GoldSpot Discoveries Provides Corporate and Royalties Update
Toronto, Ontario--(Newsfile Corp. - September 27, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") reports, in light of the recent fluctuations in the price of its common shares, that it is not aware of any material corporate development or material change in the Company's business or affairs.
GoldSpot believes that it remains in good financial condition, with strong revenues from its consulting and services arm. As indicated in its most recent interim consolidated financial statements for the six-month period ended June 30, 2019, GoldSpot recorded $914,473 in revenues while committing a total of $2.4 million in investments and royalty acquisitions. As of June 30, 2019, the Company had $6.5 million in cash on hand and held another $2.8 million in investments.
GoldSpot continues to partner with premier mining companies, offering front to-back geological services including the use of artificial intelligence and machine learning to create new layers of data and generate prospective drill targets.
GoldSpot's President and CEO Denis Laviolette said: "This has been a crucial year for GoldSpot. In February, we completed our listing on the TSX Venture Exchange, and earlier this month we launched our Resource Quantamental platform internally. Our progress in 2019 has been in line with our business plan and we are already looking forward to 2020. To date, we've focused inwardly on enhancing our technology and methodology with existing clients. We now feel that we're ready to be more outward-facing and provide the market with regular updates on our technology and our business. We are excited about this new phase of our corporate development, and are eager to communicate what makes GoldSpot such a special disruptor for the mining industry."
Since the beginning of 2019, GoldSpot has expanded its target market to junior explorers. The Company invests and acquires royalties in data-rich exploration companies, which in turn retain GoldSpot and its team of 25 geologists and data scientists (including eight PhDs) to stitch, level and reinterpret a unique combination of both public and the explorer's own proprietary data. GoldSpot aims to bring together all available data and apply artificial intelligence to identify patterns and areas with a high chance of mineralization.
While GoldSpot's investments and service agreements are separate transactions, entering into both benefits the Company by mitigating its investment risk through a partial return of capital. GoldSpot's client in turn benefits by receiving a suite of advanced geological services and an AI-driven exploration campaign.
GoldSpot currently holds the following royalties:
Pacton Gold Inc. - 0.5% NSR and $1M option to buy another 0.5% NSR - Pacton's Red Lake mineral claims are located between Pure Gold's Madsen property and Great Bear Resource's Dixie discovery. Pacton currently holds 16,630 hectares of prospective land. Its location in a data-rich district makes it an ideal candidate for artificial intelligence and machine learning to identify new discoveries. With the benefit of GoldSpot's assistance, Pacton Gold has selected its first priority target area for its upcoming 10,000-meter drill program at the Boyden prospect.
Manitou Gold Inc. - 0.5% NSR and $1M option to buy another 0.5% NSR - Manitou Gold's Goudreau-Renabie area properties comprise a 22,500-hectare land package, set between Alamos Gold's producing Island gold mine to the west and the past-producing Renabie mine to the east, that traverses 37 kilometres of contiguous lands along known deformation zones.
New Found Gold Corp - 1.0% NSR - New Found Gold has completed the largest ever consolidation of property within the Linear Gold Belt in the Province of Newfoundland and now controls 17 known high-grade gold showings. GoldSpot's royalty covers an area of over 70,000 hectares.
One Bullion Limited - 0.5% NSR - One Bullion's primary focus is exploring the untouched Kraaipan Greenstone Belt as it extends north of the Botswana/South African border. GoldSpot's royalty covers an area of ~850,000 hectares.
GoldSpot will continue to pursue its strategy of using artificial intelligence and traditional domain expertise to make optimal use of all available exploration data. The Company aims to generate revenues from its work with producers sufficient to cover the majority of its G&A and R&D expenses, while continuing to invest and acquire royalties in juniors to which it will provide access to its robust team of geologists and data scientists. GoldSpot will continue to leverage its technology - including its newly-launched Resource Quantamental platform - and its position as a source of capital in depressed markets to develop a basket of equities and royalties.
GoldSpot intends to keep the market informed regarding its pipeline of service contracts, investments and partnerships, as well as future technological developments and lines of business.
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
Certain statements in this press release may be forward-looking. Such statements include those with respect to GoldSpot's approach to public disclosure as well as its business plans and strategy. Although GoldSpot believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurances that its expectations will be achieved. Such assumptions, which may prove incorrect, include the following: (i) GoldSpot will be successful in its efforts to secure clients and otherwise implement its business plans, (ii) GoldSpot's management will not identify and pursue business and strategies different from those described herein, (iii) demand for GoldSpot's services will continue to expand, (iv) GoldSpot will be able to retain the services of a sufficient number of qualified personnel in the fields of both geology and machine learning so as to enable it to continue to develop its products and offer its services, (v) GoldSpot's securities and royalty holdings will appreciate in value so as to enhance the Company's balance sheet, (vi) GoldSpot's exploration-sector clients will be willing to enter into both service agreements and investment transactions and (vii) GoldSpot will be successful in securing, by debt or equity financings or otherwise, the funds necessary to address any working capital deficiencies until such time as it is able to generate revenues sufficient to cover its costs. Factors that could cause actual results to differ materially from expectations include (i) GoldSpot's inability to develop and implement its business plans for technical, financial, legal or other reasons (including a shortage of qualified personnel), (ii) the occurrence of a material adverse change in GoldSpot's affairs, and (iii) a deterioration in business conditions that prevents GoldSpot from securing the funds it requires on a timely basis. A description of other risks affecting GoldSpot's business and activities appears under the heading "Other Risks" on pages 15 to 16 of the management's discussion and analysis of GoldSpot Holdings Inc. for the year ended December 31, 2018, which is available on SEDAR at www.sedar.com. No assurance can be given that any events anticipated by the forward-looking information in this press release will transpire or occur, or if any of them do so, what benefits that GoldSpot will derive therefrom. In particular, no assurance can be given as to the future financial performance of GoldSpot. GoldSpot disclaims any intention or obligation to update or revise any forward-looking statements in order to account for any new information or any other event, except as required under applicable law. The reader is warned against undue reliance on these forward-looking statements.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48296