Vancouver, BC – 10/14/2021 – Minerva Intelligence Inc. (TSXV: MVAI) (“Minerva” or the “Company”), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is delighted to announce the Company has won Axora’s Global Cost-Saving Technology Challenge. The competition was launched earlier this year to discover new digital solutions for the metals and mining industries and promised to identify the solution that would best deliver rapid benefits, including full payback, within twelve months.
Minerva held off competitors with its AI-powered platform, DRIVER, which analyzes multi-element data to quickly simulate the 3D distribution and overlap of all the elements in a drilling dataset, where typically millions to tens of millions is spent on drilling.
DRIVER does this by employing machine-learning-based statistical algorithms to automate the process of turning sparse drilling data into complete 3D block models. DRIVER is fast, accurate and comprehensive, automatically generating 3D block models of an entire drilling dataset within minutes, allowing decisions on them to be made quickly.
“It was an extremely close competition, but the judges unanimously agreed to award Minerva Intelligence’s DRIVER the first prize because its business case was so compelling,” said Dr. Nick Mayhew, Chief Commercial Officer, Axora. “Minerva was able to demonstrate how its platform could save $75,000 upwards per drilling hole that you don’t drill, typically saving many times the cost of the solution, providing a hard cash saving together with time-to-completion advantages and a relatively simple deployment model.”
“We’re delighted to win Axora’s Cost Saving Technology Challenge. Using DRIVER allows exploration and mining teams to make data-driven targeting decisions rapidly, saving them both time and money,” said Samuel Cantor, Section Head, Economic Geology, Minerva Intelligence. “We look forward to helping more companies improve the way they carry out mineral exploration in the future.”
The competition’s judging panel included experts from Boston Consulting Group’s Digital Ventures and other key companies and organizations across the technology, oil and gas, and mining and metals sectors. Minerva’s winning cost-saving solution will be onboarded onto the Axora marketplace and its digital marketing programme, which drives demand for solutions like this one with mining companies all over the world.
More information about DRIVER can be found at www.minervaintelligence.com/DRIVER.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary technology is empowering organizations to make defensible decisions in the face of climate change.
Although Minerva’s applications focus on the search for critical metals and the assessment of physical climate risk, 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.
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