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PRESS RELEASE: Goldsource Reports High-Grade Results from Salbora and Initial Results from Bishop Growler; 2.0 metres Grading 87.51 g/t Au

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DGAP-News: Goldsource Mines Inc. / Key word(s): Miscellaneous
Goldsource Reports High-Grade Results from Salbora and Initial Results from
Bishop Growler; 2.0 metres Grading 87.51 g/t Au

2018-07-12 / 20:53
The issuer is solely responsible for the content of this announcement.

Vancouver, British Columbia(Newsfile Corp. - July 12, 2018) - Goldsource
Mines Inc. (TSXV: GXS) (OTCBB: GXSFF) (FWB: G5M)('Goldsource' or the
'Company') is pleased to report additional results from the ongoing
exploration program at the Salbora target and initial results for the Bishop
Growler target at its Eagle Mountain Gold Project in Guyana (see attached
Figures). The Company has received assay results from shallow auger drilling
completed at Salbora, which is located approximately 1.5 kilometres
northwest of the Eagle Mountain deposit. Results from the first 14 auger
holes drilled in Salbora returned gold mineralization in four holes
(AS18-136 to 139) with an average length and grade of 4.0 metres at 1.20 g/t
gold from surface (see tables below). All holes bottom in mineralized
saprolite. At Bishop Growler, the Company has received results from 28
shallow holes completed by the Geoprobe drill and 124 auger shallow holes.
The most significant holes were EMC18-066 with 2.0 metres grading 87.51 g/t
gold and EMC18-085 with 1.0 metre grading 13.60 g/t gold. Both holes
intercepted near surface high-grade gold mineralization in saprolite.
In-fill drilling at the main Eagle Mountain Deposit intercepted high-grade
mineralization in several holes (see tables below).

*Yannis Tsitos, President, commented,* 'The additional results from Salbora,
initial results from Bishop Growler, and in-fill drilling at the Eagle
Mountain Deposit are encouraging and re-affirm the potential to expand the
near surface saprolite gold resource at the Eagle Mountain Gold Project.
While further assay results are pending, we continue with diamond drilling,
auger drilling and trenching to follow up, both laterally and at depth, on
the higher grade near surface mineralized saprolite intercepted in all
defined targets. With continued success, the results from the ongoing
drilling will be included in an updated Eagle Mountain resource by the end
of 2018. Some deeper diamond holes are needed at Salbora and Bishop Growler
to provide a better understanding of the gold mineralization and conceptual
similarities to the main Eagle Mountain deposit.'

The following tables summarize the most significant shallow auger and sonic
core drill intercepts from the Salbora and Bishop Growler targets, as well
as significant diamond core drilling intercepts from previously announced
holes with outstanding analytical results from the Eagel Mountian deposit
(uncut, undiluted):

Salbora Target Area

Hole ID Drill Type From (m) To (m) *Est. **True *Au (gpt)**
Thickness
Interval (m)*
AS18-136 Auger 1.0 4.0 *3.0* *3.21*
Incl. 2.0 3.0 *1.0* *8.30*
AS18-137 Auger 0.0 1.0 *1.0* *0.48*
AS18-138 Auger 0.0 6.0 *6.0* *1.00*
Incl. 1.0 2.0 *1.0* *3.81*
AS18-139 Auger 0.0 6.0 *6.0* *0.50*

Bishop Grower Target Area

Hole ID Drill Type** From (m) To (m) *Est. **True *Au (gpt)**
Thickness
Interval (m)*
EMC18-065 Core 3.0 5.0 *2.0* *0.41*
and 8.0 9.0 *1.0* *2.22*
EMC18-066 Core 4.0 6.0 *2.0* *87.51*
including 4.0 5.0 *1.0* *165.9**0*
EMC18-068 Core 10.0 11.0 *1.0* *0.73*
EMC18-070 Core 7.0 8.0 *1.0* *1.55*
EMC18-075 Core 0.0 2.0 *2.0* *0.87*
EMC18-077 Core 0.0 2.0 *2.0* *1.02*
EMC18-085 Core 0.0 1.0 *1.0* *13.6**0*
AS18-002 Auger 0.0 1.0 *1.0* *0.6**8*
AS18-027 Auger 0.0 0.5 *Grab * *0.58*
AS18-082 Auger 0.0 2.0 *2.0* *1.12*
AS18-099 Auger 0.0 1.0 *1.0* *4.81*

Eagle Mountain Deposit

Hole ID Drill Type From (m) To (m) *Est. *Au (gpt)**
**True
Thickness
Interval
(m)*
EMD18-029 Diamond 3.4 4.9 *1.5* *0.77*
EMD18-032 Diamond 0.0 0.6 *0.6* *1.00*
and 7.9 15.0 *7.1* *1.40*
End of
Hole
EMD18-033 Diamond 3.4 4.9 *1.5* *1.33*
and 15.4 21.4 *6.0* *1.10*
EMD18-034 Diamond 0.6 3.4 *2.8* *2.00*

Notes for all tables: All numbers rounded. All reported holes are drilled
vertical.
*Cutoff grade of 0.5 gpt Au
**Core is by Geoprobe 'Sonic' drill and depths are limited to the presence
of groundwater
horizon and floating boulders within the weathered saprolite layer. Auger
holes are a maximum of 6 metres in depth.

