Brossard, Quebec - The Newswire - February 4, 2020 – Windfall Geotek (TSXV:WIN) a mining and technology services company and leader in the use of Artificial Intelligence (AI) and advanced knowledge-extraction techniques since 2005 in the mining sector, is pleased to report highlights for the 3rd quarter of its fiscal year 2019-2020 and its recent successes.
It is with great pleasure that I announce the completion of our Q3 and recap the progress that we, at Windfall Geotek, have made during this period. Q3 was the first complete quarter of the execution of our strategy to partner with high potential mining companies in the digital exploration of their properties and projects. We have had massive interest in this business model that is cash neutral to Windfall shareholders but has resulted in the accumulation of assets valued in excess of $711,000 as of January 27, 2020 and contracts totaling $320,000.00. This represents the best quarter for new contracts in the history of the company. We expect this momentum to continue as we refine and expand our digital exploration strategies.
In addition to our significant market traction for the CARDS AI-based digital exploration system, we were able to make significant progress in regard to our Chapais and Ashuanipi properties. With the filing of a new National Instrument 43-101 (NI43-101) technical report on the Chapais project and the reduction of claims from 298 to 115 on our Ashuanipi gold project, we expect to drive a reduction in costs and increase in returns for Windfall shareholders.
There has also been significant progress on the intellectual property portfolio of the company. We rebranded the company as Windfall Geotek with the new ticker WIN and applied for the corresponding trademarks. This significant achievement will serve as a foundation to our efforts to share our business plan and business prospects with Canadian public markets and strategic investors.
Lastly, we spent the quarter lining up business and technical partners to take advantage of the incredible opportunity that CARDS AI application brings to the detection of land mines and improvised explosive devices. Conservative estimates state that over $700,000,000 is spent annually by Armed Forces and NGO’s to battle this horrible problem. As we progress on this exciting new front of the Windfall business, we are recruiting some of the strongest partners available. Through the efforts of our Chairman, Dinesh Kandanchatha, a founder of Patriot One Technologies (PAT.TO), we are committed to accelerate our go-to-market strategy by leveraging our technology partners. I expect that the security and defense sectors will prove to be an excellent revenue stream addition to our core product in the mining sector.
I wish to thank our existing shareholders for their support and confidence as we pivot the business to our new operating model and markets. It is clear that we are gaining momentum and are rapidly establishing ourselves as a leader in the digital exploration sector.
About Windfall Geotek – Powered by Artificial Intelligence (AI) since 2005
Windfall Geotek is a services company using Artificial Intelligence (AI) with an extensive portfolio of gold, copper and zinc properties in Quebec. 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.
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.
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