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  • GoldSpot Discoveries Corp.’s proprietary approach of Artificial Intelligence (AI) and geological interpretation yields exploration success at the Beaufor deposit;
  • Monarch Mining reported first surface exploration holes have returned high-grade assay results, including 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 metres;
  • Additional follow-up drilling is planned to test extensions of positive near-surface results;
  • Additional GoldSpot targets are in-queue for upcoming drill testing.

Toronto, Ontario–(Newsfile Corp. – February 22, 2021) – GoldSpot Discoveries Corp. (TSXV: SPOT) (“GoldSpot” or the “Company”) is pleased to announce that Monarch Mining Corporation (TSX: GBAR) (OTC: GBARF) (“Monarch”) has successfully intercepted high-grade gold mineralization at GoldSpot’s high priority targets at the Beaufor deposit, Quebec, which includes 35.87 g/t Au over 9.8 metres and 11.02 g/t Au over 5.55 metres. Please see here for

Figure 2: Paleostress modelling and low stress zones (targets). Section W1970±30

To view an enhanced version of Figure 2, please visit:

Figure 3: Prediction of gold targets (red) at Beaufor – 3D view.

To view an enhanced version of Figure 3 please visit:
https://orders.newsfilecorp.com/files/5844/74957_fig3_orig.JPG

Qualified Persons

The technical information in this press release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101 — Standards of Disclosure for Mineral Projects, and reviewed and approved by Ludovic Bigot, professional geologist (OGQ – P.GEO No. 1655), a qualified person as defined by NI 43-101 guidelines.

About GoldSpot Discoveries Corp.

GoldSpot Discoveries Corp. (TSXV: SPOT) is a technology services company in mineral exploration. GoldSpot is a leading team of expert scientists who merge geoscience and data science to deliver bespoke solutions that transform the mineral discovery process. In the race to make discoveries, GoldSpot produces Smart Targets and advanced geological modelling that saves times, reduces costs and provides accurate results.

About Monarch Mining Corporation

Monarch Mining Corporation (TSX: GBAR) is a gold mining, development, and exploration company, focused in the prolific Abitibi mining camp in Canada. The Corporation owns four advanced gold properties including the fully permitted past producing Beaufor Mine, which has produced over 1 million ounces of gold over the last 80 years. Other advanced assets include the Croinor Gold, McKenzie Break and Swanson properties, all located in the vicinity of its wholly owned and fully permitted 750 tpd Beacon Mill.

For further information please contact:
Vincent Dubé-Bourgeois, Chief Executive Officer and Director
GoldSpot Discoveries Corp.
Tel: +1-819-592-1195
Email: [email protected]

Cautionary Statement on Forward -Looking Information

Neither the TSX Venture Exchange (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This news release contains forward-looking information which involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding exploration results and exploration plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, capital and operating costs varying significantly from estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, fluctuations in commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/74957

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