ThreeD Capital Announces Its Artificial Intelligence Investment, GoldSpot Discoveries, Reports Major Milestone At Sprott Mining Majority Owned Jerritt Canyon Project
TORONTO, Sept. 06, 2017 (GLOBE NEWSWIRE) -- ThreeD Capital Inc. ("ThreeD" or the "Company") (CSE:IDK) an emerging Merchant Bank, led by Sheldon Inwentash, that focuses on investments in best of breed, early stage disruptive companies, is pleased to announce the achievement of a major milestone by its' artificial intelligence holding, Goldspot Discoveries Inc. ("Goldspot"). ThreeD owns a 22% equity interest (on a non-diluted basis) in Goldspot.
GOLDSPOT BRINGS ARTIFICIAL INTELLIGENCE TO MINERAL EXPLORATION
Goldspot has developed a machine-learning algorithm capable of significantly improving mineral exploration targeting. The Goldspot Algorithm is proven to mitigate investment risk and increase the efficiency and success rate of exploration in data-rich environments. Goldspot was a finalist in the 2017 #DisruptMining Competition and took 2nd place at the 2016 Integra Gold Rush Challenge.
JERRITT CANYON PROJECT - USING ARTIFICIAL INTELLIGENCE TO IDENTIFY THE MOST PROSPECTIVE TARGETS
The Jerritt Canyon project, majority owned by Sprott Mining Inc., through Jerritt Canyon Gold LLC ("Jerritt"), a private mid-tier gold producer in Northern Nevada, has hosted a historical resource of 12Moz Au with over 9Moz of past production. Jerritt asked Goldspot to assess a significant amount of data in order to assist with continued exploration.
Goldspot consolidated over 30 years of historical remote sensing, mining, and exploration data into one comprehensive and functional geological model. Goldspot Artificial Intelligence was then able to use this geological model to identify correlations in the data layers of existing and historically mined deposits.
As a result, Goldspot was able to identify target zones with the highest prospectivity potential. The caliber of the newly identified target zones resulted in Goldspot being asked to layout a preliminary drill testing program on the best targets.
Jamie Lavigne, VP Exploration from the Jerritt Canyon mine-site stated "Goldspot has produced a very high-quality 3D geological model of the Jerritt Canyon district which provides an excellent foundation for continued exploration. We look forward to drilling the priority targets derived by Goldspot through their detailed assessment (AI techniques) of the data. The management of Jerritt Canyon Gold looks forward to future collaboration with Goldspot in the continued exploration and development of the Jerritt Canyon district."
ARTIFICAL INTELLIGENCE CREATES 5,000 METER DRILL PROGRAM
Denis Laviolette, CEO of Goldspot stated, "We are confident that our targets will unveil new, untapped zones to add to Jerritt's rich history. It is with great anticipation that we now move to the last phase of proof-of-concept, whereby Jerritt has agreed to commence the first 1,000-meters of a 5,000-meter drill program as soon as logistically possible."
Sheldon Inwentash, Chairman and CEO of ThreeD stated, "I want to thank Denis and the Goldspot team. They have been working deeply to attain this level of acceptance of their analysis. We at ThreeD feel this new and disruptive area of Artificial Intelligence will revolutionize the approach toward mineral discovery."
ThreeD Capital, led by Sheldon Inwentash, primarily invests in best of breed, disruptive companies and leading technologies. We are industry agnostic, though the nature of our focus tends to attract companies in the high tech and bio tech space. We have not abandoned our resources roots but have evolved them through the use of artificial intelligence to better identify, by several magnitudes, the exploration decision making process.
For further information:
Gerry Feldman, CPA, CA
Chief Financial Officer and Corporate Secretary
telephone: 416 606 7655
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ThreeD Capital Inc via Globenewswire
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