Duyuru • Jul 05
Goldsource Mines' Shares Expects to be Delisted from the TSX Venture Exchange Mako Mining Corp. and Goldsource Mines Inc. announced that Mako has completed its previously announced acquisition of Goldsource by way of a plan of arrangement, pursuant to which Mako acquired all of the issued and outstanding common shares of Goldsource in exchange for common shares of Mako. As a result of the Transaction, Mako now owns the Eagle Mountain Gold Project in Guyana. The Goldsource Shares are expected to be delisted from the TSX Venture Exchange. Mako intends to cause Goldsource to submit an application to cease to be a reporting issuer under applicable Canadian securities laws. Duyuru • Apr 06
Goldsource Mines Inc., Annual General Meeting, Jun 14, 2024 Goldsource Mines Inc., Annual General Meeting, Jun 14, 2024. Location: Vancouver, BC VANCOUVER Canada Duyuru • Mar 26
Mako Mining Corp. (TSXV:MKO) entered into an arrangement agreement to acquire Goldsource Mines Inc. (TSXV:GXS) for CAD 33.28 million. Mako Mining Corp. (TSXV:MKO) entered into an arrangement agreement to acquire Goldsource Mines Inc. (TSXV:GXS) for CAD 33.28 million on March 26, 2024. The holders of the issued and outstanding Goldsource Shares will receive 0.2200 of a common share of Mako for each Goldsource Share. Termination fee of CAD 1.35 million payable by Mako or Goldsource to the other under certain circumstances. The completion of the Transaction is subject to; (a) approval of the Goldsource security holders; (b) approval of the TSXV; (c) approval of the British Columbia Supreme Court; (d) there being no material adverse changes in respect of either Mako or Goldsource; (e) the approval at a special meeting of Goldsource security holders by (i) 662/3% of the votes cast by Goldsource shareholders, (ii) 662/3% of the votes cast by Goldsource shareholders and option holders, voting as a single class, and (iii) a simple majority of the votes cast by Goldsource shareholders. The boards of directors of Mako and Goldsource unanimously approved the entering into of the Arrangement Agreement. The transaction is expected to close Q2 2024. Eight Capital is acting as financial advisor and fairness opinion provider to Mako, and Cassels Brock & Blackwell LLP is acting as legal counsel to Mako. SCP Resource Finance LP is acting as financial advisor and fairness opinion provider to Goldsource, and Koffman Kalef LLP is acting as legal counsel to Goldsource. Duyuru • Dec 15
Goldsource Mines Inc. Provides Update on Upcoming Preliminary Economic Assessment Goldsource Mines Inc. provided an update on the planned Preliminary Economic Assessment ("PEA") for the Company's 100%-owned Eagle Mountain Gold Project ("Project") in Guyana, South America. The PEA, being prepared by ERM Consultants Canada Ltd. and Soutex Inc., considers a fit-for-purpose low-capex intensity phased development plan. The initial phase, or Phase 1, comprises shallow (starting at surface), low strip ratio open pits for saprolite resources and a processing plant design that accounts for the beneficial characteristics of saprolite, including low power requirements and elevated metallurgical recoveries. This is followed by Phase 2, the development of fresh rock mineralization, in which gold production is derived from a blend of fresh rock and saprolite. The transition to fresh rock, both the timing and production scale, has been set to maximize the utility of the in-place infrastructure and potential free cash flow provided in Phase 1. The Company anticipates receiving the PEA results for release in January 2024 with a NI 43-101 Technical Report to be filed within 45 days of the results announcement. This represents a modest delay relative to the Company's guidance of the fourth quarter 2023. The Company will be participating in several industry conferences in the first quarter of 2024, including the Vancouver Resource Investment Conference (January 21-22), Mines and Money - Miami (Feb 22-23), and PDAC Toronto (March 3-6). The PEA will be based on the April 2022 Mineral Resource Estimate ("MRE") comprised of an estimated 31.1 million tonnes ("Mt") grading 1.18 grams per tonne ("gpt") gold for 1,183,000 oz of gold in Indicated Resources, and 18.4 Mt grading 0.98 gpt gold for 582,000 oz of gold in Inferred Resources. The 2022 MRE is contained in a report titled "Eagle Mountain Gold Project, Potaro - Siparuni Region Guyana, NI 43-101 Technical Report" dated May 24, 2022, with an Effective Date of April 5, 2022. The Company's Eagle Mountain Project, like all major gold projects in Guyana, falls within this Essequibo area, the sovereign territory of Guyana. The Company's activities at Eagle Mountain, including exploration, technical and environmental studies, along with ongoing coordination with governmental agencies, which included meetings last week when Company executives were in Guyana, remain unaffected by recent events, though the Company will continue to monitor the situation very closely. The Company has operated in Guyana at the Eagle Mountain Project for over 10 years and intends to be in Guyana for many more years in its commitment to the responsible and sustainable management of the Project and its natural resources in Guyana's Region 8, Potaro-Siparuni. New Risk • Nov 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: CA$13.8m (US$9.97m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Share price has been highly volatile over the past 3 months (18% average weekly change). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m. Market cap is less than US$10m (CA$13.8m market cap, or US$9.97m). Minor Risk Shareholders have been diluted in the past year (14% increase in shares outstanding). New Risk • Oct 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (CA$20.3m market cap, or US$14.7m). Duyuru • Sep 12
Goldsource Mines Inc. Provides Update on Engineering and Exploration Activities for Eagle Mountain Goldsource Mines Inc. provided an update on its engineering and exploration activities for the Company's 100%-owned Eagle Mountain Gold Project ("Project") in Guyana, South America. The 2023 work program includes engineering activities focused on the delivery of a Preliminary Economic Assessment ("PEA") as well as generative exploration and drilling activities to test new targets within the Eagle Mountain Prospecting License ("PL") and expansion and infill drilling to facilitate engineering studies. Overall, the PEA and related engineering activities are progressing well with the announcement of results anticipated in the fourth quarter of 2023. The PEA will be based on the April 2022 Mineral Resource Estimate ("MRE") comprised of an estimated 31.1 million tonnes ("Mt") grading 1.18 grams per tonne ("gpt") gold for 1,183,000 oz of gold in Indicated Resources, and 18.4 Mt grading 0.98 gpt gold for 582,000 oz of gold in Inferred Resources. The 2022 MRE is contained in a report titled "Eagle Mountain Gold Project, Potaro - Siparuni Region Guyana, NI 43-101 Technical Report" dated May 24, 2022, with an Effective Date of April 5, 2022. Engineering Activity. Generative Exploration Highlights: Per plan in H1 2023, the Company expanded its generative exploration program focusing on adding to the pipeline of exploration targets within the PL and district properties outside the PL for which the Company has exploration agreements. In collaboration with independent geological consultants, the Company completed a multi-month review of all geological data with site visits to enhance exploration models for prospects. New concepts will be tested through the balance of 2023 with generative techniques and core drilling. Soca Prospect and South Ann Prospect Drilling Highlights: Notwithstanding a reduction in drill metres prior to July 2023, several prospects were targeted within the PL. Results for thirteen (13) core holes totaling 1,652.5 metres for the Soca and South Ann prospects located approximately 1.5 and 1.1 kilometres, respectively, south of the 2022 MRE outline for the Eagle Mountain deposit along the Salbora-Powis north-south trend. Drilling has intersected mineralization along an aggregate strike length of approximately 275 metres, down to 170 metres depth, with high-grade gold intervals as well as broader areas of lower grade mineralization. Recent drilling has extended the prospect by 100 metres to the east with the identification of two additional mineralized zones represented by four drill holes EMD23-281 to EMD23-284. Drilling at South Ann targeted an interpreted contact between a quartz-feldspar porphyry intrusion and granodiorite. Four drill holes (EME22-175 to EME22-177 and EME22-183) intersected gold mineralization, which has an aggregate strike length of 175 metres with several mineralized intervals. Importantly, advancements confirm the current mineral resource model while also providing key information with respect to the geological genesis, which will enhance exploration targeting, notably in underexplored areas of the PL. EMEdefines core holes completed by contractor drill rig. True widths are estimated on mineralization orientation to drill core. Saprolite and hard rock cut-off grades of 0.3 and 0.5 gpt gold, respectively. Soutex offers a wide range of services with its personnel having experience in plant operation, engineering, technical services, research and development, training, and process control, simulation and optimization. Such forward-looking statements concern Goldsource's strategic plans; timing and expectations for the Company's exploration and drilling programs at Eagle Mountain; mine development plans, preparation and timing of the PEA; and information regarding high grade areas