Goldshore drilling confirms high-grade Moss Lake gold core

The best intercept from hole MQD-22-072 highlighted a broad zone of mineralization grading 1.03 grams gold per tonne (cut) over 116.6 metres (true width). Within this intercept was a high-grade core of 1.76 grams gold per tonne (cut) over an actual width of 46.8 metres (86.4 grams x metres (g-m)). Other highlights included holes MQD-22-070, MQD-22-92 and MQD-22-94, which showed a higher-grade core of plus-20 g-m within a lower-grade envelope.

Of the reported results, all holes exceeded the 0.3 grams gold per tonne cut-off for a pit outline, and six holes had intercepts exceeding 1 gram gold. Five had a higher-grade core of at least 20 g-m.

Drilling supports and adds to the company’s claim of a high-grade shear domain highlighted in the recently updated resource estimate. All released holes were drilled within the newly defined pit outline.

Laurentian Bank Securities Equity Research mining analyst Barry Allan said the results were positive and consistent in a note to clients. He said it added to the recently updated inferred 4.2 million oz. resource that identified a high-grade shear domain of 2.2 million oz. grading 2 grams gold per tonne held in 34.7 million tonnes within a lower-grade intrusive domain of 2 million oz. grading 0.7 grams per tonne in 87 million tonnes.

The holes reported are part of a 52-hole data set that was not included in the recent resource update. Goldshore is currently undertaking a 100,000-metre drill campaign using five to seven drill rigs with more than 100 holes drilled since August 2021, and assays for 45 holes are still pending.

The company aims to continue infill drilling and historical hole confirmation work to upgrade the new resource from inferred to indicated material flowing into a preliminary economic assessment (PEA) planned for release later this year and a subsequent feasibility study in 2024.

The Toronto-quoted issuer’s shares closed 6% lower on Tuesday at 23.5¢, giving it a market cap of $39.5 million.