WINKF - Windfall Geotek Partners with Goldeneye Resources on a Multi Year Multi Property Artificial Intelligence Agreement in Newfoundland
(TheNewswire)
DOES NOT CONSTITUTE AN OFFER OF THESECURITIES DESCRIBED HEREIN
Brossard, Quebec - TheNewswire -August 20 , 2021 – WindfallGeotek (TSXV:WIN ) ( OTC:WINKF ) ( FSE:L7C2) a leader in the use of Artificial Intelligence (AI) withadvanced knowledge-extraction techniques since 2005 in the miningsector is pleased to announce it will be providing it’s ArtificialIntelligence Targeting Technology partnering with Goldeneye Resources Corp(TSXV:GOE) for three project’s it has acquiredin Newfoundland. The GRUBE East (Gander River Ultramafic Belt East) isimmediately to the East of and borders the Claims of New Found GoldCorp (TSXV:NFG) located approximately 20km south-east of the KeatsZone. Windfall Geotek will also work with Goldeneye Resources Corp ontheir prospective Roberts Arm & Grand River Properties. TheProjects are located in the province of Newfoundland and cumulativelyencompass a land area of approximately 148 Km² (~14,800 Ha).
Deal Terms:
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- 3 year service agreement for Windfall Geotek AI &Consulting services for a yearly cash payment
- Windfall Geotek will retain the right to purchase a0.5% NSR for $500,000 on the GRUBE Project
- Additional 0.5% NSR for $1,000,000 within a 10 yearwindow from the date of drilling the first AI target on the GRUBEProject
Property Details
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- The GRUBEProject is contiguous to the eastern side of NewFound Gold’s Queensway Project, straddling the Gander RiverUltramafic Belt (GRUB), which has the potential to be one of the maincorridors for the transport of gold mineralization in the area. Theproject covers geological terrain that has the potential to hostmineralization in secondary and tertiary structures following thepresumed epizonal geological model at the Keats, Knob and Lotto Zoneslocated 20 km to the North.
- The RobertsArm Project is host to a past producing Cu mine.Historical production data undocumented however ore dumps at theProject were estimated to contain ~4,430 tons at a grade of 0.92% Cuand 0.35 oz/t/Ag. The Project also has multiple historical grabsamples with up to 2.27 g/t Au and 4.56% Cu. The Project is contiguousand surrounded by Leocor Gold’s (CSE:LECR) Western Exploit DistrictProject.
- The GrandLake Gold Project hosts a historical high gradegrab sample that assayed 1,234 g/t Au. It is also 7 km southwest ofthe Glover Island Project which is the host to a historical resourceestimate of 4.5 million tonnes grading 1.7 g/t Au.
Dinesh Kandanchatha, Chairman ofWindfall Geotek commented: “We are excited to partner with the team at Goldeneye Resourcesagain on their Newfoundland properties. Newfoundland is rapidlybecoming hotbed of exploration and we are happy to be now part of theaction through our AI and Drone services. This agreement will provideboth companies shareholders potential to participate in the incredibleresource base being developed in the area”
Jack Bal, Chief Executive Officer ofGoldeneye, commented: “Wehave worked hard to finalize this agreement with Windfall Geotek.Windfall Geotek’s AI technology has a 15 year track record ofsuccess and will be a significant exploration tool increasing ourchance of early discovery while cutting time & costs. We areexcited to work with Windfall Geotek on our GRUBE project in theGander area of Newfoundland bordering claims owned by New Found GoldCorp.”
Figure 1 :Satellite Imagery of Gander, Newfoundland with Goldeneye ResourcesCorp Claims in red highlight & New Found Gold Corp Claims inorange.
Figure 2 :Regional Magnetic Survey with GoldeneyeResources Corp land claims in red outline & New Found Gold Corpland claims in orange outline.
Figure 3 :Windfall Geotek AI Target Generation Process
About Goldeneye ResourcesCorp.
Goldeneye is a mineral exploration company engaged inexploration of precious metal and base metal projects in NorthAmerica. Goldeneye has signed definitive agreements with UnityResources Inc. to acquire 100-per-cent interest in mineral claimsknown as the Roberts Arm, Grand Lake and Gander River Ultramafic BeltEast (GRUBE) projects. The projects are located in the province ofNewfoundland and cumulatively encompass a land area of approximately148 square kilometres (approximately 14,800 hectares).
The Goldeneye has signed a definitive Agreement withWindfall Geotek for the The Corallen Lake property which lies lessthan 9 km northwest of the Red Lake Main Gold Trend and Hostsfavorable geological units within the property boundary that have beenproven in the Red Lake mining camp.
About Windfall Geotek – Powered byArtificial Intelligence (AI) since 2005
Windfall is an Artificial Intelligence company that hasbeen in business for over 15 years developing its proprietary CARDSanalysis (AI) and data mining techniques. Windfall Geotek can count on a multidisciplinary team thatincludes professionals in geophysics, geology, ArtificialIntelligence, and mathematics. It combinesavailable public and private datasets including geophysical, drillhole and surface data. The algorithms designed and employed byWindfall are calculated to highlight areas of interest that have thepotential to be geologically similar to other gold deposits andmineralization. The Company's objective is todevelop a new royalty stream by significantly enhancing andparticipating in the exploration success rate of mining and tocontinue the Land Mine detection application as a high priority. Windfall has played a part in numerous pastdiscoveries utilizing its methodology as described at: https://windfallgeotek.com/ .
For further information, please contact:
Simran Kamboj
President and CTO of Windfall Geotek
Email: simran@windfallgeotek.com
Website: www.windfallgeotek.com
Phone: 1-855-946-5145
Jack Bal
CEO of Goldeneye Resources Corp.
Email: jackbalyvr@gmail.com
Website: www.goldeneyeresources.ca
Phone: 604-306-5285
Additional information about the Company is availableunder Windfall Geotek’s profile on SEDAR at www.sedar.com . Neither the TSXVenture Exchange nor does its Regulation Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptresponsibility for the adequacy or accuracy of this release.
FORWARD-LOOKINGSTATEMENTS: This news release contains forward-looking statements,which relate to future events or future performance and reflectmanagement’s current expectations and assumptions. Suchforward-looking statements reflect management’s current beliefs andare based on assumptions made by and using information currentlyavailable to the Company. Investors are cautioned that theseforward-looking statements are neither promises nor guarantees, andthey are subject to risks and uncertainties that may cause futureresults to differ materially from those expected. Theseforward-looking statements are made as of the date hereof and, exceptas required under applicable securities legislation, the Company doesnot assume any obligation to update or revise them to reflect newevents or circumstances. All forward-looking statements made in thispress release are qualified by these cautionary statements and bythose made in our filings with SEDAR in Canada (available atWWW.SEDAR.COM).
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