Toronto, Ontario--(Newsfile Corp. - June 16, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company") a leading technology services company leveraging machine learning to transform the mineral discovery process, is pleased to announce it has been engaged by Opawica Explorations Inc. ("Opawica") to assist in the exploration of Opawica's projects in the Quebec Abitibi Greenstone Belt and Central Newfoundland. GoldSpot has a large, collaborative team of geoscientists and data scientists focused on maximizing the chances of discovery using GoldSpot's proprietary technology and geoscience expertise.
Highlights:
- GoldSpot's engagement with Opawica is the largest client engagement to date, inclusive of significant royalty and royalty option additions to the Company's growing investment portfolio.
- GoldSpot has been granted a royalty and the option to acquire royalties on Opawica's projects in Quebec and Newfoundland, including a 0.5% NSR royalty with the option to acquire another 0.5% NSR for $1-million on Bazooka, which lays directly south of Yamana Gold's Wasamac gold property that has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per tonne. (NI 43-101 Technical Report - Feasibility Study of the Wasamac Project, 2018)
- GoldSpot's royalty coverage or the option to acquire royalty in Newfoundland increases by 16%, from 2,489.52 km2 to 2,888.52 km2.
"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 Denis Laviolette, Executive Chairman and President of GoldSpot. "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."
GoldSpot will use its artificial intelligence and machine learning 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. As partial consideration for these services, GoldSpot has been granted the following royalty and royalty options:
- 0.5% NSR royalty with the option to acquire another 0.5% NSR on Bazooka project in Quebec for $1-million
- Option to acquire 0.5% NSR on McWatters project in Quebec for $1-million
- Option to acquire 0.5% NSR on Arrowhead project in Quebec for $1-million
- Option to acquire 0.5% NSR on Chapel Island project in Newfoundland for $1-million
- Option to acquire 0.5% NSR on Eclipse project in Newfoundland for $1-million
- Option to acquire 0.5% NSR on Density project in Newfoundland for $1-million
- Option to acquire 0.5% NSR on Mass project in Newfoundland for $1-million
- Option to acquire 0.5% NSR on Enterprise project in Newfoundland for $1-million
- Option to acquire 0.5% NSR on Lil d'Espoir Lake project in Newfoundland for $1-million
Property Highlights:
Bazooka, Quebec Abitibi
Project is contiguous to the south-western border of Yamana Gold's Wasamac gold property that has existing proven and probable mineral reserves of 1.8 million ounces of gold at 2.56 grams per tonne. In 2003-05, drilling yielded widespread gold mineralization from few hundred ppb to up to 316.23 g/t Au over 1.0m in Hole BA-03-02A (Technical Report on Bazooka, R.W. Laakso, P.Eng., 2010).
Arrowhead, Quebec Abitibi
The Arrowhead property is fully surrounded by Agnico Eagle Mines Ltd, a major gold producer in the Abitibi region, who recently conducted a significant drilling campaign to the west and north of Arrowhead. Previous drill holes on the property intercepted 40 gold-copper mineralized zones enhance the property's potential for four types of mineralization: gold-rich VMS deposits, like at the Bousquet #2 and LaRonde mines; VMS deposits, like at the Louvicourt mine; gold-rich polymetallic veins, like at the Doyon and Mouska gold mines; and quartz-carbonate auriferous veins associated with regional E-W trending faults and shear zones, like at the O'Brien, Kewagama, Central-Cadillac, Wood-Cadillac and Lapa mines (Technical Report on Arrowhead, Yvan Bussières, P.Eng., OIQ # 31985, 2016).
McWatters, Quebec Abitibi
McWatters is continuous to the Long Bars Zone Break. The Yorbeau Rouyn property contains a combined resource of 497,820 Oz Au (Open Pit and Underground Mineral Resource Estimate for the Astoria I Gold Project, Near Rouyn, Quebec, Eugene Puritch, P.Eng, 2005) (Technical Report on the Rouyn Property - Augmitto Block, Rouyn-Norada, Quebec, Canada, Bernard Salmon, Eng and Barry McDonough, P. Geo, 2011) and the Granada Gold Property has a combined resource of 715,000 Oz Au (NI 43-101 Technical Report on the Grenada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada, Yann Camus, P.Eng, Maxime Dupere, Geo, 2020). McWatters has easy access for exploration and a historical drill hole on the property retuned 7.79 g/t Au over 3 meters.
Figure 1: Opawica Exploration's Quebec Abitibi Projects
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/87657_0e5eed7e94286af8_001full.jpg
Newfoundland Projects
Figure 2: GoldSpot's Royalty Coverage in Newfoundland
To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5844/87657_0e5eed7e94286af8_002full.jpg
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Chris MacInnis, professional geoscientist (APGO No. 2059), a qualified person as defined by National Instrument 43-101 guidelines.
About GoldSpot Discoveries Corp.
GoldSpot Discoveries (TSXV: SPOT) (OTCQX: SPOFF) 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 time, reduces costs and provides accurate results.
For further information please contact:
Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: investors@goldspot.ca
Cautionary Statement on Forward -Looking Information
Neither the TSX Venture Exchange ("TSXV") nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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