Windfall Geotek (WIN.V) has agreed to provide its artificial intelligence targeting tech to Goldeneye Resources (GOE.V) for three Newfoundland based projects.
The Grander River ultramafic belt east (GRUBE) is east of and borders the claims of New Found Gold (NFG.V), located 20 kilometers southeast of the Keats zone. Windfall will also be working with Goldeneye on its prospective Roberts Arms and Grand River properties—which are located in Newfoundland and encompass a land area of 148 square kilometers.
“We have worked hard to finalize this agreement with Windfall Geotek. Windfall Geotek’s AI technology has a 15-year track record of success and will be a significant exploration tool increasing our chance of early discovery while cutting time and costs. We are excited to work with Windfall Geotek on our GRUBE project in the Gander area of Newfoundland bordering claims owned by New Found Gold Corp,” said Jack Bal, CEO of Goldeneye.
Windfall is an artificial intelligence company with 15 years experience developing its CARDS analysis and data mining techniques. Understand when we say artificial intelligence, we mean more Deep Blue taking on Gary Kasparov than anything William Gibson or other science fiction authors may have dreamed up. They’re more like supremely advanced calculators. In this case, Windfall uses a multidisciplinary team including professionals in geophysics, geology, AI and mathematics.
The CARDS AI use available public and private data sets, including geophysical, drilling and surface data to formulate their algorithms. These algos are designed and used by Windfall to pinpoint areas of high interest where there’s a strong statistical probability of of being geologically similar to other gold deposits and mineralization. It’s a high tech dousing rod using advanced analytics to determine the probability of a deposit.
- The GRUBE project is contiguous to the eastern side of New Found Gold’s Queensway project, straddling the Gander River ultramafic belt (GRUB), which has the potential to be one of the main corridors for the transport of gold mineralization in the area. The project covers geological terrain that has the potential to host mineralization in secondary and tertiary structures following the presumed epizonal geological model at the Keats, Knob and Lotto zones located 20 km to the north.
- The Roberts Arm project is host to a past-producing copper mine. Historical production data are undocumented; however, ore dumps at the project were estimated to contain approximately 4,430 tons at a grade of 0.92 per cent Cu and 0.35 ounce per tonne silver. The project also has multiple historical grab samples with up to 2.27 g/t Au and 4.56 per cent Cu. The project is contiguous and surrounded by Leocor Gold’s Western Exploit district project.
- The Grand Lake gold project hosts a historical high-grade grab sample that assayed 1,234 g/t gold. It is also seven km southwest of the Glover Island project, which is the host to a historical resource estimate of 4.5 million tonnes grading 1.7 g/t Au.
The terms of the deal with Goldeneye include at three year service agreement for Windfall Geotek’s AI and consulting services for a yearly cash payment. Secondarily, WIN is holding back the right to purchase a 0.5% net smelter return royalty for $500,000 on the GRUBE project, and finally, an additional 0.5% NSR for $1 million within a 10-year window from the date of drilling the first AI target on the GRUBE project.
“We are excited to partner with the team at Goldeneye Resources again on their Newfoundland properties. Newfoundland is rapidly becoming hotbed of exploration and we are happy to be now part of the action through our AI and drone services. This agreement will provide both companies shareholders potential to participate in the incredible resource base being developed in the area,” said Dinesh Kandanchatha, chairman of Windfall Geotek.