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Michael Henrichsen, CEO of Goldshore commented, “We are pleased with the continued success of our 15,000-meter winter drill program. Drilling at the Southwest Zone continues to demonstrate the upside of the Moss Gold Deposit, where results to date have brought mineralized shears toward surface, effectively converting waste to ore. Additionally, mineralization has been extended beneath the conceptual open pit, highlighting the potential for significant resource growth with additional drilling. Our focus is to continue demonstrating upside within the deposit, with the drill rigs currently following up on the Superion discovery at shallow depths at the northeast region of the deposit.  We look forward to reporting continued accretive drill results over the coming weeks.”

Highlights

Results from five drill holes continued to extend mineralized shears toward surface at the Southwest Zone with best intercepts of:

– 25.0m of 0.68 g/t Au from 133m in MMD-25-140

– 25.5m of 0.71 g/t Au from 270.5m in MMD-25-142, including
3.1m of 3.92 g/t Au from 281m

– 5.15m of 2.68g/t Au from 135.65m in MMD-25-147, including
2.35m of 5.19 g/t Au from 135.65m

Two holes drilling through previously defined lower grade material of the Southwest Zone have intercepted higher than anticipated grades in comparison to the current MRE with best intercepts of:

– 8.0m of 2.53 g/t Au from 125m in MMD-25-142, including
4.2m of 4.57 g/t Au from 127m

– 33.9m of 0.83 g/t Au from 192m, including
0.65m of 23.8 g/t Au from 201.45m

– 25.89m of 1.15 g/t Au from 84.91m in MMD-25-147, including
3.17m of 6.8 g/t Au from 107.63m
1.18m of 15.8 g/t Au from 109.62m

Two holes were extended to test mineralized shears beneath the current open pit design with best intercepts of:

– 15.0m of 1.68 g/t Au from 456m in MMD-25-140, including
1.0m of 11.6 g/t Au from 470m

– 25.5m of 0.71 g/t Au from 270.5m in MMD-25-142, including
3.10m of 3.92 g/t Au from 281.0m

Technical Overview

Figure 1 shows the location of the drill holes being reported with respect to the planned winter drill program, while Figure 2 illustrates a cross section through drill holes MMD-24-137 and MMD-25-147 that demonstrates the potential to extend the mineralized shears zones of the Southwest zone to surface and at depth. Tables 1 & 2 summarize significant intercepts and drill hole locations, respectively.

Drilling at the Southwest Zone continues to focus on adding to the mineral resource by infilling gaps within the current model created by sparse drilling. Drilling at shallow depths of 100 to 200 meters will allow for mineralized shear zones to be extended to the surface. Drilling at depths of 200 to 400 meters will allow the expansion of the open pit resource to a similar depth as the Main-QES pit (~500 meters).

Hole MMD-24-137 collared into a sequence of andesitic and dacitic volcanic rocks with a swarm of narrow to epidote-chlorite altered diorite dykes until intersecting sheared sedimentary rocks containing a mineralized exhalative horizon at 188m. The exhalative horizon returned elevated gold and copper values including the intercept of 14.0m of 0.62 g/t Au and 0.41% Cu from 196.0m, including 3.0m of 1.58 g/t Au and 1.19% Cu from 204.05m (Figure 3). While the exhalative horizon does not appear to extend for any significant strike length, the new intersection highlights the potential for additional deposit styles and amplifies the potential of numerous untested conductors across the Moss claim package that correspond to known VMS mineralization. Further desktop work is underway to evaluate similarities between the new horizon and the historic North Coldstream Cu-Au VMS mine. The hole was terminated after it entered the Southwest Zone diorite package that hosts mineralized shears tested by previous drillholes.

Hole MMD-25-141 collared into the northern dacite volcanic package before intersecting the centre of the Southwest Zone between high grade lenses. The hole intersected a weakly sheared, wide alternating silica-sericite and epidote-chlorite altered diorite intrusion package yielding several narrow lower grade intercepts such as 12.2m of 0.61 g/t Au from 163.0m and 13.0m of 0.61 g/t Au from 332m. The area had been previously modelled as having dominantly lower grades, which was confirmed by the infill drilling.

