GoldSpot Discoveries Signs Agreement with Monarch Gold

Toronto, Ontario--(Newsfile Corp. - May 8, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") has been engaged by Monarch Gold Corporation (TSX: MQR) ("Monarch") following an investment from Caisse de dépôt et placement du Québec ("CDPQ") to continue to advance the Beaufor Mine located on the prolific Abitibi Greenstone Belt in the Province of Quebec.

"To maximize our chances of success, we have retained the services of GoldSpot, who will assist us in selecting the optimal drill targets throughout the program based on the historical data we have compiled over the past two years," stated Jean-Marc Lacoste, President and CEO of Monarch Gold.

"GoldSpot is pleased to be assisting Monarch to evaluate current and future discovery potentials and contribute our part to the goal of re-opening of the Beaufor Mine. With our teams roots firmly planted in Quebec, GoldSpot is poised to leverage our regional expertise, team and technology to assist both issuer and institution," stated Denis Laviolette, President and Chief Executive Officer of GoldSpot.

GoldSpot will use proprietary machine learning tools to identify and optimize drilling targets at the Beaufor Mine. GoldSpot will process, integrate, and interpret underground and exploration drilling data in and around the Beaufor Mine using geoscience, data analytics and proprietary AI (machine learning) techniques. The objective of GoldSpot's engagement will be to assist with exploration targeting on both a local and regional scale.

The planned exploration program will be one of the largest exploration programs ever undertaken on the Beaufor Mine, consisting of approximately 270 drill holes for a total of 42,500 metres. Exploration drilling will be undertaken in several phases, including:

• underground work in proximity to the exploration targets of the mine (high-grade intervals and isolated resource blocks);
• near-surface and mine targets;
• targets below the current mine workings; and
• regional exploration targets

The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 (Standards of Disclosure for Mineral Projects) and reviewed and approved by Chris MacInnis, professional geoscientist (APGO No. 2059), a qualified person as defined by NI 43-101 guidelines.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology and investment company that leverages machine learning to reduce capital risk while working to increase efficiency 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, and in some cases, capital to finance exploration programs. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.

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, 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 approval, 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.

For further information please contact:

Denis Laviolette
President, CEO and Director
GoldSpot Discoveries Corp.
647-992-9837

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/55587