Toronto, Ontario--(Newsfile Corp. - April 11, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot") is pleased to announce that its team of expert geologists and data scientists has been engaged by Gran Colombia Gold Corp. ("Gran Colombia") to use machine learning to identify new drilling targets at their Segovia Operations located in the Segovia-Remedios mining district of Antioquia in Colombia.
With the recent closing of a CDN$20-million private placement, Gran Colombia plans to dramatically accelerate the exploration programs at Segovia and has engaged GoldSpot to minimize exploration risk and increase discovery rates by leveraging machine learning.
Goldspot will use its geoscience and machine science expertise to clean, unify and analyse Gran Colombia's Segovia exploration data and produce both 2D and 3D targets for the exploration program. Goldspot will also deliver newly constructed lithological and mineralization models; new geophysical products produced through the reprocessing of the raw data; and new structural interpretations and models.
"We are excited to work with Gran Colombia at its Segovia Operations as we aim to address the big data challenge in mining. Segovia has produced over 5 million ounces of gold in the last 150 years and has a library of data just waiting to be tapped," said Denis Laviolette, CEO and President of Goldspot.
Mr. Laviolette also commented: "This partnership with Gran Colombia validates our business strategy. Our consulting work with major mining companies generates revenue to cover our G&A, fuel our R&D and demonstrate our leadership in applying machine learning to mineral exploration. This leaves our treasury intact to invest in juniors and acquire royalties in data-rich projects ripe for artificial intelligence, all while giving them access to our 25-person team. We are most unique source of capital in a depressed space, and we look forward to bringing our game-changing solutions to the market as we work with miners and explorers to rejuvenate this sector."
Serafino Iacono, Executive Chairman of Gran Colombia commented, "Our exploration work at Segovia to-date has centered on our three core mining operations to build our mineral resource and reserve statement and to support our mine optimization and planning. We have come to a point where we can now focus on the vast exploration potential we see in our Segovia mining title, stepping out from the existing mine operations and exploring the other 24 known veins in the mining title. We are excited to work with Goldspot to leverage their machine learning capabilities to increase our potential for success in expanding our mineral reserves through the accelerated drilling campaign we will be launching this year with the proceeds from our recently completed financing."
About Goldspot Discoveries Corp.
Goldspot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies and success rates in resource exploration and investment. Goldspot combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners. Goldspot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. Goldspot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform.
For further information please contact:
Denis Laviolette, President, CEO 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 is not comprised of historical facts. Forward-looking information 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, uncertainty over the outcome of any litigious matters, Goldspot'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 Goldspot's public documents filed on SEDAR. Although Goldspot 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. Goldspot 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.
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