Goldspot to look for targets on Exploits’ projects

2020-10-20 08:32 ET – News Release

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Mr. Denis Laviolette of Goldspot reports

GOLDSPOT DISCOVERIES GROWS ROYALTY PORTFOLIO IN NEWFOUNDLAND WITH EXPLOITS DISCOVERY

Goldspot Discoveries Corp. has been engaged by Exploits Discovery Corp. to apply its proprietary machine learning technology and geoscience expertise on its district-scale, high-grade gold projects in Newfoundland, Canada. Goldspot will work closely with the technical team at Exploits to analyze geological, geochemical, and geophysical data extracted from early stage targets across Exploits’ multiple gold projects in Newfoundland.

Denis Laviolette, Executive Chairman and President of Goldspot, stated: “We are excited to continue our work in Newfoundland following our success with New Found Gold. 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 will apply a similar workflow it used with New Found Gold Corp. (“New Found”), which led to a significant, new, high-grade gold discovery at the Queensway project, located in central Newfoundland. New Found reported that drill hole NFGC-19-01 returned 19.0 metres (m) at 92.9 g/t gold. The intercept, 96m down hole, remains open for expansion down dip and along strike. The true width of the intercept was estimated to be 70 per cent, based on drill core angles.

Michael Collins, CEO of Exploits Discovery, commented: “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. We have been closely watching the success of Goldspot’s smart target approach in finding a significant new discovery 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 percent 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 percent net smelter return royalty on the same claims for $1 million.Image 1To view an enhanced version of Image 1, please visit:https://orders.newsfilecorp.com/files/5844/66072_aa4a3e5204076977_001full.jpg

The scientific and technical content of this press release has been approved by Chris MacInnis, PGeo (APGO #2059), vice-president and chief geologist of Goldspot, who is a qualified person under National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Goldspot Discoveries Corp.

Goldspot Discoveries Corp. (TSXV: SPOT) is a technology services company in mineral exploration. Goldspot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, Goldspot produces Smart Targets and advanced geological modelling that saves times, reduces costs and provides accurate results.

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