New Exploration Targets Set to Expand Resource Potential at Moss Deposit

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Goldshore Resources Inc. (TSXV: GSHR; OTCQB: GSHRF ; FWB: 8X00) announced ongoing efforts to uncover new mineral resources at the Moss Deposit in Ontario. The company is focusing on defining drill targets across 23 kilometers of structural corridors within the Moss area. This is an area that has not been systematically explored due to till and muskeg cover. CEO Michael Henrichsen described the new program as essential to the project's growth, noting that they aim to define viable drill targets by 2025. This winter, Goldshore will conduct top-of-bedrock sampling alongside ground-based geophysical surveys to further define these zones.

The exploration program includes a geophysical survey covering 235 line-kilometers to capture resistivity and chargeability signatures, as well as a targeted 40-line-kilometer pole-dipole survey over the deposit area. Grid-based bedrock sampling will be implemented across structural corridors at intervals of 50 to 100 meters. This approach will contribute to creating a foundational geochemical and geophysical dataset that had previously been unavailable, allowing Goldshore to delineate high-priority targets for the Moss Project.

The Search For Gold

The gold sector has witnessed growth in 2024. On September 19, Reuters reported that "Gold prices have hit record highs in six months and gained about 24% so far this year," illustrating gold’s resilience and demand as a preferred safe-haven asset. UBS has projected that gold’s upward trajectory could reach US$2,700 per ounce by mid-2025, underpinned by strong global demand. The projected price hike reflects not only the immediate geopolitical and economic drivers but also the anticipated increase in gold ETF demand in the coming months, as UBS noted in the report, indicating solid support from institutional and retail investors alike.

"Costco's offerings make gold ownership more accessible than ever." — Stefan Gleason of Money Metals Exchange

In a report from The Speculative Investor on October 7, a weakening U.S. dollar and economic instability were seen as possible reasons that the dollar gold price trending upward for at least another year. As market dynamics shift, this potential trajectory showcases gold’s reliability in turbulent conditions. The publication pointed out that regardless of political outcomes, the U.S. government’s debt burden and regulatory changes could contribute to prolonged dollar weakness, positioning gold to remain attractive amid these macroeconomic conditions.

At the consumer level, Bloomberg reported on October 8 that Costco stores across the U.S. struggled to keep gold bars in stock amid surging demand. “Costco’s offerings make gold ownership more accessible than ever,” stated Stefan Gleason of Money Metals Exchange, which points to a significant expansion in the consumer market for physical gold. Costco’s success in reaching a broad spectrum of retail buyers exemplifies the sector’s broad appeal, as retail buyers increasingly view gold as a straightforward and accessible store of wealth.

Company Catalysts Section

According to Goldshore’s October 2024 corporate presentation, the company’s approach is grounded in systematically increasing its mineral resource base at the Moss Deposit, targeting further discoveries across the prospective corridors. Goldshore aims to leverage new and existing data to enhance the Moss Project's projected ounce potential. Their strategy includes phased production and ongoing environmental and permitting progress. Additionally, the company’s work with First Nations in employment, training, and exploration agreements underscores Goldshore’s commitment to sustainable development practices within this tier-one mining jurisdiction.

The exploration program aligns with Goldshore's broader vision, described in their presentation as focusing on “blue sky potential” by targeting underexplored structural extensions in proximity to the Moss deposit.

Ownership and Share Structure

The company provided a breakdown of its ownership, where 6.4% of Goldshore is held by management and directors. 

Institutions own approximately 15% of the company. The largest shareholder in this category is Sprott Asset Management LP, with 4.59% or 13.72 million shares.

Strategic shareholders own 35%. Brian Paes-Braga is the largest shareholder in this category, with 11.48% or 34.31 million shares. 

The rest is with retail investors. 

The company reports that there are around 298.9 million shares outstanding, while the company has a market cap of CA$86.7M million as of close August 16, 2024.