Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) has reported more encouraging drill results from its ongoing program at the Moss Lake gold deposit in Ontario, underscoring the potential to increase the scope of the project.
Notably, the holes have increased the firm's confidence in the "extent and size" of high grade corridors within the main zone deposit, while sampling of previously unsampled core has found visible gold.
"The ongoing drilling is increasing our confidence in the extent and size of the high grade corridors within the main zone deposit to be incorporated into future resource updates and possible benefits to future mining," said Brett Richards, CEO of Goldshore, in a statement.
"Additionally, the limited outside of the main zone has identified several potential parallel zones that remain open along strike and down dip and remain one of the focuses for this campaign. Also, the visible gold we are seeing in the historic core is a great indication of higher grade areas that will guide us towards a greater understanding of the geological controls in this system," he added.
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Highlight intercepts in the main zone include 13 metres (m) at 1.25 grams per ton (g/t) gold from 192m depth in one hole and 29.75m at 1.03 g/t gold from 33m depth in another.
At the western margin at the main zone, a hole hit a length of 40.9m at a grade of 0.54 g/t gold starting from 190.45m depth.
"These assay results come from our pre-winter drilling programme, which largely tested the margins of the main zone," said Peter Flindell, the vice-president (VP) of exploration.
"Drilling continues to show the continuity of mineralization within the main zone and the existence of mineralization in a southern parallel zone, which we hope points to a larger mineralized volume and potentially a much bigger project."
The Moss Lake Gold asset is around 100km west of the city of Thunder Bay, Ontario. It is accessed via Highway 11, which passes within 1km of the property boundary to the north. The project covers 14,292 hectares and consists of 282 unpatented and patented mining claims.
The Moss deposit 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.
The project displays significant resource expansion potential, as Goldshore takes the project through its next stages of exploration and development, towards an updated mineral resource estimation; updated preliminary economic assessment and visibility towards feasibility study.
Contact the author at giles@proactiveinvestors.com