Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) has said that it is expanding the exploration program at its Moss Lake gold project after closing a $10 million financing.
The company said it will get 8 to 10 rigs turning on the northern Ontario property during this spring and summer exploration period
Vancouver-based Goldshore also said it was well-funded, with a treasury of nearly $20 million.
Moss Lake currently has a historical resource of 1.47 million ounces of indicated gold, and another 2.51 million ounces in the inferred category. A 2021 VTEM survey highlighted 29 quality drill targets showing potential to expand the Moss Lake strike length; as well as the potential for a resource increase at East Coldstream, Goldshore said.
READ: Goldshore Resources posts more encouraging drill results from Moss Lake gold deposit, Ontario
Previous drilling of these targets has yielded positive results, including 6.3 grams per ton (g/t) gold over 58.85 metres. Goldshore said is aiming to identify maiden resources at other known mineralized targets with its current drilling program.
As part of the upcoming spring-summer program, Goldshore will utilize four to five drill rigs through the spring-summer period, with two or three at the Coldstream, North Coldstream, and Iris Lake targets and another one or two rigs at the Hamlin Lake target.
Goldshore CEO Brett Richards told shareholders that the company is excited to boost the exploration program at Moss Lake targets following encouraging exploration and VTEM survey results as well as a positive market response in the form of its $10 million financing round.
“It has been shown that all of the 29 high priority targets that have had historical drilling and/or form part of the historic resource; along with 17 gold targets identified in the VTEM interpretation need to be accelerated into this coming field season,” Richards said in a statement.
Richards added that the company is hoping to “quantify and maximize the understanding of mineralization in all of these targets” before an upcoming mineral resource update and updated preliminary economic assessment, which is planned for release in the first quarter of 2023.
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