Goldshore Resources reports near-surface gold mineralization at Moss Lake project

Assays from two drill holes at Goldshore Resources’ (TSXV: GSHR; US-OTC: GSHRF) flagship Moss Lake gold project in northwestern Ontario returned several wide intercepts of near-surface gold mineralization.

Drill hole MMD-21-004 returned 117.12 metres grading 1.26 grams gold per tonne beginning 1.1 metres downhole. This interval included 42.53 metres grading 1.37 grams gold per tonne, 17 metres grading 2.4 grams gold per tonne and 26.22 metres grading 1.63 grams gold per tonne.  A deeper intercept from the same hole returned 1.54 grams gold per tonne over 23.45 metres starting from 302.85 metres downhole.

A second hole, MMD-21-005, returned 8.5 metres grading 2.53 grams gold per tonne from 42.5 metres downhole and 16.5 metres grading 1.26 grams gold per tonne from 139.5 metres.

“The drilling intercept of 117.12 metres at 1.26 grams per tonne gold, essentially from surface, reaffirms our view that the Moss Lake gold project contains a significant volume of +1 grams per tonne gold mineralization that can underpin a meaningful, economic gold deposit,” Brett Richards, Goldshore’s president and CEO, said in a news release.

He also said that these intersections affirm the company’s “belief that the deposit is wider and larger than previously interpreted.”

The 14,292-hectare Moss Lake project, located about 100 km west of Thunder Bay, is situated within the Shebandowan Greenstone Belt. The project has two known deposits — the Moss Lake deposit and the East Coldstream deposit — and hosts the past-producing North Coldstream mine. Between 1902 and 1967, North Coldstream produced 102 million lb. copper, 44,000 oz. gold and 440,000 oz. silver.

The Moss Lake deposit has historic indicated resources of 39.8 million tonnes grading 1.1 grams gold per tonne for 1.38 million oz. contained gold, with a further 50.4 million historic inferred tonnes, grading 1.1 grams gold per tonne for 1.75 million ounces.

The East Coldstream deposit has an historic indicated resource of 3.52 million tonnes grading 0.85 gram gold per tonne for 96,400 oz. gold. The deposit’s historic inferred resource stands at 30.53 million tonnes grading 0.78 gram gold per tonne for 763,276 oz. gold.

In January, Goldshore acquired the Moss Lake project from Wesdome Gold Mines (TSX: WDO)  in a cash and shares deal valued at about $57 million. Goldshore also granted Wesdome a a 1% net smelter return royalty on all metal produced at Moss Lake. Wesdome holds a 30% stake in Goldshore.

At presstime, Goldshore was trading at 56¢ within a 52-week range of 53¢ and 98¢. The company has just over 100 million common shares outstanding for a market cap of $56 million.