What’s going on with GoldSpot Discoveries?
GoldSpot Discoveries Corp. (SPOFF) stock rose 9.75% after the tech services company focused on applying machine learning to transform mineral discovery was engaged by Critical Elements Lithium Corp. (CRECF) to deploy its technology and geoscience expertise on Critical Elements’ property in James-Bay, Quebec. Shares of SPOFF were trading at $0.92 per share on Friday afternoon, while CRECF stock was down 2.4% to $1.18 per share.
What does this mean for SPOFF?
GoldSpot will deploy its artificial intelligence algorithms to increase the efficiency and success rate of mineral exploration at Critical Elements, and analyze geoscience data as it seeks to retrieve deposits of lithium, nickel, copper and gold.
"Our engagement with Critical Elements showcases GoldSpot's ability to work with mining leaders across resources to identify new mineral exploration targets," said Denis Laviolette, executive chairman and president of GoldSpot. "Significant global capital is being invested throughout the electric vehicle supply chain, which will drive demand for high-quality lithium sources. We are excited to work with the Critical Elements team to capitalize on their existing infrastructure and exploration potential as well as demonstrate our advanced analytical technology."
Jean-Sébastien Lavallée, Critical Elements' CEO, added: "We are really excited to be able to work with GoldSpot to apply their exclusive technology to generate targets on our projects from geological and geochemical data, as well as more recent geophysical data acquired during our last survey. Resumption of exploration work on our different projects covering more than 700 km2 aiming to show the full potential is part of the development plan put in place by our team to become a large and responsible large lithium producer."
SPOFF has a Long-Term Technical Rank of 100. Find out what this means to you and get the rest of the rankings on SPOFF!
GoldSpot Discoveries Corp is a technology company. The company is engaged in machine learning to reduce capital risk while working to increase efficiencies and success rates in resource exploration and investment. The Company has developed a monetization strategy into multiple verticals of the mining and investment industry, including consulting service offerings, exploration property staking and royalty acquisition, and the development of artificial-intelligence-driven software-as-a-service exploration technology. It has a single reportable geographic segment in Canada.
