News out now. Goldspot Discoveries Bolsters Portfolio with Royalties in Prolific Red Lake Ontario Area and Option to Acquire Royalties in Pilbara Australia
Goldspot Discoveries enters into a strategic partnership with Pacton Gold
Toronto, Ontario--(Newsfile Corp. - June 7, 2019) - Goldspot Discoveries Corp. (TSXV: SPOT) ("Goldspot") is pleased to announce that it has signed a service agreement with Pacton Gold Inc. ("Pacton Gold") to utilize Goldspot's A.I. and machine learning expertise to evaluate and identify possible mineral and drill targets on Pacton Gold's Red Lake, Ontario property over the course of the next eighteen months. As partial consideration for these services, Goldspot has been granted a 0.5-per-cent net smelter royalty on the property. In addition, Goldspot has been granted the option to purchase an additional 0.5-per-cent net smelter return royalty on all metals produced from the Red Lake property for a purchase price of $1,000,000; and a 0.5-per-cent net smelter return royalty on all metals produced from all the current claims comprising Pacton's Australia portfolio of assets in the Pilbara Craton for a purchase price of $1,000,000.
"The Pacton Gold property in the historic Red Lake gold camp in North western Ontario excites us. It is the ideal district to use artificial intelligence and machine learning to find new discoveries," said Denis Laviolette, President & Chief Executive Officer of GoldSpot. "After initial screening and utilizing artificial intelligence to analyze various layers of data related to Pacton Gold's property, we have made our largest speculative bet to date."
Goldspot has collected a significant amount of data from Pacton Gold's Red Lake property. Now its team of 25 geologists and data scientists, including eight PhDs, will be deployed to stitch, level, and reinterpret all available geophysical, geochemical, structural data in the public domain and marry it with Pacton's own data. The end goal will be to bring all the data together and use artificial intelligence to identify patterns and areas with a high chance mineralization.
"We believe Red Lake's ground is ripe for a technological revolution, and this deal gives us royalty exposure to 16,630 hectares of prospective land," continued Laviolette.
In addition, Goldspot has subscribed in a private placement financing of Pacton Gold, subscribing for 10,000,000 common shares of Pacton Gold at a price of $0.10 per common share for gross proceeds of $1,000,000.