Goldspot Discoveries Inc.

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GoldSpot is a technology company that leverages artificial intelligence to reduce capital risk while working to increase efficiencies and success rates in resource exploration and investment. GoldSpot combines proprietary technology with traditional domain expertise, offering a front-to-back serv...

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Goldspot Discoveries Inc.

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GoldSpot is a technology company that leverages artificial intelligence to reduce capital risk while working to incre......

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2 days ago

8020 Admin posted a press release GoldSpot Initiates Strategic Partnership to Bring its Technology to Australian Markets in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - March 2, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") announces that it is partnering with Australia-based RSC Mining and Mineral Exploration ("RSC") to bring GoldSpot's technologies to the Australian mining and resource exploration sector. Under this arrangement, RSC will make GoldSpot's machine learning products accessible across the Australian mining value chain from regional greenfields exploration, through resource and reserve estimation and into active mining. This includes for example, advanced geometallurgical modelling to improve resource extraction at the mill. Based on the results of this initial partnership, GoldSpot and RSC will explore arrangements to formalize their business relationship for the longer term.


Denis Laviolette, President and CEO of GoldSpot:


"Since our inception, GoldSpot has invested significantly in machine learning R&D and now have almost 40 projects in various stages of development. As we are preparing to commercialize our more advanced stage products, RSC will be a significant pipeline to the Australian market. RSC is among the most respected mining and exploration consultancies in Australia and has active projects with more than 100 clients, a large proportion of which are Australian. The partnership with RSC only further validates GoldSpot as the leader in machine learning in mineral exploration."


René Sterk, Managing Director of RSC:


"RSC has always aimed for practical geological solutions that add genuine value to all our clients' projects, and to use cutting-edge technology to provide solutions for our clients across the exploration and mining value chain. We recognise that machine learning is the way of the future and that as geologists we need to embrace it as another tool at our disposal. We are excited about our partnership with GoldSpot, which will enable us to provide new kinds of innovative solutions for our clients and the Australian market generally, and to access GoldSpot's cutting-edge data analytics and machine learning capabilities."


RSC has strengths in technical geoscience-driven exploration and fieldwork, which complements Goldspot's mature research and development department and experienced practical application of novel computational techniques. To date, GoldSpot and RSC have successfully collaborated by delivering professional development education for mining experts in Western Australia, via technical conference and training sessions. Both initiatives qualify for professional development membership credits with the AusIMM, AIG, and provincial associations directed by the Canadian Council of Professional Geoscientists.


RSC and GoldSpot offer innovative solutions that include geological reinterpretations, geochemical and geophysical data processing, big data synthesis and integration, prospectivity mapping for exploration and drill targeting, 3-D geometallurgical modelling, and tools to automate drill core mapping or measurements and deliver efficiency gains to routine tasks.


The strategic partnership between GoldSpot and RSC will provide access to new options in the data analytics space for Australian businesses eager to benefit from advanced technologies. GoldSpot's unique, practical offerings can enhance current practices across the mining value chain.


About GoldSpot Discoveries Corp.


GoldSpot Discoveries is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.


www.goldspot.ca


About RSC Mining and Mineral Exploration


RSC provides geological consulting, exploration management and contract geological services to the global mining and exploration industry. Its teams include geologists, geophysicists, geochemists, resource professionals, project managers, data management and GIS professionals. RSC has experience in all stages of the mining cycle, from early stage exploration through to development and initial production, and on to full-scale operation. RSC's principal office is in Perth, Western Australia and it works in numerous countries on a variety of commodities, both on and offshore.


www.rscmme.com


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52987

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8020 Admin

6 days ago

8020 Admin posted a press release GoldSpot and Yamana Gold Collaboration Results in Improved Exploration Targeting at El Penon in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - February 27, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") commends Yamana Gold Inc. ("Yamana") on its strong reported fourth quarter and full year 2019 results (see Yamana's press release of February 13, 2020). Of particular interest for GoldSpot is Yamana's mention of the use of machine learning technology to improve exploration targeting and also contribute to the meaningful increases in mineral resource inventory at its El Peñón mine.


Yamana reports that El Peñón's mineral reserves both replaced 2019 depletion and further increased such mineral reserves by 15% and 21% for gold and silver, respectively, as the result of positive infill drilling and mine design optimization. Furthermore, measured and indicated mineral resources increased by 66% while silver increased by 70% compared to the prior year, due to the positive exploration results from numerous secondary vein structures in the east mine.


El Peñón has a long history of exploration and drill data, and Yamana is currently exploring targets defined in part by GoldSpot's artificial intelligence ("AI") algorithms to best predict areas for drilling for mineralization. Targets, including targets generated through AI analyses, are defined by favorable lithological package (rhyolites), high white mica crystallinity and anomalous geochemical and geophysical signatures, and will be further investigated through drilling in 2020.


To date, GoldSpot has been able to supplement and reinforce conventional targeting outlined by Yamana's team, and further generate new zones of interest that Yamana has earmarked for continued exploration in the coming 2020 exploration campaign. GoldSpot is grateful to have been given the opportunity to work alongside Henry Marsden and his high-quality exploration team, push the limits of data, reinvigorate exploration efforts at El Peñón and showcase the power of modern exploration techniques by demonstrating what they can bring to a world-class project with a world-class data set and team of experts.


"The past year has seen some very encouraging preliminary results that reinforces the value that AI and machine learning bring to the exploration workflow. We are looking forward to the results of the 2020 drilling campaign, which will further highlight the importance of new technologies in the exploration process." Denis Laviolette, President and CEO of GoldSpot Discoveries Corp.


