Shear Domain at the Moss Deposit increases to 3.35Moz at 1.84 g/t Au within 56.5Mt

VANCOUVER, B.C., May 8, 2023: Goldshore Resources Inc. (TSXV: GSHR / OTCQB: GSHRF / FWB: 8X00)(“Goldshore” or the “Company”) is pleased to announce an updated mineral resource estimate (the “Moss MRE”) for the Moss deposit (“Moss”or the “Moss Deposit”) and a maiden mineral resource estimate (the “East Coldstream MRE” and, together with the Moss MRE, the “MRE”) for the East Coldstream deposit (“East Coldstream” or the “East Coldstream Deposit”), both located at its 100%-owned Moss Gold Project in Northwest Ontario, Canada (the “Moss Gold Project” or the “Project”).

• Moss Gold Project global inferred resource grows 44% to 6.00Moz at 1.02 g/t, within 183.6Mt

• Moss MRE growswith24% more contained gold ouncesand32% more tonnesfrom 4.17Moz Au in 121.7Mt (November 2022 mineral resource estimate) to5.42Moz Au at 1.03 g/t Au within 163.6Mt(open pit and underground).

• Theshear domain has increased in contained metal and tonnage from the November 2022 mineral resource estimate by 52% and 63%, respectively,to3.35M ozAuat1.84 g/t Au within 56.5Mt(open pit only).

• There isclear expansion potential over the 8km-long belt through strike extensions (in both directions) and parallel shearswhere gold mineralization has been intersected but is sparsely drilled.

• East Coldstream MRE introduced at 580Koz at 0.91 g/t Au in 20.0Mt(open pit and underground).

• Implied stripping ratios are 5.2:1 for Moss and 6.4:1 for East Coldstream.

• This resource increase implied by the Moss Gold Projectdemonstratesthe scale of the project and the opportunity for a high-grade open-pit gold project.

• Work is well underway on studies to support apreliminary economic assessment (“PEA”) planned for later this year.

• The Moss Gold Project is host to 29 additional targets over a 35 km trend, which the Company continues to evaluate, and prioritize for future drill campaigns.

• The Company has incurred discovery costs of approximately CAD$10 per ounce of inferred Au resource (all-in) including acquisition costs and overheads. This can also be measured as approximately76 ounces Au per meter drilled (all-in costs included) in the 78,000 meters drilled to date.

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Summary of the MRE

Open-Pit and Underground Constrained Inferred MRE for the Moss Deposit and East Coldstream Deposit with an Effective Date of May 5, 2023:

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Note: Based on a US$1,650 per ounce gold price and economic cut-off grade of 0.35 g/t Au for open pit and 2.07 g/t Au and 2.00 g/t Au for underground resources (Moss and East Coldstream, respectively).  Please review “Notes to Accompany Moss MRE” and “Notes to Accompany East Coldstream MRE” for additional information.

President and CEO Brett Richards stated:

“This announcement is an important milestone for Goldshore and the Moss Gold Project.

 

“We are pleased with the results of the MRE, as it illustrates the size, scale, and potential of the Moss Gold Project that we have been communicating for the past many months.

 

“This important step in the development of the Project will now shift to commencing a PEA by putting a mining project around the resource with the goal of understanding the economic outputs.

“Today’s MRE is a first step towards understanding a potential first phase of the Moss Gold Project, as we believe it represents only a small portion of the mineralization or potential mineralization on our land package.

 

“We still have 29 additional targets to drill test, including several gold targets, but also 4 interesting base metal and battery mineral targets.

We will now start to run scenario planning for the PEA with respect to how we construct a Phase 1 project of a clearly larger mineral resource, while investigating various leaching methodologies, including heap leach.

 

“When we have a clear picture of the scope of the PEA, we will guide the market as to when we believe the results of it will be available to the market.”