Artificial Intelligence: Goldspot’s AI Boost’s Success in Mineral Exploration
Goldspot improves the chances of finding a viable ore body by applying AI to drilling data.
Goldspot Discoveries Corp (CVE: SPOT) uses artificial intelligence and big data to extract more information from historical mining data. It hopes to increase the success rates in resource exploration and optimize resource property potential. In the Quebec Abitibi, Goldspot found 86% of existing gold deposits but only needed 4% of the total surface area to do so (and found additional targets as well). (MOOSEJAWTODAY)
Limitations of current exploration practices
After centuries of mining, the easily accessible mineral ore deposits have been exhausted. Ore bodies are more complex and located much deeper underground. The current exploration technology generates 2D and 3D models of the potential ore body from radiofrequency survey data. The chances of success are very low – only about one in every 3,300 bodies drilled goes on to become a mine.
Goldspot aims to change this scenario by applying data mining, machine learning, and artificial intelligence to drilling data. This way, the company takes the “wagering” out of mineral exploration by more accurately locating deposits.
This procedure reduces the cost of geological exploration even as the easy-to-mine deposits, the so-called “low-lying fruit,” has been mined away and miners must target deeper and more complex ore bodies.
“GoldSpot has developed a monetization strategy into multiple verticals of the mining and investment industry, including service offerings, staking and royalty acquisition, and the development of its own artificial-intelligence-driven trading platform,” the company says on its website.
Goldspot’s disruptive approach to mining exploration has invited many takers. Its clients include Sprott Mining, Hochschild Mining, McEwen Mining, Yamana Mining, Integra Resources, and global iron/nickel miner Vale (NYSE: VALE) of Brazil.
Goldspot can extend its AI to other minerals beyond gold.
Goldspot sometimes takes a profit share in a project or a royalty share – in addition to its consulting fees. Currently, its portfolio companies are:
- Newfound Gold Corp – NSR 5%
- One Bullion – 0.25%
- Pacton Gold – 0.5%
- Manitou Gold – 0.5%
Palisade Global holds 14%, South American Hochschild Mining family owns 7%, Canadian mining tycoon Eric Sprott 10%, US Global and its CEO Frank Holmes 8%, and management/insiders 14%.
Image credit: Wikimedia
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