GoldSpot adds to Newfoundland AI exploits
To apply machine learning on lands near Queensway gold find Metal Tech News – October 21, 2020
Last updated 7/10/2022 at 2:52pm
Exploits Discovery Corp. is the latest in a rapidly growing group of mineral exploration companies to use GoldSpot Discoveries Corp.'s machine learning technology and geoscience expertise to help refine drill targets on its property.
With four Newfoundland gold projects geologically, geochemically, and structurally similar to New Found Gold Corp.'s Queensway project, Exploits is familiar with GoldSpot's artificial intelligence exploration expertise. Earlier this year, New Found made a bonanza grade gold discovery, including one hole that cut 19 meters averaging 92.9 grams (2.99 ounces) per metric ton gold, based on drill targeting information generated by GoldSpot.
"As the owner of the largest land package in Newfoundland, with many areas containing a similar geological model to New Found Gold's discoveries, we are eager to work with GoldSpot to deploy modern exploration techniques on our property," said Exploits Discovery CEO Michael Collins. "We have been closely watching the success of GoldSpot's smart target approach in finding a significant new discovery in Newfoundland."
Working closely with Exploits technical team, GoldSpot will analyze geological, geochemical, and geophysical data extracted from early stage targets across Exploits' Newfoundland gold projects.
GoldSpot will apply a similar workflow it used to make the high-grade gold discovery at depth of 96 meters at Queensway.
"We are excited to continue our work in Newfoundland following our success with New Found Gold," said GoldSpot Discoveries Executive Chairman and President Denis Laviolette. "We believe in the vast potential of Newfoundland and we are committed to further unlocking its geological value. This deal increases our royalty portfolio, which now includes over 600,000 acres of prospective land in Newfoundland."
GoldSpot utilizes its proprietary 'Smart Targeting' approach to distill all available geological information from large land packages and identify the most efficient and cost-effective way to explore, saving time, resources and capital.
Pursuant to the terms of the service agreement between GoldSpot and Exploits, GoldSpot has acquired a 0.5% net smelter return royalty on 250,000 acres of the Exploits land package in Newfoundland. In addition, GoldSpot has retained the option to purchase an additional 0.5% NSR royalty on the same claims for C$1 million.