projected from sampling results and drilling results. Assumptions have been made regarding, among other things: conditions in general economic and financial markets; accuracy of assay results; reliability of the 2022 MRE; availability of mining equipment; availability of skilled labour; availability of skilled labour; timing and amount of capital expenditures; performance of capital expenditures; performance of available laboratory and other related services; availability of funds; availability of funds; and future operating costs; and future operating costs. The actual results could be available of funds; and future operating cost. The actual results could be made regarding, and future operating costs. New Risk • Aug 24
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -CA$4.5m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$4.5m free cash flow). Earnings have declined by 11% per year over the past 5 years. Revenue is less than US$1m. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (CA$14.9m market cap, or US$11.0m). Duyuru • Jun 10
Goldsource Mines Inc. Elects Laurie Gaborit as New Director Goldsource Mines Inc. at its Annual General Meeting held on June 8, 2023, elected Laurie Gaborit as new director. Ms. Gaborit has over 30 years of combined work experience in mineral exploration, investor relations and corporate communications. She is currently Vice-President Investor Relations for Dore Copper Mining Corporation and serves on the board of directors for Monarch Gold Corporation and Gold Terra Resource Corporation. Ms. Gaborit was Vice-President Investor Relations for Detour Gold Corp, where she was a key member of the management team from the company's initial public offering in 2007 to its successful transformation to intermediate gold producer. Prior to this, Ms. Gaborit provided strategic investor relations and corporate communications services to a number of junior mining companies. In 2019, she was the recipient of the CIRI Belle Mulligan Award for leadership in investor relations. Ms. Gaborit started her career as a geologist for Aur Resources, Cambior, and Romarco Minerals. She holds a Bachelor of Science in Geology (Honours). Duyuru • May 24
Goldsource Mines Inc. announced that it has received CAD 2.70252 million in funding On May 23, 2023, Goldsource Mines Inc. closed the transaction. The company amended terms of the transaction. The company issued 7,507,000 units at a price of CAD 0.36 per unit for CAD 2,702,520. Warrant issued is exercisable into one Common Share at a price of CAD 0.55 until May 19, 2025. The transaction included participation from insider investors for 400,000 units. All securities issued pursuant to the Private Placement are subject to a hold period of four months and one day expiring on September 20, 2023. The Private Placement is subject to final approval of the TSXV. Duyuru • May 06
Goldsource Mines Inc. announced that it expects to receive CAD 2 million in funding Goldsource Mines Inc. announced a private placement of up to 5,555,555 units at an issue price of CAD 0.36 per unit to raise up to CAD 1,999,999.8 on May 4, 2023. The transaction might involve participation from certain directors, officers and other insiders of the company. Each Unit will consist of one common share of the company and one-half of one common share purchase warrant with each whole warrant allowing the subscriber to purchase one additional share for a period of 24 months from the date of the closing at a price of CAD 0.55 per share. The Company may pay finders' fees to certain finders in connection with the Private Placement. The Private Placement may close in multiple tranches and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals including the approval of the TSXV. All securities to be issued pursuant to the Private Placement will have a hold period of four months and one day from the date of closing of the Private Placement. Duyuru • Feb 03
Goldsource Mines Inc. Reports Positive Results for Eagle Mountain Metallurgical Test Program and 2023 Work Plans Goldsource Mines Inc. announced positive results from the 2022 metallurgical test program, and the 2023 work plans for the Company's 100%-owned Eagle Mountain Gold Project (Project) in Guyana, South America. Summary of 2023 Work Plans: With respect to the 2023 work programs for exploration and engineering, these activities will advance concurrently. Exploration will test new target areas within the Eagle Mountain Prospecting License (EMPL), such as the recently discovered higher-grade North Zion prospect and include expansion and infill drilling of the current mineral resource areas to facilitate ongoing engineering studies. Across many of the engineering disciplines, activities proceeded slower than anticipated in 2022. Thus, 2023 works plans call for the delivery of a Preliminary Economic Assessment (PEA) while the Company advances the technical work for the delivery of a Prefeasibility Study (PFS). The PEA will focus on shallow, low strip ratio open pits with priority given to saprolite mineralization to establish initial low capex-intensity gold production. For fresh rock, trade-off studies are currently underway to evaluate options for the development timeline and the production scale with a focus on staging the development capex and maximizing the utility of the in-place infrastructure provided by a saprolite operation. 