GoldSpot adds geo business and expertise
Acquires Ridgeline and welcomes experienced geoscientist Metal Tech News – July 7, 2021
Last updated 7/20/2021 at 3:32pm
Keeping up with its recent momentum, AI expert GoldSpot Discoveries Corp. has entered into a definitive agreement to acquire Ridgeline Exploration Services Inc., a privately held geological and logistical field services firm based in Kelowna, British Columbia.
The acquisition will bolster GoldSpot's in-house geoscience capabilities and provide consistent, high-caliber input for the company's advanced artificial intelligence solutions.
Founded in 2014 by two independent BC-based explorers, Mike Blady and Chris Paul, Ridgeline supported exploration companies by providing access to industry specialists with a full suite of talent ranging from geochemistry, structural mapping, and geophysics.
By taking Ridgeline under its banner, GoldSpot hopes to strengthen its existing consultancy business as well as vertically integrate the ability to capture key data, including airborne geophysical survey mapping. In addition, the expanded range of services will position the company to grow its revenue, accelerate the recognition of its deferred revenue, and provide new value-added services to both Ridgeline and GoldSpot's strong client pipeline.
Furthermore, GoldSpot believes that with this purchase, it will be able to achieve significant post-synergy returns that are consistent with the company's target acquisition model. Also, the company plans to actively grow Ridgeline as a compliment to its existing services.
Blady and Paul will join GoldSpot as consultants as part of the acquisition and continue to run the day-to-day operations of Ridgeline.
The company's new Applied Geophysics Division will provide a full-service solution to solve common inconsistent and piecemeal data collection practices that increase risk and lower efficiency across the industry.
In addition to the purchase, GoldSpot introduced the appointment of Peter Dueck as senior geophysicist and head of geophysical services.
A seasoned geophysicist with more than 15 years of experience in both greenfield and brownfield exploration, he will join the company from Axiom Exploration, where he was the vice president geophysics and geomatics. Responsible for the research and development of unmanned aerial vehicle (UAV) electromagnetic and magnetic gradiometer platforms and the strategic integration of beyond visual line of sight regulatory approvals focused on business development and divisional growth.
"We are excited to welcome Peter to GoldSpot," said Vincent Dubé-Bourgeois, CEO of GoldSpot Discoveries. "Peter is a known innovator in the exploration geophysics industry with a strong mastering of long-term trends and strategies across the junior resource sector. His extensive experience in geophysics, geomatics and aerial imaging will significantly benefit our clients and help continue to advance GoldSpot's unmatched track record of success."
The additions of Ridgeline and Dueck will provide a strategic strengthening of GoldSpot's ability to generate cutting-edge data, tailored specifically to complement its existing machine learning pipelines and deliver exceptional value to clients.