"The collaborative AI process undertaken with GoldSpot has allowed Yamana's exploration team to leverage many years of multidisciplinary exploration data and is playing a significant role in the current exploration targeting process at El Peñón. We are pleased with the progress that our partnership with GoldSpot has yielded so far and look forward to continued success." Henry Marsden, Senior Vice President, Exploration, at Yamana.


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 # 0891), a Qualified Person as defined in NI 43-101.


About GoldSpot Discoveries


GoldSpot Discoveries Corp. (TSXV: SPOT) is a Canadian technology company transforming a traditional industry using artificial intelligence and machine learning. As the first publicly-traded AI company in mineral exploration, GoldSpot Discoveries uses machine learning as a powerful extension of geological brainpower to unlock deep value in data. In addition to service offerings and strategic investments, GoldSpot has developed a first of its kind AI driven trading platform giving investors a new way to play the mining space.


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52856

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8020 Admin

1 month ago

8020 Admin posted a press release Goldspot Discoveries AI-Targeted Drilling Discovers New Zone Containing 19.0m of 92.86 gpt Au in Newfoundland, Canada in GOLDSPOT DISCOVERIES INC.

"We would like to thank GoldSpot Discoveries and their professional team for the utmost attention to detail in managing the data compilation and interpretation. The combination of traditional and machine learning targeting has led to us to a discovery hole and New Found Gold looks forward to the continued advancement of this project and partnership with GoldSpot."

- Greg Matheson, COO of New Found Gold Corp.



  • Artificial Intelligence (AI) yields positive results in greenfields exploration.



  • AI exploration program results in a new discovery with the first drillhole.



  • NFGC-19-01 returns 19m of 92.86 gpt Au and 6m of 285.2 gpt Au.



  • GoldSpot team compiles and processes all historic and current datapoints to engineer new maps and features to assist in targeting.



  • GoldSpot historically invested $750,000 CAD into NFGC in exchange for shares and royalties.



Toronto, Ontario--(Newsfile Corp. - January 29, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") announces that its client, New Found Gold Corp. ("NFGC"), benefiting from GoldSpot's AI technology and exploration expertise, has reported a significant new high-grade gold discovery at its Linear (renamed "Queensway") project located in Central Newfoundland, west of the Town of Gander. NFGC has reported that drill hole NFGC-19-01 returned high-grade intercepts. Visible gold (VG) was recorded within 17 metres of the 19 metres interval with gold grains observed throughout. The new intersection is within a quartz-iron carbonate breccia hosted by black shales and mixed sediments of the Davidsville Group and in the Appleton fault zone. The intercept, 96 meters downhole, remains open for expansion down-dip and along strike. The true width of this intercept is estimated to be 70% based on drill core angles.


For more information on NFGC's drill results, see the press release issued on January 28, 2020 by Mexican Gold Corp., which has entered into a binding letter agreement to acquire 100% of NFGC's shares, at mexicangold.ca/_resources/news/2020-01-28.pdf.


The 100% NFGC-owned Linear land package consists of 56 mineral licenses across 3,290 claims covering approximately 823 km2. GoldSpot's AI-based approach combines traditional geological expertise with proven methods in artificial intelligence and is scaled to match the size of the property and data effectively. This method allowed NFGC to narrow down potential targets, which reduces financial risk by prioritizing the ideal locations for exploration spending. Hole NFGC-19-01 is the first of ten reconnaissance holes that have been drilled across the project and is the only one with results returned as of the date of this press release.


A strength of the GoldSpot AI approach to exploration is the ability to take large land packages and distill all available geological information to identify the most efficient and cost-effective way to explore prospective terrain. As is standard in GoldSpot's workflow, all public data encompassing geochemical data, grab samples, trench and channel reports, historical drilling, geological mapping, geophysical data and structural interpretations was compiled and synthesized for the Linear property and surrounding areas.


As part of the data gathering process, GoldSpot's personnel also spent two months in the field with NFGC's geological team conducting an intensive program of data collection to further refine its geological understanding of the property and mineralization controls. This process included visiting over 600 outcrops and recording various rock types, collecting grab samples and documenting a wide range of geological features. Additionally, 1,278 new structural measurements were collected by the field team and used to reinterpret the current understanding of the structural regime of the land package. A clear pattern of gold development at the intersection of the ENE trending EM interpreted faults and NNE trending principal faults (Figure 1). Intra-wedged second order structures are very favorable for fluid activity and mineral deposition. These structural insights were compiled with the extensive geological and geophysical information forming the components utilized in the AI targeting exercise.


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Figure 1: Structural Regime of the Linear Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/51924_enhanced.jpg


A crucial part of this process was refining outdated geological maps with the addition of magnetic and EM survey data in order to produce an updated map with advanced AI techniques (Figure 2 and 3). This resulted in a new high-resolution geological map and was key to the prospective targeting exercise.


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Figure 2: Machine Learning geological map using unsupervised approach.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5844/51924_9ceb7b1ef47ed955_003full.jpg


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Figure 3: High definition geological map produced using GoldSpot semi-supervised AI algorithms.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5844/51924_9ceb7b1ef47ed955_004full.jpg


Structural, geological and geophysical components were all analysed through GoldSpot's proprietary AI tools to produce the final high-priority targets for exploratory drilling. GoldSpot's multidisciplinary team of experts analyzed these datasets with NFGC, using traditional methods to sculpt a preliminary validation program (Figure 4).


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Figure 4: GoldSpot AI targeting results.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5844/51924_goldspot.jpg


GoldSpot CEO and co-founder Denis Laviolette said, "We are extremely pleased to see the results of the first drill hole from the targets we provided to NFGC. Our collaborative approach to combining geology with artificial intelligence has yet again proven itself in the field, allowing our clients to be cost effective and efficient with their exploration program. We look forward to seeing future results from our work with NFGC, and to continuing our fruitful and successful partnership."


