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 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