Categories: Precious Metals
Topics: General Precious Metals

Goldshore Resources (TSX-V: GSHR)(OTC: GSHRF) CEO Brett Richards on Hitting Long Widths of Gold Mineralization In First Holes at Moss Lake

Gerardo Del Real: This is Gerardo Del Real with Resource Stock Digest. Joining me today is the president and CEO of Goldshore Resources, Mr. Brett Richards. Brett, how are you this morning?

Brett Richards: I'm great, Gerardo. How are you doing?

Gerardo Del Real: I am well. It was nice to catch up last week in New Orleans. Good to meet in person finally, and get back out there. Before we get into the excellent first set of assay results from the first three holes, I want to ask you about the conference and just get your thoughts on the general feeling of it.

Brett Richards: No, I think the conference was very useful. Attendance was off slightly, because of, most likely because of COVID. But the quality of people at the conference I found was excellent. There were high quality investors looking for opportunities in our space. I thought some of the speakers and those who gave the macro overview of the economy global, I'll say, metal situation was actually interesting, as well. So I thought the conference was very useful. I thought Brian and his team did a great job.

Gerardo Del Real: I agree with you 100%. You had the good fortune of having some news that was positive news. As I mentioned, you announced the first three holes from the 100,000 meter drill program at Moss Lake. I'll let you go ahead and provide the context for it, but I got to believe that you're encouraged by the fact that you're getting these lateral extensions, and that they're are wide, right?

Brett Richards: Yeah, they are. And you know, this is what is exciting, is that we came up with a theory, looking at all of the data and looking at all the information. And it's how we arrived during due diligence as to this being an under drilled and very strong potential for growth. So our first few holes, one, two, and three came back. They really validated what we've been saying, is that the historical resource is intact. It's there, but it's been under drilled at depth. They only drilled down to 280.

We let the first couple of holes run, and we've got strong, strong mineralization right down to 500, 600 meters. So this is going to be, certainly, a much deeper resource. I've had criticisms of people saying, "Well, you're not going to ever build a pit down 500 meters." Well, you know what? Detour Lakes mine plan goes to 700 meters. So this is not out of the question, to be able to start thinking like this. But you talked about the lateral extension is also important. It'll make the pit wider. It'll allow us to go deeper with a low strip ratio. So that was really, really encouraging, looking at the lateral extension, in an area that has never been drilled. So that's really good.

Gerardo Del Real: And again, just for context, let me highlight some of the better numbers. You drilled 57 meters of 1.2 zero grams per tonne gold from four meters. And then there was 36 meters at 1.15 grams per tonne gold from 182 meters. That was in hole three. You also went a little deeper, as you mentioned, and you drilled 31 meters at 1.18 grams per tonne gold from 122 meters. And here's the deeper intercept: 16.30 meters at 2.09 grams per tonne gold from 350.7 meters. So good grades, great widths. I'm looking forward to what is one of the more aggressive drill programs out in the entire junior space. I believe you're ramping up to 12,000 meters a month right now?

Brett Richards: Yep. We are. We have the second rig running now, and we'll have the next two rigs running in November. So four rigs, both to attend to 10,000 meters a month through the winter time, 12,000 in the summer.

Gerardo Del Real: You're cashed up. You're drilling. You're hitting. The stocks pulled back a bit with the entire space. I think it's a heck of an opportunity, given the time of the year and the cyclicality of it, as we, obviously, we're in the middle of tax loss selling season. Anything to add to that, Brett?

Brett Richards: No, I think you're right. This is a great entry point. We're trading just a little bit below IPO numbers. And yes, we're in a bit of a different environment. This is the tax loss selling season, and the capital markets aren't really sure where they want to go. So what a great time to get in, if you believe in the macro gold environment for the future.

Gerardo Del Real: I'm a contrarian by nature. I think it's a heck of an opportunity. Thanks again for your time, Brett.

Brett Richards: Thanks, Gerardo. Take care. See you soon.