GoldSpot and NFGC first announced their partnership on March 4, 2019 (see GoldSpot's press release at goldspot.ca/news/goldspot-discoveries-corp-announces-acquisition-of-royalties-in-two-prolific-districts-covering-over-900000-hectares-and-closing-of-strategic-partnership-with-manitou-gold). At that time, GoldSpot was identified as the ideal partner for NFGC based on the strength and experience of the GoldSpot machine learning approach to exploration.


The scientific and technical content of this press release has been approved by Chris MacInnis, P.Geo. Vice President and Chief Geologist, GoldSpot, who is a "Qualified Person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Denis Laviolette is President & Chief Executive Officer and a director of both GoldSpot and NFGC.


Pursuant to the terms of an investment agreement between GoldSpot and NFGC, GoldSpot acquired a 1% net smelter return royalty ("NSR") over the majority of NFGC's Linear property. The total land package consists of 82,255 hectares (ha). GoldSpot's work to date has focused on the contiguous Linear North and South package, over which GoldSpot has a 1% NSR on 69,080 ha (83.58% of Linear North and South) and a 0.4% NSR over 5,475 ha (6.66% of Linear North and South). Pursuant to an agreement with a wholly-owned subsidiary of Triple Flag Mining Finance Bermuda Ltd. ("Triple Flag"), the NSR is currently held 50/50 as between GoldSpot and Triple Flag. In addition, GoldSpot participated in a financing of NFGC for the aggregate amount of $750,000 and entered into a services agreement to evaluate and identify of possible mineral and drill targets on the Linear property for a period of six months.


Read more here: https://quotemedia.com/portal/quote?qm_symbol=SPOT%3ACA&qmodStoryID=6455663993077509 

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8020 Admin

3 months ago

8020 Admin posted a press release GoldSpot Reports Three and Nine Months Ended September 30, 2019 Unaudited Financial Results in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - November 28, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce the unaudited financial results of the Company, as at and for the three and nine months ended September 30, 2019 (the "Financial Results").


Highlights for the three-month period ended September 30, 2019:



  • Increased consulting revenue by 615% to $750,911 from $104,944 for the three months ended September 30, 2018;

  • Non-recurring impairment of intangible assets of $927,378 due to the Company's decision to defer further development of Resource Quantamental; and

  • GoldSpot client Gran Colombia announced final assay results at its Segovia operations, acknowledging the role of the Company's technology in the exploration program.


Highlights for the nine-month period ended September 30, 2019:



  • Increased consulting revenue by 137% to $1,665,384 from $703,744 for the nine months ended September 30, 2019;

  • Completed a brokered private placement financing for aggregate gross proceeds of $7.6 million;

  • Completed a reverse takeover transaction with Duckworth Capital Corp. and commenced trading on the TSX Venture Exchange under the symbol "SPOT"; and

  • Completed the quarter with total cash and cash equivalents and investments of $8.3 million.


The following are selected unaudited financial results as at and for the three and nine months-ended September 30, 2019 with comparatives:


Read more here: https://quotemedia.com/portal/quote/?qm_symbol=SPOT%3ACC&qmodStoryID=7181461430945209 

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8020 Admin

4 months ago

8020 Admin posted a press release GoldSpot Discoveries and Vale to Use Artificial Intelligence at Coleman Mine in GOLDSPOT DISCOVERIES INC.

Coleman Mine is Vale's flagship mine in Sudbury, Ontario


Toronto, Ontario--(Newsfile Corp. - October 24, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot") is pleased to announce that its team of expert geologists and data scientists has been engaged by Vale Canada Limited ("Vale") to use machine learning to identify new drilling targets at Coleman Mine, part of its flagship base metals operations located in Sudbury, Ontario.


With the tremendous amount of data Vale has acquired over multiple decades of mining at Coleman, Vale has commissioned GoldSpot to examine the entire database and look for previously unrecognised data trends which may point to unknown areas of mineralization at depth. Deep mine exploration and drilling can be costly. By employing GoldSpot to deploy machine learning into near-mine mineral exploration, Vale will work to minimize exploration risk.


GoldSpot will use its geoscience and machine science expertise to clean, unify and analyse exploration data from Vale's Coleman Mine and produce 3D targets for the exploration program. GoldSpot will also deliver new geophysical products produced through the reprocessing of the borehole EM for sulphide detection and new simplified lithological interpretations and models.


"Vale is one of the world's largest nickel producers and the Coleman Mine is a major operation in Ontario. To be part of the digital transformation of one of the world's leading diversified miners is an incredible opportunity for our company. At GoldSpot, we are excited to put our technology and team into action on a copper, nickel and precious metals deposit," said Denis Laviolette, CEO and President of GoldSpot.


About GoldSpot Discoveries Corp.


GoldSpot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform.


For further information please contact:


Denis Laviolette, President, CEO and Director
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: denis@GoldSpot.ca


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49092


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8020 Admin

4 months ago

8020 Admin posted a press release Gran Colombia Confirms GoldSpot's Machine Learning Targets in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - October 22, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") congratulates Gran Colombia Gold Corp. ("Gran Colombia") on its recent exploration successes. Over the last several months, GoldSpot has been working closely with the exploration team from Gran Colombia to leverage machine learning capabilities for data processing and prospectivity analysis to aid in establishing future drilling targets at Segovia, both near the existing mine areas as well as regional exploration away from the main mines.


