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Sept. 8, 2021, 7:01 a.m. EDT

GoldSpot & Quebec Precious Metals Extend High-Grade Gold-Bearing Lloyd Vein System to a 4.2KM Prospective Corridor at the Elmer East Project

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    GoldSpot Discoveries Corp. (SPOT)
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    Quebec Precious Metals Corp. (YXEP)

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  • GoldSpot Discoveries' proprietary approach of combined Artificial Intelligence (AI) and geological interpretation yielded additional positive results in greenfield exploration on the Elmer East Project.

  • Grab samples collected during the 2021 prospecting program returned gold values of up to 68.1 g/t Au.

  • Results reveal a 4.2 km long, E-W trending prospective corridor in an under-explored area.

  • The 2021 prospecting program followed up on the 2020 high-grade gold discovery, the Lloyd vein ( Lloyd White Paper ), predicted by GoldSpot's 'Smart Targeting' approach.

  • In September 2021, GoldSpot will conduct, under the supervision of Quebec Precious Metals, a detailed structural mapping and vein characterization study along the corridor to better understand the mineralization system that controlled the distribution of gold.

Toronto, Ontario--(Newsfile Corp. - September 8, 2021) - GoldSpot Discoveries Corp. /zigman2/quotes/210443510/delayed CA:SPOT 0.00% (otcqx:SPOFF) ("GoldSpot" or the "Company"), a leading technology services company leveraging machine learning to transform the mineral discovery process is pleased to announce that Quebec Precious Metals Corporation /zigman2/quotes/209838690/delayed CA:QPM +6.38% (otcqb:CJCFF) /zigman2/quotes/207685564/delayed DE:YXEP +7.30% ("QPM") has successfully reported the discovery of a new gold-rich vein system within one of GoldSpot's high priority targets at the Elmer East project located in James Bay, Quebec. The new discoveries reveal an E-W 4.2 km long prospective corridor in an under-explored area.

The new gold showings resulted from the follow-up work on the 2020 Lloyd discovery, a polymetallic, gold-rich vein. The Lloyd vein occurs along a structure interpreted by GoldSpot prior to the 2020 field-season (September 17, 2020 Press Release , and February 9, 2021 Lloyd White Paper ), and demonstrates the accuracy of GoldSpot's 'Smart Targeting' approach, AI technology combined with geoscientist expertise, for mineral exploration.

Vincent Dubé-Bourgeois, CEO of GoldSpot Discoveries commented: "We are thrilled to be working the QPM team as a follow-up on the Elmer East project and Lloyd discovery from 2020. These results confirm the mineralization potential of the project. This discovery is a considerable show case for the use of Machine Learning in mineral exploration."

Normand Champigny, CEO of Quebec Precious Metals commented: "The 2021 summer surface sample results further confirm the excellent gold potential of the Elmer East project. We are going back to the field this month to improve our geological understanding of this extensive mineralized system to identify the best drill targets."

Prospecting Results

  • A total of 91 grab samples were collected in Summer 2021 along the E-W branch of the Eastmain River, which is interpreted by GoldSpot as a marker of an E-W regional-scale structural corridor.

  • Among these samples, 11 graded more than 1 g/t Au (see Table 1). Best gold values returned up to 68.1 g/t Au, including 8.17 g/t, 7.31 g/t, and 6.05 g/t, and spread over a 4.2 km-long corridor, recently named the "Lloyd trend" (Figures 1 & 2). These results highlight the presence of a multi-kilometer long mineralized footprint, showing the Lloyd trend to be highly prospective while still under-explored.

  • The mineralized rocks consist of a 1-2 m wide zone of SW-trending, shallowly-dipping, hematized, quartz±epidote-carbonate veins with open spaced crystallization and various amounts of sulphide minerals (galena, sphalerite, chalcopyrite and pyrite; Figure 3). Mineralized veins are hosted in a chloritized wacke near the contact with the polymictic conglomerate of the Wabamisk Formation.

  • The original 2020 Lloyd vein discovery is a 60 m long, gold-rich vein system from which grab samples returned values of up to 17.75 g/t Au and channel sample values up to 4.06 g/t Au over 2 m (see QPM press releases from September 16, 2020, and January 20, 2021).

  • Prior to QPM-GoldSpot activities, no work was documented in the vicinity of the discoveries.

Table 1: List of grab samples and assays over 0.1 g/t Au from the Lloyd trend.

sample UTM E UTM N Au ppm Ag ppm Cu ppm Pb ppm Zn ppm
C876461 369686 5795373 68.1 13.4 453 3350 2580
C876203 367082.6 5795432 8.17 41.2 2420 16450 2130
C876462 369688.3 5795378 7.31 18.3 176 4620 2760
C876230 365798.4 5795285 6.05 4.56 128 37 219
C876479 365744.3 5795285 5.97 31.8 488 1335 687
C876204 367088.9 5795424 4.75 12.4 1785 468 739
C876227 365796.9 5795285 3.79 4.66 75.1 85 130
C876229 365788.6 5795284 2.43 1.52 22.7 83.8 58
C876241 365449.9 5795276 2.41 0.26 58.3 7.1 85
C876351 367270 5795539 1.885 -0.2 34 6 65
C876473 367943.8 5795321 1.025 -0.2 10 3 23
C876482 365521.6 5795280 0.97 1.44 157.5 30.8 233
C876202 367085 5795435 0.934 4.7 570 767 735
C876201 367086.6 5795431 0.654 3.9 525 235 86
C876459 369838.6 5795505 0.464 0.4 448 6 40
C876474 367951.8 5795359 0.359 0.4 192 3 33
C876456 369976 5795208 0.295 0.2 32 4 18
C876223 367618.9 5795401 0.224 0.2 247 6 52
C876478 365765.9 5795297 0.21 1.65 44.3 45.8 46
C876472 367562 5795385 0.185 3.1 1775 10 66
C876477 365787.1 5795284 0.134 3.27 110.5 24.8 111
C876384 350054 5826417 0.114 0.12 7 1.2 13
C876481 365525.3 5795287 0.106 0.29 24.7 7.8 53

 

Target Generation

  • GoldSpot used its proprietary 'Smart Targeting' approach to distill all available geological information to identify the most prospective areas to explore in the large QPM land package. This yielded efficient and cost-effective exploration on the properties, ultimately resulting in discovery.

  • As part of GoldSpot's workflow, all available public geoscience data was compiled and synthesized for the Elmer East Property and surrounding areas. Structural, geological, metamorphic, geochemical and geophysical data were analysed through GoldSpot's proprietary AI tools to produce the final high-priority targets for field prospecting (Figure 1).

/zigman2/quotes/210443510/delayed
CA : Canada: TSX Venture
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CA : Canada: TSX Venture
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Volume: 450.00
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