Windfall Geotek Announces Binding Letter of Intent with Vancouver Based Group for Chapais Property

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(TheNewswire)




DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

Highlights:

  • - Vancouver based investment group was selected after receiving multiple expressions of interest

    - Letter of Intent is based on an equity position in the company, an NSR (“Net smelter royalty”), active board seat, right to participate in all future financings and input into the management team  

    - From 1953-1991 the Chapais region produced over 1 billion pounds of copper and 1 million ounces of gold

Brossard, Quebec - TheNewswire - May 12, 2021 – Windfall Geotek (TSXV:WIN), (OTC:WINKF), (FSE:L7C2) (“Windfall” of the “Company”) a mining technology company and a leader in the use of Artificial Intelligence (AI) with advanced knowledge-extraction techniques since 2005 announces it has signed a binding letter of intent to enter into an agreement to develop the Chapais property (See Windfall News Release dated April 8th, 2021). Terms of the definitive agreement are to be finalized no later than July 19, 2021 and will include:

  1. 1.Issuance of shares to Windfall Geotek at pre IPO/RTO valuation 

  2. 2.Issuance of an NSR on the property   

  3. 3.Board position with resultant public entity and input into key management hires 

Dinesh Kandanchatha, Chairman commented: “We had a lot of interest in this property, and are pleased to announce that we have selected a partner with whom we envision having a relationship with over the long run. Our intent is to work with partners who understand the value our technology can unlock throughout the various stages of the project.”

About the Chapais Property

 

  • - Large property consisting of 36 claims and 1,560 hectares located 490 km northwest of Montreal. Road accessible with power grid access

    - From 1953-1991 the Chapais region produced over 1 billion pounds of copper and 1 million ounces of gold

    - Mineralization on the Chapais property may be of Opémiska style copper-gold vein type, particularly given its proximity to the Springer and Perry mines. The mineralized veins of the Springer mine are restricted to fracture networks contained in the ophitic parts of the gabbroic venture sill, which continues into the Chapais property.

    - Windfall Geotek AI system has generated significant targets for gold, copper and zinc across the entire land package

    - Property borders the QC Copper & Gold Opemiska Property


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Figure 1. Windfall Geotek AI Copper Targets on Chapais Property


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Figure 2. Windfall Geotek AI Gold Targets on Chapais Property

 


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Figure 3. Windfall Geotek AI Zinc Targets on Chapais Property

 

About Windfall Geotek – Powered by Artificial Intelligence (AI) since 2005

 

Windfall is an Artificial Intelligence company that has been in business for over 15 years developing its proprietary Windfall AI analysis and data processing techniques. Windfall Geotek can count on a multidisciplinary team that includes professionals in geophysics, geology, Artificial Intelligence, and mathematics. It combines available public and private datasets including geophysical, drill hole and surface data. The algorithms designed and employed by Windfall are calculated to highlight areas of interest that have the potential to be geologically similar to other gold deposits and mineralization. Windfall Geotek AI increases shareholder value by reducing both time & exploration costs while reducing the environmental impact from mineral exploration. Windfall Geotek looks forward to leveraging it’s AI technology to find both precious and base metals which will play a critical part in the future of electrification & reducing the world's carbon footprint. The Company's objective is to develop a new royalty stream by significantly enhancing and participating in the exploration success rate of mining and to continue the Land Mine detection application as a high priority. Windfall has played a part in numerous past discoveries utilizing its methodology as described at: https://windfallgeotek.com/

 

For further information, please contact:

 

Simran Kamboj

President & CTO

Email: [email protected]

Tel : 1 (450) 678-8882

Website: www.windfallgeotek.com


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.

FORWARD-LOOKING STATEMENTS: This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and using information currently available to the Company. Investors are cautioned that these forward-looking statements are neither promises nor guarantees, and they are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. All forward-looking statements made in this press release are qualified by these cautionary statements and by those made in our filings with SEDAR in Canada (available at WWW.SEDAR.COM).

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