Toronto, Ontario--(Newsfile Corp. - June 7, 2019) - Goldspot Discoveries Corp. (TSXV: SPOT) ("Goldspot") is pleased to announce that it has signed a service agreement with Pacton Gold Inc. ("Pacton Gold") to utilize Goldspot's A.I. and machine learning expertise to evaluate and identify possible mineral and drill targets on Pacton Gold's Red Lake, Ontario property over the course of the next eighteen months. As partial consideration for these services, Goldspot has been granted a 0.5-per-cent net smelter royalty on the property. In addition, Goldspot has been granted the option to purchase an additional 0.5-per-cent net smelter return royalty on all metals produced from the Red Lake property for a purchase price of $1,000,000; and a 0.5-per-cent net smelter return royalty on all metals produced from all the current claims comprising Pacton's Australia portfolio of assets in the Pilbara Craton for a purchase price of $1,000,000.
"The Pacton Gold property in the historic Red Lake gold camp in North western Ontario excites us. It is the ideal district to use artificial intelligence and machine learning to find new discoveries," said Denis Laviolette, President & Chief Executive Officer of GoldSpot. "After initial screening and utilizing artificial intelligence to analyze various layers of data related to Pacton Gold's property, we have made our largest speculative bet to date."
Goldspot has collected a significant amount of data from Pacton Gold's Red Lake property. Now its team of 25 geologists and data scientists, including eight PhDs, will be deployed to stitch, level, and reinterpret all available geophysical, geochemical, structural data in the public domain and marry it with Pacton's own data. The end goal will be to bring all the data together and use artificial intelligence to identify patterns and areas with a high chance mineralization.
"We believe Red Lake's ground is ripe for a technological revolution, and this deal gives us royalty exposure to 16,630 hectares of prospective land," continued Laviolette.
In addition, Goldspot has subscribed in a private placement financing of Pacton Gold, subscribing for 10,000,000 common shares of Pacton Gold at a price of $0.10 per common share for gross proceeds of $1,000,000.
To view an enhanced version of Figure 1, please visit:
Pacton's Red Lake mineral claims are strategically located between Pure Gold and Great Bear Resources. Recent drill results from Great Bear Resources reported 190.78 g/t Au over 5.90 meters, including 1,600 g/t Au over a drill width of 0.7 meters in the Hinge Zone (see Great Bear Resources press release dated January 16, 2019). Mineralization hosted on adjacent properties is not necessarily indicative of mineralization hosted on the Company's property.
Pacton's Red Lake property geology is similar to the geology that hosts the high-grade discoveries at the Dixie project. Pacton will be focusing exploration on D2 structures that are proposed to have significant control on gold deposits in the Confederation Assemblage.
To view an enhanced version of Figure 2, please visit:
Pacton Gold Inc. is the 3rd largest landholder in the Pilbara Craton, home to Novo Resources Corp's flagship asset. Pacton's strategy is to explore the Pilbara for elluvial and orogenic gold deposits. To date, geological data and target inventories are being compiled for Pacton's projects in Western Australia's Pilbara craton. Numerous targets types have been identified, most with surface gold occurrences, including Paleoarchean and Mesoarchean orogenic shear hosted occurrences and intrusion related environments.
To view an enhanced version of Figure 3, please visit:
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Chris MacInnis, professional geoscientist (APGO No. 2059), a qualified person as defined by NI 43-101 guidelines.
For a more in-depth video of this transaction and our thoughts: https://youtu.be/odaDslXhWCA
About Goldspot Discoveries Corp.
Goldspot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. Goldspot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. Goldspot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. Goldspot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform.
For further information please contact:
Denis Laviolette, President, CEO and Director
GoldSpot Discoveries Corp.
Cautionary Statement on Forward -Looking Information
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, uncertainty over the outcome of any litigious matters, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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