The recent drilling was aimed at filling information gaps on poorly tested portions of the Southwest Zone. In the process, several high-grade structures were hit within the broader mineralized structure. The best intercepts returned 1.47 g/t Au over 16.9 m from 375.3 m depth in MMD-22-111, including 3.88 g/t over 5.6 m from 386.0 m depth; 1.34 g/t Au over 37.0 m from 400.85 m depth in MMD-23-116, including 3.25 g/t Au over 13.05 m from 405.55 m, and 1.63 g/t Au over 14.0 m from 409.0 m depth in MMD-23-118A and 1.97 g/t Au over 10.95 m from 157.0 m depth in MMD-23-119.
The drill results demonstrate that the Southwest Zone is a continuation of the Main Zone and not a fault as previously interpreted. Mapping and geophysical data, as well as historical exploration drilling, show that mineralization continues intermittently for an additional 3 kilometers to the southwest and that many of the better targets remain to be drilled. Mineralization in the resource area remains open in several directions.
Figure 1: Location of recent drill holes in the Souhtwest zone. Contrary to what was thought, this zone is not a fault of the Main Zone, but a continuation of it.
President and CEO Brett Richards stated, "These results continue to support our thesis that the size and scope of the Moss Gold Project will be large enough to support a substantial and meaningful update to the mineral resource estimate."
These additional results highlighting mineralization in the southwest zone complement the April 20, 2023 news release and continue to expand the zone well beyond the historic resource, which remains open in multiple directions and at depth. We have drilled less than 10% of the identified targets on our land package and are currently creating a plan to test the better targets. It will be an exciting time when we are ready to evaluate the additional resource potential of the larger inventory of targets within our land package. We have focused on the currently defined portion of the Moss Gold Deposit as a significant phase one project that Goldshore can build itself. The Moss Gold Deposit remains open at depth and through several parallel structures yet to be drilled; and is part of a total 8 kilometer strike length of gold mineralization in drill holes. This strongly suggests that the Phase One project is part of a much larger overall project."
Figure 2: Drill section through holes MMD-23-116 and -118A showing the significant extension of the mineralized model below the November 2022 resource estimate. The open pit assumed at the time (at a gold price of USD 1,500) could increase significantly in the announced resource.
Figure 3: Uneven valuation of Goldshore per ounce resource comparison.
Summary: Goldshore is currently valued at < USD10 per ounce based on its November 2022 resource estimate. This is a significantly lower valuation per ounce than its peers, with the peer group trading at USD25 per ounce in comparison, and companies with a high grade portion of their resource trading as high as USD80 per ounce. This calculation is based on the published resource of 4.17 million ounces, of which 2.2 million ounces are high grade (2.0 g/t). If the new resource lives up to expectations - i.e., grows and, in particular, has an even larger high-grade core, Goldshore's days of relative undervaluation should be well and truly numbered. After all, the analysts at Laurentian Bank Securities recently gave Goldshore a price target of CAD 2. We are curious about the upcoming resource estimate.
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