Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) has reported impressive assay results from its ongoing 100,000-meter (m) drill program at the Moss Lake gold project, in northwest Ontario, Canada.
The Vancouver-based junior gold development company said the drilling is aimed at defining high-grade structural zones within the Moss Lake deposit to improve the overall grade and volume beyond that of the historic mineral resource.
Goldshore highlighted a broad zone of high-grade mineralization confirming the tenor of mineralization modeled in the QES Zone with best intercepts of 128.3m at 1.05 grams per ton (g/t) gold (Au) from 121.3m, including 40.6m at 1.99 g/t Au from 139.4m, 3.6m at 1.80 g/t Au from 199.0m, and 22.0m at 1.25 g/t Au from 227.0m.
In a statement, Goldshore CEO Brett Richards said: "The drilling intercept of 128.3m at 1.05 g/t Au reaffirms our view that the Moss Lake gold project contains a significant volume of +1 g/t Au mineralization that can underpin a meaningful, economic gold deposit.”
“The fact that we are continuing to intersect gold mineralization outside of the volume modelled in 2013 also affirms our belief that the deposit is significantly larger than previously interpreted,” he added.
The Goldshore boss said the firm is roping in additional drill contractors to "increase our drilling rate at Moss Lake, while commencing drilling at Coldstream."
The company is planning to get two additional drill contractors, who are planning to mobilize three rigs at the site soon. This will allow Goldshore to expand the drill program to the Coldstream area to evaluate the gold deposit at East Coldstream and copper-gold-cobalt mineralization at North Coldstream.
Moss Lake hosts several gold and base metal rich deposits including the Moss Lake Deposit, the East Coldstream Deposit, the historically producing North Coldstream Mine, and the Hamlin Zone, all of which occur over a mineralized trend exceeding 20 kilometers (km) in length.
Goldshore also highlighted that new high-grade gold mineralization is open in “all directions with visible gold intersected” in a northern parallel structure. This structure is interpreted to be the same parallel structure intersected over 100m further to the east, said the company.
In addition, the identification of visible gold in the northern structure could provide elevated milling recoveries, added the company. Significantly, the drilling returned 16.0m at 5.31 g/t Au from 477.0m, including 5.25m at 15.8 g/t Au from 477.75m.
Meanwhile, Goldshore VP Exploration Peter Flindell said the drilling results “confirm” the historic drill results and “help us to understand the non-linear distribution of high grades that will enable us to model the higher-grade gold resource more accurately” later in the year.
“Just as we are intersecting new parallel zones of mineralization that will expand the mineral resource, we are also identifying mineralization in the historic holes that was previously unsampled, thereby adding assay data to our database," noted Flindell.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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