Goldshore Resources Inc. (TSX-V:GSHR, OTCQB:GSHRF) has reported encouraging first drill results from its planned 100,000 metre (m) program at its Moss Lake gold deposit in Ontario, which confirm the company's theory that the project is under-explored.
The results come from the first three holes, representing just 2.3% of the planned program, and show high-grade zones and increased widths of mineralization.
In one hole, mineralization was hit over 550m, which corresponds to an estimated true thickness of 422m, which is a 52% increase over the 2013 historical resource model for that area, noted Goldshore.
Intercepts from that hole included 31m at a grade of 1.18 grams per ton (g/t) gold, starting from 122m depth. This hole also twinned and confirmed the tenor of gold mineralization in a historic hole, which was terminated at a depth of 244.14 meters.
READ: Goldshore Resources boss hopes to emulate success of Kirkland Lake project with its Moss Lake asset in Ontario
In a second hole, mineralization was intersected between 100m and 500m below the 2013 historical resource model, which is a more than 100% increase to the known vertical extent of the gold zones in this area, the company also said.
"These are the first drillhole results from the very beginning of our 100,000m program," said Brett Richards, CEO of Goldshore in a statement..
"The results from these first holes validate our belief that the Moss Lake gold deposit is very under-explored and geologically misunderstood, given the wide lateral extension indicated by these results."
He also noted that the good correlation with the twinned historic drill hole.
"These two early observations are very encouraging and we continue to advance our campaign and ramp up to 12,000m a month drilling capacity," he said.
Peter Flindell, Goldshore's vice-president of exploration, added: "We are finding that Moss Lake is a highly altered and well mineralised system that is much wider and deeper than previously known.
"This, together with our preliminary in-house interpretation of the Geotech VTEM Plus survey data, shows an expanded footprint for the Moss Lake gold deposit that includes areas of possible extension and parallel targets.
"These coincide with gold in historic scout drill holes that was previously considered to be unrelated to Moss Lake. Once we receive the maps and 3D models from TechnoImaging, we will be in a better position to focus and prioritize our next stages of drilling, as we move to four rigs by the winter months at Moss Lake."
The drill program is scheduled to be completed by the end of 2Q of 2022 as it ramps-up from two to four drill rigs.
Contact the author at giles@proactiveinvestors.com