Goldshore Resources Inc. (GSHR:TSX; GSHRF:OTC; 8X00:FSE) released results of two holes drilled at its Moss Lake project, and they are encouraging, reported Laurentian Bank Securities mining analyst Barry Allan in a Dec. 8 research note.
The "drill holes validate gold mineralization of greater than 1 gram per ton of gold (1 g/t Au), which has the potential to underpin a potential economic gold deposit," Allan wrote. "Moreover, it seems as [though] there are several higher-grade zones within large low-grade envelopes."
The British Columbia-based gold company offers investors significant potential return given its current share price is CA$0.57 per share and Laurentian's target price on it is multiples of that, at CA$2 per share. Laurentian rates Goldshore Speculative Buy.
Based on the positive drill results, Goldshore added two drill rigs, so now four are active on the property, Allan relayed. A fifth is scheduled to be up and running also at Moss Lake by year-end.
"The addition of the active drills will allow Goldshore to reach their targeted meterage of 10,000 of drilling and allow them to test extensions to Moss Lake as suggested by their airborne geophysical survey analysis," Allan noted, adding the Canadian company is conducting this drill program for a preliminary economic assessment expected in 2023.
The new drill results from the Moss Lake property in Canada's northwestern Ontario are from holes MMD-21-004 and MMD-21-005. Highlights of MMD-21-004 included 1.38 g/t Au over about 74.8 meters (74.8m), 2.4 g/t Au over 17m and 1.54 g/t Au over about 23.5m, from 1.1m downhole, Allan reported.
The best results from MMD-21-005 were 0.57 g/t Au over 74.5m and 1.26 g/t Au over 16.5m.
"Goldshore continues to intersect mineralization laterally and at depth, significantly expanding the width and depth of previously defined mineralization as outlined in the 2013 grade model," Allan wrote.
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Disclosures For Laurentine Bank Securities, Goldshore Resources Inc., December 8, 2022
