Shallow Drill Hit Expands Gold Zone in Ontario, Exceeding Expectations

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* Disclosure for the quote from the Clive Maund article published on January 13, 2025

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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) has announced its latest assay results from the ongoing 15,000-meter winter drill program at the Moss Gold Project in Northwest Ontario. The results include the first intercepts from the Superion prospect, located on the north side of the project area. These findings suggest potential resource growth within the conceptual open pit and indicate the possibility of reducing the overall strip ratio at the deposit.

Drilling at the Superion target has identified a gold-mineralized shear zone approximately 60 meters from the surface. One of the key intercepts from hole MQD-25-148 reported 17.6 meters of 3.03 grams per tonne (g/t) gold from a depth of 76.4 meters, including 6.8 meters of 7.06 g/t gold from 79.1 meters. The intercept extends mineralization 350 meters vertically upward from a deep drill hole completed in 2022. Michael Henrichsen, CEO of Goldshore, commented in the press release, "The high grades encountered at shallow depths clearly demonstrate the potential for resource growth at Moss and have the potential to significantly impact the economic performance of the deposit moving forward."

Scout drilling continues across a 1,500-meter by 400-meter area north of the QES Zone, where previous drill holes from 2021 and 2022 intersected mineralization at depth. Notably, hole MQD-22-014 returned 16.0 meters of 2.69 g/t gold from 477 meters, including 5.25 meters of 7.87 g/t gold from 477.75 meters. Additional drilling results from the Southwest Zone also extended mineralized shears toward the surface. Key intercepts included 10.0 meters of 0.79 g/t gold from 50.0 meters in hole MMD-25-144 and 12.0 meters of 0.98 g/t gold from 76.0 meters, including 3.6 meters of 2.77 g/t gold from 79.0 meters.

The company's ongoing drill program aims to further define near-surface mineralization and refine the overall resource model. The presence of a 1:3 gold-to-silver ratio in the Superion intercepts, compared to the typical 1:1.5 ratio observed at the Moss Deposit, suggests potential added value from silver mineralization, prompting the company to consider resampling historical drill core to enhance its silver resource database.

Gold's Role in an Uncertain Economic Landscape

According to a February 24 report from US Global Investors, gold prices reached an all-time high of US$2,940 per ounce, with its market capitalization surpassing US$20 trillion for the first time. The report noted that trade tensions between the U.S. and Europe contributed to investor uncertainty, reinforcing gold's role as a safe-haven asset.

It also highlighted that central banks had been actively purchasing gold, with over 1,000 tons acquired in 2024 alone. The report further indicated that rising costs had impacted gold miners, with the average All-In Sustaining Cost (AISC) reaching US$1,456 per ounce in the third quarter of 2024, yet many companies in the sector remained undervalued.

Technical Analyst Clive Maund added that Goldshore had performed well since he first covered it nearly a year prior when its stock was trading at CA$0.10. By March 4, it had increased to CA$0.2650 (US$0.18).

On February 25, 321Gold discussed how stagflationary tariffs implemented by the U.S. administration had affected both the stock market and gold prices. The report suggested that tariff-driven inflationary pressures had contributed to gold's continued appeal as an asset class.

The analysis also pointed to market cycles indicating a temporary pause in gold's rally, though broader economic conditions continued to favor long-term gold accumulation. The publication emphasized that rising inflation and concerns over the global economy remained key factors driving gold investment.

Kitco wrote on February 26 that gold futures had stabilized following a sharp decline the previous day. The report noted that since December 18, gold had surged approximately US$375, or 14.46%, reaching a high of US$2,968.90 before some traders took profits. Kitco attributed gold's recent gains to market expectations that the U.S. administration would move forward with tariffs on Canadian and Mexican imports. The report cited concerns that these policies could lead to increased inflation, reinforcing gold's appeal as a hedge against economic uncertainty. It also referenced a statement from MT Newswires, which reported that U.S. consumer confidence had dropped to its lowest level in over three years, further supporting gold's strength as a safe-haven investment.

