August 11, 2020

Toronto, Ontario–(Newsfile Corp. – August 11, 2020) – GoldSpot Discoveries Corp. (TSXV: SPOT) (the “Company” or “GoldSpot“) has been engaged by AEX Gold Inc. (TSXV: AEX) (“AEX“) to apply its proprietary workflow and machine learning algorithm to identify new exploration targets on AEX’s license portfolio in South Greenland. GoldSpot will work with AEX’s technical team to analyze all available geological and remote sensing data to create high quality multivariate prospectivity maps, enhancing the exploration opportunities for gold mineralization at the properties.

Highlights:

  • GoldSpot will assist AEX’s exploration team this year in Greenland with two of its own geologists being deployed to site, thereby increasing the result-oriented machine learning study;
  • Through its analytical work across the portfolio, GoldSpot will help prioritize and rank the high-grade exploration prospects for AEX across its license portfolio for the next exploration season in 2021; and
  • The gold belts of Greenland host high-grade narrow vein mineralization, which is similar in style to the mineralization found in the Abitibi Gold Belt of Canada, an area where GoldSpot has experience working in.

Denis Laviolette, Executive Chairman and President of GoldSpot Discoveries, said:

“GoldSpot continues to partner with best-in-class operators in high-impact, district size opportunities. AEX is a first mover in Greenland and plans to create shareholder value through the redevelopment of the past producing Nalunaq Gold Project while exploring a prolific land package. GoldSpot thrives in big data settings and will be working closely with AEX in the application of machine learning to delineate new and exciting targets.”

Martin Ménard, Executive Vice President & Chief Operating Officer of AEX Gold, commented:

“We are delighted to be partnering with GoldSpot in this venture, a company with a stellar reputation and a wealth of experience in helping mining companies identify new exploration targets. In addition to redeveloping the high grade Nalunaq Gold Project, the AEX team is excited about the true potential of our wider land package along the Nanortalik and Tartoq Gold Belts, which display geological similarities to other Gold Belts found in other prolific gold regions around the world. We are confident that we can deliver significant upside to investors through our exploration program in what is one of the most underexplored and highly prospective regions in the world. Following our successful fundraise and listing on the London Stock Exchange, now is an exciting time to be part of the AEX journey, and we look forward to updating the market in due course.”

GoldSpot will be homogenizing and integrating various datasets (multispectral, geochemical, geophysical and others) to provide a cohesive and uniform geoscientific interpretation and prospectivity analysis, including ranked exploration targets. The gold belts of Greenland, including the past-producing Nalunaq gold mine, host high-grade narrow vein mineralization, which is similar in style to the mineralization found in the Abitibi Gold Belt of Canada and the Central Lapland Greenstone Gold Belt in Finland, areas where GoldSpot is currently working or has previously worked with proven exploration success. Greenland holds significant mineralization potential as a relatively underexplored gold belt, and AEX is well positioned with the largest gold license portfolio.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology and investment 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, and in some cases, capital to kickstart exploration programs. GoldSpot’s solutions target big data problems, making full use of historically unutilized data to better comprehend resource property potential.

About AEX Gold Inc.

AEX’s principal business objectives are the identification, acquisition, exploration and development of gold properties in Greenland. The corporation’s principal asset is a 100-per-cent interest in the Nalunaq project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine.

For further information please contact:

Denis Laviolette,
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: denis@goldspot.ca

Contact
AEX Gold Inc.
Eldur Olafsson, Founder and Chief Executive Officer
email: eo@aexgold.com
George Fowlie, Chief Financial Officer
Tel: +1 416 587 9801

Camarco
Gordon Poole
Tel: +44 (0) 203 757 4997

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.