• March 24, 2021

Goldsource Mines Announces Updated Mineral Resource Estimate for Eagle Mountain Project

Published on March 24th, 2021

Vancouver, British Columbia–(Newsfile Corp. – February 22, 2021) – Goldsource Mines Inc. (TSXV: GXS) (OTCQB: GXSFF) (FSE: G5M) (“Goldsource” or the “Company”) is pleased to announce the results of an updated Mineral Resource Estimate (“MRE”) for its 100%-owned Eagle Mountain Gold Project (“Project”) in Guyana, South America. Details of the Mineral Resource Estimate, which include the Eagle Mountain and Salbora deposits, will be provided in a Technical Report prepared in accordance with National Instrument 43-101 (“NI 43-101”) filed under the Company’s SEDAR profile within 45 days of the release with an effective date of February 17, 2021. The updated MRE was prepared by CSA Global (“CSA”) in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition.


  • Estimated 23 million tonnes (“Mt”) grading 1.14 grams per tonne (“gpt”) gold for 848,000 ounces (“oz”) of gold contained in Indicated Resources and 25 Mt grading 1.09 gpt gold for 868,000 oz of gold in Inferred Resources.
  • The MRE includes the Eagle Mountain and Salbora deposits, both of which feature gold mineralization starting at surface in saprolite (soft rock) and extending into the underlying fresh rock. The saprolite is estimated to contain 42% of the gold in Indicated Resources and 16% of the gold in Inferred Resources.
  • Mineral resources, employing cut-off grades of 0.30 gpt gold for the saprolite and 0.50 gpt gold for the fresh rock, are contained within a conceptual open pit. Gold in surficial saprolite and the shallow sub-horizontal zones of the Eagle Mountain deposit result in a low average strip ratio. The strip ratio of the saprolite is estimated to be below 1:1.
  • The updated MRE is defined by a total of 674 core holes for 57,550 metres drilled, as well as 158 auger drill holes for 532 metres drilled, which includes infill and exploration drilling up to November 6, 2020.
  • In comparison to the 2014 Preliminary Economic Assessment (“PEA”)[1], the updated MRE delivers a 349% increase in gold contained in Indicated Resources and a 9% increase in gold contained in Inferred Resources.
  • Additional infill and expansion drilling since the 2014 PEA contributed to the significant increase in Indicated Resources, while the discovery of the Salbora deposit and extensions to the Eagle Mountain deposit with the Friendly and No. 1 Hill areas being added to mineral resources.
  • The Company is planning a second resource update in the second half of 2021. This will incorporate results from expansionary and infill drilling at the Eagle Mountain deposit, including the Baboon and Ounce Hill areas, and exploration drilling along the prospective Salbora-Powis trend targeting Salbora-style mineralization. Three drill rigs are currently active on the property.

The mineral resource estimate is based on the Company’s exploration programs and validated historical results. Mineral Resources are classified as Indicated and Inferred based on CIM Definition Standards. The effective date for the Mineral Resource Estimate is February 17, 2021. The most significant component of the data, collected by Goldsource and others, and validated by CSA and previous qualified persons represents 674 drill holes (57,550 metres), as well as 158 auger drillholes (532 metres) used in a portion of the Eagle Mountain deposit where core drilling was widely spaced. This auger data has been subject to similar quality assurance and quality control (“QA/QC”, see section below) to the core drilling. Details of the Company drill results can be found in various press releases from August 28, 2017 to the cut-off date of November 6, 2020 and the 2014 PEA.

Qualified Persons

Adrian Martinez (P.Geo.) of CSA is the independent Qualified Person for the mineral resource estimates presented in this press release, has approved its publication, and will be the principal QP for the NI 43-101 technical report that will be filed on SEDAR within 45 days.

The Company QP under NI 43-101 for this news release is N. Eric Fier, CPG, P.Eng, Executive Chairman and VP Finance for Goldsource, who has reviewed and approved its contents.

Read full announcement

DATE: February 22, 2021

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