Windfall Geotek Inc Option its Ashuanipi Gold Project to Flow Metals Corp

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(TheNewswire)



 

Brossard, Quebec - TheNewswire - February 25, 2020 – Windfall Geotek (TSXV:WIN), 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 they have signed an Option Agreement with terms, whereby Flow Metals Corp., reporting issuer preparing to list in Canada, can earn a 100% interest in the Ashuanipi Gold Property, located in Northern Quebec. The Ashuanipi 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.

To earn 100% interest in the Ashuanipi property, FM must make cash payments of $120,000 over three years, issue a total of *2,100,000 common shares over three years (*100,000 due immediately and 500,000 at company listing date  and also sign a contract for the use of Windfall Geotek CARDS AI tool (Value at $60,000 payable cash) on one of its properties  when the company will be listed. Windfall Geotek will retain a 2% NSR, one half (1%) which can be purchased by FM for $750,000. FM must also complete a minimum of $450,000 worth of exploration work on the property over the 3 years period.

 

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.

 

Scott Sheldon CEO of Flow Metals commented: “We are excited to begin validating the targets provided by this iterative CARDS AI approach. The Ashuanipi project is an excellent fit for us, it is underexplored with strong structural control of the gold mineralization. Using the combined geophysical and CARDS targets we can start focused exploration of the project. In addition, we believe that CARDS AI can give us an edge on our other gold projects and see this agreement as the start of a long-term strategic partnership.”

 

See here the Ashuanipi property maps:

http://windfallgeotek.com/wp-content/uploads/2019/11/South_Ashuanipi_Property_25_November_2019.pdf

http://windfallgeotek.com/wp-content/uploads/2019/11/North_Ashuanipi_Property_25_November_2019.pdf

 

Michel Fontaine, President and CEO of Windfall Geotek commented: “We are pleased to have completed this agreement with Flow Metal Corp, A young and dynamic team that views our association as a strategic one, We are confident that the subsequent work and  analysis of our Ashuanipi Property will generate great results and confirm the efficiency of the AI CARDS system to produce precise gold targets. We believe the results will provide the foundation for the Company to find more alliance with other mining companies or investors”.

 

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:

 

Michel Fontaine

President and CEO of Windfall Geotek

Telephone: 514-994-5843

Email: [email protected]

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.

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