2022 Metallurgical Test Program: The metallurgical test program was conducted by SGS Canada Inc. and comprised 26 samples (9 saprolite and 17 fresh rock) for 750 kilograms collected from diamond drill core for the areas represented in the 2022 mineral resource estimate (2022 MRE) for the Eagle Mountain Gold Project. The Project includes the Eagle Mountain deposit, Salbora deposit, and Toucan prospect. The program was designed to profile the mineral resource areas for metallurgical characteristics, including gold recovery, reagent consumption and grindability, with the information to be used to guide plant design work. This program follows saprolite test work completed by SGS Canada in 2018, which included gold recovery tests for 22 saprolite samples from the Eagle Mountain deposit. Gold (Au) head assays were determined by the screened metallics method for the fresh rock samples and by size fraction analysis for the saprolite samples. For the saprolite samples gold grades ranged from 0.55 grams per tonne (gpt) to 2.47 gpt gold and 0.35 gpt to 3.64 gpt gold for the fresh rock. All saprolite and fresh rock samples were submitted for grindability testwork, including Bond ball mill work index and abrasion index tests to be used for plant design work (equipment selection and sizing). Four (4) saprolite and five (5) fresh rock composites were prepared for gold recovery and grind size optimization testwork. Standard cyanide bottle roll tests were completed on gravity tailings for the saprolite and fresh rock composites. For the saprolite composites tests were also completed on whole ore (no gravity concentration) to enable a coarse feed size in the bottle roll tests. For all saprolite composites, the testwork returned high gold recoveries, including with a coarse grind size of 80% passing 166 microns. Cyanide consumptions were low and lime consumption moderate to high, as is common with saprolite deposits. The total gold recoveries and reagent consumption for the five fresh rock composites. Fresh rock gold recoveries were also high averaging 92% for the main Eagle Mountain deposit at a p80 of approximately 80 microns. At a similar grind size, the gold recoveries for the Salbora deposit and Toucan prospect averaged 85%. Higher recoveries were generated with finer grinding. Cyanide and lime consumptions were low to moderate for all fresh rock composites. The exploration plan for 2023 will be two pronged and include generative and drilling activities. The generative program will focus on building the pipeline of early-stage exploration targets within the EMPL and include work in underexplored areas of the prospecting license. This will include follow-up augering, trenching and potentially drilling in the North Zion prospect area, where Trench NZTR22-005 identified two intervals of high-grade mineralization with 40.0 metres grading 5.16 gpt gold and 14.0 metres grading 1.25 gpt gold. Drilling activities with the Company-owned diamond drill rig will be split between exploration drilling in target areas along the north-south Salbora-Powis Trend and infill/expansion drilling proximal to the 2022 MRE outline testing saprolite and higher-grade fresh rock targets to support ongoing engineering work, including pit scheduling studies. Duyuru • Dec 14
Goldsource Announces New Discovery At Eagle Mountain Project; Trench with 40 Metres Grading 5.16 Gpt Gold in Saprolite and Drill Intercept of 9.2 Metres (Etw) Grading 2.04 Gpt Gold Goldsource Mines Inc. announced exploration results for the Company's 100%-owned Eagle Mountain Gold Project in Guyana, South America. Reported results are for a new discovery called North Zion with trenching and seven (7) core holes totalling 378 metres. An additional twenty-one (21) core holes totalling 1,606 metres are reported from the Montgomery, South Toucan and Ann prospects. The 2022 exploration program has followed a two-pronged approach with the re-initiation of generative exploration activities focusing on underexplored areas of the prospecting license and the concurrent drilling of known prospect areas to test for mineralized extensions. The North Zion prospect, located approximately 600 metres north of the Eagle Mountain deposit mineral resource outline, as defined by the April 2022 Mineral Resource Estimate ("April