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    GXS   CA38153U8840

GOLDSOURCE MINES INC.

(GXS)
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Goldsource Announces Additional Drill Results at Eagle Mountain

08/12/2021 | 07:43am EST

Goldsource Mines Inc. announced additional infill and expansion drill results for the Company's 100%-owned Eagle Mountain Gold Project in Guyana, South America. Newly reported results represent 43 core holes totaling 3,786 metres from the Zion and Bacchus areas, located in the eastern and northern locations of the Eagle Mountain deposit. Year to date, the Company has drilled 14,891 metres in 123 shallow drill holes and is 90% through the 2021 base program of 16,500 metres. As the Company is preparing for an updated Mineral Resource Estimate ("MRE") anticipated later in 2021, the focus has been on infill and expansion drilling of the Eagle Mountain deposit, which is defined by a series of sub-horizontal mineralized zones that are laterally extensive and start at surface. This drilling was designed to upgrade a significant portion of Inferred mineral resources to the Indicated category and to test for lateral extensions of the zones. The current Mineral Resource Estimate is contained in a report titled "Eagle Mountain Gold Project, Potaro - Siparuni Region Guyana, NI 43-101 Technical Report", dated April 7, 2021 with an Effective Date of February 17, 2021 ("February 2021 MRE"). In terms of sequencing of drilling activities, the company has front-end loaded the infill and expansion drilling of the Eagle Mountain deposit in 2021 to prepare for the delivery of the MRE update in late 2021. With these activities progressing well with respect to the objectives for the MRE update, drill results through the balance of the year will reflect a higher proportion of exploration drilling, which is also a primary objective of the 2021 drill program. This will encompass follow-up drilling of prospects along the Salbora-Powis structural corridor, including the Toucan Prospect where the Company recently intersected 6.0 metres (estimated true width ("ETW") of 3.5 metres) grading 18.14 grams per tonne ("gpt") gold starting 100.5 metres down the hole, and testing of known geophysical targets. Based on preliminary success with the Toucan Prospect and the presence of a number of high priority targets, management has approved an expanded scope for exploration drilling. The net result is an approximate 5,000 metre increase to the 2021 drill program, bringing planned drilling to an estimated 21,500 metres.


ę S&P Capital IQ 2021
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Financials
Sales 2020 - - -
Net income 2020 -9,12 M -7,10 M -7,10 M
Net cash 2020 3,95 M 3,08 M 3,08 M
P/E ratio 2020 -4,83x
Yield 2020 -
Capitalization 46,0 M 35,9 M 35,8 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 91,7%
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Managers and Directors
Steve Parsons Chief Executive Officer
Ioannis Tsitos President & Director
Kimberly Newsome Vice President-Finance
Nathan Eric Fier Executive Chairman & Chief Operating Officer
Graham Campbell Thody Lead Independent Director
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