A Sudbury junior miner will be using artificial intelligence to identify exploration targets on its gold properties near Dubreuilville and Dryden.
After months of negotiations, Manitou Gold announced March 1 that it has closed a strategic partnership with GoldSpot Discoveries to bring its holistic “whole earth” exploration modelling and machine learning technology to its exploration properties.
According to Manitou, this is the first time GoldSpot has worked with a junior miner as they’ve only worked with producing miners.
Manitou is conducting exploration on its Kenwest property, south of Dryden, and its Goudreau-area properties and claims, east of Dubreuilville.
GoldSpot’s proprietary technology is designed to improve the single digit success rate in greenfield and brownfield exploration to closer to that of the 88 per cent rate in the oil and gas sector.
A company promotional video explained that its machine-learning algorithm is capable of processing millions of data points to identify targets.
The technology has been successfully employed on the Québec side of the Abitibi gold region.
In late February, Manitou CEO Richard Murphy stated the new relationship with GoldSpot will “maximize our future exploration” to unlock more opportunities.
GoldSpot president-CEO Denis Laviolette believes Manitou Gold is an undervalued explorer and feels confident that their “and data-driven, multi-disciplinary technological approach” would unlock the potential of their properties.
GoldSpot has also taken an investment stake in Manitou through the acquisition of an aggregate of 7,250,000 units of Manitou for aggregate consideration of $580,000.
The company acquires a 0.5 per cent net smelter return royalty on Manitou’s Kenwest Property. The arrangement for GoldSpot to provide services to Manitou Gold lasts for one year.