VANCOUVER, BC / ACCESSWIRE / June 2, 2020 / NV Gold Corporation (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to announce the Company has entered into a strategic data relationship with GoldSpot Discoveries Corp. ("GoldSpot") (SPOT).
"I am excited to build a technical relationship with GoldSpot to fully explore, for the first time, our extensive geological databases in Nevada utilizing their advanced, proprietary technology in combination with our industry recognized technical team," commented Peter A. Ball, President and CEO of NV Gold. "GoldSpot's team is clearly recognized as the leader in the industry to assist companies fully evaluate and analyze their projects and/or data available, highlighting prospective targets, and yielding opportunities for new discoveries. With a robust gold market, a tight share structure, no debt, and the recently oversubscribed private placement closed on May 26th, 2020, we are excited for a busy 2020 exploration season ahead of us."
Denis Laviolette, Executive Chairman and President of GoldSpot, said, "GoldSpot Discoveries is excited to bring our big data solution to Nevada. It is the ideal data-rich environment for our team to leverage our technology and skills to unlock significant value. Unlike other jurisdictions, Nevada explorers are not obligated to release their exploration data through state assessment requirements, and due to the robust amount of gold the State has, billions of dollars in exploration have been spent and the data essentially hoarded. We believe we will extract a substantial number of historical datasets, which were originally collected in the 1970s through to the 2000s and interrogate them with modern techniques and technology. The data is in various states of either digital integration and/or paper file format and will require immediate digitization, homogenization and analysis. The final database developed together by GoldSpot and NV Gold, including their technical team consisting of exploration legends, Dr. Quinton Hennigh and Dr. Odin Christensen, will have a cutting-edge advantage over other explorers in Nevada. GoldSpot and NV Gold will look to acquire highly prospective projects, which in turn GoldSpot will be rewarded royalties."
In connection with the strategic relationship, GoldSpot and NV Gold have entered into a services agreement, pursuant to which, among other things: (i) NV Gold will grant GoldSpot a 0.5% net smelter return royalty ("NSR") on prospects/projects identified, staked or acquired using its mineral databases; (ii) GoldSpot will have the option to purchase a further 0.5% NSR on such identified assets derived from the mineral databases for a purchase price of CDN$1,000,000; and (iii) for a term of 18 months GoldSpot will provide technical services at market rates related to the evaluation and identification of mineral prospects within NV Golds mineral geological databases and provide technical services for exploration activities in Nevada.
About GoldSpot Discoveries Corp.
GoldSpot Discoveries Corp. (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 NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries and project advancement. Leveraging its highly experienced in-house technical knowledge, NV Gold's geological team intends to utilize its geological databases, which contain a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.
On Behalf of the Board of Directors,
Peter A. Ball
President and CEO
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & CEO
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the future plans and objectives of the Company, including exploration plans, success from technology used by GoldSpot Discoveries are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: NV Gold Corporation
View source version on accesswire.com: