Tickers: PINX:MJXFF, XTSX:WIN
Brossard, Quebec - The Newswire - July 9, 2020 - Windfall Geotek (TSXV:WIN) is a leader in digital exploration using Artificial Intelligence (AI) in the mining sector and is pleased to announce that it has entered into an agreement with Durango Resources Inc. (TSXV:DGO). It plans to develop gold exploration targets over its Windfall Lake Trove project, which covers a large area (1,230 km2) and surrounds the Durango claims on the Urban-Barry Greenstone Belt, within the Abitibi Subprovince (Quebec).
The Trove Project is located in the Abitibi Subprovince that hosts numerous deposits having produced over 180 million ounces of gold. In the Windfall Lake area, the gold mineralization is contained in a high-grade, gold-rich, extensively anastomosed network of quartz-rich and pyrite-rich veins which are hosted within strongly silicified volcanic rocks.
Windfall Geotek will use public data from Ministere des Ressources Naturelles (MRN) du Quebec's database (Sigeom) which include; magnetic and Digital Terrain Model data (50m resolution, 59 occurrences of gold, 1,658 gold assays and 1,842 rock samples), and SRTM data (Shuttle Radar Topography Mission) at 30m resolution from the U.S. Geological Survey database (USGS) to characterize the topography. This data will then be merged into a single dataset and gridded to 50m cell size, generating 478,430 data points that will be used for the gold mineral potential analysis with CARDS.
CARDS analysis uses AI and data mining techniques to identify high-priority targets by combining all available public data sets, including geophysical, drill hole and topography. The algorithm is designed to highlight areas of interest that are geologically similar to known gold deposits and mineralization in the Windfall Lake region. Durango is conducting early-stage exploration on its local properties and is utilizing the CARDS system as a tool. While data from nearby, advanced exploration projects and producers are being used, no direct comparison to these sites should be inferred. Mineral deposits present on adjacent and/or nearby properties are not necessarily indicative of mineralization on Durango's properties.
To view the plan map:
To view the work summary:
Windfall Geotek is exploring a new business model through which it will advance projects where CARDS Artificial Intelligence software platform has identified high-potential targets. This pivot from pure service revenues to service revenues plus asset accumulation is part of a strategic review by the Board to maximize returns for Windfall Geotek investors.
The value of the service agreement is $ 101,250.00; in addition, there is a provision for a 2% NSR (Net Smelter Return) on new gold targets. However, the NSR cannot be applied to claims currently held by Durango. The CARDS 2D System will be used to generate gold targets throughout the area of interest. If a target is identified on open ground, Durango will have the right to acquire over the next 24 months. For each target staked or optioned from another company by Durango within the area of interest, a 2% NSR will be granted to Windfall Geotek. Durango will have the option to acquire 1% of the NSR for $1,000,000 at any time within five years.
Windfall also would like to announce that it has granted 2,850,000 options to acquire common shares to certain consultants and employees of the Company. The options are exercisable at a price of $0.09 per share and are valid for a period of 24 months. Such options shall vest and be exercisable in four equal tranches, quarterly over a period of twelve (12) months.
About Windfall Geotek - Powered by Artificial Intelligence (AI) since 2005
Windfall Geotek is a mining and services company using Artificial Intelligence (AI) with an extensive portfolio of shares of its clients. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority.
For further information, please contact:
President and CEO of Windfall Geotek
Additional information about the Company is available under Windfall Geotek's profile on SEDAR at www.sedar.com. Neither the TSX Venture Exchange nor does its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.
Copyright (c) 2020 TheNewswire - All rights reserved.