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GoldSpot Discoveries Signs Service Agreement with Yorkton Ventures & Acquires Option for NSR on Newfoundland Portfolio

14.10.2021  |  Newsfile

Toronto, October 14, 2021 - GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) ("GoldSpot" or the "Company"), a leading technology services company leveraging machine learning to transform the mineral discovery process is pleased to announce it has been engaged by Yorkton Ventures Inc. (TSXV: YVI) ("Yorkton") to assist in the exploration of Yorkton's projects in Central Newfoundland.

GoldSpot works with leading exploration and mining clients across all commodities and deposit types, using cutting-edge technology and geoscientific expertise to mitigate exploration risks and significantly increase the efficiency and success rate of mineral exploration across resources.

Andrew Lee Smith, Chief Executive Officer of Yorkton, commented: "We are pleased to engage the services of GoldSpot to assist in the exploration of our portfolio of gold exploration properties in Central Newfoundland. GoldSpot's proven success and proprietary, machine learning exploration techniques will greatly enhance our exploration efforts and further develop our geological model."

GoldSpot Discoveries Executive Chairman and President Denis Laviolette stated: "We are thrilled to leverage our strong foothold in Newfoundland and add Yorkton to our growing client roster," said GoldSpot Discoveries Executive Chairman and President Denis Laviolette. "Our work so far in the province has yielded incredible success and we are confident that our leading team of geoscientists and data scientists will maximize the chances of discovery at Yorkton's Newfoundland properties using our proprietary machine learning technology."

GoldSpot has also been granted an option to acquire a 0.5% net smelter return royalty ("NSR") on the following licenses in Newfoundland for $2.0 million:

  • The Parkview Project (1,850 ha.)
  • The Knights-Melange Project (950 ha.)

The payment due on execution of the NSR options granted to GoldSpot will be paid to the original, registered owners of the properties that have been purchased by Yorkton and subject to the terms of the individual purchase agreements (see Yorkton Press Release, July 14, 2021).

Andrew Lee Smith, P.Geo., C.E.O., a Qualified Person under the definitions of National Instrument 43-101, has reviewed and approved the technical contents of this news release.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) is a technology company using artificial intelligence to revolutionize the future of global mineral exploration with a full suite of data and knowledge-driven SaaS tools and services. GoldSpot works with industry leaders across all commodity and deposit types to identify new exploration targets, develop cutting-edge technologies and to strategically invest in mineral exploration companies. Our leading team of expert scientist's merge geoscience and data science to deliver bespoke solutions that save time, reduce costs and produce far more accurate results than ever before possible.

For further information please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: investors@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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/99680


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