Exploits Discovery Engages GoldSpot Discoveries to Apply Proprietary Technology and Knowledge in the Exploits Subzone Belt NL
Vancouver, Oct. 20, 2020 - Exploits Discovery Corp., (CSE: NFLD) ("Exploits" or the "Company") is pleased to announce that it has engaged GoldSpot Discoveries Corp. (TSXV: SPOT) ("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. Michael Collins, CEO of Exploits, 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 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.
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 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.
Exploits Claims which are subject to the Goldspot 0.5% royalty
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National Instrument 43-101 disclosure
Ian Herbranson, P.Geo, is a consultant for the company, shareholder and qualified person as defined by National Instrument 43-101. Mr. Herbranson supervised the preparation of the technical information in this news release.
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.
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.
ON BEHALF OF THE BOARD
/s/ "Michael Collins "
President and CEO
For further information, please contact:
Michael Collins, CEO
Tel: (604) 681-3170
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as the term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Forward-Looking Statements
This news release contains certain forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected including, but not limited to, market conditions, availability of financing, actual results of the Company's exploration and other activities, environmental risks, future metal prices, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. All the forward-looking statements made in this news release are qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required by applicable law.