Toronto, Ontario–(Newsfile Corp. – March 17, 2021) – GoldSpot Discoveries Corp. (TSXV: SPOT) (“GoldSpot” or the “Company”) is pleased to announce that it has identified several gold targets at Stelmine Canada Ltd.’s (TSXV: STH.V) (“Stelmine”) Courcy project in Quebec. GoldSpot was mandated by Stelmine to conduct a targeting study at its flagship project located in the eastern Opinaca basin, 100 km west of Fermont, Quebec-Labrador. GoldSpot identified 28 drill ready targets, each classified by priority, using its proprietary expertise following favourable geological modelling and gold prediction results. GoldSpot’s Smart targeting approach used Artificial Intelligence combined with traditional geological expertise to update the geological and metallogenic understanding of the project and eventually identify potential targets. Six (6) high-priority targets were identified for drilling exploration. Twenty-two (22) moderate priority targets were determined and require field investigation prior to drilling.
Analytical workflow consisted of the processing diverse geoscience datasets, including aeromagnetic-electromagnetic data, ground and drill hole geological data, rock, soil and till multielement assays. The data integration having homogeneous coverage into a Machine Learning datacube led to a robust supervised-AI model that generated targets with a high prediction score for gold (Figure 1). A final post-processing ranking of the targets based on the spatial geoscience knowledge was applied to reveal favourable underexplored areas.
Figure 1: AI Gold targeting map showing the high priority drill targets and the existing gold showings (yellow dots)
The desktop-based geoscience interpretation refined the Structural portrait of the Courcy area (Figure 1). The structural interpretation highlights an ENE-trending pattern dominated by folds, high strain contacts and fractures in a ductile-brittle regime. Shear faults are likely to occur along the major lithological contacts.
About the Courcy project
The Courcy project is located in the southeastern portion of the Superior Province. The Archean basement is part of the Opinaca Subprovince. The ore deposit type consists of banded iron formation-hosted massive sulfide and quartz veinlets gold mineralization. Out of the eight historic holes, two revealed visible gold intersections (holes 1358-06-04 and 1358-06-08).
The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 — Standards of Disclosure for Mineral Projects, and reviewed and approved by Ludovic Bigot, professional geologist (OGQ – P.GEO No. 1655), a qualified person as defined by NI 43-101 guidelines.
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 Stelmine Canada Limited
Stelmine is a junior mining exploration company which concentrates its activities in the Province of Québec. Stelmine holds 1574 claims spanning 804 km2 on the eastern part of the Opinaca metasedimentary basin, which contains zones with a high potential for gold deposit discovery in geological contexts like the one leading to discovery of the Eleonore Mine. Its capital stock consists of 45,896,188 issued and outstanding shares.
For further information please contact:
Chief Executive Officer and Director
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.