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Goldshore PEA imminent for Moss Lake

Dec 6, 2023

By Kevin Vincent

It’s all early-stage, but Goldshore Resources continues to believe that their Moss Lake Project west of Thunder Bay has significant upside as they look to put a fresh PEA out to market any day. In its most recent statement, the company says things look positive. The company believes it has as much as six million inferred ounces.
“In the wake of this market turbulence, we continue to pursue our goals of establishing the economic viability of the Moss Gold Project; as well as increasing our footprint in the region in a responsible manner,” said President and CEO Brett Richards.  
Richards says the real story is the high-grade shear domain on the property which represents more than 55% of the ore body. “That will sequence early in the mine plan in our PEA and in our development of a mine at Moss. It’s going to deliver substantially better returns as compared to our peers.” 
“This project works at $1,200 gold. It doesn’t need $2,000 gold, so the margin that we are going to deliver to our shareholders once we get through our studies, once we get through permitting, and once we get this built and in production, the margins are going to be tremendous.”
“We continue to see great potential for the Moss Gold Project to grow well beyond the scope of the PEA we are currently conducting, but appreciate we need to establish the Project as an economically viable resource in its existing size, grade, and metallurgy.” 
An older PEA was completed by Moss Lake Gold Mines in 2013. Shortly thereafter, ownership amalgamated with Wesdome Gold Mines in 2014. Then the company acquired the Coldstream and Hamlin properties in 2016 and with further exploration and drilling programs in 2016 and 2017, confirmed extensions of mineralization along strike. 
“Goldshore is reviewing high level scoping studies with Ausenco in order to identify the optimum project for the PEA,” said Goldshore’s VP of Exploration, Pete Flindell. 
“With high grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to final PEA results in Q4 of this year.” 
On September 28th Goldshore provided an update with respect to results from the company’s summer exploration program at the Moss Gold Project.
Goldshore field crews have identified five unique gold mineralization trends including two polymetallic Au-Cu trends across the Moss Gold Project through a combination of ionic leach soil sampling and property wide field mapping with a combined strike of over 35 kilometers. 

Recent rock sample results include:

  • Moss Trend – 9.59 g/t Au and 60.6 g/t Ag plus 5.0 g/t Au, 96.2 g/t Ag, and 0.98% Cu from samples in diorite-hosted shears along strike from the current Mineral Resource 
  • 24.9 g/t Au and 9.99g/t Ag from samples of strongly altered dacite 200m south of the Moss Main zone, representing a new parallel zone.
  • Kawa Trend – 33.7 g/t Au, 0.64% Zn and 75.3ppm Mo from sheared diorite/volcanic contacts within a new 6.5 kilometer long belt.
  • Hamlin Trend – has been expanded to become an 8 kilometer long polymetallic Au-Ag-Cu-Mo belt with values including 0.73g/t Au, 0.14% Cu, 7.6 ppm Bi and 7.1 ppm Te.
  • Coldstream Trend – has been widened to 800 meters through the discovery of parallel structures assaying 1.07 g/t Au and 0.98% Zn. 
  • 9.79 g/t Au from mafic-hosted carbonate shear veins at the “Benton” prospect, east of the East Coldstream deposit.
  • Vanguard Trend – 3.97% Cu, 1.73g/t Au and 19.1 g/t Ag plus 2.94 g/t Au in a 9 kilometer long belt of polymetallic VMS Cu-Zn-Au-Ag mineralization that is now found to be 120 meters wide through discovery of additional lenses.

President and CEO Brett Richards stated: “We have previously stated our confidence to the market that the Moss Project of c.183Mt containing an inferred resource of 6M oz Au at 1.02g/t (with 55% of the deposit hosting a shear domain at 1.84 g/t) could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package. The targets that we have identified and now sampled need to be drill tested to prove their voracity, and to provide a clearer picture on how best to prioritize the many targets we have previously highlighted to the market. The 30km trend of mineralization at Moss confirms the exciting potential of identifying and growing a large, multi-generational mining camp in the Shebandowan Greenstone belt.”

Goldshore Resources Fully Funded Through 2025
Goldshore Resources Inc. recently announced a non-brokered private placement for aggregate gross proceeds of $3,750,000. In connection with Private Placement, the Company will issue the following securities:

  • 37,500,000 units of the Company at a price of $0.10 per Unit. Each Unit consists of one common share and one common share purchase warrant; and
  • Each Warrant will entitle the holder thereof to purchase one Common Share (a “Warrant Share”) at an exercise price of $0.13 per Warrant Share for thirty-six (36) months from the date of closing.

The net proceeds will be used to continue to advance the Moss Gold Project through development of a new resource model and a new mineral resource estimation (“MRE”); in addition to continuing the engineering and metallurgical studies being done on various leach methodologies (including heap leach) and factoring this new information into a preliminary economic assessment (“PEA”). 
With 80,000 meters of drilling completed and $48 million spent directly in the ground defining the current MRE; Goldshore is well positioned to achieve meaningful project milestones over the next 24 months with minimal cash expenditures and within the net proceeds and current cash balances of the Company.

Goldshore PEA imminent for Moss Lake

The Company also announces that Michael Michaud has stepped down from the Board as an appointee of Wesdome Gold Mines Ltd. (“Wesdome”). Wesdome has advised that it does not intend to nominate a replacement at this time. Kyle Hickey will be appointed to the Goldshore Board of Directors upon closing of the Private Placement. Kyle has extensive experience in the commodity and resource capital markets, financing assets through all stages of development from resource definition to construction and project finance, and long-term operating capital structures. This financing and partnership represents a new phase for Goldshore and is key to unlocking long-term value and driving success.
PEA and Resource Update
As a result of the new financial and strategic commitment in Goldshore, the Company is reviewing the current PEA in an effort to rescope and optimize the Moss Gold Project under multiple operational and economic parameters. To that end, the Company has engaged APEX Geoscience to prepare a new resource model and a new MRE. The Company has also engaged the expertise of Kappes Cassiday & Associates, leaders in heap leach engineering and technology, to conduct detailed metallurgical test work to determine the efficacy of heap leaching the lower grade material contained in the Moss Gold deposit. Once the results from these activities are received, the Company will determine its next course of development. 
Vice President, Exploration, Pete Flindell: “We welcome our new strategic partners, as this commitment allows us to recalibrate the scope of the future project we want to take to feasibility study. We have a significant portion of high-grade mineralization in the shear zones (3.35M oz Au or 55% of the current mineral resource) with an average head grade of 1.84 g/t Au. This creates the opportunity for a hybrid process with a small flotation, regrind and carbon in leach plant for the high-grade mineralization, and a large heap leach operation for the low-grade material.”

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