Hole MMD-25-140 and MMD-25-142 targeted the western end of the Southwest Zone aiming to both extend shears to surface near the collar and extend the core high grade shears below the current conceptual pit.  Both holes collared into the andesitic and dacitic volcanic rocks before both drilling into the typical altered and locally sheared diorite package. Both holes extended existing mineralized shears towards surface with intercepts such as 25.0m of 0.68 g/t Au from 133.0m, including 3.2m of 1.19 g/t Au from 138.0m and 3.5m of 1.53 g/t Au from 154.5m, in MMD-25-140 and 6.5m of 1.11 g/t Au from 57.0m in MMD-25-142. Additionally, each hole extended mineralization beneath the conceptual open pit with intercepts of 15.0m of 1.68 g/t Au from 456m, including 3.0m of 3.19 g/t Au from 458.0m in MMD-25-140 and 25.5m of 0.71 g/t Au from 270.5m, including 3.1m of 3.92 g/t Au from 281.0m.

Hole MMD-24-147 was collared into the Southwest Zone targeting the upward extension of several mineralized shears below Snodgrass Lake. The hole collared into the typical altered and locally sheared diorite- and granodiorite-hosted mineralization and drilled through to the volcanic package at 241m, shortly after which the hole was stopped. The hole intersected higher than predicted grades in comparison to the current MRE yielding an intercept of 25.89m of 1.15 g/t Au from 84.91m, including 3.17m of 6.8 g/t Au from 107.63m (Figure 4). The hole additionally confirmed the extension of several mineralized shears towards surface with intercepts of 5.15m of 2.68 g/t Au from 135.65m and 7.29m of 1.03g/t g/t Au from 216.14m.

Analytical and QA/QC Procedures

All samples were sent to ALS Geochemistry in Thunder Bay for preparation and analysis was performed in the ALS Vancouver analytical facility. ALS is accredited by the Standards Council of Canada (SCC) for the Accreditation of Mineral Analysis Testing Laboratories and CAN-P-4E ISO/IEC 17025. Samples were analysed for gold via fire assay with an AA finish (“Au-AA23”) and 48 pathfinder elements via ICP-MS after four-acid digestion (“ME-MS61”). Samples that assayed over 10 ppm Au were re-run via fire assay with a gravimetric finish (“Au-GRA21”). 

In addition to ALS quality assurance / quality control (“QA/QC”) protocols, Goldshore has implemented a quality control program for all samples collected through the drilling program.  The quality control program was designed by a qualified and independent third party, with a focus on the quality of analytical results for gold. Analytical results are received, imported to our secure on-line database and evaluated to meet our established guidelines to ensure that all sample batches pass industry best practice for analytical quality control. Certified reference materials are considered acceptable if values returned are within three standard deviations of the certified value reported by the manufacture of the material. In addition to the certified reference material, certified blank material is included in the sample stream to monitor contamination during sample preparation. Blank material results are assessed based on the returned gold result being less than ten times the quoted lower detection limit of the analytical method. The results of the on-going analytical quality control program are evaluated and reported to Goldshore by Orix Geoscience Inc.

Qualified Person

Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the scientific and technical information contained in this news release.

Mr. Flindell has verified the data disclosed.  To verify the information related to the winter drill program at the Moss Gold Project, Mr. Flindell has visited the property several times; discussed and reviewed logging, sampling, bulk density, core cutting and sample shipping processes with responsible site staff; discussed and reviewed assay and QA/QC results with responsible personnel; and reviewed supporting documentation, including drill hole location and orientation and significant assay interval calculations. He has also overseen the Company’s health and safety policies in the field to ensure full compliance, and consulted with the Project’s host indigenous communities on the planning and implementation of the drill program, particularly with respect to its impact on the environment and the Company’s remediation protocols.

Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no guarantee that all or any part of the mineral resource will be converted into a mineral reserve.  An estimate of mineral resources may be materially affected by geology, environment, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

About Goldshore

Goldshore is a growth-oriented gold company focused on delivering long-term shareholder and stakeholder value through the acquisition and advancement of primary gold assets in tier-one jurisdictions. It is led by the ex-global head of structural geology for the world’s largest gold company and backed by one of Canada’s pre-eminent private equity firms. The Company’s current focus is the advanced stage 100% owned Moss Gold Project which is positioned in Ontario, Canada, with direct access from the Trans-Canada Highway, hydroelectric power near site, supportive local communities and skilled workforce. The Company has invested over $60 million of new capital and completed approximately 80,000 meters of drilling on the Moss Gold Project, which, in aggregate, has had over 235,000 meters of drilling. The 2024 updated NI 43-101 mineral resource estimate (“MRE”) has expanded to 1.54 million ounces of Indicated gold resources at 1.23 g/t Au and 5.20 million ounces of Inferred gold resources at 1.11 g/t Au. The MRE only encompasses 3.6 kilometers of the 35+ kilometer mineralized trend, remains open at depth and along strike and is one of the few remaining major Canadian gold deposits positioned for development in this cycle. Please see NI 43-101 technical report titled: “Technical Report and Updated Mineral Resource Estimate for the Moss Gold Project, Ontario, Canada,” dated March 20, 2024 with an effective date of January 31, 2024 available under the Company’s SEDAR+ profile at www.sedarplus.ca.  For more information, please visit SEDAR+ (www.sedarplus.ca) and the Company’s website (www.goldshoreresources.com).

For More Information – Please Contact:

Michael Henrichsen
President, Chief Executive Officer and Director
Goldshore Resources Inc.
E: [email=mhenrichsen@goldshoreresources.com%20]mhenrichsen@goldshoreresources.com
[/email]W: www.goldshoreresources.com

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this news release include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project; the potential mineralization at the Moss Gold Project based on the winter drill program, including the potential for additional mineral resources through additional drilling; the enhancement of the Moss Gold Project; statements regarding the Company’s future drill plans, including the expected benefits and results thereof; the expectation that the results have the potential to significantly impact the economic performance of the deposit moving forward; the potential for a much larger mineralized system and that it will be pursued in the near future through additional drilling; and other statements that are not historical facts.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: uncertainty and variation in the estimation of mineral resources; risks related to exploration, development, and operation activities; exploration and development of the Moss Gold Project will not be undertaken as anticipated and drilling results will not be accretive as anticipated; the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; the economic performance of the deposit may not be consistent with management’s expectations; the Company’s exploration work may not deliver the results expected; the fluctuating price of gold; unknown liabilities in connection with acquisitions; compliance with extensive government regulation; delays in obtaining or failure to obtain governmental permits, or non-compliance with permits; environmental and other regulatory requirements; domestic and foreign laws and regulations could adversely affect the Company’s business and results of operations; risks related to natural disasters, terrorist acts, health crises, and other disruptions and dislocations; global financial conditions; uninsured risks; climate change risks; competition from other companies and individuals; conflicts of interest; risks related to compliance with anti-corruption laws; the Company’s limited operating history; intervention by non-governmental organizations; outside contractor risks; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company’s securities, regardless of its operating performance; the Superion target may not add to the current mineral resource; and other risks associated with executing the Company’s objectives and strategies as well as those risk factors discussed in the Company’s continuous disclosure documents filed under the Company’s SEDAR+ profile at www.sedarplus.ca.

The forward-looking information in this news release is based on management’s reasonable expectations and assumptions as of the date of this news release.  Certain material assumptions regarding such forward-looking statements were made, including without limitation, assumptions regarding: the future price of gold; anticipated costs and the Company’s ability to fund its programs; the Company’s ability to carry on exploration, development and mining activities; prices for energy inputs, labour, materials, supplies and services; the timing and results of drilling programs; mineral resource estimates and the assumptions on which they are based; the discovery of mineral resources and mineral reserves on the Company’s mineral properties; the timely receipt of required approvals and permits; the costs of operating and exploration expenditures; the Company’s ability to operate in a safe, efficient, and effective manner; the Company’s ability to obtain financing as and when required and on reasonable terms; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that the Superion target will add to the current mineral resource; that the Company’s exploration work will deliver the results expected; and that there will be no material adverse change or disruptions affecting the Company or its properties.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. There can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.  Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.