drilling the fringes of the deposit as we target extensions to shoots.

CND-22-006 intersected a broad zone of copper mineralization associated with the western edge of the historic workings. While gold and silver credits were expected, based on historic production figures, elevated levels of cobalt in the range of 0.02 to 0.2% Co suggest previously unrecognized critical mineral value at North Coldstream.

A review of the geology has confirmed that the deposit is a sheared volcanic massive sulphide deposit with chalcopyrite-pyrite-pyrrhotite mineralization associated with brecciated siliceous cherts containing variable amounts of syngenetic magnetite (Figure 4). Minor sphalerite mineralization defines a very distinct 40-meter halo around the main massive sulphide lens, bolstering the interpretation of a VMS setting for the mineralization. Within the massive sulphide lens copper, cobalt, gold, and silver grades track each other closely, indicating that they precipitated as part of a single event. In contrast, the narrow intervals of gold mineralization outboard of the main lens are associated with quartz-carbonate veining and have only minor silver and weak copper-cobalt values. These are likely related to the gold mineralization 1.6 kilometers along strike at the East Coldstream deposit and highlight the prospectivity of this trend for additional gold targets. 

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Figure 4: Photograph of drill core in the main high-grade zone (CND-22-006: 25.9-38.15m averages 1.34% CuE, including 0.59% Cu, 0.09% Co, 0.41 ppm Au and 4.5 ppm Ag)

To view an enhanced version of Figure 4, please visit:

The Company will address the backlog of North Coldstream core once it has cleared the balance of drill core from Moss Lake. Future drilling will target pillars within the deposit, potential depth extensions, and test similar targets in the district that are characterized by magnetic conductors (press release dated March 10, 2022).

Pete Flindell, VP Exploration for Goldshore, said, "These drill results confirm our expectations of high-grade copper mineralization, especially as we are on the margin of the volcanic massive sulphide lens, and are extremely encouraging with respect to Cobalt grades. While the five pending holes are also around the margin of the system, and therefore likely to contain similar grades, I look forward to drilling closer to the core of the deposit to understand how the critical mineral elements may increase. These data will be invaluable in guiding our future drilling of similar, untested targets within the Moss Lake Project."

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analyzed for gold via fire assay with an AA finish ("Au-AA23") and 48 pathfinder elements via ICP-MS after four-acid digestion ("ME-MS61"). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish ("Au-GRA21"). 

In addition to ALS quality assurance / quality control ("QA/QC") protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program. The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold Project located in Ontario. Wesdome is currently a large shareholder of Goldshore with an approximate 27% equity position in the Company. Well-financed and supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next stages of exploration and development.

About the Moss Lake Gold Project

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and patented mining claims. 

The Moss Lake Gold Project hosts a number of gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit (Table 3), the historically producing North Coldstream Mine (Table 4), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length. A historical preliminary economic assessment (the "Moss Lake Historical Estimate") was completed on the Moss Lake Gold Project in 2013 and published by Moss Lake Gold Mines Ltd. ("Moss Lake Gold Mines")1,3. A historical mineral resource estimate (the "East Coldstream Historical Estimate") was completed on the East Coldstream Deposit in 2011 by Foundation Resources Inc.2,3 In addition to these zones, the Moss Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling program conducted in 2016 and 2017 by Wesdome Gold Mines Ltd. ("Wesdome"), which consisted of widely spaced holes along the strike extension of the deposit was successful in expanding the mineralized footprint and hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to depth. In 2017, Wesdome completed an induced polarization survey which traced the potential extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike length of 8 km and spanning the entire extent of the survey grids. 

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138 holes completed between 1988 and 2017. The deposit remains largely open at depth and may have the potential for expansion along strike. Historic drill hole highlights from the East Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15.

The historically producing North Coldstream Mine is reported to have produced significant amounts of copper, gold and silver4 from mineralization with potential iron-oxide-copper-gold deposit style affinity. The exploration potential immediately surrounding the historic mining area is not currently well understood and historic data compilation is required.

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au and 0.35% Cu over 150.7 m in HAM-11-75. 

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20 km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between the Moss Lake and East Coldstream deposits that is significantly underexplored. 


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