Toronto, Ontario--(Newsfile Corp. - October 16, 2020) - GoldSpot Discoveries Corp. (TSXV: SPOT) (the "Company" or "GoldSpot") is pleased to announce a commercial agreement with Calibre Mining Corp. ("Calibre") to create prospectivity maps and 3D targets for the Limon, Libertad and Pavon projects located in Nicaragua.
GoldSpot will process, integrate, and interpret underground and exploration drilling data in and around the Limon, Libertad and Pavon projects using its proprietary fusion combination of geoscience, data analytics, and artificial intelligence algorithms. GoldSpot will process, integrate, and interpret underground and exploration data, working to examine all available data, including geophysics, geochemistry, structural data and drill core photos.
"The examination of drill core photos is the most anticipated aspect of this engagement, utilizing our proprietary new tool - LithoLens," remarked Denis Laviolette, Executive Chairman and President of GoldSpot Discoveries. "At GoldSpot, we believe old core photos are an incredibly valuable dataset, although they aren't being used to add value by most companies. Our LithoLens platform allows us to take old core photos and transform them into intact, geo-referenced digital core images, and then apply deep learning algorithms that enhance these images and extract valuable geological information. We are eager to put LithoLens to work on over 300,000 meters of core to produce fresh and accurate geological logs for El limon and Libertad to help identify high value drill targets."
Please see here for a brief video on LithoLens:
LithoLens, GoldSpot's core imaging technology, will automatically extract information from historic core photography. The core relogging workflow utilizes powerful and secure cloud-based data processing, and includes two distinct Deep Learning steps. The first step is automated photo homogenization, where image data is cleaned, processed, extracted and georeferenced. The second step is deployment of a Deep Learning algorithm that can recognize varying geological intervals - or specific features such as veins - within the core. The LithoLens workflow adds value by extracting geological information from otherwise unused core photography, providing brand new data for 3D modelling and exploration purposes. Machine learning models can even be trained by knowledgeable and experienced site geologists, allowing core re-logging exercises to proceed at speeds which are impossible using the conventional and manual approach.
The LithoLens is one of the latest inventions from GoldSpot's fruitful Research and Development team, the group who routinely bring cutting-edge computer science and mathematical methods to bear on practical exploration problems. To date, GoldSpot has utilized LithoLens within the following client projects:
McEwen Mining Inc - Grey Fox deposit area, a part of the Black Fox Complex in Timmins, Canada, 136,000 meters relogged to find 3 generations of veins and alteration;
Avalon Investment Holdings (Omai Gold Mines Corp.) (private) - Omai Gold Mine in Guyana, 27,300 meters relogged to identify quartz veining which was believed to be the host of gold mineralization;
Cassiar Gold Corp - Cassiar Gold Project in northern British Columbia, 10,200 meters relogged for quartz Vein detection and mineralized alteration; and
TriStar Gold Inc. - Castelo de Sonhos Gold Project in the southwestern Pará state, Brazil, televiewer - 14,000 meters relogged for cobble detection
Given its ability to help solve geological problems, especially when geological logging is inconsistent, GoldSpot anticipates the commercialization of LithoLens as a potential additional revenue stream.
About GoldSpot Discoveries Corp.
GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology services company in mineral exploration. We are 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.
For further information please contact:
Executive Chairman and President
GoldSpot Discoveries Corp.
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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.