Goldshore Resources Inc. (TSXV: GSHR; OTCQB: GSHRF ; FWB: 8X00) has expanded its ongoing winter diamond drilling program at the Moss Gold Project in Ontario by 5,000 meters, increasing the total program to 20,000 meters. The decision follows favorable drilling results and lower-than-expected costs, according to the company's April 9, 2025 news release.
The new drilling will target two primary objectives: expanding the resource at the southwest portion of the deposit, specifically below the current conceptual open pit, and closing the gap between the Southwest and Moss Main pits. This includes follow-up drilling on hole MMD-24-139, which intersected 20.55 meters of 2.58 grams per tonne (g/t) gold from a depth of 458.15 meters, including 14.7 meters of 3.52 g/t gold.
"The efficiencies of our ongoing work have allowed us to expand our existing program, with a focus on deepening the Southwest open-pit resource to match the depth of the Main-QES pit," said Michael Henrichsen, CEO of Goldshore, in the release.
The Moss Gold Project hosts an indicated mineral resource of 1.535 million ounces of gold grading 1.23 g/t and an inferred resource of 5.198 million ounces grading 1.11 g/t, as of the latest estimate dated January 31, 2024. These resources are constrained within open-pit designs using an assumed gold price of US$1,850 per ounce and recovery rates of 90% for Moss and 95% for the East Coldstream zone. The project remains open at depth and along strike, offering continued expansion potential.
Peter Flindell, Goldshore's Vice President of Exploration and a Qualified Person under Canadian regulatory standards, has verified the technical data supporting the program. Verification included field visits, review of sampling and assay procedures, and consultation with Indigenous communities regarding environmental protocols.
Gold Market Dynamics Amid Tariff Tensions and Inflation Concerns
Gold sector activity gained momentum in early April, supported by growing macroeconomic pressures, trade policy uncertainty, and strong investor demand. On April 8, Stewart Thomson wrote on 321Gold that inflation, tariff-related disruptions, and global economic stress were contributing to gold's renewed appeal.
He stated, "The average US citizen has a lot of debt and lives almost paycheck to paycheck," adding that rising prices from onshoring production could further erode purchasing power. Thomson emphasized that "governments are modern-day pirates" using tariffs as fiscal tools and warned that fiat currencies were increasingly at odds with "supreme money gold." He urged investors to "think less like stock market price chasers" and more like disciplined buyers of physical gold across strategic price zones.
According to a Reuters report published on April 9, gold prices surged more than 2%, reaching US$3,059.76 per ounce for spot gold, with U.S. gold futures settling at US$3,079.40. The move came amid escalating U.S.-China trade tensions following President Trump's decision to impose 125% tariffs on Chinese imports while pausing tariffs for other countries. Bart Melek, head of commodity strategies at TD Securities, said, "Ultimately, gold continues to be seen as a hedge against instability," noting that expectations for rising inflation were beginning to take shape.
Kitco reported later on April 9 that gold futures climbed by more than 3% after Trump temporarily suspended the implementation of higher reciprocal tariffs for most countries. The June gold contract rose by US$101.50, closing at US$3,099.80 after reaching an intraday high of US$3,118.50. According to the report, the rebound followed a US$192 drop in gold between April 3 and April 8. Kitco also highlighted renewed institutional interest, citing World Gold Council data showing that gold-backed ETFs saw inflows of 226.5 metric tons in the first quarter — valued at approximately US$21.1 billion — the highest quarterly inflow in three years.
Strategic Expansion Supports PEA Preparation, Resource Growth, and Permitting Advancements
According to Goldshore's April 2025 investor presentation, the expanded drilling program aligns with the company's broader strategy to increase near-surface resources within the conceptual open pit and support an updated Preliminary Economic Assessment (PEA) planned for the first half of 2025. This study is expected to focus on optimizing internal rates of return by evaluating a high-grade starter pit and developing a phased mine schedule.
The company has already completed 78,000 meters of drilling over a 17-month span, with the current campaign focused on the top 200 meters from surface. The infill and expansion work is designed to reduce strip ratios and potentially convert waste to ore, particularly in areas such as the QES Up, Superion, and Southern Main zones.
Goldshore reports strong infrastructure access at the Moss site, including proximity to the Trans-Canada Highway, low-cost hydroelectric power at US$0.06 per kilowatt-hour, and year-round exploration capability. The company also notes that 91% of its total resource is contained within the Moss deposit itself, which spans multiple mineralized structural corridors over a cumulative strike length of 23 kilometers.
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Goldshore Resources Inc. (TSXV: GSHR;OTCQB: GSHRF ;FWB: 8X00)
In parallel with exploration, the company has retained One-Eighty Consulting to fast-track permitting efforts, with a goal of reducing the environmental assessment timeline from the Canadian average of 4.6 years. Two exploration agreements have already been signed with First Nations communities, supporting continued development.
Ownership and Share Structure
The company provided a breakdown of its ownership, where 6% of Goldshore is held by management and directors.
Institutions own approximately 20% of the company. Strategic shareholders own 25% and include Lutry Investments, Brian Paes Braga and members of the SAF Group.
The rest is with retail investors.
The company reports that there are around 338.3 million shares outstanding, while the company has a market cap of CA$111.7 million as of March 31, 2025. It trades in a 52-week range of CA$0.09 and CA$0.40.
Important Disclosures:
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- 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.
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