GoldSpot Discoveries Enters into Strategic Data & Royalty Relationship with NV Gold
- GoldSpot enters into a strategic data and royalty relationship with NV Gold to create a new and innovative approach for prospect generation in Nevada, one of the top mining jurisdictions in the World.
- NV Gold has engaged GoldSpot to fully evaluate archival databases from AngloGold and USMX.
- The AngloGold database includes extensive exploration data developed and built by AngloGold, encompassing nearly 30 years of work in Nevada at an estimated cost of US$15 million.
- The USMX database was developed during the 1970s and 1980s and has never been assessed for the last 40 years.
- For the first time both databases (AngloGold and USMX) will be combined and fully evaluated using the proprietary technology developed by GoldSpot.
Toronto, Ontario--(Newsfile Corp. - June 2, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") is pleased to announce it has entered into a strategic data relationship with NV Gold Corporation (TSXV: NVX)("NV Gold"), a Vancouver, British Columbia based mineral exploration company focused on delivering value through mineral discoveries and project advancement. The purpose of the strategic relationship is for GoldSpot and NV Gold to work together to utilize GoldSpot's technologies and NV Gold's databases to generate new exploration targets.
In connection with the strategic relationship, GoldSpot and NV Gold have entered into a services agreement, pursuant to which, among other things: (i) NV Gold will grant GoldSpot a 0.5% net smelter return royalty ("NSR") on prospects/projects identified, staked or acquired using its mineral databases; (ii) GoldSpot will have the option to purchase a further 0.5% NSR on such identified assets derived from the mineral databases for a purchase price of CDN$1,000,000; and (iii) for a term of 18 months GoldSpot will provide technical services at market rates related to the evaluation and identification of mineral prospects within NV Golds mineral geological databases and provide technical services for exploration activities in Nevada.
To date, NV Gold has acquired proprietary databases to aid in its vision, including datasets assembled by AngloGold Ashanti North America Inc. (AngloGold) and its predecessors and U.S. Minerals Exploration Corp (USMX). These databases were collected over the course of four decades, and include geological and geophysical data, including but not limited to records, survey data, reports, drill hole logs, calculations, opinions, maps, charts, drawings, sketches, plans, agreements, documents, summaries, memoranda, studies, analysis and other projects and the surrounding area information in written, physical or electronic form.
Denis Laviolette, Executive Chairman and President of GoldSpot, said, "GoldSpot Discoveries is excited to bring our big data solution to Nevada. It is the ideal data-rich environment for our team to leverage our technology and skills to unlock significant value. Unlike other jurisdictions, Nevada explorers are not obligated to release their exploration data through state assessment requirements, and due to the robust amount of gold the State has, billions of dollars in exploration have been spent and the data essentially hoarded. We believe we will extract a substantial number of historical datasets, which were originally collected in the 1970s through to the 2000s and interrogate them with modern techniques and technology. The data is in various states of either digital integration and/or paper file format and will require immediate digitization, homogenization and analysis. The final database developed together by GoldSpot and NV Gold, including their technical team consisting of exploration legends, Dr. Quinton Hennigh and Dr. Odin Christensen, will have a cutting-edge advantage over other explorers in Nevada. GoldSpot and NV Gold will look to acquire highly prospective projects, which in turn GoldSpot will be rewarded royalties."
"I am excited to build a technical relationship with GoldSpot to fully explore, for the first time, our extensive geological databases in Nevada utilizing their advanced, proprietary technology in combination with our industry recognized technical team," commented Peter A. Ball, President and CEO of NV Gold. "GoldSpot's team is clearly recognized as the leader in the industry to assist companies fully evaluate and analyze their projects and/or data available, highlighting prospective targets, and yielding opportunities for new discoveries. With a robust gold market, a tight share structure, no debt, and the recently oversubscribed private placement closed on May 26th, 2020, we are excited for a busy 2020 exploration season ahead of us."
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 Discoveries combines proprietary technology with traditional domain expertise, offering a front-to-back service solution to its partners, and in some cases, capital to kickstart exploration programs. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.
About NV Gold Corporation
NV Gold Corporation (TSXV: NVX) is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries and project advancement. Leveraging its highly experienced in-house technical knowledge, NV Gold's geological team intends to utilize its geological databases, which contain a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.
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Executive Chairman and President
GoldSpot Discoveries Corp.
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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 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 at www.sedar.com. 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.
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