Goldshore Resources Inc. (GSHR:TSX; GSHRF:OTC; 8X00:FSE) released results of two holes drilled at its Moss Lake project, and they are encouraging, reported Laurentian Bank Securities mining analyst Barry Allan in a Dec. 8 research note.
The "drill holes validate gold mineralization of greater than 1 gram per ton of gold (1 g/t Au), which has the potential to underpin a potential economic gold deposit," Allan wrote. "Moreover, it seems as [though] there are several higher-grade zones within large low-grade envelopes."
The British Columbia-based gold company offers investors significant potential return given its current share price is CA$0.57 per share, and Laurentian's target price on it is multiples of that, at CA$2 per share. Laurentian rates Goldshore Speculative Buy.
The British Columbia-based gold company offers investors significant potential return given its current share price is CA$0.57 per share, and Laurentian's target price on it is multiples of that, at CA$2 per share. Laurentian rates Goldshore Speculative Buy.
Based on the positive drill results, Goldshore added two drill rigs, so now four are active on the property, Allan relayed. A fifth is scheduled to be up and running also at Moss Lake by year-end.
"The addition of the active drills will allow Goldshore to reach their targeted meterage of 10,000 of drilling and allow them to test extensions to Moss Lake as suggested by their airborne geophysical survey analysis," Allan noted, adding the Canadian company is conducting this drill program for a preliminary economic assessment expected in 2023.
The new drill results from the Moss Lake property in Canada's northwestern Ontario are from holes MMD-21-004 and MMD-21-005. Highlights of MMD-21-004 included 1.38 g/t Au over about 74.8 meters (74.8m), 2.4 g/t Au over 17m, and 1.54 g/t Au over about 23.5m from 1.1m downhole, Allan reported.
The best results from MMD-21-005 were 0.57 g/t Au over 74.5m and 1.26 g/t Au over 16.5m.
"Goldshore continues to intersect mineralization laterally and at depth, significantly expanding the width and depth of previously defined mineralization as outlined in the 2013 grade model," Allan wrote.
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Disclosures For Laurentine Bank Securities, Goldshore Resources Inc., December 8, 2022
Laurentian Bank Securities Equity Research » is a trade name used by the Equity Research sector of Laurentian Bank Securities Inc. To access Laurentian Bank Securities' regulatory disclosures, please click or press on the hyperlink – https://www.vmbl.ca/portal/disclosure The information contained in this document is based on what we deem to be reliable sources, but no guarantee or promise, explicit or implicit, is given as to the accuracy and exhaustiveness of these sources. This report shall under no circumstances be considered an offer to buy or sell, or a request to buy and/or sell the stocks mentioned. Laurentian Bank Securities Inc. and its employees may not be held liable for any monetary losses stemming from the implementation of the recommendations contained in this document. Laurentian Bank Securities Inc. and/or its officers, directors, representatives, traders, analysts and members of their families may hold positions in the stocks mentioned in this document and may buy and/or sell these stocks on the market or otherwise. Stocks in foreign currency may be adversely affected by exchange rate fluctuations. Laurentian Bank Securities Inc. is a wholly-owned subsidiary of Laurentian Bank of Canada. The opinions, projections and estimates are those of the Economic and Financial Research department of Laurentian Bank Securities Inc. as at the date appearing on the cover page, and are subject to change without prior notice. Laurentian Bank Securities Inc. may, in exchange for remuneration, act as a financial advisor or tax consultant for, or participate in the financing of companies mentioned in this document.
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