Mining Co. Uncovers Record-Breaking Intercepts in Ontario

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Goldshore Resources Inc. (GSHR:TSX.V; GSHRF:OTCQB; 8X00:FWB) announced fresh assay results from its ongoing 20,000-meter drill program at its Moss gold project in northwestern Ontario, including 124.35 meters of 1.65 grams per tonne gold (g/t Au) with 7.55 meters of 1.97 g/t Au and 47 meters of 3.08 g/t Au.

"Results from our drilling campaign continue to demonstrate both the consistency and continuity of grade at the Moss Deposit with drill hole MQD-25-171 surpassing the 200-grade x thickness (GxT) threshold representing the highest GxT ever reported by the company," Chief Executive Officer Michael Henrichsen said. "We are pleased to see good continuity of higher grades as well as determining that this higher-grade mineralization has a shallow plunge to the west, which will help us target additional high-grade mineralization within the deposit. We look forward to further results being released over the coming weeks."

They were the first results from the QES Up program targeting the near-surface extension of the most northern QES shears at Moss, Goldshore said in a release. In addition, the drilling targeted the main QES zone to determine the continuity of higher-grade mineralization and its orientation.

Results from two drill holes infilled significant drilling gaps in the QES Zone and intersected wide intervals of gold-mineralized core shears, including the highest-grade x thickness intersection ever reported by Goldshore, the company said.

"The results confirm the presence of shallow-plunging, higher-grade gold mineralization within the core shears and demonstrate the potential to discover additional plunging shoots," the release said. "In addition, the results from MQD-25-171 exceeded the grade expectations based on the current Mineral Resource Estimate (MRE)."

Detailed Assay Results

Intercepts released Tuesday included:

• 124.35m of 1.65 g/t Au from 295 meters in MQD-25-171, including 7.55 meters of 1.97 g/t Au from 322.3 meters and 47 meters of 3.08 g/t Au from 336 meters.
• 77.5m of 0.54 g/t Au from 203.5 meters in MQD-25-170, including 11.4 meters of 1.24 g/t Au from 208.6 meters and 7.35 meters of 1.09 g/t Au from 246 meters.

Three additional short holes and two extended holes successfully intersected the near-surface extensions of deeper marginal shears along the northern edge of the QES Zone at QES Up with best intercepts of:

• 8.6 meters of 0.53 g/t Au from 138.4 meters in MQD-25-153, including 2 meters of 1.03 g/t Au from 145 meters.
• 7.2 meters of 0.36 g/t Au from 107 meters in MQD-25-154.
• 13.55 meters of 0.59 g/t Au from 88.5 meters in MQD-25-156, including 2.1 meters of 1.17 g/t Au from 96.9 meters.
• 3 meters of 1.60 g/t Au from 75 meters in MQD-25-170.
• 8 meters of 0.54 g/t Au from 83 meters in MQD-25-171.

In a message to shareholders on YouTube, Henrichsen said the long intercept in hole MQD-25-171 was "better than what we would have expected based on the current mineral resource."

However, "These types of good surprises can happen," he said. "Our job right now is to really understand the geometries that we're drilling and hopefully be able to track this high-grade for a longer period of time."

Company 'Has the Vision'

Headquartered in British Columbia, Goldshore Resources acquires and advances gold assets in tier one jurisdictions, Moss being its current focus. To date, the company has infused this 100%-owned project with about US$60 million and completed about 80,000 meters of drilling there, noted its April 2025 Corporate Presentation. The total, including historical drilling, is 235,000 meters.

"Goldshore Resources has the vision to turn Moss into a Top 10 Canadian producing gold mine," wrote Kitco News recently. "[It] is one of the few remaining major Canadian gold deposits positioned for development in this cycle."

Moss has an NI 43-101 mineral resource estimate comprised of 1,540,000 ounces of gold (1.54 Moz) of 1.23 g/t Au gold in the Indicated category and 5.2 Moz of 1.11 g/t gold in the Inferred category. This resource, though, encompasses only 3.6 kilometers of the 35 km mineralized trend, still open at depth and along strike. Metallurgical testing has demonstrated gold recoveries at Moss of 92%.

"Can this 6 Moz pit grow? One hundred percent," Henrichsen said. "It's going to grow if we keep investing dollars into the ground."

The project is located in a highly prospective gold jurisdiction, 110 kilometers west of Thunder Bay in Ontario, directly accessible from the Trans-Canada Highway and near infrastructure, including hydroelectric power. The regional workforce is skilled and the local communities are supportive. In fact, Goldshore already has two exploration agreements with First Nations groups in place.

"If you were going to put a big bulk tonnage gold deposit somewhere, this would be the place I'd pick," Goldshore's CEO told Kitco. "From an infrastructure standpoint, from an execution standpoint, its location decreases the risk profile considerably."

Wesdome Gold Mines Ltd. (WDO:TSX), from which Goldshore acquired Moss in 2021, has one final progress payment of 12.5 million shares to make, either when a feasibility study is completed or on June 4, 2025, whichever comes first. Wesdome has a 1% royalty on Moss, which Goldshore may buy back for US$5.5 million in cash plus US$2 million in shares.

The Catalyst: Gold Bull Market Keeps Running

Gold's attractiveness as a safe haven has continued to help it hit new record highs as concerns about Trump’s intention to oust Federal Reserve Chair Jerome Powell weighed on investors.

Gold rose to a new record of US$3,500.05 per troy ounce earlier Tuesday, according to Refinitiv data, and last traded at US$3,479.5 per troy ounce, CNN reported.

Gold has risen over 31% so far this year. It’s been one of the biggest winners as Trump advances his global tariff agenda.

It's "driven by rising demand for safe-haven assets amid declining confidence in the U.S. dollar and escalating geopolitical and economic risk," Rania Gule, senior market analyst at XS.com. wrote in a Tuesday research note, according to CNN. "In my view, this rally reflects ongoing recession fears in the U.S. economy and heightened political tensions."

Some predict gold could go even higher. Garth Friesen wrote for Forbes on March 15 that DoubleLine Chief Executive Officer Jeffrey Gundlach said, "I think gold will make it to US$4,000. I'm not sure that'll happen this year, but I feel like that's the measured move anticipated by the long consolidation at around US$1,800 on gold."

And according to an April 10 post on Goldfix, Goldman Sachs has revised raised the upper boundary of its forecast range for the end of the year to US$3,520 an ounce and even introduced a "tall-risk scenario" as high as US$4,500 an ounce.

"The revision stems primarily from upside surprises in ETF inflows and persistent, large-scale central bank gold purchases," the article noted.

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.  

There are around 343.45 million shares outstanding and the company has a market cap of CA$121.86 million. It trades in a 52-week range of CA$0.15 and CA$0.40.