MRE"), was one of several new areas tested as part of the generative program. The Montgomery, South Toucan and Ann prospects, located along the north- south Salbora-Powis trend, were the subject of a modest-sized drill program to test for extensions along Siparuni Region Guyana, NI 43-101 Technical Report" dated May 24, 2022, with an Effective Date of April 5, 2022. Results for two (2) trenches including 126 channel samples over 254 metres and seven (7) core holes totaling 378 metres. Trench NZTR22-005 returned 40.0 metres grading 5.16 grams per tonne ("gpt") gold in saprolite down the length of the trench and 14.0 metres grading 1.25 gpt gold (Table 1). From the base of the trench, 24 auger holes at 5-metre spacing tested up to 6 metres depth. Significant intercepts include 4.5 metres grading 8.22 gpt in NZTR22-005A10 and 5.5 metres grading 2.21 gpt in NZTR22-005A9 (Table 2).Core drilling has so far intersected mineralization beneath the trench and in drill holes to the south in the direction of the Eagle Mountain deposit (Table 3). 6.0 metres (estimated true width ("ETW") of 4.6 metres) grading 0.63 gpt gold from surface in saprolite in EMD22-256 and an additional 12.0 metres (ETW of 9.20 metres) grading 2.04 gpt gold from 15.0 metres downhole in saprock. 6.0 metres (ETW of 5.19 metres) grading 1.34 gpt from 40.5 metres downhole in EMD22- 262. EMD22-262 is located 100 metres north of the current MRE limit, with new mineralization occurring along trend from the known mineralization. Gold mineralization is found in chloritic fracturing in a quartz diorite to granodiorite host rock within interpreted sub- horizontal zones. The style of mineralization and the elevation of North Zion zones are comparable to the EagleMountain deposit (Zion Zone 2), 600 metres south of NTZTR22-005. In the Eagle Mountain deposit, higher grades within the sub-horizontal zones are marked by a silicic base. The high-grade saprolite intervals within the trench and auger holes are interpreted to be the base of an upper zone. Core holes, EMD22-257 and EMD22-258, for example, were collared at or below the interpreted base of the mineralized zone. With the extension of the Eagle Mountain-style mineralization to the north and northeast beyond what was previously mapped or significantly tested, the North Zion area will be the subject of additional generative work in H1 2023. The program will test for lateral extension and parallel zones to depth as is observed in the Eagle Mountain deposit. Montgomery, the northern extension of the Salbora-Powis Trend, was tested with six (6) core holes totaling 475 metres (Table 4). This follows the five (5) holes drilled (768 metres) in 2020. Notable drill intercepts include 12.0 metres (ETW of 7.70 metres) grading 1.12 gpt gold from 39.0 m downhole in EMD22- 225 within Salbora style mineralized breccias in a granitoid host. Results show a set of mineralized chlorite breccias and related quartz veining which extend over 250 metres strike within generally narrow structures over a combined width of 60 metres. Toucan, situated at the intersection of the Salbora-Powis Trend and the western extension of the Eagle Mountain deposit, included nine (9) core holes totaling 599 metres (Table 5). The program was designed to test for shallow extensions of the Toucan area to the south, covering the gap between the Toucan and Powis prospects. Notable drill intercepts include: 31.5 metres (ETW of 27.20 metres) grading 0.60 gpt gold in saprolite from 30 metres downhole in EMD22-240. Results show continuation of mineralized breccias 150 metres south of the main Toucan deposit and continued projection towards Powis. Ann, the most southerly prospect along the Salbora-Powis trend and subject of historical surface work by artisanal miners, generated several higher-grade drill intercepts, from six (6) core holes totaling 532 metres (Table 6), including the following: 6.0 metres (ETW of 5.19 metres) grading 4.46 gpt gold at 39 metres downhole in EMD22- 213. Results have been varied in the Ann prospect due to large volumes of intrusions, although there have been significant intersections of gold mineralization between these intrusions, suggesting a continuation of low-angle Eagle Mountain-style structures. Board Change • Dec 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. Independent Director Drew Anwyll was the last director to join the board, commencing their role in 2019. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Duyuru • May 26