Serafino Iacono, executive chairman of Gran Colombia, commented: "Over the last several months, our exploration team has been working closely with the team from GoldSpot Discoveries as they leverage machine-learning capabilities in a data processing and prospectivity analysis to aid in establishing future drilling targets at Segovia, both near the existing mine areas as well as regional exploration away from the main mines. We successfully tested some of our recent drill results against the preliminary findings in GoldSpot's analysis. The favourable overlap of our actual drill results with the preliminary machine-learning models bodes well as we get ready to carry out about 70,000 metres of drilling at Segovia over the next approximately 18 months."


"We commend Gran Colombia on the rigorous work of geologists and its ground-truthing results," said GoldSpot President and CEO Denis Laviolette. "This drilling campaign illustrates how even a seasoned technical team can benefit from adding machine learning to its toolkit, and we are pleased to have contributed to our client's success."


In other news, GoldSpot welcomes Gerry Feldman and James Dendle to its board of directors. Both were elected at the Company's annual general shareholder meeting held on October 17, 2019.


James Dendle is Vice President, Geology at Triple Flag Mining Finance Ltd., a private streaming and royalty company, and was formerly a Senior Consultant at SRK Consulting (UK). He has a background in estimating and auditing resources and reserves, and specialisation in multidisciplinary evaluation of mining operations. Mr. Dendle holds a Bachelor of Science in Applied Geology (1st Class Honours) and a Master of Science in Mining Geology (Distinction) from the University of Exeter, Camborne School of Mines, and is a Chartered Geologist of the Geological Society of London.


Gerry Feldman is a Chartered Professional Accountant with more than 35 years of experience in mergers and acquisition in the investment community. Mr. Feldman is the Chief Financial Officer and Corporate Secretary of ThreeD Capital Inc., an investment company. He is also the Managing Partner of DNTW Toronto LLP Chartered Professional Accountants. Mr. Feldman received his CA designation in 1985 and is a member of the Canadian Public Accountability Board and a member in good standing with the Chartered Professional Accountants of Canada and Ontario.


About GoldSpot Discoveries Corp.


GoldSpot is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48988

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8020 Admin

5 months ago

8020 Admin posted a press release GoldSpot Discoveries Successfully Uses Deep Learning to Generate Accurate Geological Maps in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - October 15, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to provide an update on the benefits of its proprietary artificial intelligence (AI) technology.


Testimonial From Yamana Gold


"GoldSpot and Yamana Gold recently completed a machine learning collaboration in the area surrounding the El Penon mine site using extensive, multidisciplinary, geological, geophysical and geochemical datasets. The study was successful in identifying known mineralized areas in the mine in blind tests and is now playing a significant role in aggressive ongoing exploration efforts. GoldSpot was able to create a predictive lithological map for covered areas that is particularly useful for prioritizing drill targets. The highly collaborative approach demonstrated by the GoldSpot team contributed greatly to the quality of the final product." Henry Marsden, Senior Vice President, Exploration


Geological maps are a key component of mineral deposit exploration and discovery. These maps are used by geologists to interpret regions around ore deposits, and are generally created by experts using field observations and interpretations. GoldSpot's Research and Development Team has developed proprietary AI techniques, which allow the rapid creation of geological maps for deployment into exploration projects. Combining geology and data science, this application is just one of the use cases for AI in mineral exploration.


Traditionally, geologists create lithological (rock-type) maps by walking the ground and making sense of the composition and structure of the Earth's surface. Always a challenge, this exercise is further complicated when overburden, such as soil or glacial till, overlies the area of interest and potential ore bodies.


To overcome this problem, various methods to perform predictive lithological mapping using remote sensing and geophysical data have been studied and demonstrated. The simplest approach has been for geologists to simply observe datasets which are printed out and layered on top of one another. This kind of manual pattern recognition may be effective when the geologist has experience in a particular area, but it is also a time-consuming and subjective approach which varies depending on the geologist.


GoldSpot has developed Deep Learning AI models for the creation of lithological maps. The technique has shown to be particularly effective in areas where rock outcrop exposure is poor and ore deposit exploration is therefore difficult. This time-saving approach is currently being applied to GoldSpot's clients' projects that include greenfield exploration, as well as brownfields districts where conventional approaches have proven ineffective. The quality and distribution of input data is critical, and can include drone/satellite remote sensing and geophysical data. More specifically, the most successful projects have integrated a selection of radiometrics, magnetics, satellite hyperspectral, synthetic aperture radar, and thermal infrared data.


The results of GoldSpot's predictive geological mapping are typically delivered to clients as georeferenced maps and ESRI shapefiles, which delineate both geological features and a probability map across the area of interest. That probabilistic interpretation offers a significant advantage over traditional maps, which do not quantify the uncertainty of the map-maker's interpretations.


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Figure 1: Incomplete Geological Map


To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/48728_db1ded1164f55a80_001full.jpg


 


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Figure 2: Machine Learning Produced Geological Map


To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5844/48728_db1ded1164f55a80_002full.jpg


The use of machine learning to generate accurate lithological maps provides geologists with actionable intelligence, and delivers significant cost and time savings to exploration projects. Maps can be generated early and quickly during the exploration process, and groundtruthed in the field. As field validation continues, new observations are integrated into the AI model. The result is an iterative, machine-assisted feedback loop that allows explorers to move faster than when using slower, manual methods of mapping-based discovery.


Machine learning geological mapping is a single example of GoldSpot's suite of exploration offerings. As a tool in the explorer's toolbox, AI and machine learning are only beginning to be properly recognized as a means of optimizing the entire mineral exploration process.


About GoldSpot Discoveries Corp.


GoldSpot is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.


For further information please contact:


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


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.


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48728

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Goldspot Discoveries Inc.

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GoldSpot is a technology company that leverages artificial intelligence to reduce capital risk while working to increase efficiencies and success rates in resource exploration and investment. GoldSpot combines proprietary technology with traditional domain expertise, offering a front-to-back serv...

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2 days ago

8020 Admin posted a press release GoldSpot Initiates Strategic Partnership to Bring its Technology to Australian Markets in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - March 2, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") announces that it is partnering with Australia-based RSC Mining and Mineral Exploration ("RSC") to bring GoldSpot's technologies to the Australian mining and resource exploration sector. Under this arrangement, RSC will make GoldSpot's machine learning products accessible across the Australian mining value chain from regional greenfields exploration, through resource and reserve estimation and into active mining. This includes for example, advanced geometallurgical modelling to improve resource extraction at the mill. Based on the results of this initial partnership, GoldSpot and RSC will explore arrangements to formalize their business relationship for the longer term.


Denis Laviolette, President and CEO of GoldSpot:


"Since our inception, GoldSpot has invested significantly in machine learning R&D and now have almost 40 projects in various stages of development. As we are preparing to commercialize our more advanced stage products, RSC will be a significant pipeline to the Australian market. RSC is among the most respected mining and exploration consultancies in Australia and has active projects with more than 100 clients, a large proportion of which are Australian. The partnership with RSC only further validates GoldSpot as the leader in machine learning in mineral exploration."


René Sterk, Managing Director of RSC:


"RSC has always aimed for practical geological solutions that add genuine value to all our clients' projects, and to use cutting-edge technology to provide solutions for our clients across the exploration and mining value chain. We recognise that machine learning is the way of the future and that as geologists we need to embrace it as another tool at our disposal. We are excited about our partnership with GoldSpot, which will enable us to provide new kinds of innovative solutions for our clients and the Australian market generally, and to access GoldSpot's cutting-edge data analytics and machine learning capabilities."


RSC has strengths in technical geoscience-driven exploration and fieldwork, which complements Goldspot's mature research and development department and experienced practical application of novel computational techniques. To date, GoldSpot and RSC have successfully collaborated by delivering professional development education for mining experts in Western Australia, via technical conference and training sessions. Both initiatives qualify for professional development membership credits with the AusIMM, AIG, and provincial associations directed by the Canadian Council of Professional Geoscientists.


RSC and GoldSpot offer innovative solutions that include geological reinterpretations, geochemical and geophysical data processing, big data synthesis and integration, prospectivity mapping for exploration and drill targeting, 3-D geometallurgical modelling, and tools to automate drill core mapping or measurements and deliver efficiency gains to routine tasks.


The strategic partnership between GoldSpot and RSC will provide access to new options in the data analytics space for Australian businesses eager to benefit from advanced technologies. GoldSpot's unique, practical offerings can enhance current practices across the mining value chain.


About GoldSpot Discoveries Corp.


GoldSpot Discoveries is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.


www.goldspot.ca


About RSC Mining and Mineral Exploration


RSC provides geological consulting, exploration management and contract geological services to the global mining and exploration industry. Its teams include geologists, geophysicists, geochemists, resource professionals, project managers, data management and GIS professionals. RSC has experience in all stages of the mining cycle, from early stage exploration through to development and initial production, and on to full-scale operation. RSC's principal office is in Perth, Western Australia and it works in numerous countries on a variety of commodities, both on and offshore.


www.rscmme.com


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52987

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8020 Admin

6 days ago

8020 Admin posted a press release GoldSpot and Yamana Gold Collaboration Results in Improved Exploration Targeting at El Penon in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - February 27, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company") commends Yamana Gold Inc. ("Yamana") on its strong reported fourth quarter and full year 2019 results (see Yamana's press release of February 13, 2020). Of particular interest for GoldSpot is Yamana's mention of the use of machine learning technology to improve exploration targeting and also contribute to the meaningful increases in mineral resource inventory at its El Peñón mine.


Yamana reports that El Peñón's mineral reserves both replaced 2019 depletion and further increased such mineral reserves by 15% and 21% for gold and silver, respectively, as the result of positive infill drilling and mine design optimization. Furthermore, measured and indicated mineral resources increased by 66% while silver increased by 70% compared to the prior year, due to the positive exploration results from numerous secondary vein structures in the east mine.


El Peñón has a long history of exploration and drill data, and Yamana is currently exploring targets defined in part by GoldSpot's artificial intelligence ("AI") algorithms to best predict areas for drilling for mineralization. Targets, including targets generated through AI analyses, are defined by favorable lithological package (rhyolites), high white mica crystallinity and anomalous geochemical and geophysical signatures, and will be further investigated through drilling in 2020.


To date, GoldSpot has been able to supplement and reinforce conventional targeting outlined by Yamana's team, and further generate new zones of interest that Yamana has earmarked for continued exploration in the coming 2020 exploration campaign. GoldSpot is grateful to have been given the opportunity to work alongside Henry Marsden and his high-quality exploration team, push the limits of data, reinvigorate exploration efforts at El Peñón and showcase the power of modern exploration techniques by demonstrating what they can bring to a world-class project with a world-class data set and team of experts.


"The past year has seen some very encouraging preliminary results that reinforces the value that AI and machine learning bring to the exploration workflow. We are looking forward to the results of the 2020 drilling campaign, which will further highlight the importance of new technologies in the exploration process." Denis Laviolette, President and CEO of GoldSpot Discoveries Corp.


"The collaborative AI process undertaken with GoldSpot has allowed Yamana's exploration team to leverage many years of multidisciplinary exploration data and is playing a significant role in the current exploration targeting process at El Peñón. We are pleased with the progress that our partnership with GoldSpot has yielded so far and look forward to continued success." Henry Marsden, Senior Vice President, Exploration, at Yamana.


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 # 0891), a Qualified Person as defined in NI 43-101.


About GoldSpot Discoveries


GoldSpot Discoveries Corp. (TSXV: SPOT) is a Canadian technology company transforming a traditional industry using artificial intelligence and machine learning. As the first publicly-traded AI company in mineral exploration, GoldSpot Discoveries uses machine learning as a powerful extension of geological brainpower to unlock deep value in data. In addition to service offerings and strategic investments, GoldSpot has developed a first of its kind AI driven trading platform giving investors a new way to play the mining space.


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52856

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8020 Admin

1 month ago

8020 Admin posted a press release Goldspot Discoveries AI-Targeted Drilling Discovers New Zone Containing 19.0m of 92.86 gpt Au in Newfoundland, Canada in GOLDSPOT DISCOVERIES INC.

"We would like to thank GoldSpot Discoveries and their professional team for the utmost attention to detail in managing the data compilation and interpretation. The combination of traditional and machine learning targeting has led to us to a discovery hole and New Found Gold looks forward to the continued advancement of this project and partnership with GoldSpot."

- Greg Matheson, COO of New Found Gold Corp.



  • Artificial Intelligence (AI) yields positive results in greenfields exploration.



  • AI exploration program results in a new discovery with the first drillhole.



  • NFGC-19-01 returns 19m of 92.86 gpt Au and 6m of 285.2 gpt Au.



  • GoldSpot team compiles and processes all historic and current datapoints to engineer new maps and features to assist in targeting.



  • GoldSpot historically invested $750,000 CAD into NFGC in exchange for shares and royalties.



Toronto, Ontario--(Newsfile Corp. - January 29, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") announces that its client, New Found Gold Corp. ("NFGC"), benefiting from GoldSpot's AI technology and exploration expertise, has reported a significant new high-grade gold discovery at its Linear (renamed "Queensway") project located in Central Newfoundland, west of the Town of Gander. NFGC has reported that drill hole NFGC-19-01 returned high-grade intercepts. Visible gold (VG) was recorded within 17 metres of the 19 metres interval with gold grains observed throughout. The new intersection is within a quartz-iron carbonate breccia hosted by black shales and mixed sediments of the Davidsville Group and in the Appleton fault zone. The intercept, 96 meters downhole, remains open for expansion down-dip and along strike. The true width of this intercept is estimated to be 70% based on drill core angles.


For more information on NFGC's drill results, see the press release issued on January 28, 2020 by Mexican Gold Corp., which has entered into a binding letter agreement to acquire 100% of NFGC's shares, at mexicangold.ca/_resources/news/2020-01-28.pdf.


The 100% NFGC-owned Linear land package consists of 56 mineral licenses across 3,290 claims covering approximately 823 km2. GoldSpot's AI-based approach combines traditional geological expertise with proven methods in artificial intelligence and is scaled to match the size of the property and data effectively. This method allowed NFGC to narrow down potential targets, which reduces financial risk by prioritizing the ideal locations for exploration spending. Hole NFGC-19-01 is the first of ten reconnaissance holes that have been drilled across the project and is the only one with results returned as of the date of this press release.


A strength of the GoldSpot AI approach to exploration is the ability to take large land packages and distill all available geological information to identify the most efficient and cost-effective way to explore prospective terrain. As is standard in GoldSpot's workflow, all public data encompassing geochemical data, grab samples, trench and channel reports, historical drilling, geological mapping, geophysical data and structural interpretations was compiled and synthesized for the Linear property and surrounding areas.


As part of the data gathering process, GoldSpot's personnel also spent two months in the field with NFGC's geological team conducting an intensive program of data collection to further refine its geological understanding of the property and mineralization controls. This process included visiting over 600 outcrops and recording various rock types, collecting grab samples and documenting a wide range of geological features. Additionally, 1,278 new structural measurements were collected by the field team and used to reinterpret the current understanding of the structural regime of the land package. A clear pattern of gold development at the intersection of the ENE trending EM interpreted faults and NNE trending principal faults (Figure 1). Intra-wedged second order structures are very favorable for fluid activity and mineral deposition. These structural insights were compiled with the extensive geological and geophysical information forming the components utilized in the AI targeting exercise.


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Figure 1: Structural Regime of the Linear Project

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/51924_enhanced.jpg


A crucial part of this process was refining outdated geological maps with the addition of magnetic and EM survey data in order to produce an updated map with advanced AI techniques (Figure 2 and 3). This resulted in a new high-resolution geological map and was key to the prospective targeting exercise.


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Figure 2: Machine Learning geological map using unsupervised approach.

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5844/51924_9ceb7b1ef47ed955_003full.jpg


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Figure 3: High definition geological map produced using GoldSpot semi-supervised AI algorithms.

To view an enhanced version of Figure 3, please visit:
https://orders.newsfilecorp.com/files/5844/51924_9ceb7b1ef47ed955_004full.jpg


Structural, geological and geophysical components were all analysed through GoldSpot's proprietary AI tools to produce the final high-priority targets for exploratory drilling. GoldSpot's multidisciplinary team of experts analyzed these datasets with NFGC, using traditional methods to sculpt a preliminary validation program (Figure 4).


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Figure 4: GoldSpot AI targeting results.

To view an enhanced version of Figure 4, please visit:
https://orders.newsfilecorp.com/files/5844/51924_goldspot.jpg


GoldSpot CEO and co-founder Denis Laviolette said, "We are extremely pleased to see the results of the first drill hole from the targets we provided to NFGC. Our collaborative approach to combining geology with artificial intelligence has yet again proven itself in the field, allowing our clients to be cost effective and efficient with their exploration program. We look forward to seeing future results from our work with NFGC, and to continuing our fruitful and successful partnership."


