Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) said new assay results from its Moss Lake project in Ontario has confirmed high-grade gold mineralization at the property.
The company's CEO Brett Richards said that the results support Goldshore’s belief that Moss Lake is much larger in depth, width and along strike than the historical resource outlines.
Vancouver-based Goldshore is in the midst of a 100,000-metre drill program to define and expand high-grade structural zones within the deposit to improve the overall grade and volume beyond the historical resource.
READ: Goldshore Resources reports impressive assay results from100,000-meter drill program at Moss Lake project in Ontario
Highlights from the results include 78.35 metres (m) at 1.17 grams per tonne (g/t) gold, including 22.65m at 2.31 g/t and 5.65m at 5.69 g/t.
Other intercepts include 24.7m at 1.28 g/t gold including 2.75m at 7.8 g/t in one hole, and 24.65m at 1.05 g/t gold, including 2m at 7.95 g/t gold.
CEO Richards told investors that the company is “very encouraged” about the high-grade sections, which will provide a lot of optionality when the company models the resource later in the year and starts to look at economic pit shells.
“We see several (preliminary economic assessment) permutations, including a smaller, higher grade starting project (Phase 1) followed by a larger scale operation formulated on the global resource (Phase 2),” Richards said in a statement.
“Given the current economic climate, a lower CapEx project (Phase 1) expanding to the larger operation (Phase 2) may well be the best approach to developing Moss Lake, while not losing sight of the larger Tier One potential. We will make these determinations later in the year, as we continue to evaluate the results from our 100,000m program.”
The Moss Lake gold project covers 14,292 hectares and consists of 282 unpatented and patented mining claims around 100 kilometres west of Thunder Bay, Ontario.
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