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GoldSpot Discoveries Identifies New Structure Parallel to New Found Gold's Discovery for Exploits Discovery

Newsfile Corp.
·5 min read

Toronto, Ontario--(Newsfile Corp. - January 14, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") and Exploits Discovery Corp (CSE: NFLD) ("Exploits") are pleased to announce they have identified secondary faults parallel to the mineralized Appleton fault which hosts New Found Gold Corp's ("NFGC") discovery hole, on its Mt. Peyton Project. GoldSpot is a shareholder of Exploits.

GoldSpot and Exploits are proud to announce, that through GoldSpot's historical compilation, re-interpretation, and data analysis techniques, it has identified a secondary parallel structure approximately 3.5 Kilometers west of NFGC's Keats discovery zone on its Appleton Fault. This newly identified northeast-southwest trending structure, termed the Schooner Fault, lies coincident with Torq Resources 2017 till program in which they reported anomalous gold till results in close proximity to the interpreted zone. The Schooner Fault is recommended by GoldSpot for additional follow up work, including geophysics, prospecting and trenching and can be seen in Figure 1.

Figure 1. Exploits Discovery Corps. Mt. Peyton Project with GoldSpot's prospective Schooner Fault

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/71988_4c40e21094b0891f_001full.jpg

Denis Laviolette, executive chairman and president of GoldSpot, commented: "GoldSpot continues to believe that Newfoundland remains a highly prospective area for exploration. The Schooner Fault is potentially in the same geological environment, has the same trend, and is near GoldSpot's and New Found Gold's very prolific Appleton and JPB Fault zones. We believe Exploits stands an excellent chance to make a ground breaking discovery along the Schooner fault as well as on other project areas in its claim portfolio in the region.

Michael Collins, President and Chief Executive Officer of Exploits, commented: "Exploits is very pleased to present these Goldspot generated targets on the Schooner Fault. We have a very large land package with numerous existing high value gold targets. The Exploits team is working to build a comprehensive data base with prospecting and geophysical data acquisition. Goldspot's Exploits Subzone knowledge base and AI process will continue to drive targeting and discovery faster and better than our exploration competitors."

Previous Property Exploration

Prior to acquiring the exploration rights to the property, Torq Resource Inc. ("Torq") held the land and explored it actively up until 2018. During that time Torq released grab and till samples in press releases to the market highlighting the grade strike and continuity in the exploration area over what would be discovered as the Schooner Fault. The Press Release is available in its entirety at:

https://www.torqresources.com/news/2017/torq-resources-identifies-a-25-km-long-gold-corridor-in-newfoundland-1/

The full till results reported for the area in the September 21st, 2017 press release by Torq has not yet been released publicly in its entirety. The accuracy and location of the reported till results are currently being vetted by GoldSpot or Exploits and as such the map contained in the historic linked Press Release should be used for informational purposes only.

Qualified Persons

The technical information in this press release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 - Standards of Disclosure for Mineral Projects, and reviewed and approved by Peter McIntyre, professional geologist (APGO - P.GEO 2217), 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.

For further information please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: denis@goldspot.ca

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71988