GoldSpot and NFGC first announced their partnership on March 4, 2019 (see GoldSpot's press release at goldspot.ca/news/goldspot-discoveries-corp-announces-acquisition-of-royalties-in-two-prolific-districts-covering-over-900000-hectares-and-closing-of-strategic-partnership-with-manitou-gold). At that time, GoldSpot was identified as the ideal partner for NFGC based on the strength and experience of the GoldSpot machine learning approach to exploration.


The scientific and technical content of this press release has been approved by Chris MacInnis, P.Geo. Vice President and Chief Geologist, GoldSpot, who is a "Qualified Person" as defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Denis Laviolette is President & Chief Executive Officer and a director of both GoldSpot and NFGC.


Pursuant to the terms of an investment agreement between GoldSpot and NFGC, GoldSpot acquired a 1% net smelter return royalty ("NSR") over the majority of NFGC's Linear property. The total land package consists of 82,255 hectares (ha). GoldSpot's work to date has focused on the contiguous Linear North and South package, over which GoldSpot has a 1% NSR on 69,080 ha (83.58% of Linear North and South) and a 0.4% NSR over 5,475 ha (6.66% of Linear North and South). Pursuant to an agreement with a wholly-owned subsidiary of Triple Flag Mining Finance Bermuda Ltd. ("Triple Flag"), the NSR is currently held 50/50 as between GoldSpot and Triple Flag. In addition, GoldSpot participated in a financing of NFGC for the aggregate amount of $750,000 and entered into a services agreement to evaluate and identify of possible mineral and drill targets on the Linear property for a period of six months.


Read more here: https://quotemedia.com/portal/quote?qm_symbol=SPOT%3ACA&qmodStoryID=6455663993077509 

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8020 Admin

3 months ago

8020 Admin posted a press release GoldSpot Reports Three and Nine Months Ended September 30, 2019 Unaudited Financial Results in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - November 28, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce the unaudited financial results of the Company, as at and for the three and nine months ended September 30, 2019 (the "Financial Results").


Highlights for the three-month period ended September 30, 2019:



  • Increased consulting revenue by 615% to $750,911 from $104,944 for the three months ended September 30, 2018;

  • Non-recurring impairment of intangible assets of $927,378 due to the Company's decision to defer further development of Resource Quantamental; and

  • GoldSpot client Gran Colombia announced final assay results at its Segovia operations, acknowledging the role of the Company's technology in the exploration program.


Highlights for the nine-month period ended September 30, 2019:



  • Increased consulting revenue by 137% to $1,665,384 from $703,744 for the nine months ended September 30, 2019;

  • Completed a brokered private placement financing for aggregate gross proceeds of $7.6 million;

  • Completed a reverse takeover transaction with Duckworth Capital Corp. and commenced trading on the TSX Venture Exchange under the symbol "SPOT"; and

  • Completed the quarter with total cash and cash equivalents and investments of $8.3 million.


The following are selected unaudited financial results as at and for the three and nine months-ended September 30, 2019 with comparatives:


Read more here: https://quotemedia.com/portal/quote/?qm_symbol=SPOT%3ACC&qmodStoryID=7181461430945209 

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8020 Admin

4 months ago

8020 Admin posted a press release GoldSpot Discoveries and Vale to Use Artificial Intelligence at Coleman Mine in GOLDSPOT DISCOVERIES INC.

Coleman Mine is Vale's flagship mine in Sudbury, Ontario


Toronto, Ontario--(Newsfile Corp. - October 24, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot") is pleased to announce that its team of expert geologists and data scientists has been engaged by Vale Canada Limited ("Vale") to use machine learning to identify new drilling targets at Coleman Mine, part of its flagship base metals operations located in Sudbury, Ontario.


With the tremendous amount of data Vale has acquired over multiple decades of mining at Coleman, Vale has commissioned GoldSpot to examine the entire database and look for previously unrecognised data trends which may point to unknown areas of mineralization at depth. Deep mine exploration and drilling can be costly. By employing GoldSpot to deploy machine learning into near-mine mineral exploration, Vale will work to minimize exploration risk.


GoldSpot will use its geoscience and machine science expertise to clean, unify and analyse exploration data from Vale's Coleman Mine and produce 3D targets for the exploration program. GoldSpot will also deliver new geophysical products produced through the reprocessing of the borehole EM for sulphide detection and new simplified lithological interpretations and models.


"Vale is one of the world's largest nickel producers and the Coleman Mine is a major operation in Ontario. To be part of the digital transformation of one of the world's leading diversified miners is an incredible opportunity for our company. At GoldSpot, we are excited to put our technology and team into action on a copper, nickel and precious metals deposit," said Denis Laviolette, CEO and President of GoldSpot.


About GoldSpot Discoveries Corp.


GoldSpot is a technology company that leverages machine learning to reduce capital risk, while working to increase efficiencies 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform.


For further information please contact:


Denis Laviolette, President, CEO and Director
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: denis@GoldSpot.ca


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/49092


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8020 Admin

4 months ago

8020 Admin posted a press release Gran Colombia Confirms GoldSpot's Machine Learning Targets in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - October 22, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") congratulates Gran Colombia Gold Corp. ("Gran Colombia") on its recent exploration successes. Over the last several months, GoldSpot has been working closely with the exploration team from Gran Colombia to leverage machine learning capabilities for data processing and prospectivity analysis to aid in establishing future drilling targets at Segovia, both near the existing mine areas as well as regional exploration away from the main mines.


Serafino Iacono, executive chairman of Gran Colombia, commented: "Over the last several months, our exploration team has been working closely with the team from GoldSpot Discoveries as they leverage machine-learning capabilities in a data processing and prospectivity analysis to aid in establishing future drilling targets at Segovia, both near the existing mine areas as well as regional exploration away from the main mines. We successfully tested some of our recent drill results against the preliminary findings in GoldSpot's analysis. The favourable overlap of our actual drill results with the preliminary machine-learning models bodes well as we get ready to carry out about 70,000 metres of drilling at Segovia over the next approximately 18 months."


