Goldspot Discoveries enters into a strategic partnership with Pacton Gold (TSX.V:PAC).
Toronto, Ontario – June 7, 2019 Goldspot Discoveries Corp. (“Goldspot”) is pleased to announce that it has signed a service agreement with Pacton Gold Inc. (“Pacton Gold”) to utilize Goldspot’s A.I. and machine learning expertise to evaluate and identify possible mineral and drill targets on Pacton Gold’s Red Lake, Ontario property over the course of the next eighteen months. As partial consideration for these services, Goldspot has been granted a 0.5-per-cent net smelter royalty on the property. In addition, Goldspot has been granted the option to purchase an additional 0.5-per-cent net smelter return royalty on all metals produced from the Red Lake property for a purchase price of $1,000,000; and a 0.5-per-cent net smelter return royalty on all metals produced from all the current claims comprising Pacton’s Australia portfolio of assets in the Pilbara Craton for a purchase price of $1,000,000.
“The Pacton Gold property in the historic Red Lake gold camp in North western Ontario excites us. It is the ideal district to use artificial intelligence and machine learning to find new discoveries,” said Denis Laviolette, President & Chief Executive Officer of GoldSpot. “After initial screening and utilizing artificial intelligence to analyze various layers of data related to Pacton Gold’s property, we have made our largest speculative bet to date.”
Goldspot has collected a significant amount of data from Pacton Gold’s Red Lake property. Now its team of 25 geologists and data scientists, including eight PhDs, will be deployed to stitch, level, and reinterpret all available geophysical, geochemical, structural data in the public domain and marry it with Pacton’s own data. The end goal will be to bring all the data together and use artificial intelligence to identify patterns and areas with a high chance mineralization.
“We believe Red Lake’s ground is ripe for a technological revolution, and this deal gives us royalty exposure to 16,630 hectares of prospective land,” continued Laviolette.
In addition, Goldspot has subscribed in a private placement financing of Pacton Gold, subscribing for 10,000,000 common shares of Pacton Gold at a price of $0.10 per common share for gross proceeds of $1,000,000.
(Illustrative example of potential layers to incorporate and analyze)
Pacton’s Red Lake mineral claims are strategically located between Pure Gold (TSX.V:PGM) and Great Bear Resources (TSX.V:GBR). Recent drill results from Great Bear Resources reported 190.78 g/t Au over 5.90 meters, including 1,600 g/t Au over a drill width of 0.7 meters in the Hinge Zone (see Great Bear Resources press release dated January 16, 2019). Mineralization hosted on adjacent properties is not necessarily indicative of mineralization hosted on the Company’s property.
Pacton’s Red Lake property geology is similar to the geology that hosts the high-grade discoveries at the Dixie project. Pacton will be focusing exploration on D2 structures that are proposed to have significant control on gold deposits in the Confederation Assemblage.
Pacton Gold Inc. is the 3rd largest landholder in the Pilbara Craton, home to Novo Resources Corp’s (TSX.V:NVO) flagship asset. Pacton’s strategy is to explore the Pilbara for elluvial and orogenic gold deposits. To date, geological data and target inventories are being compiled for Pacton’s projects in Western Australia’s Pilbara craton. Numerous targets types have been identified, most with surface gold occurrences, including Paleoarchean and Mesoarchean orogenic shear hosted occurrences and intrusion related environments.
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 NI 43-101 guidelines.
For a more in-depth video of this transaction and our thoughts:
About Goldspot Discoveries Corp.
Goldspot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. Goldspot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. Goldspot’s solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. Goldspot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform.