GoldSpot Discoveries Helps Monarch Mining Find New Gold-Rich Zones at the Beaufor Gold Deposit Using Artificial Intelligence

• GoldSpot Discoveries Corp.'s proprietary approach of Artificial Intelligence (AI) and geological interpretation yields exploration success at the Beaufor deposit;
• Monarch Mining reported first surface exploration holes have returned high-grade assay results, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 metres;
• Additional follow-up drilling is planned to test extensions of positive near-surface results;
• Additional GoldSpot targets are in-queue for upcoming drill testing.

Toronto, Ontario--(Newsfile Corp. - February 22, 2021) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") is pleased to announce that Monarch Mining Corporation (TSX: GBAR) (OTC: GBARF) ("Monarch") has successfully intercepted high-grade gold mineralization at GoldSpot's high priority targets at the Beaufor deposit, Quebec, which includes 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 metres. Please see here for Monarch's Press Release.

Further nearby high-priority targets could be correlated to some of the high-grade intersections, suggesting the mineralization is open to several directions. Additional drilling is planned by Monarch to follow up the positive near-surface results.

GoldSpot's AI-based approach was combined with traditional geological expertise to narrow down potential targets, which reduces financial risk by prioritizing the ideal locations for exploration drilling. Initial analytical steps of study consisted of re-interpreting the geology at Beaufor, including a desktop-based structural interpretation, 3D geological model and interpretation of the geological vectors to the gold mineralization, which then allowed to predict gold zones with more accuracy.

Jean-Marc Lacoste, CEO of Monarch Mining Corporation commented: "Monarch is very pleased to have incorporated the use of AI technology, through Goldspot Discoveries, to assist with exploration targeting in and around the Beaufor mine. We consider the addition of this technology to be a logical step in our exploration strategy, as we continue to develop our 3D model of the mine. The technology allows us to incorporate vast amounts of data and re-examine how they are related, leading to the identification of new drill targets."

Geological Update

GoldSpot's study hinged on the revisit of more than 80 years of drilling data at Beaufor. Gold mineralization is hosted in narrow and moderately dipping quartz-tourmaline veins. Monarch's geologists provided guidance on relevant tools to track gold, emphasizing on the structural component of the gold distribution.

GoldSpot's interpretation suggests the veins would have reactivated moderately dipping structures, often adjacent to mafic dykes, favorably oriented to accommodate dilation in a shear corridor. The vein structural style would be close to the "T-type faults" in a hybrid inverse to Riedel-like model. GoldSpot interpreted the potential dilation zones/T-type faults, likely favorable to host veins, based on geological criteria including gold grade and proximity to mining stopes, along with sulfide content, veining, etc. (Figure 1). Over 90 planes were interpreted, then becoming relevant input layers to the Machine Learning model.

Figure 1: Interpreted dilational planes (colored) favorable to host gold veins, and the fault system ("Faille").

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/74957_1fdb4a3a2450aacd_001full.jpg

Exploration Target Generation

GoldSpot generated gold targets using a Smart approach of knowledge-expertise and AI data-driven methods. For the latter, the analysis trains machine learning algorithms to predict the presence of gold using all variables (feature). A total of 21 relevant variables were retained, including low stress zones resulting from a paleostress modelling (Figure 2), mafic dyke, alteration, modelled veins, etc. Once the model performs to a satisfactory level, results produced include: 1) a series of zones with high probability of containing gold; and 2) a ranking of feature importance for each input feature. The new 3D lithological and structural interpretation was the dominant contribution to the targeting model, demonstrating the importance of a good geological understanding to eventually obtain accurate target predictions.

Figure 2: Paleostress modelling and low stress zones (targets). Section W1970±30

To view an enhanced version of Figure 2, please visit:
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The prediction model pointed out gold targets in several locations, both in near-surface and deep areas of the deposit (Figure 3). These results highlight the gold potential is still present at the Beaufor deposit, both near and outside the historic orebodies, more than 80 years after the initial commercial production.

Figure 3: Prediction of gold targets (red) at Beaufor - 3D view.

To view an enhanced version of Figure 3 please visit:
https://orders.newsfilecorp.com/files/5844/74957_fig3_orig.JPG

Qualified Persons

The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 -- Standards of Disclosure for Mineral Projects, and reviewed and approved by Ludovic Bigot, professional geologist (OGQ - P.GEO No. 1655), a qualified person as defined by NI 43-101 guidelines.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves times, reduces costs and provides accurate results.

About Monarch Mining Corporation

Monarch Mining Corporation (TSX: GBAR) is a gold mining, development, and exploration company, focused in the prolific Abitibi mining camp in Canada. The Corporation owns four advanced gold properties including the fully permitted past producing Beaufor Mine, which has produced over 1 million ounces of gold over the last 80 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located in the vicinity of its wholly owned and fully permitted 750 tpd Beacon Mill.

For further information please contact:
Vincent Dubé-Bourgeois, Chief Executive Officer and Director
GoldSpot Discoveries Corp.
Tel: +1-819-592-1195
Email: vincent@goldspot.ca

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 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, 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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