GoldSpot Discoveries Corp. and Margaux Resources Ltd. Collaborate on Series of Exciting New Targets for Drill Campaign

August 17, 2020 11:44 AM EDT | Source: EarthLabs Inc.

Toronto, Ontario--(Newsfile Corp. - August 17, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") was engaged by Margaux Resources Ltd. (TSXV: MRL) ("Margaux") in May 2020 to apply proprietary machine learning techniques within a strong geoscientific framework to help identify and rank drill targets at the Taurus Property of the historic Cassiar Gold Camp.

GoldSpot has been working closely with Margaux's technical team to analyze all available geological data and create high quality multivariate ranked drill targets in and around the Taurus bulk-tonnage gold deposit (NI 43-101 resource estimated 1M oz at 1.43 g/t Au, National Instrument 43-101 Technical Report on the Cassiar Gold Property, Scott Zelligan, P.Geo., September 10, 2019), as well as several exciting exploration and conceptual targets across the northern portion of Margaux's claim package for the drill campaign which began on August 10th, 2020.

In collaboration with Margaux, GoldSpot has integrated and reinterpreted various datasets (geochemical, geophysical, geological) to provide a cohesive and uniform geoscientific interpretation which has facilitated drill targeting for the upcoming drill program at Taurus. These targets were evaluated and underpinned by new understanding gained from GoldSpot Chief Geologist, Lindsay Hall, during her site visit in July. "I am very struck by the incredible upside potential of this historically proven gold-rich property. Each day on site I was introduced to another highly prospective area."

A mineralized quartz vein hosted in altered basalt (Photo 1) was identified last week in the first of GoldSpot's high-priority target areas to be ground-truthed by the Margaux field team. GoldSpot's conceptual target combined geophysical, geochemical and geologic data and insights to detect the most prospective parts of this large land package. This vein is less than 2 km from the Taurus bulk-tonnage gold deposit.

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Photo 1: Quartz vein in strongly iron-carbonate altered basalt at target area identified through GoldSpot target generation process.

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"We are very pleased with the overwhelming interest from investors and to be able to drill at our flagship Cassiar Gold property. Our 2020 exploration program launched in August, and we are very excited with the potential to expand and explore the known mineralization at the Taurus Deposit," said Marco Roque, CEO of Margaux.

"Our team has worked hard to advance the Cassiar Project on the technical front in preparation for drilling, and we look forward to delivering a safe and successful program," said Kaesy Gladwin, Margaux's VP Exploration.

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 Lindsay Hall, professional geoscientist (APGO No. 0891), 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 Margaux Resources Ltd.

Margaux Resources is a Canadian gold exploration company focused on exploration in British Columbia, and is directed by a group of highly successful Canadian business executives.

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 statements and forward-looking information within the meaning of applicable Canadian securities laws. These statements relate to future events or future performance. All statements other than statements of historical facts may be forward-looking statements or information. Generally, forward-looking information and statements may be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "proposed", "budgets", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. More particularly and without limitation, this news release contains forward-looking statements and information with respect to the Company's objectives, goals or future plans, positioning in the market, exploration results and exploration plans, the ability to identify and analyze all available data, identify and rank drill targets, enhance exploration opportunities for gold mineralization and the advancement of the Cassiar project, and the increase in shareholder value. Such forward-looking statements and information reflect management's current beliefs and are based on assumptions made by and information currently available to the Company, including, among other things, assumptions and expectations with respect to capital and operating costs varying significantly from estimates, the Company's ability to retain key personnel, the preliminary nature of metallurgical test results and the successful operation of the Company's technologies, delays or failure to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in general economic conditions, equity markets, inflation, fluctuations in commodity prices, investor interest, delays in the development of projects and the other risks involved in the mineral exploration and development industry, the success of the drill program at Taurus, the impact of competitions, trends in the industry and changes in laws, rules and regulations. The forward-looking information contained in this news release is subject to known and unknown risks and uncertainties, including but not limited to, adverse economic, regulatory and/or legislative developments, delays with respect to the Company's plans and those risks and uncertainties set out in the Company's public documents filed on SEDAR, any of which could cause actual results to differ materially from those expressed or implied by the forward-looking information disclosed herein.. 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 forward-looking statements, which only apply as of the date of this news release, and no assurance can be given that such plans, intentions or expectations upon which they are placed will occur in the disclosed time frames or at all. Such information may prove to be incorrect and actual results may differ materially from those anticipated. 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. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

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