On the same day, Dominic Frisby of The Flying Frisby commented on gold's recent price movement, describing an ongoing bull market marked by strong uptrends. He noted that central banks, particularly in Asia, had been accumulating gold as part of a strategy to diversify reserves and reduce reliance on the U.S. dollar. Frisby also discussed the possibility of a long-awaited audit of Fort Knox's gold reserves, with speculation that recent large shipments of gold from London to the U.S. could be linked to efforts to verify holdings. He stated that a confirmed audit could impact market sentiment, potentially increasing investor confidence in gold's role as a financial asset.

In a March 3 report, The International Man reported on significant gold purchases by an unidentified U.S. buyer, who had acquired approximately 2,000 metric tons since November 2024. The report suggested that these purchases signaled a potential shift in U.S. monetary policy, possibly linked to discussions of gold revaluation. It also noted that gold deliveries from London to New York had experienced delays, further fueling speculation about the motivations behind the acquisitions. The publication indicated that the situation was being closely monitored by global markets, as any potential changes to U.S. monetary policy could have widespread implications for gold pricing and investment strategies.

Goldshore Resources Pushes Forward with Resource Growth and Project Optimization

Goldshore Resources continues to advance the Moss Gold Project, targeting resource expansion and project optimization. The company's latest corporate presentation outlines several near-term milestones, including an upcoming Preliminary Economic Assessment (PEA) expected in the first half of 2025. The study, led by G-Mining, aims to evaluate the project's economic potential, focusing on optimizing the mine schedule to maximize grade and early-stage cash flow.

The company's active 15,000-meter drill campaign is designed to enhance resource definition within the top 200 meters of the deposit. By focusing on lateral extensions and infill drilling at the Superion and QES Zones, Goldshore aims to improve drill density and further define mineralization within the conceptual open pit. Additionally, deeper drilling at the Southwest Zone targets expansion of the resource to align with the depth of the Main-QES pit, which extends to approximately 500 meters.

Infrastructure advantages also support the project's development potential. The Moss Gold Project benefits from year-round access via the Trans-Canada Highway, proximity to power infrastructure, and established logistics networks, reducing potential capital expenditure requirements. The company has also engaged One-Eighty Consulting to lead external permitting efforts and maintain proactive community engagement with First Nations partners.

With a total indicated resource of 1.535 million ounces of gold at 1.23 g/t and an inferred resource of 5.198 million ounces at 1.11 g/t, the Moss Gold Project remains a key asset in Goldshore's strategy to become a top-tier Canadian gold producer. The company's continued drilling success, coupled with upcoming economic assessments, positions it well for future project advancement.

Positive Third-Party Assessments Highlight Growth Potential for Goldshore Resources

*According to a January 13 report from Technical Analyst Clive Maund, Goldshore Resources had already established a substantial gold resource at its flagship Moss Gold Project in Ontario, with significant expansion potential. Maund noted that the project was well on its way to becoming a district-scale development, supported by its strong infrastructure and strategic location near major highways and power supply. He highlighted that a high-grade starter pit at Moss was expected to generate substantial cash flow, aiding the project's advancement. Maund also emphasized that Goldshore's resource base remained open for expansion, with favorable metallurgy recoveries contributing to its long-term viability.

Maund further analyzed Goldshore's stock performance, stating that despite strong gains in the previous year, the company's shares had yet to break out from a long-term base pattern. He suggested that this positioning, combined with expectations of a broader precious metals sector bull market, indicated the potential for further appreciation. He added that Goldshore had performed well since he first covered it nearly a year prior when its stock was trading at CA$0.10. By March 4, it had increased to CA$0.2650 (US$0.18).

Maund also addressed Goldshore's capital structure, noting that while the total number of outstanding shares appeared high at 330.7 million, more than half were held by board members, management, institutional investors, and strategic partners. He suggested that this level of insider and institutional ownership underscored confidence in the company's long-term prospects.

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.