- GoldSpot will utilize machine learning solutions to uncover EV battery material at Critical Elements’ Exploration Projects
- Engagement showcases GoldSpot’s work with industry leaders across resources to identify new mineral exploration targets
Toronto, Ontario–(Newsfile Corp. – June 18, 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 Critical Elements Lithium Corporation (TSXV: CRE) (OTCQX: CRECF) (FSE: F12) (“Critical Elements”), to apply its proprietary machine learning technology and geoscience expertise on Critical Elements’ extensive property package located in James-Bay, Quebec.
Globally, Any Resource
GoldSpot works with leading exploration and mining clients across all commodities and deposit types to apply cutting edge Artificial Intelligence (“AI”) algorithms to significantly increase the efficiency and success rate of mineral exploration across resources.
GoldSpot will work closely with the technical team at Critical Elements to analyze geoscience data sets to develop and refine Smart Targets at the company’s 100% owned exploration projects, which features multiple lithium showings, as well as nickel, copper and gold.
One strength of the GoldSpot Smart approach of AI and geoscience methods to exploration is the ability to take large land packages and distill all available geological information to identify the most efficient and cost-effective way to explore prospective terrane. As is standard in GoldSpot’s workflow, most of all available public geoscience data will be compiled and synthesized for the permits of scope and surrounding areas. Structural, geological, metamorphism, hydrothermal footprint, geophysical, and remote sensing components will all be analysed through GoldSpot’s proprietary AI tools to produce high priority targets for field prospecting. Additionally, machine learning-based outcrop detection will be achieved to better orient the field investigations.
“Our engagement with Critical Elements showcases GoldSpot’s ability to work with mining leaders across resources to identify new mineral exploration targets,” said Denis Laviolette, Executive Chairman and President of GoldSpot. “Significant global capital is being invested throughout the electric vehicle supply chain, which will drive demand for high-quality lithium sources. We are excited to work with the Critical Elements team to capitalize on their existing infrastructure and exploration potential as well as demonstrate our advanced analytical technology.”
Jean-Sébastien Lavallée, Critical Elements’ Chief Executive Officer, commented: “We are really excited to be able to work with GoldSpot to apply their exclusive technology to generate targets on our projects from geological and geochemical data, as well as more recent geophysical data acquired during our last survey. Resumption of exploration work on our different projects covering more than 700 km2 aiming to show the full potential is part of the development plan put in place by our team to become a large and responsible large lithium producer.”
About Critical Elements Lithium Corporation
Critical Elements Lithium Corporation aspires to become a large, responsible supplier of lithium to the flourishing electric vehicle and energy storage system industries. To this end, Critical Elements Lithium is advancing the wholly owned, high purity Rose lithium project in Quebec. Rose is our first lithium project to be advanced within a highly prospective land portfolio of over 700 square kilometers. In 2017, the Corporation completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the Project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate. Capital parameters were confirmed in 2019 by Primero Group in the context of a Guaranteed Maximum Price under an Early Contractor Involvement agreement, as a prelude to an Engineering, Procurement and Construction process. Detailed engineering for Phase I is expected to conclude this year as we also deliver technical studies for Phase II, the conversion of spodumene concentrate to high quality lithium hydroxide. In our view, Quebec is strategically well-positioned for US and EU markets and boasts exceptional infrastructure including a low-cost, low-carbon power grid featuring 93% hydroelectricity. We have a strong, formalized relationship with the Cree Nation.
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.
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Executive Chairman and President
GoldSpot Discoveries Corp.
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.