Goldshore Resources Inc. (TSXV: GSHR) (OTCQB: GSHRF) (FSE: 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 grows with 24% more contained gold ounces and 32% more tonnes from 4.17Moz Au in 121.7Mt (November 2022 mineral resource estimate) to 5.42Moz Au at 1.03 g/t Au within 163.6Mt (open pit and underground).

The shear domain has increased in contained metal and tonnage from the November 2022 mineral resource estimate by 52% and 63%, respectively, to 3.35M oz Au at 1.84 g/t Au within 56.5Mt (open pit only).

There is clear expansion potential over the 8km-long belt through strike extensions (in both directions) and parallel shears where 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 Project demonstrates the scale of the project and the opportunity for a high-grade open-pit gold project.

Work is well underway on studies to support a preliminary 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 approximately 76 ounces Au per meter drilled (all-in costs included) in the 78,000 meters drilled to date.

About Goldshore

Goldshore is an emerging junior gold development company, and owns the Moss Gold Project located in Ontario. Wesdome Gold Mines Ltd. is currently a large shareholder of Goldshore. Supported by an industry-leading management group, board of directors and advisory board, Goldshore is positioned to advance the Moss Gold Project through the next stages of exploration and development.

Contact:

Brett A. Richards

Tel: +1 604 288 4416

Cautionary Note Regarding Forward-Looking Statements

This news release contains statements that constitute 'forward-looking statements.' Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company'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 news release include, among others, statements relating to expectations regarding the exploration and development of the Project, the filing of a technical report supporting the MRE, commencement of a preliminary economic assessment and prefeasibility study, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may require additional financing from time to time in order to continue its operations which may not be available when needed or on acceptable terms and conditions acceptable; compliance with extensive government regulation; domestic and foreign laws and regulations could adversely affect the Company's business and results of operations; the stock markets have experienced volatility that often has been unrelated to the performance of companies and these fluctuations may adversely affect the price of the Company's securities, regardless of its operating performance; the impact of COVID-19; the ongoing military conflict in Ukraine and other risk factors outlined in the Company's public disclosure documents.

The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

(C) 2023 Electronic News Publishing, source ENP Newswire