(TheNewswire)
Brossard, Quebec - The Newswire - January 17, 2020 – Windfall Geotek (TSXV:AIIM) 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 announce that it has entered into an agreement with Pacton Gold Inc. (TSX-V / PAC) to develop gold exploration targets over its Red Lake Gold Project (135.46 sq/km) located in the Red Lake district of Northwestern Ontario. Total value of the contract is $ 175,000 CAD.
The Pacton’s Red Lake Gold Project is located between Pure Gold’s Madsen property including the Wedge Zone, Great Bear Resource’s Dixie discovery and Newmont’s Red Lake mines (Campbell & Red Lake). The Red Lake district in northwestern Ontario has produced more than 29 million ounces of high grade gold, making this one of the largest gold producing districts in Canada. Gold deposits in the Red Lake area are classified as orogenic gold deposits and characterized by a strong association with very deep, crustal-scale fault structures, and their associated fracture zones.
Windfall Geotek will use private data provided from Pacton Gold Inc. and public data provided from Ontario Geological Survey (OGS): 2019 High-Resolution Heliborne Magnetic data at 10m resolution (Pacton Gold); 2017 Red Lake-Stormy Supergrid Magnetic Compilation data at 40m resolution (OGS - GDS 1037); 1978 Red Lake Magnetic & Electromagnetic Survey data at 40m resolution (OGS - GDS 1028); 5,359 gold assays data from drillholes databases (OGS & Pacton Gold) and surface samples database (Pacton Gold). These data will be then merged into three gold datasets (Models) and gridded to 10m & 40m cell size which corresponds respectively to 1,343,148 data points (Helimag Model), 766,096 data points (Supergrid Mag Regional Model) and 508,243 data points (Mag-EM Regional Model), in order to proceed to the gold mineral potential analysis with CARDS.
By using its CARDS technology, Windfall Geotek will assist Pacton Gold Inc. in identifying gold exploration targets with the same signature as known gold deposits and occurrences close to their claims. Windfall Geotek uses its proprietary technology to analyze geophysical, geochemical, and geological data to discover the patterns hidden in the large amount of private data from Pacton Gold Inc. and public data from Ontario Geological Survey. As quoted by Michel Fontaine President & CEO of Windfall Geotek Inc, this contract in the heart of one of the most prominent mining district in Canada is an excellent chance to showcase our technology and collaborate very closely with Pacton. In Red Lake, we can easily use the expression “the best place to find a mine is beside a mine” and CARDS using AI can increase the probabilities to find the same rocks than the other mines and deposits accordingly. We are talking about digital exploration and Windfall Geotek is the leader since 2005.
Windfall Geotek is exploring new business models to advance projects where CARDS AI software platform has identified a high potential target. This pivot from pure services revenue to services revenue plus asset accumulation is part of a strategic review by the board to maximize return for Windfall Geotek investors. In this event, Windfall Geotek invested $175,000 in the last PP and will received 1,458,333 shares of Pacton Gold and the same amount of warrants at 0.18.
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. Come and see us at the VRIC booth 938!
For further information, please contact:
Michel Fontaine
President and CEO of Windfall Geotek
Telephone: 514-994-5843
Email: michel@windfallgeotek.com
Website: www.windfallgeotek.com
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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