Goldsource Mines Inc. Announces Filing of Ni 43-101 Technical Report for the Eagle Mountain Project Goldsource Mines Inc. announced the filing of a Technical Report which includes an updated Mineral Resource Estimate prepared in accordance with NI 43-101 for the Company's Eagle Mountain Gold Project. The Report is titled "Mineral Resource Estimate for the Eagle Mountain Gold Project, Potaro - Siparuni Region Guyana, NI 43-101 Technical Report", dated May 24, 2022, with an Effective Date of April 5, 2022. The summary results of the Report were previously announced in the Company's news release dated April 7, 2022. There are no material differences in mineral resources between the Report and that news release. Estimated 31.1 million tonnes grading 1.18 grams per tonne gold for 1,183,000 ounces of gold in Indicated Resource and 18.4 Mt grading 0.98 gpt gold for 582,000 oz of gold in Inferred Resource. The MRE includes the Eagle Mountain and Salbora deposits as well as the earlier-stage Toucan and Powis prospects. Gold mineralization starts at surface in saprolite (soft weathered rock) and extends into the underlying fresh rock. Overall, the saprolite and transition contain 35% of the gold in Indicated Resource and 24% in Inferred Resource. The Indicated Resources, representing 67% of the gold in the updated MRE, are laterally extensive and generally shallow. At the Eagle Mountain deposit, the Indicated Resource extends from surface to a maximum depth of 150 metres and has an average depth of 35 metres. 75% of the Indicated Resource is within 50 metres of surface. At the Salbora deposit, the Indicated Resource extends from surface to a maximum depth of 156 metres and has an average depth of 49 metres. 58% of the Indicated Resource is within 50 metres of the surface. The Mineral Resource estimate uses cut-off grades of 0.30 gpt gold for the saprolite and 0.50 gpt gold for the fresh rock, constrained grade boundaries based on geology, and are pit-contained (conceptual). The MRE Update is defined by 772 core holes for 75,430 metres drilled (average depth of 98 metres) up to December 31, 2021, the assay cut-off date. Duyuru • Apr 02
Goldsource Mines Inc., Annual General Meeting, Jun 20, 2022 Goldsource Mines Inc., Annual General Meeting, Jun 20, 2022. Duyuru • Aug 13
Goldsource Announces Additional Drill Results at Eagle Mountain 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. Duyuru • Jun 18
Goldsource Announces Additional Drill Results at Eagle Mountain; 20 Metres Grading 2.61 Gpt Gold from Surface and 3.5 Metres Grading 18.14 Gpt Gold At the Toucan Prospect Goldsource Mines Inc. announced additional infill and exploration drill results for the Company's 100%-owned Eagle Mountain Gold Project in Guyana, South America. Newly reported results represent 19 core holes totaling 2,830 metres drilled between February and May 2021. Consistent with the objectives of the Company's 2021 exploration program, the update includes results for infill drilling of the Eagle Mountain deposit, Bottle Bank area, and exploration drilling along the north-south Salbora-Powis structural corridor, specifically the Toucan Prospect. Results will be used to prepare an updated Mineral Resource Estimate anticipated in H2, 2021 and a Prefeasibility Study in mid-2022. 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, 202. Highlights include; Eagle Mountain Deposit, Bottle Bank Area Results for ten (10) core holes totaling 1,414 metres, Drilling in a central area of Bottle Bank within the Indicated Mineral Resource has confirmed elevated gold grade-thicknesses, at surface and at depth, within the shallow sub-horizontal mineralized zones of the Eagle Mountain deposit. Infill hole EME21-108 intersected 21.0 metres grading 2.61 grams per tonne gold from surface. A further 100 metres to the north, EME21-110 extended the higher-grade area, intersecting 16.0 metres (ETW of 14.0 metres) grading 1.96 gpt with EME21-111 intersecting 10.5 metres (ETW of 10.3 metres) grading 2.71 gpt . Infill hole EME21-105 intersected 24.0 metres (ETW of 21.0 metres) grading 1.28 gpt gold from. Toucan Prospect; Results for nine core holes totaling 1,416 metres, Exploration drilling of the Toucan Prospect, situated along the north-south Salbora-Powis structural corridor, has confirmed the presence of wide intervals of gold mineralization, up to 50-metres laterally, including high-grade sub-intervals, hosted in sub-vertical north-south striking shear zones up to 200-metres long. Toucan was not included in the February 2021 MRE. Drill hole EME21-095 intersected 6.0 metres (ETW of 3.5 metres) grading 18.14 gpt gold starting 100.5 metres down the hole. Drill hole EME21-094 intersected 60.0 metres (ETW of 39.0 metres) grading 0.70 gpt starting 49.5 metres down the hole. This included a higher-grade sub-interval zone of 10.5 metres (ETW of 7.0 metres) grading 2.58 gpt gold. Duyuru • May 21
Goldsource Mines Inc. announced that it has received CAD 12.65 million in funding from Van Eck Associates Corporation On May 20, 2021, Goldsource Mines Inc. (TSXV:GXS) closed the transaction. The company issued 115,000,000 units for gross proceeds of CAD 12,650,000. Each warrant entitles the holder to acquire one common share at an exercise price of CAD 0.14 per common share until May 20, 2023. The completed transaction includes exercise in full of the underwriters' over-allotment option to purchase additional units at CAD 0.11 per unit. The transaction included participation of four insiders The Common Shares and Warrants issued under the Offering and the Common Shares issuable upon exercise of the Warrants and the Broker Warrants are subject to a hold period that expires on September 21, 2021. The Offering is subject to final approval of the TSX Venture Exchange. Duyuru • Apr 30
Goldsource Mines Inc. announced that it expects to receive CAD 8.0003 million in funding from Van Eck Associates Corporation and other investors Goldsource Mines Inc. (TSXV:GXS) announced a private placement of 72,730,000 units at a price of CAD 0.11 per unit for gross proceeds of CAD 8,000,300 on a bought deal basis on April 29, 2021. The company entered into agreement with a syndicate of underwriters co-led by Cormark Securities Inc. and and Sprott Capital Partners LP. The underwriters have also been granted an option exercisable in whole or in part at any time prior to the closing date, to purchase for resale up to an additional 10,909,500 units at CAD 0.11 per unit up to the closing of the transaction. In the event that the underwriters’ option is exercised in its entirety, the aggregate gross proceeds of the transaction will be CAD 9,200,345. Each Unit will consist of one common share of the company and one-half of one common share purchase warrant with each warrant entitles the holder to acquire one common share of the company at an exercise price of CAD 0.14 for a period of 24 months following the closing of the transaction. The transaction will include participation from lead investor Van Eck Associates Corp. for CAD 5,000,000. The transaction is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and any applicable securities regulatory authorities. The transaction is anticipated to close on or about May 20, 2021. Duyuru • Feb 23
Goldsource Announces Updated Mineral Resource Estimate for Eagle Mountain Project; Mre Expanded to 848,000 Ounces of Gold (Indicated Resource) and 868,000 Ounces of Gold (Inferred Resource) Goldsource Mines Inc. announce the results of an updated Mineral Resource Estimate 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") 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. Duyuru • Feb 09
Goldsource Announces High-Grade Drill Results for the Ounce Hill Prospect at the Company's 100%-Owned Eagle Mountain Gold Project Goldsource Mines Inc. announced drill results for the Ounce Hill Prospect at the Company's 100%-owned Eagle Mountain Gold Project ("Eagle Mountain") in Guyana, South America. Newly reported results are for 5 core holes totaling 260 metres that were drilled in January 2021. These results will not be included in the pending updated mineral resource estimate. Drilling at the Eagle Mountain Project recommenced in early January after the holiday break. One core rig is focused on in-fill drilling of gold mineralization at the Eagle Mountain Deposit while a second is testing both new exploration and existing expansion targets near the Eagle Mountain Deposit and along the Salbora-Powis Trend. A third core rig is scheduled to resume later in February. An objective of the drill program in early 2021 was to test the continuity of near-surface saprolite gold mineralization in the Ounce Hill Prospect, located in the northeast of the Eagle Mountain Deposit. In-fill drill holes EMM21-007 and EMM21-008 targeted an area that had previously been drilled on a wide spacing (greater than 50 metres) returned grades well above prior results (see below for table of Ounce Hill historic intercepts). EMM21-007 represents the highest-grade x thickness intercept drilled at the Eagle Mountain Project to date. Highlights (Ounce Hill Prospect) Starting from surface, in-fill hole EMM21-007 intersected 42.0 metres (est. true width of 34.0 metres) grading 20.38 grams per tonne ("gpt") gold ("Au"), including a high-grade intercept of 3.0 metres (est. true width of 2.4 metres) grading 205.98 gpt Au at the base of the saprolite. In-fill hole EMM21-008, drilled from the same pad as EMM21-007 but oriented to the southeast, intersected 30.0 metres (est. true width of 24.0 metres) grading 3.41 gpt Au from surface, also in saprolite. Step-out drill holes EMM21-004 and EMM21-005, targeting lateral extensions of saprolite mineralization in the Ounce Hill Prospect, intersected gold mineralization approximately 60.0 metres west of the 2014 PEA pit outline. EMM21-004 intersected 6.0 metres grading 0.72 gpt Au and EMM21-005 intersected 16.5 metres grading 0.84 gpt Au, both demonstrating potential for continued lateral extensions of the sub-horizontal mineralized zones in the prospect. Duyuru • Jan 08
