SensOre CEO Richard Taylor

SensOre CEO Richard Taylor stated, “Data is going to change exploration — artificial intelligence is the way of the future.”

SensOre CEO Richard Taylor: Artificial Intelligence Advancing Mineral Exploration youtu.be

SensOre (ASX:S3N) CEO Richard Taylor participated in the development of a disruptive mining technology that combines artificial intelligence (AI) and machine learning to identify and confirm mineral deposits.

The demand for resources is a driving force in the Australian economy, with critical minerals comprising a significant portion of this enterprise. While the continent is home to vast mineral resources, Taylor noted, “Two-thirds of the Australian continent is beneath under-transported sands, so it's an interesting time for us to be taking AI and being able to apply that to these challenges.”

He mentioned, “One of the biggest things we're doing is taking the advantages of AI to the exploration problem. The world needs more battery and critical minerals to be able to meet the energy transition that we know the world is going through at the moment. Unfortunately, exploration rates have been falling over time — so we need a new way of doing things that opens up areas that we haven't been able to explore before. That's where AI comes in. We're focused on being able to predict geology and geochemistry in previously inaccessible places.”

SensOre employs advanced technologies that integrate geophysics and recognition software to extract relevant information. Describing the approach, Taylor said, “(It's) a big data sponge — we pick up geology, geophysics, geochemistry. We've got software and algorithms that crawl and extract that information wherever we're operating.”

The company recently secured Barton Gold (ASX:BGD) as a new client in Southern Australia, expanding its collaborative efforts towards addressing mineral demand. But Taylor said it’s more than a domestic effort, stating, “There's a lot of excitement and buzz about AI as a solution to the metal deficit, not only for Australia, but for countries throughout the world on the Information and Communication Technology Development Index.”

He went on to state, “We’re looking at a permanent presence in North America, and you can look forward to hearing good things about that in the future.”

Watch the full interview of SensOre CEO Richard Taylor above.

Disclaimer: This interview is sponsored by SensOre (ASX:S3N). This interview provides information that was sourced by the Investing News Network (INN) and approved by SensOre in order to help investors learn more about the company. SensOre is a client of INN. The company’s campaign fees pay for INN to create and update this interview.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with SensOre and seek advice from a qualified investment advisor.

This interview may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, receipt of property titles, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The issuer relies upon litigation protection for forward-looking statements. Investing in companies comes with uncertainties as market values can fluctuate.

S3N:AU
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mine workers on site in front of truck

Mining has played a pivotal role in the development of human civilization. Recent advances have considerable investment potential — particularly for artificial intelligence.

Amid the rocky outcroppings of a Southern African country sits the oldest mine in the world. First discovered in Eswatini in 1970, the Ngwenya iron mine is approximately 43,000 years old. Known for its large deposits of hematite, the mine began life as a source of red ochre before eventually being mined and smelted by the Bantu groups in 400 CE.

As you might expect, the mining practices of early humanity looked very different from the technologies and techniques leveraged today. Mine shafts were painstakingly cleared out either by hand or via the use of stone or bone tools, considerably limiting both their depth and scope.

Stone picks and shovels would eventually give way to metallic picks and hammers, which themselves would be replaced with the use of fire to weaken and crack rock that contained resource veins. Fire would eventually give way to black powder in the late Middle Ages.


Although highly dangerous, this was considerably more efficient than traditional techniques.

The next major development in mining technology came with the industrial revolution. The sector quickly became mechanised with the advent of motorised tools such as drills, lifts and pumps. These new developments not only made mining safer than before, but they also increased production and granted access to new resources.

Fast forward to today, and many believe that the sector has entered another industrial revolution. According to industrial information technology firm Hexagon (STO:HEXA-B), the fourth industrial revolution has just as much potential for innovation as the first. But whereas that revolution involved mechanization, this revolution is about something else entirely — data.

Mining 4.0

Imagine the following scenarios:

  • A mining company analyzes a claim through a combination of artificial intelligence and machine learning. Its algorithms uncover resource deposits that would otherwise have gone unseen. And they do so faster than a human prospector ever could.
  • A worker extracts and transports material from an underground mine without ever setting foot in a tunnel. The autonomous mining technology they use is armed with sensors that send an alert the moment anything is amiss. The data generated from these sensors is fed to a cloud platform which then analyzes that data for insights around efficiency, safety and more.
  • A production facility processes, refines and prepares material for transport. This happens autonomously, with minimal environmental impact and no human intervention. When a part on the production line begins to fail, a replacement is immediately 3D printed.
  • A fleet of self-driving trucks transports materials from a production facility to all corners of the continent. These electric vehicles are both cost effective and sustainable. Each is also equipped with an array of sensors for unmatched fleet visibility.

These scenarios may sound outlandish at first, but the technology already exists to make each and every one of them a reality. Mining companies are constantly developing new technologies and innovations that are collectively bringing the industry into the future. Australia is one of several markets that exemplifies this evolution.

