Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) told investors that a heliborne versatile time-domain electromagnetic (VTEM Plus) and horizontal magnetic gradiometer geophysical survey at its Moss Lake Gold Deposit in northwest Ontario has revealed 29 undrilled high priority targets, expanding prospectivity at the project.
The company received the final processed models and targets from TechnoImaging LLC. The survey was conducted by Geotech Ltd.
"TechnoImaging and our team have done an excellent job in developing and fine-tuning the 3D models of various geophysical parameters, relating them to known mineralization styles in the district, and generating an inventory of high-quality exploration targets,” Goldshore president and CEO Brett Richards said in a statement.
“These will form the basis of further fieldwork and scout drilling over the next two years. We look forward to reporting on the discovery of new mineralized systems and expanding the resource footprint as our development team continues to advance the main Moss Lake Project to PEA/PFS (preliminary economic assessment/pre-feasibility study).”
READ: Goldshore Resources hits high-grade gold at its Moss Lake Gold Deposit in Ontario
Highlights of the survey include:
- Eleven new chargeability targets with a Moss Lake gold deposit signature: this increases the potential combined strike length of gold targets from the current 2.5 kilometres (km) to a total of 11 km. There are several smaller targets of similar character that will also be evaluated.
- Moss Lake is already richly endowed: The current 2.5 km strike length hosts historic Indicated Mineral Resources of 39.8 million tons (Mt) containing 1.4 million ounces gold at an average grade of 1.1 grams per ton (g/t) gold and Inferred Mineral Resources of 50.4Mt containing 1.8 million ounces gold.
- Six folded magnetic targets with an East Coldstream gold deposit signature: these new targets lie within folded magnetic signatures on the eastern magnetic domain boundary that hosts the East Coldstream gold deposit.
- Twelve magnetic conductors suggest additional copper prospects: these are blocky VTEM conductors with an elevated magnetic signature similar to the anomaly defining the historic North Coldstream copper-gold mine. Goldshore notes the preponderance of graphitic strata that is generating several planar anomalies and may be contributing to these potential copper targets.
Goldshore said it will continue the process of data scraping historic assessment reports to extract soil geochemical data and geological mapping information. This will help prioritise the target inventory and focus scout drilling, it added.
"A considerable amount of work has gone into refining the geophysical datasets to remove non-bedrock targets and characterize the potential sources of each anomaly,” the company’s vice president of exploration Peter Flindell said.
“This includes identifying geophysical settings that are similar to Moss Lake, East Coldstream and North Coldstream deposits. This work underscores the prospectivity of the Moss Lake land package and forms the focus of our generative exploration program that will run in parallel to the resource development program aimed at advancing the Moss Lake gold project toward pre-feasibility."
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 project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
Goldshore is an emerging junior gold development company and owns the Moss Lake Gold Project located in Ontario. The project is host to the Moss Gold Deposit, which contains historic Indicated Mineral Resources of 1.4 million ounces of gold at 1.1 g/t gold and historic Inferred Mineral Resources of 1.8 million ounces gold at 0.98 g/t gold.
Contact the author at stephen.gunnion@proactiveinvestors.com