GoldSpot Discoveries Corp. Signs Agreement with Firefox Gold Corp.

July 27, 2020 7:30 AM EDT | Source: EarthLabs Inc.

Toronto, Ontario--(Newsfile Corp. - July 27, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") has been engaged by FireFox Gold Corp. (TSXV: FFOX) ("FireFox") to apply machine learning and its proprietary expertise to identify new exploration targets on FireFox's robust portfolio of projects in the Central Lapland Greenstone Belt, located in Finland. In its analysis, GoldSpot will work with FireFox's technical team to analyze all available geological and remote sensing data to explore the potential for gold mineralization local to the properties.

"GoldSpot Discoveries is excited to bring our big data solution to Finland, a world class mining jurisdiction that is notoriously rich in data. We believe FireFox's gold projects have incredible potential and GoldSpot will be able leverage its team and technology to unlock significant value. We believe GoldSpot's approach to integrating FireFox's existing and newly generated datasets with the Geological Survey of Finland's impeccable geodatabase (which includes over 130 years of historical data), will provide FireFox with a significant advantage over other explorers in the area." said Denis Laviolette, Executive Chairman and President of GoldSpot.

Patrick Highsmith, Chairman of FireFox Gold, commented, "We are very excited to unleash GoldSpot's cutting-edge technology on our gold projects in northern Finland. Our new integrated team encompasses FireFox's deep Finland expertise and more than 120 years of economic geology experience and the structural geology, geophysics, geochemistry, and technology mavens from GoldSpot. We believe the future of gold discovery will be driven by high-quality data, technical excellence, and smart application of machine learning."

GoldSpot will help delineate drill-ready targets for orogenic gold mineralization, as well as identify prospective areas regionally. GoldSpot's subject matter experts will homogenize, integrate, process and interpret exploration datasets such as mapped or logged lithology, geophysics, surface and downhole geochemistry, and structural data. These interpreted and derived products will be used as input layers to GoldSpot's proprietary AI (machine learning) techniques, which will then be validated by our team of expert geoscientists, in collaboration with the FireFox technical team.

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 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 FireFox Gold Corp.
FireFox Gold Corp. (TSXV: FFOX) is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 hectares of prospective ground. Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.

For further information please contact:
Denis Laviolette,
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837

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 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.

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