On Behalf of Goldshore Resources Inc.
Goldman Sachs has recently reaffirmed its bullish outlook on gold, suggesting that the yellow metal is the best investment in the current market. The bank expects gold prices to continue rising in 2024 and into 2025, serving as a hedge against economic instability and ongoing inflationary pressures. With lower interest rates likely boosting demand, gold's safe-haven appeal remains strong. Goldman also highlights the Federal Reserve's policies as a factor that could create favorable conditions for gold, making it an attractive asset for portfolio diversification amid ongoing market volatility. As this upward momentum continues, gold companies like Goldshore Resources Inc. (TSXV:GSHR) (OTCQB:GSHRF), Agnico Eagle Mines Limited (TSX:AEM) (NYSE:AEM), IAMGOLD Corporation (TSX:IMG) (NYSE:IAG), New Gold Inc. (TSX:NGD) (NYSE-A:NGD), and Equinox Gold Corp. (TSX:EQX) (NYSE-A:EQX) could stand to benefit.
Goldshore Resources Inc. (TSXV:GSHR) (OTCQB:GSHRF) is advancing its 100%-owned Moss Gold Project in Ontario, which boasts 1.54 million ounces of indicated gold and 5.2 million ounces of inferred gold. The company follows a three-pillar strategy: resource expansion, economic studies, and permitting, with a Preliminary Economic Assessment (PEA) planned for Q1 2025. Led by experts from Newmont and supported by the SAF Group, Goldshore has invested over $60 million and completed 80,000 meters of drilling. Positioned near key infrastructure, the project remains open along its 35+ km mineralized trend.
The Company has recently identified resource expansion targets at the Moss Deposit that offer potential to increase the ounce profile above the current resource (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), and reduce the overall strip ratio, enhancing project economics.
Goldshore Resources Inc. (TSXV:GSHR) (OTCQB:GSHRF) also provided an update on G Mining Services, which is making significant progress on the Preliminary Economic Assessment (PEA) for the Moss Gold Project.
Goldshore Resources chose G Mining Services for their deep expertise, particularly in large-scale gold projects, having conducted the 2021 feasibility study for Equinox Gold's Greenstone Mine. G Mining's experience in the region and their successful track record, including projects in Brazil, make them an ideal partner to assess the Moss Gold Project and confirm its potential.
After reviewing the Mineral Resource Estimate (MRE), G Mining found it suitable for the PEA and suggested areas for improvement, which Goldshore Resources is incorporating into its site programs. A site visit on July 23, 2024, evaluated key infrastructure placements. Currently, G Mining is assessing various mining and milling options to determine the optimal approach. Goldshore decided to focus on the larger Moss Gold resource, excluding the smaller East Coldstream deposit to minimize the project’s footprint.
“From a growth perspective we tested two important targets and gained valuable information to continue to explore in and around the Moss Gold Deposit. Of note to the technical team is the identification of a fault along the western edge of Moss that offsets the deposit to the south-southwest and will allow the Company to focus its exploration efforts to expand the deposit to the west along the Moss Nose target,” said Michael Henrichsen, CEO of Goldshore Resources. “In addition, solid progress has been made on the PEA study, the Company’s largest catalyst in the next 6 – 7 months with G Mining Services. A site visit and a validation of the mineral resource model have been completed and the study is currently focusing on identifying the optimal mining and milling scenario for a phased production approach that will form the basis of the PEA study moving forward.”
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Strong Gold Production and Exploration Drive Operational Success Across Multiple Projects
Agnico Eagle Mines Limited (TSX:AEM) (NYSE:AEM) reported strong Q2 2024 results, driven by higher gold prices and solid operational performance. The company generated record free cash flow of $557.2 million and achieved gold production of 895,838 ounces at $862 per ounce. With improved infrastructure and a focus on key projects like Detour Lake and Upper Beaver, Agnico expects to meet its full-year production and cost guidance. The company also strengthened its balance sheet by reducing net debt and enhancing shareholder returns through dividends and share buybacks.
IAMGOLD Corporation (TSX:IMG) (NYSE:IAG) reported strong Q2 2024 results, with attributable gold production of 166,000 ounces, driven by Essakane, Westwood, and Côté Gold. Côté Gold reached commercial production, achieving 36,000 tonnes per day. The company improved its cash cost guidance to $1,175-$1,275 per ounce sold. IAMGOLD has $915.7 million in liquidity and continues to advance key projects, including the repurchase of a 10% interest in Côté Gold, raising ownership to 70%. The company generated $160.1 million in net cash from operating activities in Q2.
New Gold Inc. (TSX:NGD) (NYSE-A:NGD) reported successful exploration drilling at Rainy River, advancing their goals to expand resources and discover new mineralized zones. Drilling confirmed gold mineralization extensions at Intrepid, ODM East, and 17-East, with significant intersections, including 3.32 AuEq over 7.5m. Near-surface drilling at NW-Trend and 280 Zone also identified additional open-pit mining potential. These results are expected to positively impact the year-end 2024 mineral resource estimate and guide future exploration efforts.