Smarter Down Under

Currently, many of the most innovative technology companies in the mining sector are either based in Australia or maintain a significant presence there.

For instance, Perth-based Fortescue Metals Group (ASX:FMG,OTCQX:FSUMF) partnered with Aurora Labs (ASX:A3D) in 2018 to explore potential applications of 3D printing in mining. Fortescue, one of the world's largest producers of iron ore, is also a major proponent of sustainable production. More recently, it acquired Williams Advanced Engineering, a provider of high-performance battery and electrification technologies.

Meanwhile, robotics firm Nexxis announced the launch of its Magneto-EX robot in 2021. As the world's first EX-rated inspection robot, the prototype is designed to inspect potentially hazardous areas and confined spaces. According to Nexxis, its spider-like design and magnetic feet provide it with an unmatched degree of freedom in its exploration efforts.

Another Australian company, Universal Field Robots, provides high-resolution three-dimensional material models built from sensor data. It aims to equip smaller vehicles with autonomous features. The robotics incorporate an arm for movement, positioning and environmental manipulation.

As for autonomous vehicles, Australia is already a world leader in that field, complete with 575 autonomous mining trucks across the country. Canada, in second place, has only 143. All three of Australia's top mining companies currently use autonomous trucks to some degree, including Fortescue Metals, BHP (ASX:BHP,LSE:BHP,NYSE:BHP) and Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO).

In 2020, SensOre (ASX:S3N) introduced a revolutionary new approach to mineral exploration and discovery. Traditional exploration relies on incremental decision making and limited data, while also being hobbled by human bias. SensOre believes that artificial intelligence and machine learning are the future. CEO Richard Taylor describes this combination as a means of “surgical exploration reducing costs, especially in drilling.”

SensOre engaged BHP as a client to support its exploration activity at the Nickel West operations in Western Australia in 2020. The agreement involves using SensOre’s discriminant predictive targeting (DPT) technology, along with its auxiliary systems, to target new deposit and commodity types. More than 250 million drill hole samples in Western Australia were extracted, cleaned and integrated using DPT.

Machines are capable of detecting patterns the human eye fails to notice. Artificial intelligence can process far greater volumes of data with far greater speed than the human brain. And such platforms fall prey to neither human bias nor a tendency for error.

It's hard to argue with the company's results thus far. Through SensOre's Data Cube approach to organizing geoscience data, it has already identified multiple high-potential nickel and battery minerals in Western Australia. The company has also formed partnerships with major mining companies like Barton Gold Holdings (ASX:BGD) and Deutsche Rohstoff.

The takeaway

For the mining sector, industry 4.0 is more than a buzzword. New and emerging innovations have the potential to increase production, promote safety, improve exploration and discovery and drive sustainability. These technologies together represent both the future of mining and a promising investment target.

This INNSpired article is sponsored by SensOre (ASX:S3N). This INNSpired article provides information which was sourced by the Investing News Network (INN) and approved by SensOre in order to help investors learn more about the company. SensOre is a client of INN. The company’s campaign fees pay for INN to create and update this INNSpired article.

This INNSpired article was written according to INN editorial standards to educate investors.

INN does not provide investment advice and the information on this profile should not be considered a recommendation to buy or sell any security. INN does not endorse or recommend the business, products, services or securities of any company profiled.

The information contained here is for information purposes only and is not to be construed as an offer or solicitation for the sale or purchase of securities. Readers should conduct their own research for all information publicly available concerning the company. Prior to making any investment decision, it is recommended that readers consult directly with SensOre and seek advice from a qualified investment advisor.

S3N:AU
blocks saying "hodl" with coins
Andrey_Popov / Shutterstock

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Frank Holmes: Gold Advice as Price Falls — Buy the Dip and HODL youtu.be

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Speaking to the Investing News Network, Frank Holmes, CEO and chief investment officer at US Global Investors (NASDAQ:GROW), pointed out that the yellow metal's decline is a buying opportunity.

"Buy the dip and hold on for dear life, as the crypto kids say — HODL," he said. HODL is a term that originated in the cryptocurrency community, although it’s since gained mainstream usage through popular memes.

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Silver, copper and palladium are markets John Feneck of Feneck Consulting finds compelling, and he spoke about stocks he likes in all three spaces.

John Feneck: Fed Hike Takeaways; Silver, Copper and Palladium Stocks to Watch youtu.be

Last week's US Federal Reserve meeting brought a much-anticipated interest rate hike of 50 basis points, with the central bank also announcing balance sheet reduction plans.

Speaking to the Investing News Network, John Feneck, portfolio manager and consultant at Feneck Consulting, gave his thoughts on the news, and also shared stocks he's watching in silver, copper and palladium.

"I think (the Fed) delivered the number they needed to," he said in a conversation a few hours after the Fed's announcement. "You saw that reflected in the broad market action afterwards ... especially when (Chair Jerome) Powell started talking at 2:30 p.m. EDT. Our sector also got a bid, which was very encouraging."

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