Mineral & Financial reports progress at Lagoa Salgada

19th Sep 2024 13:38

(Sharecast News) - Mineral & Financial Investments updated the market on its investment in the Lagoa Salgada Polymetallic Project in Portugal, managed by Ascendant Resources, on Thursday.

The AIM-traded firm said that in partnership with the University of Évora, Ascendant and its subsidiary Redcorp would integrate advanced hyperspectral technology, artificial intelligence (AI), and machine learning into their exploration methods as part of the Hypermetal project.

It said the project aimed to revolutionise polymetallic mineral exploration by enhancing the characterisation of deposits.

The initiative would involve reinterpreting historical drill cores and combining traditional methods, such as geochemistry and mineralogy, with hyperspectral analysis.

By creating a detailed digital twin of the orebody, the project was looking to identify new exploration targets and expand known mineralisation at Lagoa Salgada.

A key milestone for the project would be the execution of a new drill hole that would be analysed using both conventional and hyperspectral technologies.

Machine learning and AI would then be applied to classify the data, creating precise visualisations of ore distribution and alteration zones.

The approach was expected to significantly improve the efficiency and precision of exploration activities.

Mineral & Financial said the partnership with the University of Évora and the application for funding under the Portugal 2030 program was part of Redcorp's commitment to leveraging cutting-edge technologies that align with the European Union's sustainability and economic growth goals.

The results of the funding application were expected by the end of November.

Additionally, Redcorp had granted Empresa de Desenvolvimento Mineiro (EDM), the Portuguese state mining development agency, an extension to acquire up to a 15% interest in the Lagoa Salgada Project.

The extension was contingent on the issue of the environmental impact statement and the completion of the optimisation study of the project's feasibility study.

If EDM exercised the option, Ascendant could ultimately increase its ownership to 85%, while Mineral & Financial would hold a net 5% carried interest.

"We understand that the Hypermetal project and the integration of cutting-edge AI technologies represents a leap forward in mineral exploration technology," said Mineral & Financial president and chief executive officer Jacques Vaillancourt.

"Redcorp's partnership with the University of Évora reflects a commitment to embracing new technologies, such as AI, and fostering innovation within the mining sector, enhancing Redcorp's exploration capabilities which we understand should contribute to the successful development of Lagoa Salgada."

At 1129 BST, shares in Mineral & Financial Investments were down 0.33% at 12.21p.

Reporting by Josh White for Sharecast.com.