Mining Discovery

Goldshore Resources – Press Release: Rigs Turning in Coldstream

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Goldshore Resources Announces that Drilling has Commenced at Coldstream  

VANCOUVER, B.C., June 13, 2022: Goldshore Resources Inc. (TSXV: GSHR / OTCQB:  GSHRF / FWB: 8X00) (“Goldshore” or the “Company”), is pleased to announce that drilling has  commenced in the Coldstream region at the Moss Lake Project with two drill rigs mobilized in this  area, of the seven drill rigs currently operating on the Company’s land package. 

Highlights: 

  • Two rigs mobilized to evaluate gold mineralization at East Coldstream and copper gold-cobalt mineralization at North Coldstream 
  • Company to issue a drill plan for the next several months, indicating the locations  of step out drilling and infill drilling at the Moss Lake Project; as well as the key  targets identified at East Coldstream, North Coldstream, Iris Lake and Hamlin  

President and CEO Brett Richards stated: “We are pleased to announce commencement of  drilling in the Coldstream Region. In the coming weeks, we will lay out the drill plan for the market  to follow with our progress as we step out and infill at Moss Lake, and illustrate our progress in  the Coldstream region, as well as commencing drilling in the other key targets within our land  package.” 

Vice President Exploration, Pete Flindell commented: “Drilling has commenced at East and North Coldstream to evaluate historic drill holes, understand the controls on mineralization, test for  higher grade shoots within the two deposits and explore for strike extensions to the known  mineralized zones. We look forward to seeing the results in the coming months.”

Figure 1 – Moss Lake Project Inc. Map of Targets 

About Goldshore 

Goldshore is an emerging junior gold development company, and owns the Moss Lake Gold  Project located in Ontario. Wesdome Gold Mines Ltd. (“Wesdome”) is currently a strategic  shareholder of Goldshore with an approximate 27% equity position in the Company. Well financed and supported by an industry-leading management group, board of directors and 

advisory board, Goldshore is positioned to advance the Moss Lake Gold Project through the next  stages of exploration and development. 

About the Moss Lake Gold Project 

The Moss Lake Gold Project is located approximately 100 km west of the city of Thunder Bay,  Ontario. It is accessed via Highway 11 which passes within 1 km of the property boundary to the  north. The Moss Lake Gold Project covers 14,292 hectares and consists of 282 unpatented and  patented mining claims. 

Moss Lake hosts a number of gold and base metal rich deposits including the Moss Lake Deposit,  the East Coldstream Deposit (Table 1), the historically producing North Coldstream Mine (Table  2), and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 km in length.  A historical preliminary economic assessment was completed on Moss Lake in 2013 and  published by Moss Lake Gold1. A historical mineral resource estimate was completed on the East  Coldstream Deposit in 2011 by Foundation Resources Inc2,3. In addition to these zones, the Moss  Lake Gold Project also hosts a number of under-explored mineral occurrences which are reported  to exist both at surface and in historically drilled holes. The Moss Lake Deposit is a shear-hosted  disseminated-style gold deposit which outcrops at surface. It has been drilled over a 2.5 km length  and to depths of 300 m with 376 holes completed between 1983 and 2017. The last drilling  program conducted in 2016 and 2017 by Wesdome, which consisted of widely spaced holes along  the strike extension of the deposit was successful in expanding the mineralized footprint and  hydrothermal system 1.6 km to the northeast. Additionally, the deposit remains largely open to  depth. In 2017, Wesdome completed an induced polarization survey which traced the potential  extensions of pyrite mineralization associated with the Moss Lake Deposit over a total strike  length of 8 km and spanning the entire extent of the survey grids. 

The East Coldstream Deposit is a shear-hosted disseminated-style gold deposit which locally  outcrops at surface. It has been drilled over a 1.3 km length and to depths of 200 m with 138  holes completed between 1988 and 2017. The deposit remains largely open at depth and may  have the potential for expansion along strike. Historic drill hole highlights from the East  Coldstream Deposit include 4.86 g/t Au over 27.3 m in C-10-15. 

The historically producing North Coldstream Mine is reported to have produced significant  amounts of copper, gold and silver4from mineralization with potential iron-oxide-copper-gold  deposit style affinity. The exploration potential immediately surrounding the historic mining area  is not currently well understood and historic data compilation is required. 

The Hamlin Zone is a significant occurrence of copper and gold mineralization, and also of  potential iron-oxide-copper-gold deposit style affinity. Between 2008 and 2011, Glencore tested  Hamlin with 24 drill holes which successfully outlined a broad and intermittently mineralized zone  over a strike length of 900 m. Historic drill hole highlights from the Hamlin Zone include 0.9 g/t Au  and 0.35% Cu over 150.7 m in HAM-11-75.  

The Moss Lake, East Coldstream and North Coldstream deposits sit on a mineral trend marked  by a regionally significant deformation zone locally referred to as the Wawiag Fault Zone in the 

area of the Moss Lake Deposit. This deformation zone occurs over a length of approximately 20  km on the Moss Lake Gold Project and there is an area spanning approximately 7 km between  the Moss Lake and East Coldstream deposits that is significantly underexplored. 

Table 1: Historical Mineral Resources1,2,3 

 

INDICATED INFERRED

Deposit 

Tonnes 

Au g/t 

Au oz 

Tonnes 

Au g/t 

Au oz

Moss Lake Deposit1 (2013 resource estimate)

Open Pit Potential 

39,795,000 

1.1 

1,377,300 

48,904,000 

1.0 

1,616,300

Underground Potential 

– 

– 

– 

1,461,100 

2.9 

135,400

Moss Lake Total 

39,795,000 

1.1 

1,377,300 

50,364,000 

1.1 

1,751,600



East Coldstream Deposit2 (2011 resource estimate)

East Coldstream Total 

3,516,700 

0.85 

96,400 

30,533,000 

0.78 

763,276



Combined Total 

43,311,700 

1.08 

1,473,700 

80,897,000 

0.98 

2,514,876



Notes: 

(1) Source: Poirier, S., Patrick, G.A., Richard, P.L., and Palich, J., 2013. Technical Report and Preliminary Economic  Assessment for the Moss Lake Project, 43-101 technical report prepared for Moss Lake Gold Mines Ltd. Moss Lake  Deposit resource estimate is based on 0.5 g/t Au cut-off grade for open pit and 2.0 g/t Au cut-off grade for underground  resources. 

(2) Source: McCracken, T., 2011. Technical Report and Resource Estimate on the Osmani Gold Deposit, Coldstream  Property, Northwestern Ontario, 43-101 technical report prepared for Foundation Resources Inc. and Alto Ventures  Ltd. East Coldstream Deposit resource estimate is based on a 0.4 g/t Au cut-off grade. 

(3) The reader is cautioned that the above referenced “historical mineral resource” estimates are considered historical in  nature and as such is based on prior data and reports prepared by previous property owners. A qualified person has  not done sufficient work to classify the historical estimates as current resources and Goldshore is not treating the  historical estimates as current resources. Significant data compilation, re-drilling, re-sampling and data verification  may be required by a qualified person before the historical estimate on the Moss Lake Gold Project can be classified  as a current resource. There can be no assurance that any of the historical mineral resources, in whole or in part, will  ever become economically viable. In addition, mineral resources are not mineral reserves and do not have  demonstrated economic viability. Even if classified as a current resource, there is no certainty as to whether further  exploration will result in any inferred mineral resources being upgraded to an indicated or measured mineral resource  category.  

Table 2: Reported Historical Production from the North Coldstream Deposit4

Deposit 

Tonnes 

Cu % 

Au g/t 

Ag 

Cu lbs 

Au oz 

Ag oz

Historical Production 

2,700,0000 

1.89 

0.56 

5.59 

102,000,000 

44,000 

440,000



Note::  

(4) Source: Schlanka, R., 1969. Copper, Nickel, Lead and Zinc Deposits of Ontario, Mineral Resources Circular No. 12,  Ontario Geological Survey, pp. 314-316. 

Peter Flindell, MAusIMM, MAIG, Vice President – Exploration of the Company, a qualified person  under NI 43-101 has approved the scientific and technical information contained in this news  release.  

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of  the TSXV) accepts responsibility for the adequacy or accuracy of this release. 

For More Information – Please Contact: 

Brett A. Richards 

President, Chief Executive Officer and Director 

Goldshore Resources Inc. 

  1. +1 604 288 4416 M. +1 905 449 1500 
  2. brichards@goldshoreresources.com
  3. www.goldshoreresources.com

Facebook: GoldShoreRes | Twitter: GoldShoreRes | LinkedIn: goldshoreres  Cautionary Note Regarding Forward-Looking Statements 

This news release contains statements that constitute “forward-looking statements.” Such forward  looking statements involve known and unknown risks, uncertainties and other factors that may  cause the Company’s actual results, performance or achievements, or developments to differ  materially from the anticipated results, performance or achievements expressed or implied by  such forward-looking statements. Forward looking statements are statements that are not  historical facts and are generally, but not always, identified by the words “expects,” “plans,”  “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or  that events or conditions “will,” “would,” “may,” “could” or “should” occur. 

Forward-looking statements in this news release include, among others, statements relating to  expectations regarding the exploration and development of the Moss Lake Gold Project and other  statements that are not historical facts. By their nature, forward-looking statements involve known  and unknown risks, uncertainties and other factors which may cause our actual results,  performance or achievements, or other future events, to be materially different from any future  results, performance or achievements expressed or implied by such forward-looking statements.  Such factors and risks include, among others: the Company may require additional financing from  time to time in order to continue its operations which may not be available when needed or on  acceptable terms and conditions acceptable; compliance with extensive government regulation;  domestic and foreign laws and regulations could adversely affect the Company’s business and  results of operations; the stock markets have experienced volatility that often has been unrelated  to the performance of companies and these fluctuations may adversely affect the price of the  Company’s securities, regardless of its operating performance; and the impact of COVID-19.

The forward-looking information contained in this news release represents the expectations of the  Company as of the date of this news release and, accordingly, is subject to change after such  date. Readers should not place undue importance on forward-looking information and should not  rely upon this information as of any other date. The Company undertakes no obligation to update  these forward-looking statements in the event that management’s beliefs, estimates or opinions,  or other factors, should change.

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