Mining Company Extends High-Grade Gold in Ontario

1. Goldshore Resources Inc. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
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* Disclosure for the quote from the Clive Maund article published on January 13, 2025

1. For the quoted article (published on January 6, 2025), the Company has paid Street Smart, an affiliate of Streetwise Reports, US$3,000.
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The quoted article represents the opinion and analysis of Mr. Maund, based on data available to him, at the time of writing. Mr. Maund's opinions are his own, and are not a recommendation or an offer to buy or sell securities. As trading and investing in any financial markets may involve serious risk of loss, Mr. Maund recommends that you consult with a qualified investment advisor, one licensed by appropriate regulatory agencies in your legal jurisdiction and do your own due diligence and research when making any kind of a transaction with financial ramifications. Although a qualified and experienced stock market analyst, Clive Maund is not a Registered Securities Advisor. Therefore Mr. Maund's opinions on the market and stocks cannot be  only be construed as a recommendation or solicitation to buy and sell securities.

Goldshore Resources Inc. (TSXV: GSHR; OTCQB: GSHRF ; FWB: 8X00) announced it has extended mineralization 150 meters below the conceptual open pit resource at its Moss Gold Project in Northwest Ontario with the latest results from its 15,000-meter drilling program there.

The company said hole MMD-24-139 at the southwest end of the Moss deposit returned intercepts of 20.55 meters of 2.58 grams per tonne gold (g/t Au) from 458.15 meters, including 14.7 meters of 3.52 g/t Au from 464 meters.

"We are pleased with the latest batch of drill results, which clearly demonstrate the potential for resource expansion at higher grades in the southwest area of the Moss deposit," Chief Executive Officer Michael Henrichsen said. "These results are exactly what we were anticipating to drive growth and demonstrate the true potential of the deposit moving forward. We look forward to sharing additional results from the winter drill program and regional exploration program in the coming weeks and months."

A preliminary economic assessment (PEA) is expected for the project soon, but Henrichsen has made clear these ongoing drill results won't be included in it, which means the company will be able to continue to build on the resource there with the current results.

The Moss Gold Project currently hosts an updated mineral resource estimate of 1.535 million ounces (Moz) of gold (Indicated) at 1.23 g/t Au and 5.198 Moz of gold (Inferred) at 1.11 g/t Au, based on data from January 2024.

*On January 13, Technical Analyst Clive Maund highlighted the company's accomplishments and potential in an analysis published on Streetwise Reports.

According to Maund, "Goldshore Resources has already delineated a substantial gold resource in Ontario, its flagship Moss Project, which I believe is well on its way to becoming a district-scale project with very significant expansion potential."

Highlights of Results

Further highlights of the Moss Gold Project drilling results released by Goldshore include:

• Hole MMD-24-139 also confirmed mineralized shears on the southeast flank of the Southwest Zone extending known mineralization toward surface and encountering new mineralized shear zones with intercepts of: 7.8 meters of 1.03 g/t Au from 221.1 meters; 2.4 meters of 1.44 g/t Au from 251.6 meters; 5.5 meters of 1.89 g/t Au from 302.5 meters, including 0.6 meters of 15.8 g/t Au from 307.4 meters; 7.65 meters of 1.41 g/t Au from 318.35 meters; and 3.0 meters of 1.47 g/t Au from 338.0 meters.
• Holes MMD-24-135, MMD-24-138, and MMD-24-139 also extended numerous mineralized shears toward surface in the Southwest Zone with intercepts of: 20.0 meters of 0.89 g/t Au from 81.0 meters in MMD-24-135, including 3.85meters of 2.86 g/t Au from 87.0 meters; 26.0 meters of 0.61 g/t Au from 107.0 meters, including 5.7 meters of 1.17 g/t Au from 107.0 meters; 20.8 meters of 0.76 g/t Au from 108.8 meters in MMD-24-138, including 2.05 meters of 3.33 g/t Au from 123.3 meters; and 11.1 meters of 0.58 g/t Au from 108.5 meters in MMD-24-139.

The results from MMD-24-139 that include 20.55 meters of g/t Au from 458.15 meters, including 14.7 meters of 3.52 g/t Au, "highlight the potential of expanding the high-grade mineralization beyond that defined within the conceptual open it," the company said in the release.

"These intercepts occur 150 meters beneath the open pit constrained mineral resource," the company noted. "These results are top cut at 30 g/t Au, which only impacted a 1.0-meter veined shear assaying 36.1 g/t Au."

Analyst Highlights Economic Viability

The company expects several catalysts over the next several months, including the PEA and more drilling results.

In his analysis, Maund emphasized that the Moss Project benefits from strong infrastructure, proximity to major highways, and reliable power supply, which collectively enhance its operational efficiency and long-term prospects.

Technial Analyst Clive Maund said, "Goldshore Resources has already delineated a substantial gold resource in Ontario, its flagship Moss Project, which I believe is well on its way to becoming a district-scale project with very significant expansion potential."

"A high-grade starter pit will provide significant cash flow to fund the project's advancement," he noted.

This cash flow is expected to support the development of the Moss Project, which features favorable metallurgy with high gold recovery rates.

Additionally, Maund pointed out that the project's open-pit configuration contributes to relatively low extraction costs, further enhancing its economic viability.

The company's capital structure was another focal point of Maund's analysis.

While acknowledging the seemingly high number of shares outstanding, he explained that "more than half of them are owned by board and management, institutional investors, and strategic investors," which underscores a strong alignment of interests between stakeholders and management.

The Catalyst: Bulls See Prices Going Even Higher

Gold has repeatedly hit new highs in recent weeks, including at least US$2,954.95 on Thursday, rising about 13% on the year so far, Lyle Niedens reported for Investopedia.

Niedens wrote that the threshold of US$3,000 appears in reach, as gold is considered a safe-haven asset for investors during times of uncertainty.

"Several Wall Street firms have raised their gold price forecasts to US$3,000 or higher," Niedens wrote. "Goldman Sachs, for instance, cited 'structurally higher central bank demand' for gold in addition to investors' appetite for parking assets in safe havens when it early this week raised its gold-price forecast to US$3,100 by the end of 2025, up from US$2,890 previously."

The writer cautions that some firms aren't as optimistic. Morgan Stanley sees gold slipping by the fourth quarter, he wrote, because "a potential Russia-Ukraine peace deal could damp the central bank demand that helped drive gold higher."

"The prices have been marching north over the last year without any notable pullback, clearly indicating that investors are concerned about the global economy, which is currently experiencing wars, geopolitical tensions, and inflationary pressures, wrote A. Ksheerasagar for Mint on February 20.

Ownership and Share Structure

The company provided a breakdown of its ownership, where 6.4% of Goldshore is held by management and directors. 

Institutions own approximately 15% of the company. Strategic shareholders own 35%. Brian Paes-Braga is the largest shareholder in this category, with 18.1%. 

The rest is with retail investors. 

The company reports that there are around 335.7 million shares outstanding, while the company has a market cap of CA$104.19 million as of January 27. It trades in a 52-week range of CA$0.09 and CA$0.40.