GoldSpot Discoveries Grows Royalty Portfolio in Newfoundland with Exploits Discovery

Toronto, Ontario–(Newsfile Corp. – October 20, 2020) – GoldSpot Discoveries Corp. (TSXV: SPOT) (“GoldSpot” or the “Company“) is pleased to announce it has been engaged by Exploits Discovery Corp. (CSE: NFLD) (“Exploits“) 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.

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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.

About Exploits Discovery Corp.

Exploits Discovery is a Canadian mineral exploration company focused on the acquisition and development of mineral projects in Newfoundland, Canada. The company holds the Dog Bay/Appletion Fault, Middle Ridge, True Grit, Great Bend, Mt. Peyton, Jonathan’s Pond and Gazeebow projects, which cumulatively cover an area of 1,760 square kilometres. All projects within Exploits’ portfolio lie within the Exploits subzone and Gander River ultramafic belt (GRUB) of the Dunnage zone, which contain the majority of Newfoundland’s gold mineral occurrences and exploration efforts, including New Found Gold’s 2019 discovery of 92.86 grams per tonne Au over 19 metres near surface. The Exploits subzone and GRUB regions have been the focus of major staking and financing throughout 2020, with increased exploration activities forecasted in the area moving into 2021. For further information please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837

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 application of machine learning technology and geoscience expertise, the ability to analyze data extracted and identify opportunities for exploration, the preliminary nature of metallurgical test results, the potential of gold projects in Newfoundland, Canada and the value thereof, 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.