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GoldSpot Discoveries Signs Service Agreement with King Global Ventures & Acquires Option for NSR on Newfoundland Portfolio

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Toronto, Ontario--(Newsfile Corp. - October 14, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company"), a leading technology services company leveraging machine learning to transform the mineral discovery process is pleased to announce it has been engaged by King Global Ventures Inc. (TSXV: KING) (OTC Pink: KGLDF) (FSE: 5LM1) ("King Global") to assist in the exploration of King Global's projects in Central Newfoundland.

GoldSpot has a large, collaborative team of geoscientists and data scientists focused on maximizing the chances of discovery by extracting the most out of all available data utilizing GoldSpot's proprietary machine learning technology and geoscience expertise.

Robert Dzisiak, Chief Executive Officer of King Global, commented: "We are very pleased to engage the services of GoldSpot to assist in the exploration of our portfolio of gold exploration properties in Central Newfoundland. GoldSpot's proven success and proprietary, machine learning exploration techniques will greatly enhance our exploration efforts and further develop our geological model. We have forwarded our historical exploration data to GoldSpot and will undertake a MAG survey this fall. King looks forward to the analysis of this data by GoldSpot and the subsequent development of a Phase 2 program that will delineate drill targets for a follow up drill program."

"King's portfolio of prospective and previously explored gold exploration projects in the Gander Gold Belt Region of Newfoundland is perfectly positioned for our team to add significant value," said GoldSpot Discoveries Executive Chairman and President, Denis Laviolette. "We look forward to undertaking our Smart Target program and advanced geological modelling for the portfolio as well as a MAG survey through Ridgeline, GoldSpot's full-service field exploration firm which will provide high-caliber input for our AI solutions."

GoldSpot has also been granted an option to acquire a 0.5% net smelter return royalty ("NSR") on the following licenses in Newfoundland for $2.0 million:

  • Gold Nugget Property (1,850 ha.)

  • Miss Pickle (950 ha.)

  • Gold Boulder (100 ha.)

  • Chapel Island (1,300 ha.)

The payment due on execution of the NSR options granted to GoldSpot will be paid to the original, registered owners of the properties that have been purchased by King and subject to the terms of the individual purchase agreements (per King Global Press Releases, December 10, 2020 and July 12, 2021).

King Global Newfoundland Properties:

King Global's projects include 100% interest in the following gold exploration projects:

The Golden Nugget Property consists of a 10 km long contiguous land package (1,850 ha.) of siliciclastic sediments within beds of conglomerates and mafic materials. High grade gold occurs in all rock groups with channel samples having returned values of 50.2 g/t gold over 1.1 m, 87 g/t over 0.8 m and 29.2 g/t over 2.5 m. These high grade channels are contained within extensive areas of lower to medium grade gold values along the entire length of this 10 km structural corridor.

The Miss Pickle Property (950 ha) is also north of the Davidsville Group and lies in another parallel structure to the Gold Nugget Property known as the Coaker Trend. Historical grab samples include, 7.3 g/t gold over 2.05 m, 8.3 g/t gold over 1.9 m and 7.1 g/t gold over 1.2 m. The length weighed average of 26 channel samples across the zone is 3.2 g/t gold.

The Gold Boulder Prospect consists of four contiguous claim blocks (100 ha) and is located near the small town of Glenwood in Central Newfoundland. Geologically the property is underlain by siliciclastic sediments of the Davidsville Group which is the same geological belt which hosts New Found Gold's high grade Queensway project. The entire prospect is bound on all side by New Found Gold Corp.

The Chapel Island Property (1,300 ha) consists of 54 mining blocks located in north-east central Newfoundland, on Chapel Island within the Dunnage Tectonostratigraphic zone of the Appalachian Orogen. The Road zone consists of 4 historical showings containing numerous Au occurrences. These occurrences have returned individual assay results up to 85 g/t Au and 32 g/t Au. Chapel Island also has historical nickel showings grab samples up to 3.05% Ni.

The Lost Swamp showing is comprised of a silicified and carbonate altered Coaker porphyry that contains very fine grained arsenopyrite, with assay results returning values up to 149.8 g/t Au and 23.3 g/t Au. At the Swamp zone, a total of 35 channel samples were cut for a combined length of 35.9 m at 8 different locations in the old trench. The best results from the sampling were 5.2 m of 0.48g/t Au and 0.9 m of 3.9 g/t Au.

About King Global Ventures

King Global Ventures Inc. (TSXV: KING) holds 100% interest in four highly prospective and previously explored gold exploration projects in the Gander Gold Belt Region of Newfoundland, Canada. King is supported by strategic investor Eric Sprott who owns approximately 11.2% of King's common shares.

The technical contents of this news release were approved by John F. Cook, MIMMM, a qualified person as defined by National Instrument 43-101.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies and to strategically invest in mineral exploration companies. Our leading team of expert scientist's merge geoscience and data science to deliver bespoke solutions that save time, reduce costs and produce far more accurate results than ever before possible.

For further information please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: investors@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/99679