AEX Gold Inc. (CVE:AEX) (LON:AEXG) said it has engaged Goldspot Discoveries Corp.(CVE:SPOT) to apply its proprietary workflow and machine learning algorithm to identify new exploration targets on AEX’s licence portfolio in southern Greenland.

Goldspot will work with AEX’s technical team to analyze all available geological and remote sensing data to create high-quality multivariate prospectivity maps, enhancing the exploration opportunities for gold mineralization at the properties.

The company will also assist AEX’s exploration team this year in Greenland with two of its own geologists being deployed to site, thereby increasing the result-oriented machine learning study.

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In a statement, Martin Menard, executive vice president & chief operating officer of AEX Gold, commented: “We are delighted to be partnering with Goldspot in this venture, a company with a stellar reputation and a wealth of experience in helping mining companies identify new exploration targets.

“In addition to redeveloping the high-grade Nalunaq Gold Project, the AEX team is excited about the true potential of our wider land package along the Nanortalik and Tartoq Gold Belts, which display geological similarities to other Gold Belts found in other prolific gold regions around the world.”

“We are confident that we can deliver significant upside to investors through our exploration program in what is one of the most underexplored and highly prospective regions in the world. Following our successful fundraise and listing on the London Stock Exchange, now is an exciting time to be part of the AEX journey, and we look forward to updating the market in due course,” Menard added.

Through its analytical work across the portfolio, Goldspot will help prioritize and rank the high-grade exploration prospects for AEX across its license portfolio for the next exploration season in 2021, it said.

The gold belts of Greenland host high-grade narrow vein mineralization, which is similar in style to the mineralization found in the Abitibi Gold Belt of Canada, an area where Goldspot has experience working in.

Denis Laviolette, executive chairman and president of Goldspot Discoveries, said: “Goldspot continues to partner with best-in-class operators in high-impact, district size opportunities. AEX is a first mover in Greenland and plans to create shareholder value through the redevelopment of the past-producing Nalunaq Gold Project while exploring a prolific land package. Goldspot thrives in big data settings and will be working closely with AEX in the application of machine learning to delineate new and exciting targets.”

Homogenizing and integrating various datasets

Goldspot will be homogenizing and integrating various datasets (multispectral, geochemical, geophysical and others) to provide a cohesive and uniform geoscientific interpretation and prospectivity analysis, including ranked exploration targets.

The gold belts of Greenland, including the past-producing Nalunaq gold mine, host high-grade narrow vein mineralization, which is similar in style to the mineralization found in the Abitibi Gold Belt of Canada and the Central Lapland Greenstone Gold Belt in Finland, areas where Goldspot is currently working or has previously worked with proven exploration success.

Greenland holds significant mineralization potential as a relatively underexplored gold belt, and AEX is well positioned with the largest gold license portfolio.

AEX’s principal asset is a 100% interest in the Nalunaq project, an advanced exploration stage property with an exploitation license including the previously operating Nalunaq gold mine.

Goldspot is a technology and investment company that leverages machine learning to reduce capital risk while working to increase efficiency and success rates in resource exploration and investment.

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