WINDFALL GEOTEK FINALIZES MULTI YEAR AGREEMENT FOR CORALLEN LAKE PROPERTY IN RED LAKE ONTARIO
DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN
Brossard, Quebec / The Newswire / July 21, 2021 – Windfall Geotek (TSX-V: WIN, OTCQB: WINKF, FSE: L7C2) a leader in the use of Artificial Intelligence (AI) with advanced knowledge-extraction techniques since 2005 in the mining sector is pleased to announce a finalized option agreement for the Corallen Lake property with Goldeneye Resources Corp (TSX-V: GOE). The deal terms provide Windfall Geotek with 3 million shares, 2% NSR, and a 4 year contract for AI services for an undisclosed amount of cash over a 4 year earn in agreement that provides Goldeneye Resources with the option to earn 95% of the project. The deal is subject to regulatory approval.
Deal Term Highlights:
Upon closing issuance of 3 million shares, $250,000 cash and a 2 % NSR to Windfall Geotek
Windfall provides Goldeneye Resources a 4 year option to agreement earn 95% of the project
Multi year AI digital exploration services contract for undisclosed cash considerations
Golden Eye to assign a board seat to Windfall Geotek upon approval from the board of directors
Windfall Geotek commits to investing $120,000 into Goldeneye Resources Corp
Corallen Lake Property Highlights:
Road/trail accessible and close to major infrastructure
The Corallen Lake property lies less than 9 km northwest of the Red Lake Main Gold Trend
Hosts favorable geological units within the property boundary that have been proven in the Red Lake mining camp
Potential for brittle-ductile structures, which host gold deposits in the region
Multiple high probability AI targets generated by Windfall Geotek within the property boundary
Current Gold operators in the Red Lake camp include Pure Gold Mining (Madsen Mine) and Evolution Mining (Red Lake, Campbell and Cochenour Mines)
Dinesh Kandanchatha, Chairman of Windfall Geotek commented: “We are excited to partner with the team at Goldeneye Resources for our Corallen Lake property. Windfall Geotek intends to play a key part through our AI and Drone services in the development of this project alongside Goldeneye Resources. As always, we believe in our technology and wanted to structure a deal that ensured we have skin in the project for the long run through equity, royalty and also a further investment into Goldeneye Resources Corp. Windfall and its shareholders win in the long term when our partners succeed on their projects and our targets turn into operating mines.”
Jack Bal, Chief Executive Officer of Goldeneye, commented: “We have worked hard to finalize this agreement with Windfall Geotek. Windfall Geotek’s AI technology has a 15 year track record of success and will be a significant exploration tool increasing our chance of early discovery while cutting time & costs. Red Lake is a well known high grade Gold Mining Camp in Northern Ontario with excellent access to infrastructure. We hope to take advantage of this opportunity to further advance this project as rapidly as possible to the next stages of exploration. Red Lake has seen an influx of new exploration after new discoveries by Great Bear Resources in the last couple years.”
Figure 1 – Map of Corallen Lake Property Claims with AI Targets in Red Lake, Ontario
Figure 2 – Windfall Geotek AI Targeting Process
About Goldeneye Resources Corp.
Goldeneye is a mineral exploration company engaged in exploration of precious metal and base metal projects in North America. Goldeneye has signed definitive agreements with Unity Resources Inc. to acquire 100-per-cent interest in mineral claims known as the Roberts Arm, Grand Lake and Gander River Ultramafic Belt East (GRUBE) projects. The projects are located in the province of Newfoundland and cumulatively encompass a land area of approximately 148 square kilometres (approximately 14,800 hectares).
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 CARDS analysis (AI) and data mining 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. 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/.
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).