Goldshore Resources Inc (TSX-V:GSHR, OTCQB:GSHRF) said it has executed an option agreement with White Metal Resource Corp to earn into its Iris Lake and Vanguard mining claims in the Shebandowan greenstone belt, the company announced.
The company will make total cash payments of C$110,000 to White Metal over three years, and 1.5 million shares will be issued in segments over the same period.
"We are excited to add on this land package through the option agreement with White Metal,” Goldshore CEO Brett Richards said in a statement. “... [T]he properties are adjacent to our north-eastern property claims in the Coldstream and Iris Lake area.”
READ: Goldshore Resources reveals further high-grade gold intercepts at its Moss Lake property in Ontario
“As we have suggested in the past, and with the interpretation of the airborne geo-physical VTEM survey conducted in 2021; there is a strong correlation through Coldstream and Iris Lake towards the Properties, that suggest this strike length is contiguous," he added.
Additionally, Goldshore has decided to temporarily scale back its drilling program from 7 rigs to 2 rigs in an effort to preserve capital in an “uncertain and volatile capital market environment.”
The decision to slow drilling production may affect Goldshore's ability to complete its planned 100,000-meter drill program in 2022, but the company said it does not change the strategy or management's view on its Moss Lake Project.
The Moss Lake gold project covers 14,292 hectares and consists of 282 unpatented and patented mining claims around 100 kilometers west of Thunder Bay, Ontario.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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