Windfall Geotek Sells High Probability Gold targets to Aurcrest Gold in Red Lake Mining Camp
Brossard, Quebec – The Newswire – September 2, 2020 – Windfall Geotek (TSXV:WIN) a leader in the use of Artificial Intelligence (AI) with advanced knowledge-extraction techniques since 2005 in the mining sector is pleased to announce that the company has sold high probability gold targets generated through CARDS AI analysis to AurCrest Gold (TSXV:AGO) on its Ranger Lake Gold Property in Red Lake Ontario. A set of 50 cell claims east of the Campbell Gold Mines mill complex host the high probability gold targets in the world-famous Red Lake mining district.
These targets were generated by our proprietary CARDS Artificial Intelligence (“AI”) system during our work in the area. AurCrest will pay CDN$15,000 and issue of 300,000 common shares of AurCrest to Windfall to acquire the rights to the Data and rights to the CARDS technology necessary to use the Data. A further CDN$25,000 will be paid and a further 400,000 common shares will be issued to Windfall if the Company drills one of the high priority targets identified by the Data within two years of the signing the Data Acquisition Agreement This transaction is subject to TSX Venture Exchange approval.
Michel Fontaine, President and CEO of Windfall Geotek commented: “We are pleased to have concluded another contract in the Red Lake Mining Camp. This gives us more confidence as we gain momentum with the industry needs of speeding up discoveries. The great results and validations of our clients that we have seen in recent time is a major factor in obtaining multiple projects in the same mining camp, this time being AurCrest Gold. We are confident AurCrest Gold will benefit from our CARDS AI targeting and will generate a great ROI for both companies’ shareholders.”
Windfall Geotek also would like to announce that Mr. Andre Larente has resigned from the Board of Directors of the company as of September 1, 2020. We wish to take this opportunity to thank Andre for his contribution over the years and wish him all the best in other ventures. At the same time to support the company’s rapid growth, we have created a technical advisory board and will soon announce the members.
About AurCrest Gold
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake, Ranger Lake and Bridget Lake gold properties.
About Windfall Geotek – Powered by Artificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary CARDS analysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. 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. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/.
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.
FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).
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