All geochemical analyses were completed by Actlabs Guyana Inc. in
Georgetown, Guyana.

From May 2017 to July 2018, the Company has completed the following
drill-holes and trenches:

Time Period and Number of Holes Metres Analytical Results
Type of Drilling or Trenches Pending
_2017 Program (May
to December)_
Geoprobe Core
Drilling 119 *1,172* 0
Auger Drilling 226 *830* 0
Sampling along
Trenches 0 *0* 0
_2018 Program
(Januar__y to July
1__st__)_
Diamond Core
Drilling * 39 *1,143* 196 m
Geoprobe Core
Drilling 110 *1,237* 0 m
Auger Drilling 230 *616* 179 m
Sampling along
Trenches 35 *836* 123 m
_Total Program to
__July 1__st_
_2018_
Total Core
Drilling 268 *3,552* *196 m*
Total Auger
Drilling 456 *1,446* *179 m*
Total Trenching 35 *836* *123* *m*

* In Jan 2018, a diamond core rig was introduced to the project.

*Salbora Target (Discovery)*

Goldsource has completed 63 shallow auger drill holes (totalling 232 metres
of drilling) and 123 metres of trenching at Salbora, in addition to
previously reported trench results (refer to Goldsource's News Release dated
May 24, 2018). Assay results have been received for the first 14 auger drill
holes. Assays for an additional 49 auger holes and 123 metres of trenching
remain outstanding. All holes with gold mineralization were intercepted
within two metres of surface in saprolite and are approximately 200 metres
south of the discovery trench (TRSB18-002 with a length of 123 metres
grading 1.92 g/t gold) previously announced on May 24, 2018. All holes ended
in mineralization.

The Coolie area, immediately south of the Salbora area, has not yet been
tested by Goldsource and historically intersected gold in diamond and auger
drilling by IAMGOLD and Golden Star. These historic results are not included
in the current NI43-101 resource. Gold at Coolie area was discovered
concurrently with Eagle Mountain by Anaconda Mining in the 1940s. Inclusive
of historical data, the Montgomery-Salbora-Coolie mineralized NNW-SSE zone
extends approximately three kilometres in length. This target area warrants
further exploration work including deeper diamond drilling to be initiated
in H2, 2018.

*Bishop Growler **Target*

Goldsource has received assay results from the first 28 shallow Geoprobe
core and 124 shallow auger drill holes completed at the Bishop Growler
target. Drilling has returned anomalous gold values with highlights
including hole EMC18-066, which returned 2.0 metres grading 87.51 g/t gold
and hole EMC18-085, which returned 1.0 metre grading 13.60 g/t gold. The
Company has drilled four deeper diamond drill holes at Bishop Growler (196
metres of diamond drilling total), with assay results pending. High-grade
near surface outcropping zones of gold mineralization suggest a NNW-SSE
mineralized corridor at least two kilometres in length. The area warrants
further and deeper drilling to determine whether a high-grade footprint can
be delineated at Bishop Growler for inclusion in the updated resource
estimate. Further work will be completed in H2, 2018.

*Eagle Mountain **Deposit*

A preliminary internal model is being constructed for the main Eagle
Mountain deposit using all data completed to date. This model will determine
mineralized saprolite areas within the deposit requiring further drilling to
convert Inferred Resources to Indicated Resource for the Pre-Feasibility
Study. Further drilling is anticipated in H2, 2018 within the deposit.

*Historical Auger Data from Salbora and Bishop Growler*

The Company acquired the Eagle Mountain project from Omai Gold Mines Ltd in
2010, along with a historical database of shallow auger drill holes covering
parts of the Eagle Mountain Prospecting Licence (5,000 acres). Shallow
drilling had a maximum depth of two metres. Prior to the recent positive
trenching results at Salbora (announced May 24, 2018) and the acquisition of
the Option to Purchase the Bishop Growler Mining Permit (announced April 5,
2018), the Company analyzed historical drilling results for targeting
purposes (see attached Figures). The following historical results from the
database are considered the most significant auger intercepts (uncut,

(MORE TO FOLLOW) Dow Jones Newswires

July 12, 2018 14:53 ET ( 18:53 GMT)
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