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BiotechinvestorRLF Free

09/01/20 5:45 AM

Post #3

Expanding Gold Deposit on Goldsource
the CEO sees a 43.101 Report Q4 2020 with 1.2 to 1.6 Million ounces

NEWS RELEASES
Goldsource Announces Expansion of Eagle Mountain & Salbora Deposits
21 Metres Grading 1.84 gpt Gold
102 Metres Grading 0.61 gpt Gold
VANCOUVER, BC – July 29, 2020 – Goldsource Mines Inc. (“Goldsource” or the “Company”) is pleased to announce additional expansion and in-fill drill results from several targets located within the Eagle Mountain Gold Project (“Eagle Mountain Project”) in Guyana, South America. Expansion drill results of the Eagle Mountain Gold deposit (No 1 Hill area) and Salbora deposit and in-fill drill results of the Powis Prospect represent 19 core holes for 4,173 metres (see attached Figures). These new results will be included in the ongoing resources estimation anticipated by Q4, 2020.

Eagle Mountain Gold Deposit (No. 1 Hill area):
Expansion step out drilling is for an area 170 metres west of the boundary to the current Eagle Mountain resource.
Drill results of five (5) core holes for 595 metres are reported in the table below.
Historic drilling in the area consists of six (6) core holes for 705 metres are also included in the table below.
An additional three (3) core holes, totalling 313 metres, have been drilled in the No.1 Hill area and are awaiting assays.
Additional drilling is planned in H2, 2020.
Salbora Deposit:
Expansion step out drilling results to the northern part of the deposit and to depth.
Drill results of seven (7) core holes for 1,779 metres are reported in the table below.
Represents an expanded high-grade footprint (surface) of 300 metres long by 100 metres wide.
Near surface drilling is planned in H2, 2020.
Powis Prospect:
In-fill drill results of five (5) core holes for 1,389 metres.
A gold mineralized footprint of 200 metres long by 40 metres wide to a minimum depth of 200 metres.
Additional drilling is planned in H2, 2020.
The Company currently does not plan to conduct any work to verify the historical drilling or estimates other than using them to guide its exploratory drilling work.

Yannis Tsitos, President, commented, “The continued expansion of several gold deposits at the Eagle Mountain Project increases our near-surface gold mineralization. Two drill rigs are currently operating at Waterline, an extension target North of Salbora, and at No. 1 Hill area. We plan to add a third drill rig when COVID-19 related travel restrictions are eased in Guyana.”

The most significant results for this release are holes EMD20-111 which intersected 21 metres grading 1.84 grams per tonne (“gpt”) gold (or “Au”) and EME20-041 which intersected 102 metres grading 0.61 gpt gold. The following table shows the most significant results (uncut, undiluted):