Gold Mining Co. With Record of Success Provides Update

Goldshore Resources Inc. (TSXV:GSHR; OTCQB:GSHRF; FWB:8X00) has provided an update on its Moss Lake Property and the filing of an updated technical report.

The Moss Lake project is Goldshore's flagship gold project. The company has also provided an update on engineering operations on the project.

The Update

Goldshore has announced the release of an updated technical report on the Moss Lake Project, located in Ontario, Canada. The report, titled "NI 43-101 Technical Report," was originally published on May 8, 2023. Goldshore owns 100% of the Moss Lake Project.

According to Technical Analyst Clive Maund, Goldshore "is viewed as being a very attractively priced junior here and is rated an immediate Strong Speculative buy." 

The company believes that it is positioned to advance the project through the next stages of exploration and development. Goldshore has also been working with Ausenco Engineering Canada Inc., the lead engineering firm, to conduct the preliminary economic assessment (PEA) at the Moss Lake Project.

According to Pete Flindell, Goldshore's vice president of exploration, "Goldshore is reviewing high-level scoping studies with Ausenco in order to identify the optimum project for the PEA. With high-grade shears in low-grade altered wall rock, three viable process routes, and varying mining scales and rates, there are dozens of options that are being carefully evaluated, as the likely optimum project will be a staged hybrid rather than a simple mine-to-mill operation. We look forward to the final PEA results in Q4 of this year."

A Market Holding Steady

Gold has seen some record-breaking prices in the past few months, but according to Stockhead, the market has not breached those record highs again.

The Critical Investor included the company in the top seven picks of 2022 on account of the company's results from the Moss Lake Project and plans to expand the resource.

However, unstable markets mean the metal may be on the brink of another breakthrough, according to Jake Klein of Evolution: "[debt default, the U.S. debt ceiling, and dedollarization] reflect the global financial risks, and [destabilization and decarbonization] reflect a global realignment we can all agree is well underway."

However, this month we have seen some gold companies make impressive gains. According to Stockwatch, Gold 50 (ASX:G50) produced some good numbers, with 5.2g/t gold and 5.9g/t silver over 35m, 19.5g/t gold and 17.8g/t silver over 9m. All in all, gold seems to be holding steady below previous highs.

A Strong Speculative Buy

According to Technical Analyst Clive Maund, as of April 13, 2023, Goldshore "is viewed as being a very attractively priced junior here and is rated an immediate Strong Speculative Buy." This rating was awarded due to the company's reasonable buy-in price at the beginning of a rising market.

The Critical Investor included the company in the top seven picks of 2022 on account of the company's results from the Moss Lake Project and plans to expand the resource.

Goldshore has had significant finds on the Moss Gold project, including 4.17M oz of current gold resource on November 15, 2022, as part of its 100k meter drilling campaign. The MRE also indicated a shear domain higher grade resource of 2.2M oz at 2g/t contained within the global resource.

Ownership and Share Information

Brett Allan Richards owns 3.86% of the company with 7.92 million shares, Galen Stuart Mcnamara owns 2.36% with 4.09 million shares, Victor Cantore owns 1.13% with 1.96 million shares, Doug Ramshaw owns 0.90% with 1.57 million shares, and Shaawn Khunkhun owns 0.52% with 0.90 million shares.

Wesdome Gold Mines Ltd owns 22.20% of the company with 38.42 million shares, Sprott Asset Management LP owns 7.13% with 12.33 million shares, Commodity Capital AG owns 1.65% with 2.85 million shares, U.S. Global Investors, Inc., owns 0.58% with 1.00 million shares, and Palos Management Inc. owns 0.29% with 0.50 million shares.

The company reports that it has CA$5.7 million in the bank, with a monthly burn rate of CA$600k.

The company reports that there may be some sellers looking for liquidity in uncertain markets but that no large institutions, management, or insiders are sellers. The company reports no warrants overhang.

There are 173.02 million shares outstanding and 120.77 million free-float traded shares. The company has a market cap of CA$23.66 million.

Important Disclosures:

1. Goldshore Resources Inc. are billboard sponsor(s) of Streetwise Reports and has paid SWR a sponsorship fee between US$3,000 and US$5,000.
2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Goldshore Resources Inc.
3. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
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