"Goldshore Resources will conduct exploration activities to develop the project to a stage where a major will buy the project to build a mine."

Brett Richards

CEO & DIRECTOR, GOLDSHORE RESOURCES

November 04, 2021

Can you highlight some milestones Goldshore Resources has achieved over the past 18 months?

With a belief that the gold trajectory was going to remain positive, we were looking for gold projects that were economic at approximately US$1,600 to US$1,800 gold price. We got wind of the Moss Lake project and concluded a transaction on January 26, 2021. We did pre-transaction funding to support the transaction, and were also able to obtain C$25 million Sudbury seed financing of which C$15 million was hard dollars and C$10 million was flow-through receipts into Sierra Madre. We were doing a reverse takeover on Goldshore into Sierra Madre and changed the name to Goldshore Resources. Everything was submitted to the TXS for approval, and we were admitted for trading on June 4, 2021. The company is currently trading on the TXSV under GSHR, on the OTC pink for the next few weeks under GSHRF where we are hoping to be approved for the OTCQB, and the Frankfort Stock Exchange.

How much funding does Goldshore Resources have to take the Moss Lake project forward?

The Moss Lake project is an under drilled project in Ontario with significant upside resource potential. In July 2021, the company commenced with a 100,000 m drill program and additional exploration activities to further develop it. The company currently has approximately C$11 million in the bank, which will take us forward for about 10 months at concurrent levels. We are currently running two rigs and are planning to ramp up to four rigs by November 2021. We need a really cold winter to get on top of the lake, and if it is not the case, we will drill other targets.  Goldshore Resources will conduct exploration activities to develop the project to a stage where a major will buy the project to build a mine. We thus decided to run geophysical airborne VTEM/mag surveys over the entire land package, conducted by Geotech in March/April 2021, and hired TechnoImaging alongside Geotech to do the interpretation.

How well connected is the Moss Lake project in terms of infrastructure and community relations?

The base of our operations is already established at Kashabowie, just 1 km off Highway 11. The project has access to grid power, telecommunications, water and other utilities that will facilitate all-year operations. Thunder Bay is only 130 km away from our site. We have completed construction of an on-site core shack and office, enabling core processing at a rate of 400 m per day.  It is important to listen to host communities and really understand what they want. Goldshore Resources has a dedicated community engagement team to foster longstanding supportive relationships and we have open and ongoing communication with the communities, including the Lac des Mille Lacs, Fort William, and Metis First Nations, in our efforts to de-risk the project. We also support the local communities through focusing on prioritizing local businesses and their affiliates, and our logistics team is fully comprised of indigenous community members.

What is your opinion about electrification and the speed of adoption within the mining industry?

The mining industry has been fundamental for more than 100 years and a significant amount of technological advancements have been made to improve efficiencies. The use of oil for power is not sustainable and there is currently a great move towards renewable power generation and electrification in mines. Some mines are still fundamentally stuck on old values and do not want to rock the boat, and in some cases the capital costs of moving to renewables is a little prohibitive. Companies that place emphasis on sustainability are now already thinking how they can implement technologies that are more environmentally friendly, and which contribute to a carbon neutral future. Mining houses need to start taking action and look at alternative power sources to reach a zero carbon footprint goal.

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