Goldshore Resources Inc. (TSXV: GSHR;OTCQB: GSHRF ;FWB: 8X00) has announced the assay results of its drilling on the Moss Lake property. The assay results reveal a number of high-grade shears that extend significantly beyond the historical drilling on the Moss Lake deposit.
Goldshore is a junior exploration company based in Canada. Its flagship property is the Moss Lake project, located in Ontario, Canada. The CEO and president is Brett Richards, and the vice president is Pete Flindell.
Goldshore Resources has released the latest assay results from its drilling on the Moss Gold project in Ontario.
According to the president and CEO, Brett Richards, "These results continue to support our thesis that the size and scale of the Moss gold project will be large enough to support a material and meaningful update to the mineral resource estimate . . . these results highlighting the mineralization in the Southwest zone augment the press release of April 20, 2023, and continue to expand the zone at depth."
Some of the highlights of the results are as follows:
- Drill Holes MMD-22-11, MMD-23-116, 118a, AND 119 intersected high-grade shears with quartz-carbonate veinlets with up to 3% to 5% pyrite-chalcopyrite within a strongly albite-hematite and silica-sericite-pyrite and carbonate altered diorite intrusion complex. These shears extend beyond the historically drilled area.
- Drill Hole MMD-22-111 found 1.47 g/t Au over 16.9m at a depth of 375.3m, including 3.88 g/t over 5.6m at a depth of 386m.
- Drill Hole MMD-23-116 found 1.34 g/t Au over 37m at a depth of 400.85m, including 3.25 g/t Au over 13.05m at a depth of 405.55m.
- Drill Hole MMD-23-118A found 1.63 g/t Au over 14m at a depth of 409m.
- Drill Hole MMD-23-119 found 1.97 g/t Au over 10.95m at a depth of 157m.
- Drill Holes MMD-22-107, 110, MMD-23-115, 117, and 120 intersected intervals of low-grade mineralization within the altered intrusion containing localized, narrow, higher-grade shears.
- Drill Hole MMD-22-107 found 0.58 g/t Au over 37.7m at a depth of 11.3m.
- Drill Hole MMD-22-110 found 0.41 g/t Au over 50.95m at a depth of 7.0m.
- Drill Hole MMD-23-116 found 0.38 Au over 55.1m at a depth of 231.9m.
- Drill Hole MMD-23-117 found 0.43 g/t Au over 122.3 at a depth of 24.7m.
- Drill Hole MMD-23-118A found 0.58 g/t Au over 81.8m at a depth of 369.2m.
- Drill Hole MMD-23-119 found 0.51 g/t Au over 122.8m from 116m of depth and 0.61 g/t Au over 33.2m from 447.85m of depth.
According to Goldshore, the most western drill holes (MMD-22-107, 110, and 111) illustrate the potential to expand operations on the Moss gold deposit, especially given the new information related to shear structures trending southwest on the property.
According to Pete Flindell, the vice president and Head of Exploration at Goldshore, "These results show that the Southwest zone is much better mineralized than historical drill holes suggested. They also show that the Moss gold deposit is yet to be closed off, confirming our belief that this is a much bigger mineralized system than is appreciated."
With the dollar on a downward trend, gold is catching the eye of investors. According to Clive Maund, the pressure of inflation and the effects of the pandemic have investors looking to preserve their purchasing power, and historically, gold and silver have been excellent options. In March and April, gold saw record highs in the market but has since rolled over beneath a dome pattern and is beginning to correct back.
According to Clive Maund, "Goldshore Resources is considered to be a worthwhile speculative addition to any precious metals stock portfolio."
According to Maund, "While there is room for further gains, it is most likely to react than to advance over the short to medium-term.
Adrian Day believes that while gold is on the way to a market correction, it will be short-lived. According to Day, "particularly given the new Fed admission of a likely recession later this year, albeit a mild one, gold will likely bottom and start to recover shortly after. So we have few buys now, but expect within a couple of weeks to be turning to buying again."
According to Clive Maund, "Goldshore Resources is considered to be a worthwhile speculative addition to any precious metals stock portfolio, especially as it is still at a very favorable price being only a little above the second low of a suspected Double Bottom base pattern at a time when the sector is lighting up in anticipation of the collapse of the dollar."
Goldshore has a number of short-term catalysts to keep an eye on. It has 40,000m of drilling planned in 2023 and a second MRE that will go public in April of 2023. A PEA (Phase 1 starter project) focused on the surface high-grade shear domain material to sequence first in the mine plan.
This PEA will provide a more accurate valuation of Goldshore, and will be done in H1 of 2023, and will go public in September of 2023. A tertiary MRE will be released at the end of 2023 and will cover all of the drilling done in that year, along with the qualified historical drilling that can be brought into the resource model.
Ownership and Share Structure
Streetwise Ownership Overview*
Goldshore Resources Inc. (TSXV: GSHR;OTCQB: GSHRF ;FWB: 8X00)
Strategic Investor Wesdome Gold Mines Ltd. (WDO:TSX) has the most stake in the company at 27%, with 43 million shares. Wesdome was given this stake as a part of Goldshore's May 2021 acquisition of Wesdome's Moss Lake Property.
Sprott Asset Management LP is at 8.65%, with 12.33 million shares. Commodity Capital AG is at 3.24%, with 4.62 million shares, and U.S. Global Investors Inc. has 0.26%, with 0.38 million shares.
Chairman Galen McNamara holds the most shares at at 2.44% with 4.01 million shares, according to the company.
CEO and Director Brett Richards is next at 2.43%, with 3.97 million shares. Director Victor Cantore has 1.38% with 1.96 million. Director Doug Ramshaw is at 1.10% with 1.57 million shares. Director Shawn Khunkhun has 0.56%, with 0.8 million shares, and Director Brandon Macdonald has 0.25%, with 0.36 million shares.
Goldshore has a market cap of CA$40 million as of December 27, 2022. There are 165 million shares, 5 million broker warrants, and options that makeup 8% of the company's I/O. The company trades in the 52-week period between CA$0.16 and CA$0.55.
Management and insiders own 11% of the company with 17 million shares. Brett Allan Richards owns 2.61% with 4.39 million shares, Galen Stuart Mcnamara owns 2.44% with 4.09 shares, Victor Cantore owns 1.17% with 1.96 million shares, Doug Ramshaw owns 0.93% with 1.57 million shares, and Shawn Khunkhun owns 0.54% with 0.90 shares.
As for institutions, Sprott Asset Management LP owns 7.35% with 12.33 shares, Commodity Capital AG owns 2.75% with 4.62 shares, US Global Investors, Inc., owns 0.60% with 1.00 million shares, and Middlefield Capital Corporation owns 0.39% with 0.65 shares.
Wesdome represented a significant strategic investor as a result of the acquisition of the Moss Lake project.
The company reports that it has CA$7 million in the bank, with a monthly burn rate of CA$1.2 million, and a monthly drilling cost of CA$1.1 million.
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1) Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: none. She or members of her household are paid by the following companies mentioned in this article: none. Her company has a financial relationship with the following companies referred to in this article: none.
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