Gold Mining Co. Doubles the Strike Length of Its 6 Moz Gold Deposit and Reveals Results of 33.7 G/T Gold in Ontario

Goldshore Resources Inc. (TSXV:GSHR; OTCQB:GSHRF; FWB:8X00) reported in a recent press release that the company has the sample results from its flagship Moss Gold Project, located in Ontario, Canada. The press release states that the program found five news trends of mineralization on the Moss project, and sampling on these trends revealed mineralization that included gold, copper, and silver.

According to the press release, the highlights of the results include 9.59 grams per ton (g/t) of gold (Au), and 60.6 g/t silver (Ag), and 0.98% copper (Cu) in samples from the Moss trend.

A research report from Laurentian Bank, written by Barry Allan, rated the company as a "Speculative Buy" for investors, with a CA$2 share target. 

The highlights also include 33.7 g/t Au and 0.64% zinc on the Kawa trend, 0.73 g/t Au, and 0.14% Cu on the Hamlin trend, 1.07 g/t  Au and 0.98% on the Coldstream trend, and 3.97% Cu, 1.73 g/t Au and 19.1 g/t Ag on the Vanguard trend.

According to Brett Richards, the President and CEO of the company, "We have previously stated out confidence to the market that the Moss project of approximately 183 million tons (Mt) ore containing an inferred resource of six million ounces (Moz) Au at 1.02 g/t . . . could be the start to uncovering multiple deposits of gold mineralization, and polymetallic mineralization on our land package."

A Changing Market for Gold

Stockhead reported that it may be time to pivot when looking at gold.

According to Stockhead, while the market for gold has stalled in the United States as the dollar gets stronger and the Fed pulled back from rate cuts, the Chinese market for gold may be ripe as the Yuan stumbles. Stockhead commented that "customers are paying as much as US$100/oz more for their bullion."

A Speculative Buy

Technical Analyst Clive Maund reviewed Goldshore in April and rated the company as a "Strong Speculative Buy" for investors. Maund commented that the company is "viewed as being a very attractively priced junior here."

Maund said of Goldshore, "We see that the downtrend into the second low of the Double Bottom from the November peak has been converging somewhat with a noticeable diminution in volume . . .  which is bullish with this sort of price/volume action being typical before a reversal."

Maund also reviewed the company briefly in May in a list of Assorted PM Stock Updates and commented that "Goldshore Resources continues to soar but is now getting heavily overbought."

A research report from Laurentian Bank, written by Barry Allan, rated the company as a "Speculative Buy" for investors, with a CA$2 share target. According to the report, the company's drill results were very encouraging and expanded the estimated mineralization zone on its property.

The company has a number of catalysts lined up, according to its investor presentation, including a geotechnical survey planned for Q2 and Q3 of 2024, metallurgical studies planned for sometime between Q1 and Q3 of 2024, a pre-feasibility study planned to start in Q3 of 2024, and an updated resource estimate due between Q3 and Q4 in 2024.

Ownership and Share Structure

Reuters provided a breakdown of the company's ownership and share structure.

According to Reuters, CEO and director Brett Allan Richards owns 3.26% of the company with 5.64 million shares, Chairman Galen Stuart Mcnamara owns 2.36% of the company with 4.09 million shares, director Victor Cantore owns 1.13% of the company with 1.96 million shares, Former Director Doug Ramshaw owns 0.90% of the company with 1.57 million shares, and director Shawn Khunkhun owns 0.52% of the company with 0.90 million shares.

Wesdome Gold Mines Ltd. owns 19.3% of the company with 38.42 million shares, Sprott Asset Management LP owns 7.93% of the company with 13.72 million shares, Commodity Capital AG owns 1.65% of the company with 2.85 million shares, Palos Management Inc. owns 0.58% of the company with 1.00 million shares, and US Global Investors, Inc., owns 0.58% of the company with 1.00 million shares.

Reuters reports that there are 202.3 million shares outstanding.

The company has a market cap of CA$19.3 million at $0.12 share price, and trades in the 52-week period between CA$0.11 and CA$0.36.

Important Disclosures:

1. 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. 
2. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
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