GoldSpot inks largest client deal to date
Will use AI to pinpoint drill targets on Opawica gold projects Metal Tech News – June 23, 2021
Last updated 6/22/2021 at 4:03pm
GoldSpot Discoveries Corp. June 16 announced a service agreement with Opawica Explorations Inc. to assist in the exploration of the mining junior's projects in the Quebec Abitibi Greenstone Belt and Central Newfoundland.
"GoldSpot was born from an exhaustive pilot project generated from the decades of data collected on the Quebec Abitibi belt. As such, it is with great pleasure that we now announce our largest deal this year inclusive of additional royalty and royalty options which significantly grow our Newfoundland royalty coverage," said GoldSpot Discoveries President Denis Laviolette.
Leveraging the immense capabilities of artificial intelligence to tackle the enormous amount of numerical data generated by geoscience, GoldSpot Discoveries has found incredible success in deducing potential mineral anomalies among multiples mineralogical sites around the globe.
From the Castelo de Sonhos gold project in Brazil to the Tembo gold project in Tanzania, GoldSpot has analyzed, homogenized, processed, and interpreted exploration datasets from multiple geological zones across many continents.
GoldSpot will use its machine learning algorithms and finely tuned artificial intelligence expertise to delineate drill-ready targets as well as identify prospective areas regionally for Opawica's portfolio of projects over the course of the next 18 months.
The targeted projects cover the Bazooka, Arrowhead and McWatters projects in the Quebec Abitibi region as well as gold projects within Newfoundland's Central Gold Belt.
"The GoldSpot team will work closely with Opawica to analyze geological, geochemical and geophysical data in order to generate exploration concepts and drill targets that will be tested by the experienced Opawica technical team," Laviolette said.
As partial consideration for these services, GoldSpot has been granted numerous royalty and royalty options among the many projects in Opawica's portfolio.
Overall, Goldspot has been granted 0.5% net smelter return royalty with the option to acquire another 0.5% NSR on the Bazooka project in Quebec for $1 million as well as the options at 0.5% NSR on the McWatters, Arrowhead, Chapel Island, Eclipse, Density, Mass, Enterprise and Lil d'Espoir Lake projects for $1 million at each.