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Canadian Gold Company Releases New Mineral Resource Estimate

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Goldshore's new MRE demonstrates increased potential. Click here to see how the project's outlook has improved.

Goldshore Resources Inc. (TSXV: GSHR;OTCQB: GSHRF ;FWB: 8X00) has released an updated mineral resource estimate for its projects in Ontario, the Moss gold project, and the East Coldstream project.

The company is based in Canada and owns 100% of its flagship property, Moss Lake. The MRE highlights increased potential in the projects, especially as it relates to shear domain increase.

New Mineral Resource Estimate

Goldshore provided an updated MRE for the Moss Lake deposit and the East Coldstream deposit. Both deposits are located on the Moss Lake gold project in Ontario, Canada. The Moss gold project's inferred global resource grew by 44% to six million ounces at 1.02 grams per ton (g/t), within 183.6 million tons.

According to analyst Clive Maund, the company "is considered to be a worthwhile speculative addition to any precious metals stock portfolio."

The Moss deposit's MRE gained 24% contained gold ounces and 32% more tons to 5.42 Moz Au at 1.03 g/t Au within 163.6Mt. The shear domain increased contained metal and tonnage by 52% and 63%, respectively, to 3.35 Moz Au at 1.84 g/t Au within 56.5Mt. Goldshore reports that there is clear potential for expansion over the eight-kilometer-long belt through strike extensions and parallel shears where gold mineralization has been intersected but is sparsely drilled.

The East Coldstream MRE introduced 580,000oz at 0.91 g/t Au in 20Mt. The implied stripping ratios are 5.2 to 1 for Moss and 6.4 to 1 for East Coldstream. This resource increase implied by the Moss gold project demonstrates the scale of the project and the opportunity for a high-grade, open-pit gold project.

The work is well underway on studies to support a preliminary economic assessment (PEA) to be released later this year. The Moss gold project hosts 29 additional targets over 35km. The company incurred discovery costs of approximately $10 per ounce of inferred Au resource, including acquisition costs and overheads.

Why Gold?

As the dollar falters, gold is becoming an attractive haven for investors looking to shore up their portfolios. According to Richard Mills of Ahead of the Heard, "what has transpired so far in 2023 has confirmed that the conditions have been set for gold and silver to soar. Their prices have both seen impressive jumps this year, with gold recently coming within cents of an all-time high, and silver flirting with price levels last seen a decade ago."

Some analysts are of the opinion that precious metals may set records again, despite gold's new record last month. Gold does well when the economy weakens, and recession fears are still widespread as inflation rises.


According to analyst Clive Maund, the company "is considered to be a worthwhile speculative addition to any precious metals stock portfolio, especially as it is still at a very favorable price being only a little above the second low of a suspected Double Bottom base pattern at a time when the sector is lighting up in anticipation of the collapse of the dollar."

Goldshore is focused on its two key catalysts this year (MRE – delivered, and the PEA – Q3/Q4 2023), and if the capital markets support further capital raises to underpin an infill drill program, the company will consider that for alter in the year.

The company also has 22 other high-priority scout targets to test, three base metal targets to test, and it wants to conduct definition drilling at North Coldstream.  The balance will be an assessment between dilution and development speed. If further drilling occurs in 2023, then once a material change in the resource size or quality is estimated, the company will put out an MRE in due course.

Ownership and Share Structure

Streetwise Ownership Overview*

Goldshore Resources Inc. (TSXV: GSHR;OTCQB: GSHRF ;FWB: 8X00)

*Share Structure as of 3/27/2023

Goldshore Resources has a market cap of CA$40 million as of December 27, 2022. There are 165 million shares, and 5 million broker warrants. Options make up 8% of the I/O. It trades in the 52-week range between CA$0.16 and CA$0.47.

Management and directors own approximately 17 million shares, or 11%. Brett Alan Richards owns 2.58% with 4.39 million shares, Stuart Galen Mcnamara owns 2.41% with 4.09 million shares, Victor Cantore owns 1.16% with 1.96 million shares, Doug Ramshaw owns 0.92% with 1.57 million shares, Shawn Khunkhun owns 0.53% with 0.90 million shares.

Institutions own approximately 32.4% of the company with 55.1 million shares. Wesdome Gold Mines Ltd. owns 22.60% with 38.42 million shares, Sprott Asset Management LP owns 7.25% with 12.33 million shares, Commodity Capital AG owns 1.67% with 2.85 million shares, U.S. Global Investors, Inc. owns 0.59% with 1.00 million shares, and Palos Management Inc. owns 0.29% with 0.50 million shares.

Goldshore reports that it has CA$7 million in the bank, with a monthly burn rate of CA$1.2 million, and a monthly drilling cost of CA$1.1 million.

The company reports that there may be some sellers looking for liquidity, but that the institutions, management, directors, and insiders are not sellers. There are no warrants overhang.

Goldshore works with a number of IR firms, including HE Capital Markets, 6ix, Stockhouse, MarketOne,, Mezzo Consulting Services, and the German Mining Network. The company also works with influencers, such as Capital Analytica, Bart Van Woensel of The Critical Investor, Jim Lewis of Wall Street Silver, Travis of Economic Ninja, Maurice Jackson of Proven and Probable, David Skarica of Addicted to Profits, Brien Lundin of Gold Newsletter, Gerardo Del Real of Resource Stock Digest, Gwen Preston of Resource Maven, Rick Mills of Ahead of the Herd, Trevor Hall of Mining Stock Daily Podcast, and Rainer Kromarek of German Smart Investor. Barry Allan of the Laurentian Bank, Paul Obrien of Velocity Trade Capital, and Stuart MacDougal of Research Capital all provide analysis and news coverage of the company.

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Important Disclosures:

  1. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Goldshore Resources Inc., a company mentioned in this article.
  2. Amanda Duvall wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. 
  3. The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Goldshore Resources Inc. Click here for important disclosures about sponsor fees.
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