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Brisbane – Former PanAust managing director and resources industry veteran Dr Fred Hess has been appointed a non-executive director of Brisbane-based MPX (Mining Projects Accelerator).

MPX is a project generator that uses cutting edge artificial intelligence and machine learning information, combined with traditional exploration techniques to accelerate the identification of drill targets on prospective mining leases in Australia. 

Dr Hess had been with PanAust for 13 years including four as managing director. Prior to joining PanAust, Fred managed the Macreas Gold Mine in New Zealand and the Mt Gordon Copper Mine in Australia following a career with WMC Resources and Bougainville Copper Limited in Papua New Guinea.

He will take up his appointment in April.

Mining industry veteran Dr Fred Hess

MPX Executive Director Grant Wechsel said, “Dr Hess joins MPX with over 30 years experience in the industry across copper, nickel and gold operations including assessing project opportunities and exploration programs, through to developing operating mines, which will be a huge asset for the MPXteam.” 

Established by Ortus Mining Capital with interests in Singapore, Laos and Australia, MPX’s strategy is to accelerate high potential mining projects along the value curve using robust technical analysis, proven leadership teams and astute capital raising programs.

MPX is currently building a stable of projects within the accelerator having secured a number of promising leases already and some strong prospects across different commodities in Australia.  

Fred Hess said, “I’m very attracted to the idea of trying to accelerate the identification and development of an economic ore deposit by rapidly screening multiple project opportunities. By selectively gathering data that can quickly inform the decision to continue to invest or discard, this helps to spread risk for investors while maximising the chances for success.

“I see the ‘accelerator’ approach using the latest advances in information technology as the new way forward for exploration. I look forward to providing strategic direction to the company through both the project filtering and subsequent development phases.”

MPX Executive Director Simon Cohn said, “The traditional time frames to discover new projects and accelerate them to development and ultimately production is leaving a future gap on the supply side in the gold industry.  

“We believe the use of technology to better identify targets and also continue to analyse drilling results combined with a laser focus by management on only taking suitable projects forward is a very real point of difference in the Australian market.

“Having someone of Fred’s standing in the industry to advise on project selection and strategy is a huge benefit for us and we look forward to working with him.”

The MPX board is targeting a mid-2019 launch by completing a fully funded initial capital raising. It is proposed that the accelerator will launch with 6-10 projects initially and that this will be progressively augmented by further additions.

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Client News

Mineral explorers are now able to reap the benefits of using artificial intelligence and machine learning to analyse large amounts of geological data in identifying possible mineral deposits with the launch to market of a new data analytics solution.

Brisbane-based analytics and technology company Orefox has begun working with Mining Projects Accelerator (MPX) in assessing data identification of drill targets on prospective gold and copper targets in Australia. 

Orefox is the company commercialising the research undertaken by Quantum Geology on Artificial Intelligence and deep learning driving ore discoveries. 

Orefox founder and CEO Warwick Anderson said it was satisfying to bring the offering to market after several years of research and development culminating in securing MPX as a foundation client.   

“We’ve developed a system that utilises a hybrid artificial intelligence capability to analyse huge amounts of geological data and then collate patterns in that data,” Mr Anderson said. 

“The patterns uncovered by this process are patterns that a human geologist could never see as the datasets are simply too large and complex for a person to make sense of.

“We are delighted that MPX, who are the foundation client for Orefox, could see that this technology can accelerate the discovery of new ore deposits for them.”  

Orefox has participated in the Unearthed Accelerator Program.  Parent company Quantum Geology also counts Queensland University of Technology (QUT) as a shareholder through their QUT Bluebox company. QUT Bluebox is the innovation, venture and investment company for the university.

At a time when mining investment is rising and the need for new discoveries to meet future demand is high, Orefox is providing these services to market not to replace traditional exploration, but to work with client’s geology teams to accelerate the discoveries. 

“Our mission is to put our clients at the centre of geological data science innovation, allowing them to make bigger mineral deposit discoveries, faster,” Mr Anderson said.

MPX Co-founder and Director Grant Wechsel said the technology had the potential to help fast track the development of suitable projects.

“We believe heavily in the use of this technology from Orefox to help us analyse data and more accurately identify drill targets, which will help us focus on moving suitable projects forward in an accelerated time frame,” Mr Wechsel said.

Orefox has officially launched to market after Mr Anderson spoke at the Geological Survey of Queensland’s Digging Deeper 2018 forum and announced the commercialisation of the Quantum Geology research.  

In addition to their founding client, Orefox is speaking with a number of ASX-listed companies about providing services and welcomes enquiry from other interested parties.

About Orefox.
Orefox works with mining companies to put them at the center of geological data science innovation. Our artificial intelligence and machine learning allows companies to increase efficiency and success in finding new ore deposits. www.orefox.com

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