Goldshore Resources presents significantly improved new gold resource

Goldshore Resources (TSXV GSHR / WKN A3CRU9) is pleased to announce an updated resource estimate for the Moss and East Coldstream deposits, which are part of the 100%-owned Moss Gold Project in Ontario, Canada. According to CEO Brett Richards, the company has succeeded in significantly improving both the quality of the resource and the average grade.

This is helped by the fact that 23% of the resource can now be assigned to the higher “indicated” category in the new calculation. As a result, Goldshore now reports 1.535 million ounces of gold in this category at an average of 1.23 g/t gold contained in 38.96 million tons.

And the inferred resource now stands at 5.198 million ounces of gold at an average of 1.11 g/t gold in 146.24 million tons. The total volume of the resource has thus “only” increased by just under 1% compared to last year’s estimate, but Goldshore was able to increase the total grade by around 11% compared to 2023.

Another point that underscores the quality of the new resource, according to the company, is that the shears that host the gold mineralization have been extensively remodeled as constraining domains, which has significantly improved the reliability of the current MRE. At estimated gold prices (US$1,850 per ounce) consistent with those of the 2023 resource estimate, 94% of the tons and gold ounces of the 2024 calculation are now included in these shear models. This is a clear increase compared to the previous year, when only 35% of the tons and 65% of the gold ounces were included in a shear model.

Goldshore also stated that the depth of the potential pit is limited by the model in numerous places, so there is potential for a larger pit if the model is extended to depth.

Starting point for further growth

This is not the only reason why Goldshore sees the 2024 resource estimate as the starting point for further growth of the Moss project towards world-class status. The new calculation should ultimately also lead to an initial, preliminary economic assessment, it said. The assessment that there is still considerable growth potential for Moss is supported by the fact that all zones identified within the project are still open for potential expansion. And the Moss project includes 36 satellite targets – including several mapped and sampled gold trends in the vicinity of the Moss gold deposit – which hold the opportunity for further discoveries and additional gold mineralization.

Goldshore CEO Brett Richards stated, “The above MRE results are extremely encouraging and validate the strategic exploration and drilling campaign we commenced nearly three years ago. We have consistently delivered exciting drill results in relation to the Moss Gold Project and this MRE demonstrates a significant and material increase in the quality, quantity and grade of the deposit. Conducting this MRE update was the logical next step in defining our strategy to understand and define the potential of the Moss Gold Project to maximize value for our shareholders. We continue to believe that the Moss Gold Project is an anomaly in the sector as it is in the upper quartile of grades and size compared to other comparable projects and is well on its way to becoming a Tier 1 project.”