November 20, 2020, 07:00 ET
Vancouver, BC – Minerva Intelligence Inc. (TSXV:MVAI) (“Minerva” or “the Company”), an artificial intelligence company focused on knowledge engineering, is pleased to announce that the Company has signed a contract with Freeport Resources Inc. (TSXV: FRI; FSE: 4XH) (Freeport) for the provision of all components of the Company’s TERRA Mining AI suite, including the Company’s DRIVER, TARGET, SOLACE and LEO solutions.
Freeport recently acquired Quidum Resources and, 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 will be utilizing DRIVER, Minerva’s cutting-edge AI software for evaluation of multi-element drilling data; TARGET, for identifying auditable new drilling targets using AI; SOLACE, for harmonizing and standardizing large data sets; and LEO, for quickly searching through all of their data.
“We continue to see growing demand for our TERRA Mining AI solutions as innovative companies such as Freeport actively seek out technologies that make their workflow processes more efficient and more insightful,” said Scott Tillman, Chief Executive Officer of Minerva Intelligence. “The Star Mountains project reaffirms the value Minerva’s AI technology can bring to the mining and explorations sectors, and we look forward to quickly providing deep insights into Freeport’s newly acquired data assets.”
The data analysis will involve three studies, the first two being 3D studies: a DRIVER study and a K-Means study, to evaluate the multi-element drilling data from Freeport’s Olgal deposit.
DRIVER’s key advantage is its ability to spatially evaluate all the elements typically returned by modern laboratories, not simply the elements of direct economic interest. The work this typically entails is too time-consuming and complicated to be carried out by project geologists. DRIVER also compares 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. The resulting similarity rankings can then provide reliable, explainable models upon which geologists can build their exploration strategies.
The third study will be a combined 2D and 3D analysis using Minerva’s SOLACE workflow to align and standardize the available surface and drilling data from the rest of the Star Mountains property so that it may be incorporated into the Company’s TARGET application.
Upon completion of the project, Freeport will be given a complementary 3-month subscription to LEO, Minerva’s mining and exploration-focused document management software for quick and easy document search and retrieval.
More information on Minerva’s TERRA Mining AI applications can be found at:
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making software is bringing the benefits of artificial intelligence technology to industries dependent on reasoning with complex technical and scientific data.
Although Minerva’s applications currently focus on earth science-related domains including natural hazards and mineral exploration, their technology has application in diverse industries and domains.
Minerva’s common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.
About Freeport Resources Inc.
Freeport is a Canadian junior exploration company with a diverse portfolio of properties — the Red Rose Mine (a past producer of tungsten-gold-copper), Spanish Mountain Gold (adjacent to a proposed open-pit gold mine), and the Q (a large, well-known fluorspar deposit), all located in British Columbia. Freeport recently acquired Quidum Resources and, through its wholly-owned subsidiary Highlands Paciﬁc Resources Ltd, controls the Star Mountains project in Papua New Guinea. Please visit www.freeportresources.com or contact them at the email address below for more information.
About the Star Mountains Property
Star Mountains is a large copper & gold porphyry project in mining-friendly Papua New Guinea comprising 4 tenements located 25km east of the giant Ok Tedi mine. H&S Consultants Pty. Ltd. have completed a maiden mineral resource estimate, in accordance with National Instrument 43-101, for the Olgal deposit situated on the EL 1312 tenement. The current inferred resource, using a 0.3% copper cut-off grade, is 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.
For further information:
Dan Vroon, Business Development Manager
+1 (604) 620-1051
Virtus Advisory Group
+1 (416) 644-5081
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
+1 (236) 334-1660
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed “forward-looking information”. Forward-looking information can generally be identified by the use of forward-looking terminology such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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