Goldspot to provide AI expertise for Red Lake property development

10 June 2019 (Last Updated December 23rd, 2019 11:09)

Canada-based Goldspot Discoveries has signed an agreement to provide its artificial intelligence (AI) and machine learning expertise at Pacton Gold’s property in Red Lake, Ontario.

Canada-based Goldspot Discoveries has signed an agreement to provide its artificial intelligence (AI) and machine learning expertise at Pacton Gold’s property in Red Lake, Ontario.

Goldspot will be engaged for an 18-month period, during which it will assist in evaluating and identifying possible areas of mineralisation and drill targets on Pacton’s property.

The firm has been granted a 0.5% net smelter royalty on the property, as partial consideration for its services.

The technology company has an option of purchasing an additional 0.5% net smelter return royalty on all metals produced from Red Lake property for $1m, and a 0.5% net smelter return royalty on all metals produced from Pacton’s Australian assets in the Pilbara Crato for $1m.

GoldSpot president and CEO Denis Laviolette said: “The Pacton Gold property in the historic Red Lake gold camp in northwestern Ontario excites us. It is the ideal district to use artificial intelligence and machine learning to find new discoveries.

“After initial screening and utilising artificial intelligence to analyse various layers of data related to Pacton Gold’s property, we have made our largest speculative bet to date.”

Pacton’s Red Lake claims lie between Pure Gold and Great Bear Resource’s properties. Recent drill results from Great Bear Resources reported 190.8g/t gold over 5.9m, including 1,600g/t gold over a drill width of 0.7m in the Hinze zone.

Laviolette added: “We believe Red Lake’s ground is ripe for a technological revolution, and this deal gives us royalty exposure to 16,630 hectares of prospective land.”

A total of 25 geologists and data scientists will be deployed to stitch, level, and reinterpret geological data in the public domain and combine it with Pacton’s own data, and use AI to identify patterns and areas with a high-chance mineralisation.

Vancouver-based Pacton focuses on the exploration and development of high-grade conglomerate and orogenic gold properties in Pilbara, Western Australia, and the Red Lake district.