GoldSpot Discoveries and Canterra Minerals Identify New Targets on the Wilding Gold Project in Newfoundland

Toronto, Ontario–(Newsfile Corp. – July 14, 2021) – GoldSpot Discoveries Corp. (TSXV: SPOT) (OTCQX: SPOFF) (“GoldSpot” or the “Company”), a leading technology services company leveraging machine learning to transform the mineral discovery process, and Canterra Minerals Corp. (TSXV: CTM) (“Canterra”) are very pleased to report on the results of a property-wide comprehensive data review, compilation, and target generation on the Wilding Gold Project in Newfoundland using traditional geological and machine learning methods. The results of this exercise identified 54 prospective areas, ranked in order of priority with 10 identified as the highest priority drill targets.

Denis Laviolette, Executive Chairman of GoldSpot, commented, “Our team of leading geoscientists and data scientists continue to deliver unrivalled results for our clients through our artificial intelligence backed services and technology portfolio. These 10 high priority drill targets are the result of an extensive investigation and analysis of the Wilding Gold Project from mapping and trenching, structural studies, geochemical data, geophysical magnetic surveys and regional digital elevation maps. We look forward to working with the Canterra exploration team to validate these targets and further advance the project.”

Chris Pennimpede, CEO & President of Canterra, commented, “The Wilding Gold Project continues to evolve with exceptional targets that have yet to be tested. Making discoveries under till cover is challenging, and the team at Goldspot have delivered high-confidence drill targets from the robust surface and geophysical data sets that exist at Wilding. These targets are now being ground truthed by our field crews in preparation for drilling in the late summer – early fall. With GoldSpot’s proven track record of new discoveries, we are very excited to start drill and testing these new targets.”

GoldSpot Target Generation

GoldSpot is a mining-focused technology company working with the leading exploration and mining names in the industry to apply cutting-edge Artificial Intelligence (“AI”) algorithms to significantly increase the efficiency and success rate of mineral exploration. Recent successes by GoldSpot with both leading producers and explorer/developers have demonstrated the potential to expand resources and make new discoveries using this advanced analytical technology.

GoldSpot utilizes its proprietary ‘Smart Targeting’ approach to distill all available geological information from large land packages and identify the most efficient and cost-effective way to explore, saving time, resources, and capital.

The information used in the GoldSpot investigation included: geological data from mapping and trenching, structural studies; geochemical data including >13,000 soil samples and >400 rock samples; geophysical magnetic surveys and regional digital elevation maps. Significant findings include:

Geology and Mineralization

  • Wilding exhibits a structurally controlled quartz + tourmaline + gold vein system with siderite + ankerite + sericite wall-rock alteration, adjacent to the veins.
  • Through the compilation and review of historic work, GoldSpot highlighted important geological features:
    • Mineralization is focused, near and along the southern contact of the Rogerson Lake Conglomerate.
    • Prospective units are the Rogerson Lake Conglomerate, a felsic volcanic unit, a magnetic feldspar porphyry unit and a tonalitic intrusive from the Crippleback Intrusive Suite.
    • At least three generation of mineralized veins are documented. The thickest veins (<1 m) (first generation) trend approximately ENE-WSW. The orientations of later generations of veins are a function of the local stress-regime and may coincide with the orientation of lineaments identified by geophysics.
    • Felsic volcanic rocks also host a distinct type of polymetallic Zn + Cu + Pb + Ag + Au veins.

Geophysics

  • Reinterpretation of magnetic field data highlighted two main sets of faults in NW-SE and N-S orientations (Figure 1), which crosscut ENE-WSW trending geological structures and lineaments. These orientations of faults and lineament and their intersections are potentially favourable for gold.
  • GoldSpot also identified the same fault and lineament orientations in the East Alder Property adjacent to Canterra Minerals’ Wilding Gold Property by using publicly available geophysical data.
  • Areas of demagnetization that may have been caused by gold-related alteration have been identified along the faults and lineaments, and at fault and lineament intersections.

Geochemistry

  • From the soil data (gold only), GoldSpot has used inverse distance weighting (IDW) gridding techniques to identify that there is a strong mineralization signal in surficial samples, corroborating known occurrences. This signal extends to the southwest and northeast, along trend. (Figure 2)
  • Interpretation of soil grids also highlighted additional prospective zones and trends that extend from drilled occurrences, (purple dashed lines on Figure 2):
    • Interpretation of multielement ICP soil data also shows good correlation with pathfinder elements.

Areas for further exploration selected by GoldSpot lie in favourable host units near known occurrences, along lineaments and faults, at their intersections or in complex structural settings, and comprises favourable soil signature (Figure 3).

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Figure 1 – Interpreted lineaments, contacts and faults in Wilding and East-Alder properties. The background is the magnetic RTP layer.

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Figure 2 РLevelled Au in soils grid using IDW interpolation method. Recall that levelling geochemical data creates a unitless ratio, so values on the legend do not represent ppm, ppb, etc.

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Figure 3 – Selected areas for exploration by GoldSpot in the vicinity of the known vein systems. Magnetic first vertical derivative in background.

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Qualified Person

The scientific and technical information and exploration data quality assurance and control contained in this news release were prepared under the supervision of David Evans, M.Sc., P.Geo., Manager of Exploration for Canterra. Mr. Evans is a Qualified Person as defined by National Instrument (“NI”) 43-101.

Lindsay Hall, P.Geo. (APGO 0891), Chief Geologist of GoldSpot Discoveries Corp. and a Qualified Person within the meaning of NI 43-101 Standards of Disclosure for Minerals Projects, has also reviewed and approved the technical information presented herein.

About Canterra Minerals

Canterra is earning a 100% interest in the Wilding and Noel Paul Gold Projects, located 50km south, by logging road, from Millertown and directly northeast of Marathon Gold’s Valentine Lake Gold Project in central Newfoundland. The 243km2 property package includes 50km of the northeastern strike-extension of the Rogerson Lake Structural Corridor, which hosts Marathon Gold’s Valentine Lake deposits, Matador Mining’s Cape Ray deposit, Sokoman’s Moosehead discovery and TRU Precious Metals’ Golden Rose and Twilight discoveries. A $2.75 million exploration program is underway, focusing on drilling and surface exploration on the Wilding Gold Project. This program will include additional diamond drilling on the existing zones and follow up trenching and diamond drilling on numerous targets identified from previous soil geochemistry sampling. Canterra’s team has more than 100 years of experience searching for gold and diamonds in Canada and have been involved in the discovery of the Snap Lake diamond mine, in addition to the discovery of the Blackwater Gold deposit in British Columbia, Canada.

About GoldSpot Discoveries

GoldSpot Discoveries (TSXV: SPOT) (OTCQX: SPOFF) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves time, reduces costs and provides accurate results.

For further information please contact:

Denis Laviolette
Executive Chairman and President
GoldSpot Discoveries Corp.
Tel: 647-992-9837
Email: [email protected]

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 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, 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.

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