Gold exploration is forging ahead in Newfoundland. Exploits Discovery Corp (CSE: NFLD) this morning announced that it has engaged Goldspot Discoveries Corp (TSXV: SPOT) to utilize its proprietary AI and machine learning technology, as well as its geoscience expertise, for its multiple gold projects located within the province.
The arrangement will see GoldSpot work closely with the Exploits technical team to analyze geophysical, geochemical, and geological data from its numerous ongoing gold projects within Newfoundland. Notably, GoldSpot recently worked with New Found Gold Corp (TSXV: NFG), where the company is credited with finding both the Keats Zone and the Lotto Zone for the issuer.
This is significant, as GoldSpot as a result has an intimate knowledge of the area in which Exploits operates, giving them a leg up on understanding the geological tendencies of the region. GoldSpot has been working in the region for roughly two years, learning valuable insights to the geology of Newfoundland, which potentially enables Exploits to reach the drilling phase in a much shorter timeframe than would otherwise be possible.
A similar workflow is to be put in place for the Exploits property as was used for New Found Gold as the company looks to identify all relevant geological data from its large land packages while identifying the most cost effective means of conducting exploration.
“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.”
Michael Collins, CEO of Exploits Discovery Corp
The arrangement between Exploits and GoldSpot will see Exploits issue a 0.5% royalty on 250,000 acres of the Exploits land package within Newfoundland. GoldSpot has also been issued an option to purchase a further 0.5% net smelter royalty on the same property for $1 million.
Exploits Discovery Corp last traded at $0.53 on the CSE.
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