Goldshore Resources' Gold Project Takes Major Step Toward Tier 1 Status With Resource Breakthrough

^{Goldshore Resources is exploring its 100%-owned Moss Gold Project in Ontario.}

• Goldshore Resources' updated resource estimate now boasts an indicated mineral resource of 1.5 million oz. of gold and an inferred mineral resource of 5.2 million oz. of gold at its 100%-owned Moss Gold Project.

• The new numbers represent an overall grade increase by 11%, redefining the potential of the Moss Gold Project to maximize shareholder value.

• The Moss Gold Project is fully funded through 2025 with a strategic long-term financial commitment.

Gold investors typically look at projects with size, scale, and grade because these factors are indicative of the potential economic viability of a mining project.

Holding this much sought-after trinity of attributes, Goldshore Resources Inc.’s TSXV: GSHR | OTCQB: GSHRF | FWB: 8X00 march toward being a Tier 1 gold asset got a major boost recently as the company updated the resource estimate for its Moss and East Coldstream deposits at its Moss Gold Project in northwest Ontario.

The company's new 2024 Mineral Resource Estimate (MRE) now boasts 1.5 million contained oz. of gold in the indicated resource and 5.2 million contained oz. in the inferred resource at its 100%-owned Moss Gold Project in Northwest Ontario, Canada.

The new results come at a time when gold prices are expected to climb to new highs later this year, with a forecasted peak of $2,300/oz in 2025. “Ongoing conflicts, trade tensions and over 60 elections taking place around the world, are likely to encourage investors to turn to gold for its proven track-record as a safe haven asset,” noted Louise Street, senior markets analyst at the World Gold Council, according to a report in Barron's.

Brett Richards, Goldshore's Interim CEO said that given the current chaos in the global environment and the upcoming US election, people are going to want to put their liquid assets into wealth preservation products, "and gold is one of those products."

"Our new MRE results are extremely encouraging and validate the strategic exploration and drilling campaign we embarked on almost 3 years ago," said Richards, a 34-year veteran in the mining and metals sector.

The 2024 Moss Project MRE update is set to be the foundation for resource growth and development towards Tier 1 status and lead to a future Preliminary Economic Assessment (PEA), states Goldshore.

"I think Goldshore is starting to become a bit of a unicorn in our peer group. Not only do we have size and scale, but we also have a kind of top-tier grade as compared to our peers." — Brett Richards, Interim CEO, Goldshore Resources Inc.

Highlights of Goldshore Resources’ 2024 Mineral Resource Estimate Update:

• Indicated Mineral Resource of 1,535 thousand ounces grading 1.23 grams per tonne gold (g/t Au), contained within 38.96 million tonnes.
• Inferred Mineral Resource of 5,198 thousand ounces grading 1.11 grams per tonne gold (g/t Au), contained within 146.24 million tonnes.
• The shears that host gold mineralization have been extensively remodelled as constraining domains, greatly enhancing the reliability of the current MRE.
• With gold prices consistent with the 2023 MRE, 94% of the 2024 MRE's tonnes and gold ounces are contained within these shear models.
• This is a significant increase compared to the 2023 MRE, where only 35% of the tonnes and 65% of the gold ounces were contained in its shear model.
• All identified zones within the Project are still open to potential expansion.

The total resource tonnage increase is just under 1% overall over a 2023 MRE, however, the overall grade increase versus the 2023 MRE is approximately 11%, said Richards. "About 23% of our resources are now in the indicated category and we have increased the grade materially over the entire Moss Gold Project," he said.

Last September, Goldshore field crews identified five unique gold mineralization trends. That included two polymetallic gold-copper trends across the Moss Gold Project through a combination of ionic leach soil sampling and property-wide field mapping with a combined strike of over 35 kilometers.

Currently, the Moss Gold project located roughly 100 km northwest of Thunder Bay encompasses 36 satellite targets, including several mapped and sampled gold trends that are undrilled near the Moss Gold Deposit, offering prospects for discoveries and additional gold mineralization.

"We have consistently delivered exciting drilling results as they relate to the Moss Gold Project, and this new MRE illustrates a meaningful and material increase in the quality, quantity, and grade of the deposit," he said. "Conducting this update to the MRE was the logical next step in defining our strategy going forward of understanding and defining the potential of the Moss Gold Project to maximize shareholder value."

Richard states, "I think Goldshore is starting to become a bit of a unicorn in our peer group. Not only do we have size and scale, but we also have a kind of top-tier grade as compared to our peers."

All the right conditions align to buy Goldshore Resources 

^{Drill cores from Goldshore's recent Mineral Resource Estimate update.}

Writing in Streetwise Reports, Technical Analyst Clive Maund, said now looks like the optimal point for investors to buy Goldshore Resources. With a long-term financial commitment to unlocking the value of its Moss Gold Project and delivering increased return to all stakeholders makes Goldshore look exceedingly attractive when placed alongside its peers, he commented.

"The conclusion must be that Goldshore Resources is a Strong Buy here for all timeframes and is equally attractive for investors or speculators at this juncture," he said.

Haywood Capital Markets in its Junior Exploration Report for 2023 has also listed Goldshore among eight companies with an attractive entry value and has added it to its watchlist.

According to Goldshore, drilling totaling 80,000 meters has been completed at Moss to date and a total of $48 million has been invested to define the initial resource with its 6 million ounces of gold.

Now, the company believes it is well-positioned to achieve key milestones with the Moss Gold project within the next 24 months. And, Goldshore says, it can do so with minimal cash outlay and within the company's current treasury.

According to the World Gold Council, the conflict in the Middle East, uncertainty from elections in major economies, and central bank purchases will boost gold's appeal this year.

Total gold demand hit a record last year and is expected to expand again in 2024 as the US Federal Reserve moves toward cutting interest rates, potentially aiding prices, reported the World Gold Council.

JP Morgan predicts "a breakout rally" for gold in mid-2024, with a targeted peak of $2,300 on expected rate cuts. Joni Teves, Precious Metals Strategist with investment banking company UBS, told CNBC that she expects gold prices to hit $2,200 per ounce by the end of the year.

Against this backdrop and the new MRE results, Goldshore is looking at a busy and exciting year said Richards.

The company also has a strategic partnership with a private equity group for a "long-term financial commitment to unlock the value of the Moss Gold Project." Richard states, "We have enough cash on the balance sheet to have 24 months of working capital from today. So, we’re not too worried about raising money anytime soon. All management are on reduced salaries and our burn every month is quite low."

Given the quality, quantity, and grade increase, Goldshore believes that the market would re-rate the company.

"The junior mining space is quite uncoupled from historic valuations, which makes raising capital extremely tough, no doubt about it. But we were fortunate to bring in a strategic partner. "I think we’re in the very early stages of a really strong gold run, and I think we’re going to see pools of capital come back to our sector simply because of the disconnected valuation and the opportunity it is going to present for investors.

"This run that we’re about to go on is probably going to be the largest bull run in the 37 years I’ve been in this business. So, we’re well positioned to be able to take advantage of that," said Richards.

Goldshore’s focus on low-risk jurisdiction, extensive exploration work, and strong resource estimates positions it as a promising player in the gold exploration industry. Given its financial health, operational efficiency, and exploration prospects, Goldshore is well on its way to becoming a Tier 1 gold exploration company.

To learn more about Goldshore Resources, visit its website here, or find it on social media:

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This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice.