Brossard, Quebec – November 26, 2019 – Windfall Geotek (TSXV:AIIM), a mining services company and a 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 reduced the size of its Ashuanipi Property by more than 60 % (from 292 to 115 claims) using CARDS Artificial Intelligence (AI) prediction system.
The Ashuanipi property initially included two blocks, the North Block and the South Block, which were made up of 298 mining titles and totaling 14,603 hectares within NTS Map Sheets 23O/05, 23O/04 and 23J/14. The property is located from 30 to 90 kilometers west and north-west of Schefferville, Quebec, and lies within the Ashuanipi Complex in the northeastern portion of the Superior Province.
More than 49 gold showings were historically identified regionally, both in drill hole intersections (values up to 2.23 g/t Au over 19.5 meters in a hole located 12 km west of the project) and on outcrop (grades reaching 171.5 g/t, 8.6 g/t, 4.94 g/t, 1.74 g/t, and 1.4 g/t Au). All are associated with iron formations hosted in metasediments (Sigeom, MRN).
In 2013, following the CARDS AI modeling of an area some 330 900 km2 in the northern portion of the Superior Province, an exploration effort carried out by a team of geologists working on CARDS targets over the Ashuanipi Property returned 12 samples with assay values above 1 g/t Au and 128 with values above 0.1 g/t Au. The three most significant results originated from newly discovered outcrops and yielded assays of 17.45, 12.25, and 8.13 g/t Au, respectively. The 17.45 g/t Au value was obtained from a one-meter wide quartz vein, while other elevated results were mainly encountered within the silicate facies horizon (pyrigarnite) of iron formation lenses.
A high-sensitivity helicopter-borne magnetic survey totaling 4 411-line kilometers at 50-meter line spacing was completed on the property in August 2018 and seven geophysical exploration gold target areas were selected based on thorough data processing. In September 2019, using the detailed survey, Windfall Geotek refined a new CARDS AI gold signature and generated 52 precise CARDS AI gold targets on the property. Based on combined CARDS AI and geophysical targets, Windfall Geotek selected 18 priority target zones for gold and reduced the property from 298 to 115 claims.
You can check the maps:
Michel Fontaine, President and CEO of Windfall Geotek commented: “We are pleased to have completed this important analysis of our Ashuanipi Property. The results confirm the efficiency of the AI CARDS system to produce precise gold targets and save on claim retention. We believe the results will provide the foundation for the Company to find a strategic alliance with other mining companies or investors”.
Windfall announces that it has granted 250,000 options to acquire common shares to certain consultants and employees one Officer of the Company. The options are exercisable at a price of $0.07 per share and are valid for a period of 24 months. Such options shall vest and be exercisable as allowed per the option plan.
The Company also wishes to announce that it intends to extend the exercise period of a total of 9,300,000 outstanding share purchase warrants, each of which is exercisable for one common share of the Company at a price of $0.07 per share (collectively, the “Warrants”). The Warrants were issued pursuant to a private placement completed January 19, 2018. The new expiration date of the Warrants is January 19, 2022. The exercise price of the Warrants will remain unchanged. This Warrant extension is subject to the acceptance of the TSX Venture Exchange.
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(AI), 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.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN