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Goldshore releases new resource estimate for Moss Lake

Feb 6, 2024

 "The MRE results are extremely encouraging, and validate the strategic exploration and drilling campaign we embarked on almost 3 years ago," said President and CEO Brett Richards. 

"We have consistently delivered exciting drilling results as they relate to the Moss Gold Project, and this MRE illustrates a meaningful and material increase in the quality, quantity, and grade of the deposit. Conducting this update to the MRE was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project; in an effort to maximize shareholder value. We continue to believe that the Moss Gold Project will be a sector anomaly of having top quartile grade and top quartile size and scale within our comparable peers; as it moves closer to being a Tier One asset."

Goldshore Resources Inc. is pleased to announce an updated mineral resource estimate (the "MRE") for the Moss deposit ("Moss" or the "Moss Deposit") and East Coldstream deposit ("East Coldstream" or the "East Coldstream Deposit"), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the "Moss Gold Project" or the "Project").

Highlights of the 2024 Mineral Resource Estimate Update:

  • Upgrading of the MRE to include 23% Indicated Mineral Resources and an increase in the average grade over the 2023 MRE.
    • Indicated Mineral Resource of 1,535 thousand ounces grading 1.23 grams per tonne gold (g/t Au), contained within 38.96 million tonnes.
    • Inferred Mineral Resource of 5,198 thousand ounces grading 1.11 grams per tonne gold (g/t Au), contained within 146.24 million tonnes.
    • The total resource tonnage increase is just under 1% overall over the 2023 MRE, however the overall grade increase versus the 2023 MRE is approximately 11%.
  • The shears that host gold mineralization have been extensively remodelled as constraining domains, greatly enhancing the reliability of the current MRE.
    • With gold prices consistent with the 2023 MRE, 94% of the 2024 MRE's tonnes and gold ounces are contained within these shear models.
    • This is a significant increase compared to the 2023 MRE, where only 35% of the tonnes and 65% of the gold ounces were contained in its shear model.
  • Implied stripping ratios based on diluted block models and the Reasonable Potential for Eventual Economic Extraction ("RPEEE") constraining pit optimization are 3:1 for Moss and 6:1 for East Coldstream.
  • The pit depth is constrained by the model (in multiple locations), indicating the potential for a larger pit should the model be extended at depth.
  • The 2024 Moss Project MRE update is set to be the foundation for resource growth and development towards Tier One status, and leading to a future Preliminary Economic Assessment (PEA).
  • All identified zones within the Project are still open to potential expansion.
  • The Moss Project encompasses 36 satellite targets, including several mapped and sampled gold trends near the Moss Gold Deposit, offering prospects for discoveries and additional gold mineralization.

Tags: Northern Ontario / Operational Updates / Gold / All Articles