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Company Description

Goldshore Resources (TSXV:GSHR)(OTCQB:GSHRF)(FWB:8X00) is a gold focused development company with one flagship asset, the Moss Lake Gold project, in Ontario, a Canadian jurisdiction seen as one of the best mining jurisdictions in the world. Ontario is endowed with many greenstone belts, containing major gold camps, like Red Lake, Hemlo, Timmins/Porcupine, Detour and Kirkland Lake. On a side note, the large Detour Lake open pit mine proved that permitting an open pit mine in Ontario doesn’t take many years.

The company is led by CEO Brett Richards, a very experienced mining professional with over 36 years of experience in the development and mining business, serving in various senior executive roles ranging from VP Corporate Development, EVP Corporate Affairs to no less than 6 CEO roles in the last 20 years of his career. He started his career at Kinross, and was stationed in many locations around the world near the assets Kinross acquired. From Kinross, he was one of the founders of Katanga Mining (Kamoto/Katanga Project in DRC) which delivered a 80 times return to its first equity shareholders and a 20 times return to its last equity shareholders.  Richards then enjoyed further success at a number of roles moved as CEO: Avocet Mining, Roxgold, Midnight Sun Mining, African Thunder Platinum, Banro (restructuring) and now Goldshore Resources.

CEO Brett Richards is assisted by his VP Exploration Peter Flindell, who has over 36 years of experience as a senior exploration geologist, leading teams to discover, develop and expand several gold and copper mines in Southeast Asia, Central Asia, West Africa, Central Africa, Europe and Central America for companies like Newmont, Avocet and Signal Delta (engineering firm), Midnight sun Mining, and Banro. The Board of Directors already sports lots of well-known names like Galen McNamara, Doug Ramshaw, Brandon MacDonald, Shawn Khunkhun and Victor Cantore, but some real heavyweights can be found in the advisory board: David Garofalo (former CEO Hudbay, Goldcorp), Craig Parry (founder NexGen Energy), Daniel Kunz (former CEO Ivanhoe Mines) and Adrian Rothwell (former director Goldcorp).

The company’s project is the 100% owned Moss Lake gold project, which was acquired from Wesdome Gold Mines (27% shareholder) for C$52.5M in May 2021, and was the qualifying transaction for Goldshore Resources at the time. The 16,036 ha property contains a Nov 2022 NI 43-101 current Inferred mineral resource estimate of 4.17Moz @ 1.1g/t Au for Moss Lake, and a historic Inferred mineral resource estimate of 0.85Moz @ 0.76g/t Au for East Goldstream. About 90% of the project is located within provincial Crown Land, with the balance being patented claims. Moss Lake has seen lots of exploration work in the past, as the historical drillhole database consists of 2,060 drill holes for 278,273m drilled.

Since the acquisition in 2021 and until October 2022; Goldshore completed another 119 holes for 65,427m of drilling, of which 44,082m was sufficient to convert the formerly historic resources into the Nov 2022 43-101 compliant current resource, with the balance of 21,345m to be released yet. Management estimates that about 75% of another 45-50,000m drill program is necessary to convert most of the current Inferred resource to the Indicated level, the other 25% will be used for resource expansion (step out and scout drilling. Goldshore recently commenced relogging of historic core where possible, and extensive metallurgical test work to significantly improve on the 2013 historic met test results, which concluded 85% recovery on very minimal size sampling, versus a larger representative sample of the total ore body.

Exploration upside potential at Moss Lake is significant, as historical drilling intersected gold mineralization of a strike length of 8km (current strike length is 3.5km), and parallel shear structures have been identified, for direct width expansion potential of the deposit.

Goldshore Resources has a current cash position of about C$1.5M, and raised another C$5M (Dec 14, 2022). Most of this capital will be used for exploration and resource expansion, and preparing another resource update at the end of Q1 2023 and a Preliminary Economic Analysis (PEA) at the end of Q2 2023, which could be pretty meaningful catalysts and value drivers for the share price. In H2 2023, further development drilling, geotechnical drilling, metallurgical test work and relogging of cores will be conducted to prepare for a Pre-Feasibility Study (“PFS”) in 2024.

Management has ambitious goals, and believes Moss Lake can grow into a real Tier I >10Moz Au deposit, with economic grades, potentially positioning it at the top of their peer group.

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