Goldsource Mines

Financials:

Primary ticker: TSXV:GXS, OTCQX:GXSFF
Stage of development: Exploration
Primary minerals: Gold
Project to promote: Eagle Mountain
Project location: Guyana, South America
Website: www.goldsourcemines.com

Corporate presentation: Click here

Goldsource Mines Inc. is Canadian exploration and development company focussed on a low-capex intensity phased development plan for the 100%-owned Eagle Mountain Gold Project in Guyana, South America. Eagle Mountain hosts 1.8 mln oz gold in a 43-101 compliant resource (April 2022 MRE) with new discoveries outside of the resource outline. Importantly, mineral resources at Eagle Mountain are distinctly shallow with Indicated Resources averaging ~40 metres. This and a significant soft-rock saprolite component, which should cater to free digging (no drilling, no blasting), bode well for low opex/capex intensity and the ability to leverage local expertise.  The Company is led by an experienced management team, proven in making precious metals exploration discoveries and executing on phased project development in the Americas.

 

Cash:CAD$5.1M (June 30, 2022)
Debt: NIL

 

Major shareholders:
VanEck Associates – 8.7%
Donald Smith Value Fund (NY, USA) – 7.7%
Eric Sprott – 5.6%
Management / Directors – 3.7%

Management Profile

Steve Parsons – Chief Executive Officer

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. Mr. Parsons holds a Bachelor of Applied Science (Mining Engineering) from Queen’s University and is a registered Professional Engineer in the province of Ontario.

What is your rationale for taking part 121 Mining Investment?

We are looking to raise awareness of the Eagle Mountain gold project among investors.

What recent news would you like to highlight to investors attending?

Aug 3, 2022 – Goldsource Announces Upgrade to OTCQX

 

May 24, 2022 – Goldsource Announces Filing of NI 43-101 Technical Report for the Eagle Mountain Project

 

April 7, 2022 – Goldsource announced Updated Resource Estimate for Eagle Mountain Project, including Indicated Resource of 1.2Moz of Gold and Inferred Resource of 582,000oz of Gold

 

March 11, 2022 – Goldsource announced Phase-2 Exploration drill results for the Eagle Mountain Project, including 6.0m at 18.31 gpt gold and 9.0m at 9.29 gpt gold at new discovery.

What are your key goals in 3 months, 6 months, 12 months?

3 Months:
Unlock value by way of significant new discoveries that demonstrate tangible opportunities for resource growth within the Prospecting License. Further derisking of the project through the advancement of engineering activities, including metallurgical studies. Met results are expected in Q4/22.

 

6 Months:
Delivery of a PFS in H1/23. From a corporate perspective, an objective is to leverage the budding corporate interest in Guyana, notably in scalable and executable projects, as a means to unlock value and secure project funding.