Goldsource Announces Further Drill Results At Eagle Mountain Goldsource Mines Inc. announced additional 2020 expansion and in-fill drill results for the Eagle Mountain deposit as well as a new gold discovery at the Ann Prospect. Both the Eagle Mountain deposit and Ann Prospect are located within the Eagle Mountain Gold Project ("Eagle Mountain") in Guyana, South America. Newly reported results are for 11 core holes totalling 1,839 metres. Approximately 16,300 metres of core drilling was completed in 2020. An estimated 34,000 metres of drilling has been completed in the last three drill seasons at Eagle Mountain with a cut-off date for drill results of November 7, 2020 to be used in the Mineral Resource Estimation update to be announced in early 2021. The company's exploration program in 2020 was designed to expand and confirm the continuity of mineralization of the Eagle Mountain and Salbora deposits for an updated mineral resource and to make additional discoveries within the broader area of Eagle Mountain. Duyuru • Dec 04
Goldsource Mines Inc. Announces Additional Expansion and In-Fill Drill Results for the Salbora and Eagle Mountain Deposits and Montgomery Prospect Within the 100%-Owned Eagle Mountain Gold Project in Guyana, South America Goldsource Mines Inc. announced additional expansion and in-fill drill results for the Salbora and Eagle Mountain deposits and Montgomery Prospect within the 100%-owned Eagle Mountain Gold Project ("Eagle Mountain") in Guyana, South America. Reported results are for 39 new diamond drill holes for 5,733 metres. Over 15,000 metres of core drilling has been completed in 2020. In all, over 34,000 metres of new drilling has been completed in the last three drill seasons. This will be included in a mineral resource update that is planned for early 2021. Highlights: Salbora Deposit: In-fill drill results for 10 diamond drill holes totalling 1,613 metres. In-fill drilling has confirmed the continuity of mineralization at Salbora, including the high-grade structures. Salbora covers a surface area of approximately 100 x 300 metres. The Salbora deposit, discovered in 2018, will be included in the updated mineral resource estimate. Eagle Mountain Gold Deposit: In-fill diamond drill results for 13 core holes totalling 822 metres. In-fill drilling supports the historical results and the Eagle Mountain geological model. Additional in-fill drilling is planned for December 2020 and H1, 2021. Hole positioning has been designed to re-categorize Inferred mineral resources to Indicated mineral resources for pre-feasibility work in 2021. Montgomery Prospect: Exploration results for 16 diamond drill holes totalling 3,298 metres. Montgomery represents a new discovery approximately 1.5 kilometres north of Salbora along the important 170 degrees trending structural corridor that is defined by Salbora and Powis. Ann Prospect (Minnehaha area): A recent low cost option-to-purchase acquisition of the strategically significant Ann small scale claim Licence ("SSC", 10 hectares) or Prospect, is within the Company's Eagle Mountain Prospecting Licence of 4,786 hectares. Initial drilling is underway on this new prospect. The Ann Prospect is also located along the Salbora-Powis structural trend with indications of shallow gold mineralized saprolite. The most significant results for this release are in in-fill hole EME20-058 with 28.5 metres grading 2.03 grams per tonne ("gpt") gold (or "Au") at Salbora, in-fill hole EME20-074 which intersected 39.0 metres grading 1.55 gpt Au at Eagle Mountain and in-fill hole EME20-078 which intersected 6.5 metres grading 1.83 gpt Au at Eagle Mountain. In addition, discovery holes EMD20-110 with 6.0 metres grading 3.81 gpt Au and EME20-054 with 34.5 metres grading 0.66 gpt Au, including 10.5 metres grading 1.49 gpt Au at Montgomery. All sample preparation and geochemical analyses were completed by Actlabs Guyana Inc. in Georgetown, Guyana. EME20-044 to 047, EME20-049, 050, 052 and 055 in Montgomery and EME20-061 (abandoned hole due to drilling issues) in Salbora intersected mineralization below the Company's cut off grade of 0.3 gpt Au. Duyuru • Nov 17
Goldsource Mines Inc. Appoints Steve Parsons as Chief Executive Officer Goldsource Mines Inc. announced the appointment of Steve Parsons, P. Eng, as Chief Executive Officer of the Company. Mr. Parsons is an accomplished mining and capital markets professional with 25 years of combined capital markets, mine operations and senior executive expertise. Mr. Parsons spent 14 years in the investment industry, with the majority of that time as a Senior Equity Analyst at National Bank Financial and Wellington West Capital Markets, focussed on precious metals and precious metal companies. He has previously served as Senior Vice President - Investor Relations at Yamana Gold Inc.