Aiming To Enhance Next Exploration Programme
Freeport Resources Inc. (TSXV:FRI) has signed a contract with Minerva Intelligence Inc., an artificial intelligence company focused on knowledge engineering, for DRIVER, Minerva’s cutting-edge AI software for evaluation of multi-element drilling data.
Freeport recently acquired Quidum Resources which, through its wholly owned subsidiary Highlands Pacific Resources Ltd., controls the Star Mountains project in Papua New Guinea. Freeport will be applying Minerva’s technology to the Star Mountains project in order to enhance its next phases of surface and sub-surface exploration of the extensive property, which is located close to the Ok Tedi mine.
“Freeport is committed to embracing new technologies to enhance the understanding of our portfolio of projects beginning with Star Mountains” said Nate Chutas, Senior VP of Operations at Freeport.
“We believe that the advances in technology that DRIVER brings will provide deep insights into our project data and provide a better understanding for the development and prioritization of high-quality exploration targets.”
DRIVER delivers these insights by evaluating all the elements typically returned by modern laboratories, not simply the elements of direct economic interest. The work this requires is too time-consuming and complicated to be carried out by project geologists.
Minerva’s cognitive reasoning platform then compares the identified geochemical exploration vectors to its database of hundreds of past and present mines around the world and identifies those most similar to the explored target using the Company’s proprietary AI technology. The resulting similarity rankings can then provide reliable, explainable models upon which geologists can build their exploration strategies.
“Despite having identified a very significant resource already, it is our assertion that Star Mountains is still vastly under-explored” said Gord Friesen, President and CEO of Freeport. “We believe that utilising AI-based, deep-thinking tools such as DRIVER will exponentially hasten our understanding of Star Mountains’ true potential.”
Scope of Work
The data analysis will involve three studies, the first two being 3D studies focused on the drilling results from the Olgal deposit where there is a current inferred resource, using a 0.3% copper cut-off grade, of 210 million tonnes grading 0.4% copper and 0.4 g/t gold, for 2.9 million ounces of contained gold and 1.9 billion pounds (840,000 tonnes) of contained copper. Using current prices for gold and copper, this is equivalent to approximately 5.7 million ounces of gold or 3.8 billion pounds (1,680,000 tonnes) of copper.
The third study will be a combined 2D and 3D analysis of data collected from the remainder of the Star Mountains claims. All of these studies will be integrated with interpretation of available airborne geophysics data.
