Toronto, Ontario--(Newsfile Corp. - March 4, 2019) - GoldSpot Discoveries Corp. (TSXV: SPOT) ("GoldSpot" or the "Company"), is pleased to announce that it has completed two additional strategic partnerships with each of New Found Gold Corp. ("New Found Gold") and One Bullion Limited ("One Bullion").
Pursuant to the terms of an investment agreement between GoldSpot and New Found Gold, the Company has acquired a 1% net smelter return royalty on New Found Gold's Linear Property (the "Linear Property") located in Newfoundland. In addition, GoldSpot has agreed to participate in a financing of New Found Gold for the aggregate amount of $750,000 and the parties have entered into a services agreement pursuant to which GoldSpot provides services on and related to the evaluation and identification of possible mineral and drill targets on the Linear Property for a period of six months.
New Found Gold has completed the largest ever consolidation of property within the Linear Gold Belt in the Province of Newfoundland and now controls 17 known high-grade gold showings. The area was initially explored and successful drilled by Noranda Inc. in the 1980's and later drilled by Rubicon Minerals Corporation in the 2000's. The Linear Property covers an 85-kilometre strike length of the Joe Bett's Pond (JBP) and Appleton fault zones, both of which are considered the major structural controls of mineralization within the Linear Gold Belt. 80% of the strike length of the JBP and Appleton fault zones are virtually unexplored. GoldSpot's royalty on New Found Gold's project is over ~70,000 hectares. A fact sheet detailing the Linear Property can be found on the New Found Gold website at: Click Here.
GoldSpot has also entered into an investment agreement (the "One Bullion Investment Agreement") with One Bullion Limited, pursuant to which the Company has acquired a 0.5% net smelter return royalty (the "Botswana Royalty") on One Bullion's various mineral claims located in the Republic of Botswana (collectively, the "Botswana Property"). Under the terms of the One Bullion Investment Agreement, GoldSpot has acquired the Botswana Royalty and has purchased an aggregate of 1,500,000 common shares of the capital of One Bullion for gross proceeds of $75,000. The parties have also entered into a services agreement pursuant to which GoldSpot will provide services on and related to the evaluation and identification of possible mineral and drill targets on the Botswana Property for a period of two years.
One Bullion's primary focus is exploring the untouched Kraaipan Greenstone Belt as it extends north of the Botswana/South African border. It is believed the western limb of this Archean belt is the most prospective target as it hosts close to 14 million ounces of Gold and Platinum on the South African side. The Botswana extension of the Kraaipan is largely covered by alluvium. thus it never received the attention of early explorers. In Botswana, there is government aeromagnetic data covering the entire Southern Region. GoldSpot's royalty in One Bullion's project covers an area of ~850,000 hectares.
Lastly, GoldSpot is pleased to announce that it has closed its previously announced strategic partnership with Manitou Gold Inc. ("Manitou") through the acquisition of an aggregate of 7,250,000 units of Manitou for aggregate consideration of $580,000. In addition, the Company has acquired a 0.5% net smelter return royalty on Manitou's Kenwest Property and Manitou has engaged the Company to provide services on and related to Manitou's various mineral properties for a period of one (1) year.
A qualified person has not completed sufficient work to verify the historic information on either the Linear Property nor the Botswana Project nor classify these historic mineral resources as current. The information provides an indication of the exploration potential of the Linear Property and the Botswana Property. 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 ("NI 43-101") and reviewed and approved by Chris MacInnis, P.Geo. (APGO #2059), a "Qualified Person" as defined by NI 43-101 guidelines.
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.
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.