Equinox Gold Corp. (TSX:EQX) (NYSE-A:EQX) announced an updated Mineral Resource Estimate for its Hasaga Property in Red Lake, Ontario. The indicated resource stands at 408,000 oz of gold at 8.64 g/t, with inferred resources at 484,000 oz at 7.31 g/t. This update shifts focus from a bulk-tonnage to a high-grade approach. The main zones remain open for further exploration, presenting strong growth potential. Exploration efforts in 2025 will include targeted drilling and geochemical programs to expand the resource.
Goldshore Resources Inc. (TSXV:GSHR) (OTCQB:GSHRF) has raised C$4.875 million through the early exercise of 37.5 million common share purchase warrants, issued at C$0.13 per share. These warrants were part of a non-brokered private placement closed in November 2023.
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Qualified Person: Peter Flindell, PGeo, MAusIMM, MAIG, Vice-President, Exploration, of the Company, and a qualified person under National Instrument 43-101, has approved the scientific and technical information contained in this news release regarding Goldshore Resources Inc.
Cautionary Note Regarding Forward-Looking Statements
This newsletter contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause GSHR’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 newsletter include, among others, statements relating to expectations regarding the exploration and development of the Moss Gold Project; GSHR’s plans to conduct further exploration work on the Moss Deposit and the East Coldstream Deposit to determine its potential through this next development cycle; the fact that the PEA study is expected to be completed by the end of Q1 2025; that GSHR’s exploration focus will be towards expanding the deposit around the Moss Nose target; and other statements that are not historical facts.
Forward-looking statements are based on certain material assumptions and analysis made by GSHR and the opinions and estimates of management as of the date of this newsletter, including that the exploration and development of the Moss Gold Project will be completed as expected by GSHR’s management; timing and release of a PEA will be as expected by management; GSHR will have the financial resources and other resources required to complete its exploration plans; that no change in circumstances or events will impact the completion time for the PEA; that GSHR’s focus will continue to be expanding the deposit around the Moss Nose target and the exploration results will be positive.
These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of GSHR to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Important risks that may cause actual results to vary, include, without limitation, the risk that the exploration and development of the Moss Gold Project will not be completed as expected by GSHR’s management or will not be completed at all; unanticipated costs; changes in GSHR’s business plans; changes in applicable legislation that impacts GSHR’s exploration and development plans; the risk that the PEA will not be completed in the timeframe expected, or at all; and the exploration results of the Moss Deposit and the East Coldstream Deposit will be contrary to management’s expectations, and impact GSHR’s further exploration plans.
Although management of GSHR has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. GSHR does not undertake to update any forward-looking statement, forward-looking information or financial outlook that are incorporated by reference herein, except in accordance with applicable securities laws.
PAID ADVERTISEMENT. This communication is a paid advertisement for Goldshore Resources Inc. (TSXV:GSHR) (OTCQB:GSHRF) (the “Company”) to enhance public awareness of the Company, its products, its industry and as a potential investment opportunity. Native Ads and their owners, managers, employees, and assigns were paid by the Company to create, produce and distribute this advertisement. This compensation should be viewed as a major conflict with Native Ads’ ability to be unbiased.
This communication is not intended as, and should not be construed to be, an offer to sell or a solicitation of an offer to buy any security. Neither this communication nor the Company purport to provide a complete analysis of the Company or its financial position. The Company is not, and does not purport to be, a broker-dealer or registered investment adviser. This communication is not, and should not be construed to be, personalized investment advice directed to or appropriate for any particular investor. Any investment should be made only after consulting a professional investment advisor and only after reviewing the financial statements and other pertinent corporate information about the Company. Further, readers are advised to read and carefully consider the Risk Factors identified and discussed in the Company’s public disclosure documents available on SEDAR+ (www.sedarplus.ca) under the Company’s profile and/or other government filings. Investing in securities is speculative and carries a high degree of risk.
Disclaimer
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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Goldshore Resources Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Goldshore Resources Inc.’s industry; (b) market opportunity; (c) Goldshore Resources Inc.’s business plans and strategies; (d) services that Goldshore Resources Inc. intends to offer; (e) Goldshore Resources Inc.’s milestone projections and targets; (f) Goldshore Resources Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Goldshore Resources Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Goldshore Resources Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Goldshore Resources Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Goldshore Resources Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Goldshore Resources Inc.’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) Goldshore Resources Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Goldshore Resources Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Goldshore Resources Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Goldshore Resources Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Goldshore Resources Inc.’s business operations (e) Goldshore Resources Inc. may be unable to implement its growth strategy; and (f) increased competition.
Except as required by law, Goldshore Resources Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Goldshore Resources Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Goldshore Resources Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.
7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Goldshore Resources Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Goldshore Resources Inc. or such entities and are not necessarily indicative of future performance of Goldshore Resources Inc. or such entities.
8) The technical information contained in articles and videos produced for this campaign has been reviewed and approved by Mr. Peter Flindell at Goldshore Resources Inc. as the Qualified Persons for the Company as defined in National Instrument 43-101.
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