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Xali Gold: Windfall Geotek Engaged to assist in identifying drill targets on the Victoria Property in Newfoundland
VANCOUVER, British Columbia, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) ("Xali Gold” and/or the “Company”) is pleased to announce that the Com
About this update from Xali Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 18, 2021 (GLOBE NEWSWIRE) -- Xali Gold Corp. (TSXV:XGC) (\"Xali Gold” and/or the “Company”) is pleased to announce that the Company has agreed to terms for a Services Contract (“Contract”) with Windfall Geotek Inc. (TSX-V: WIN, OTCQB: WINKF, FSE: L7C2) for them to use their digital exploration technology tools to assist Xali Gold in delineating potential drill targets on the Victoria Property in Newfoundland. Windfall Geotek’s Artificial Intelligence (“AI”) targeting technology analyzes all geological data to generate the highest probability targets and has been successful in assisting in many gold discoveries in Canada and elsewhere internationally. Windfall Geotek’s AI targeting technology has contributed to gold discoveries on numerous projects, in several areas including: Lebel Gold Project, Metanor-Bachelor Lake Mine Area, Azimuth Elemer Gold Property, SGH S.A.’s Faille B property in Haiti and several others. Windfall Geotek will initially review all available data on and around the Victoria Property and based on their findings, the two companies would then move forward under the terms of the Contract which provides for remuneration to Windfall Geotek of staged payments in shares and cash totalling a value of up to $150,000. Xali Gold also plans to engage Windfall Geotek to review Xali Gold’s El Oro and other properties in Mexico where their technology is expected to assist in exploration and drill targeting. Xali Gold’s Victoria Property is located between Marathon Gold’s Valentine Gold Project and Tru Precious Metal Corp.’s Golden Rose Property (see Newfoundland Map). Marathon, just 3 kilometres northeast of the Victoria Property, has defined (Measured and Indicated) reserves of 3.14 million ounces (“Moz”) gold and Inferred resources of 1.00 Moz (https://marathon-gold.com/valentine-gold-project/). Tru Precious Metals is currently drilling and has reported visible gold in drill core on their Golden Rose Property. *There are no assurances that similar results would be obtained on Xali Gold’s Victoria Property. Twenty rock chip samples were submitted in late September to Eastern Analytical Ltd in Springdale, Newfoundland for 34 element Inductively Coupled Plasma analysis (“ICP”) and Fire Assay for gold. Results are expected to be received by the end of November. These results wil...