One junior I’m impressed with is Goldshore Resources (TSXV:GSHR, OTC:GSHRF, FRA:8X00).
For the past year and a half, Goldshore has been advancing its flagship Moss Lake Project located near Thunder Bay, Ontario, through detailed field work including a massive 100,000-meter drill program.
Drilling so far has demonstrated that the property contains a significant volume of +1 grams per tonne (g/t) Au mineralization that underpins a meaningful gold deposit.
The Moss Lake Project consists of 282 mining claims for a total area of 14,292 hectares, hosting a number of gold and base metals-rich deposits, all of which occur over a mineralized trend exceeding 20 km.
The property is in an excellent jurisdiction with a number of major gold deposits nearby, including Detour Lake (Kirkland Lake Gold) with 15.7Moz proven and probable at 0.82 g/t Au, New Gold’s Rainy River with 2.6Moz P&P at 1.06 g/t Au, and Cote’s (IAMGOLD & Sumitomo) 7.3Moz P&P at 1.0 g/t Au.
Moss Lake’s historical (2013) resource estimate is 1.47Moz measured and indicated at 1.08 g/t Au, and 2.51Moz inferred at 0.98 g/t Au, for a combined 3.98Moz. This estimate covers the Moss Lake and East Coldstream deposits, both of which have expansion potential as confirmed by previous drilling.
A PEA was completed by Moss Lake Gold Mines in 2013.
The 20-km mineralized trend contains multiple zones and targets ready for follow-up, with infill and expansion drilling considered necessary.
In September, Goldshore reported assay results from eight holes drilled into the East Coldstream deposit, adding to the eight holes confirming high-grade gold in the Main Zone.
This week the company announced assay results for another eight holes, drilled to both expand and infill historical but poorly surveyed drill sections in the Main Zone. The holes confirmed higher-grade gold mineralization within a large volume of well-mineralized diorite. The best intercepts were:
The results for four holes, drilled to evaluate the under-drilled Southwest Zone, confirmed narrow higher-grade gold mineralized structures, with best intercepts of:
“Throughout our entire drilling campaign from 2021 to now, we have consistently and repeatedly delivered promising drill results, indicating not only the size and scale potential of the Moss Lake Project, but also the quality of the higher-grade areas of the deposit,” President and CEO Brett Richards said in the Nov. 2 news release.
It’s important to note, Goldshore’s focus has switched from identifying and drilling the global resource, to pinpointing the higher-grade sections contained within the historical resource (with step-outs), and building a much smaller open-pit project, Richards explained.
“To that end, we are expediting our independent mineral resource estimate (“MRE”) on the high(er) grade sections within the historical resource, and look to have the results of this MRE presented to the market by the end of 2022, versus the end of Q1 2023, as previously guided,” Richards stated. “This will also lead to the Company accelerating a preliminary economic assessment (“PEA”) on a smaller, high(er) grade resource, but much more manageable project in terms of CapEx and project timeline, versus a large-scale project PEA on an updated larger resource similar to the historic resource. The target delivery to the market of the economic results of the PEA is slated for the end of Q1 2023, under current market conditions and circumstances, versus the end of Q2 2023, as previously guided.”
Over the last month, results have been received for 18 drill holes including eight that have in-filled areas of the Main Zone that are between sections drilled by historical holes with collar survey problems (they will replace the low-confidence historical holes in the upcoming resource model update); four holes drilled into the Southwest Zone; and five holes testing the margins of the main +1 g/t Au zones.
As with the historical holes, the Main and Southwest Zone holes intersected several broad zones of low-grade mineralization within the altered diorite intrusion host. Examples include:
All of these low-grade zones occur as envelopes to higher-grade structures that form a three-dimensional shear network that has developed in response to strain on the altered diorite intrusion. Results include the broad zones of +1 g/t Au mineralization shown in the highlights (e.g., 1.34 g/t Au over 90.95m from 254.05m depth in MMD-22-057); and several narrow high-grade intervals, including 231 g/t Au over 0.35m from 182.75m depth in MMD-22-064.
Pete Flindell, VP Exploration for Goldshore, said, “These drill results continue the vein of local high grade gold mineralization that bulks out to produce 50- to 200-meter-wide zones of +1 g/t Au gold mineralization within a “sea” of low-grade mineralization. This style of mineralization is capable of producing large, low-grade gold resources with a significant volume of higher-grade mineralization. We anticipate that this should, with the selection of the appropriate gold price for the constraining Whittle shell, allow the reporting of a smaller, higher-grade resource at the Moss Lake Project.”
Assay results from Goldshore’s scout drilling campaign, testing the historical North Coldstream copper mine, include significant copper, cobalt and gold mineralization hosted within a sheared volcanic massive sulfide deposit, with best intercepts of:
These copper and cobalt results confirm that multiple deposit styles exist within the district.
Goldshore Resources has a great project in a safe, heavily mineralized jurisdiction (northwestern Ontario), a tight share structure, and perhaps most importantly, loads of upside. The company has had great results from its 100,000-meter drill program in an established gold camp. The news will surely keep flowing throughout the fall and winter.
Goldshore Resources Inc.
TSXV:GSHR, OTC:GSHRF, FRA:8X00
Shares Outstanding 143.8m
Market cap Cdn$25.6m
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