THUNDER BAY — Goldshore Resources CEO Michael Henrichsen boldly predicts the Moss Gold Project, west of Thunder Bay, can be a top 10 producing Canadian gold mine.
The Vancouver gold explorer raised $36 million in a private placement deal to work on expanding the size of its deposit in the Shebandowan area, 100 kilometres west of the city. The company has eyes on developing an open-pit gold mine there.
“This financing is the largest in the company’s history and transforms the scope of work that can be done to unlock value,” said Henrichsen in a news release last week.
The property contains 1.54 million ounces of gold in the indicated category at 1.23 grams per tonne (g/t) and 5.20 million ounces of inferred gold resources at 1.11 g/t.
Goldshore insists there are more ounces to be had as only a fraction of the 14,300-hectare property has been fully explored and evaluated. The current gold estimate makes up only 3.6 kilometres of a 35-kilometre-long mineralized trend that looks to continue on laterally across the surface and extends deeper down.
The company is funding a 50,000-metre drill program to expand the size of the gold resource, do more exploration drilling across 23 kilometres of property, and scope out some promising underexplored areas with mineral potential.
A preliminary economic assessment of what a mine could look like at Moss is due out in the fourth quarter.
Moss is Goldshore’s only asset. It picked up the property from Wesdome Gold Mines in 2021 and inherited two historic gold deposits that were never mined. Since then, Goldshore has invested more than $75 million in the project and carried out 100,000 metres of drilling.
In a statement, Henrichsen said Goldshore is now sufficiently cashed up to finish the preliminary economic assessment at Moss and move quickly to advance the project to a more advanced feasibility study stage and permitting.
“Our vision is to deliver a top 10 producing gold mine in Canada in the centre of an emerging gold belt in Northern Ontario.”
In delving into its plan, Goldshore said it’s focusing its exploration efforts on the Moss Block, a 48-square-kilometre area that contains 91 per cent of the current mineral resource ounces.
Goldshore inked an impact benefit agreement with an area First Nation last month and said it continues to engage with First Nations and local communities while finishing its environmental baseline study.