"We commend Gran Colombia on the rigorous work of geologists and its ground-truthing results," said GoldSpot President and CEO Denis Laviolette. "This drilling campaign illustrates how even a seasoned technical team can benefit from adding machine learning to its toolkit, and we are pleased to have contributed to our client's success."


In other news, GoldSpot welcomes Gerry Feldman and James Dendle to its board of directors. Both were elected at the Company's annual general shareholder meeting held on October 17, 2019.


James Dendle is Vice President, Geology at Triple Flag Mining Finance Ltd., a private streaming and royalty company, and was formerly a Senior Consultant at SRK Consulting (UK). He has a background in estimating and auditing resources and reserves, and specialisation in multidisciplinary evaluation of mining operations. Mr. Dendle holds a Bachelor of Science in Applied Geology (1st Class Honours) and a Master of Science in Mining Geology (Distinction) from the University of Exeter, Camborne School of Mines, and is a Chartered Geologist of the Geological Society of London.


Gerry Feldman is a Chartered Professional Accountant with more than 35 years of experience in mergers and acquisition in the investment community. Mr. Feldman is the Chief Financial Officer and Corporate Secretary of ThreeD Capital Inc., an investment company. He is also the Managing Partner of DNTW Toronto LLP Chartered Professional Accountants. Mr. Feldman received his CA designation in 1985 and is a member of the Canadian Public Accountability Board and a member in good standing with the Chartered Professional Accountants of Canada and Ontario.


About GoldSpot Discoveries Corp.


GoldSpot is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.


For further information please contact:


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


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.



To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48988

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8020 Admin

5 months ago

8020 Admin posted a press release GoldSpot Discoveries Successfully Uses Deep Learning to Generate Accurate Geological Maps in GOLDSPOT DISCOVERIES INC.

Toronto, Ontario--(Newsfile Corp. - October 15, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to provide an update on the benefits of its proprietary artificial intelligence (AI) technology.


Testimonial From Yamana Gold


"GoldSpot and Yamana Gold recently completed a machine learning collaboration in the area surrounding the El Penon mine site using extensive, multidisciplinary, geological, geophysical and geochemical datasets. The study was successful in identifying known mineralized areas in the mine in blind tests and is now playing a significant role in aggressive ongoing exploration efforts. GoldSpot was able to create a predictive lithological map for covered areas that is particularly useful for prioritizing drill targets. The highly collaborative approach demonstrated by the GoldSpot team contributed greatly to the quality of the final product." Henry Marsden, Senior Vice President, Exploration


Geological maps are a key component of mineral deposit exploration and discovery. These maps are used by geologists to interpret regions around ore deposits, and are generally created by experts using field observations and interpretations. GoldSpot's Research and Development Team has developed proprietary AI techniques, which allow the rapid creation of geological maps for deployment into exploration projects. Combining geology and data science, this application is just one of the use cases for AI in mineral exploration.


Traditionally, geologists create lithological (rock-type) maps by walking the ground and making sense of the composition and structure of the Earth's surface. Always a challenge, this exercise is further complicated when overburden, such as soil or glacial till, overlies the area of interest and potential ore bodies.


To overcome this problem, various methods to perform predictive lithological mapping using remote sensing and geophysical data have been studied and demonstrated. The simplest approach has been for geologists to simply observe datasets which are printed out and layered on top of one another. This kind of manual pattern recognition may be effective when the geologist has experience in a particular area, but it is also a time-consuming and subjective approach which varies depending on the geologist.


GoldSpot has developed Deep Learning AI models for the creation of lithological maps. The technique has shown to be particularly effective in areas where rock outcrop exposure is poor and ore deposit exploration is therefore difficult. This time-saving approach is currently being applied to GoldSpot's clients' projects that include greenfield exploration, as well as brownfields districts where conventional approaches have proven ineffective. The quality and distribution of input data is critical, and can include drone/satellite remote sensing and geophysical data. More specifically, the most successful projects have integrated a selection of radiometrics, magnetics, satellite hyperspectral, synthetic aperture radar, and thermal infrared data.


The results of GoldSpot's predictive geological mapping are typically delivered to clients as georeferenced maps and ESRI shapefiles, which delineate both geological features and a probability map across the area of interest. That probabilistic interpretation offers a significant advantage over traditional maps, which do not quantify the uncertainty of the map-maker's interpretations.


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Figure 1: Incomplete Geological Map


To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5844/48728_db1ded1164f55a80_001full.jpg


 


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Figure 2: Machine Learning Produced Geological Map


To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/5844/48728_db1ded1164f55a80_002full.jpg


The use of machine learning to generate accurate lithological maps provides geologists with actionable intelligence, and delivers significant cost and time savings to exploration projects. Maps can be generated early and quickly during the exploration process, and groundtruthed in the field. As field validation continues, new observations are integrated into the AI model. The result is an iterative, machine-assisted feedback loop that allows explorers to move faster than when using slower, manual methods of mapping-based discovery.


Machine learning geological mapping is a single example of GoldSpot's suite of exploration offerings. As a tool in the explorer's toolbox, AI and machine learning are only beginning to be properly recognized as a means of optimizing the entire mineral exploration process.


About GoldSpot Discoveries Corp.


GoldSpot is a technology 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. GoldSpot's solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential. GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence driven trading platform.


For further information please contact:


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


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.


To view the source version of this press release, please visit https://www.newsfilecorp.com/release/48728

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