AI assistant for exploring Greenland gold
AEX hires GoldSpot to help identify high-grade gold targets Metal Tech News Weekly Edition – August 12, 2020
Last updated 8/26/2020 at 4:14am
GoldSpot Discoveries Corp. Aug. 11 said it has been hired to apply its artificial intelligence driven mineral exploration expertise to identify new targets on AEX Gold Inc.'s large portfolio of high-grade gold properties in southern Greenland.
"We are delighted to be partnering with GoldSpot in this venture, a company with a stellar reputation and a wealth of experience in helping mining companies identify new exploration targets," said AEX Gold Executive Vice President and COO Martin Ménard.
AEX Gold's flagship property, Nalunaq, hosts a past producing underground mine that churned out 350,000 ounces of gold from 2004 until 2009. The mine operated until 2013, when it closed as a result of falling gold prices, financial difficulties and a lack of exploration.
According to a resource calculated earlier this year, Nalunaq hosts 422,270 metric tons of inferred resource averaging 18.5 grams per metric ton (250,970 oz) gold.
In addition to Nalunaq, AEX Gold holds a large land position spanning the 125-mile by 30-mile Nanortalik Gold Belt, which runs across the southern tip of Greenland. The company also holds the Tartoq properties on another gold trend about 125 miles (200 kilometers) to the northwest.
GoldSpot says the gold belts of Greenland host high-grade narrow vein mineralization, which is similar in style to the mineralization found across the Abitibi Gold Belt in Ontario, Canada, and the Central Lapland Greenstone Gold Belt in Finland, areas where GoldSpot has had success in applying it AI-driven exploration technology.
Utilizing its proprietary machine learning algorithm, GoldSpot will work with AEX's technical team to analyze all available geological and remote sensing data to create high quality multivariate prospectivity maps, enhancing the exploration opportunities for gold mineralization across these properties.
"In addition to redeveloping the high grade Nalunaq gold project, the AEX team is excited about the true potential of our wider land package along the Nanortalik and Tartoq gold belts, which display geological similarities to other gold belts found in other prolific gold regions around the world," said Ménard. "We are confident that we can deliver significant upside to investors through our exploration program in what is one of the most underexplored and highly prospective regions in the world."
GoldSpot said it is deploying with two of its own geologists to Greenland to assist in collecting data for machine learning study.
Through its analytical work across the portfolio, GoldSpot will help prioritize and rank the high-grade exploration prospects for AEX Gold's 2021 exploration across the large portfolio of gold properties.
"AEX is a first mover in Greenland and plans to create shareholder value through the redevelopment of the past producing Nalunaq gold project while exploring a prolific land package," said GoldSpot Discoveries Executive Chairman and President Denis Laviolette.
GoldSpot will be homogenizing and integrating various datasets – multispectral, geochemical, geophysical and others – to provide a cohesive and uniform geoscientific interpretation and prospectivity analysis, including ranked exploration targets.
"GoldSpot thrives in big data settings and will be working closely with AEX in the application of machine learning to delineate new and exciting targets," said Laviolette.