VANCOUVER, BC, Nov. 23, 2020 /CNW/ - Freeport Resources
Inc. (TSXV: FRI) (FSE: 4XH) ("Freeport", or the "Company") is
pleased to announce that it has signed a contract with Minerva
Intelligence Inc. (TSXV: MVAI) ("Minerva"), an artificial
intelligence company focused on knowledge engineering, for DRIVER,
Minerva's cutting-edge AI software for evaluation of multi-element
drilling data.
Freeport recently acquired
Quidum Resources which, through its wholly owned subsidiary
Highlands Pacific Resources Ltd., controls the Star Mountains
project in Papua New Guinea.
Freeport will be applying Minerva's technology to the Star
Mountains project in order to enhance its next phases of surface
and sub-surface exploration of the extensive property, which is
located close to the Ok Tedi mine.
"Freeport is committed to
embracing new technologies to enhance the understanding of our
portfolio of projects beginning with Star Mountains" said
Nate Chutas, Senior VP of Operations
at Freeport. "We believe
that the advances in technology that DRIVER brings will provide
deep insights into our project data and provide a better
understanding for the development and prioritization of
high-quality exploration targets."
DRIVER delivers these insights by evaluating all the elements
typically returned by modern laboratories, not simply the elements
of direct economic interest. The work this requires is too
time-consuming and complicated to be carried out by project
geologists. Minerva's cognitive reasoning platform then
compares the identified geochemical exploration vectors to its
database of hundreds of past and present mines around the world and
identifies those most similar to the explored target using the
Company's proprietary AI technology. The resulting similarity
rankings can then provide reliable, explainable models upon which
geologists can build their exploration strategies.
"Despite having identified a very significant resource already,
it is our assertion that Star Mountains is still vastly
under-explored" said Gord Friesen, President and CEO of
Freeport. "We believe that
utilizing AI-based, deep-thinking tools such as DRIVER will
exponentially hasten our understanding of Star Mountains' true
potential."
Scope of Work
The data analysis will involve three studies, the first two
being 3D studies focused on the drilling results from the Olgal
deposit where there is a current inferred resource, using a 0.3%
copper cut-off grade, of 210 million tonnes grading 0.4% copper and
0.4 g/t gold, for 2.9 million ounces of contained gold and 1.9
billion pounds (840,000 tonnes) of contained copper. Using
current prices for gold and copper, this is equivalent to
approximately 5.7 million ounces of gold or 3.8 billion pounds
(1,680,000 tonnes) of copper.
The third study will be a combined 2D and 3D analysis of data
collected from the remainder of the Star Mountains claims.
All of these studies will be integrated with interpretation of
available airborne geophysics data. The first 3D study will be a
geochemical cluster analysis to identify the lithogeochemical
characteristics of the logged drill holes to use as a comparison
against the interpreted logging, and for comparision with the
lithogeochemistry of drilling results for other Star targets. The
second 3D study will involve the use of Minerva's DRIVER software
to examine multi-element zonation patterns throughout the Olgal
dataset. The third study will apply Minerva's SOLACE workflow to a
combination of the surface and drilling data available for the rest
of the Star Mountains claims for incorporation into Minerva's
Target target generation system.
Dr. Nathan Chutas, Ph.D., CPG,
Senior Vice-President of Operations for the Company, is a qualified
person for the purposes of National Instrument 43-101. Dr.
Chutas has reviewed and approved the technical content in this news
release.
About Freeport Resources Inc.
Freeport is a Canadian junior exploration
company with a diverse portfolio of properties - the Red Rose Mine
(a past producer of tungsten-gold-copper), Spanish Mountain Gold
(adjacent to a proposed open-pit gold mine), and the Q (a large,
well-known fluorspar deposit), all located in British
Columbia. Freeport recently acquired Quidum Resources which,
through its wholly owned subsidiary Highlands Pacific Resources
Ltd., controls the Star Mountains project in Papua New Guinea.
Please visit www.freeportresources.com or contact
the email address below for more information.
About the Star Mountains Property
Star Mountains is a
large copper & gold porphyry project in
mining-friendly Papua New Guinea comprising 4 tenements
located 25km east of the giant Ok Tedi mine and just west of the
massive Frieda River project.
H&S Consultants Pty. Ltd. have completed a maiden mineral
resource estimate, in accordance with National Instrument 43-101,
for the Olgal deposit situated on the EL 1312 tenement. The
current inferred resource, using a 0.3% copper cut-off grade, is
210 million tonnes grading 0.4% copper and 0.4 g/t gold, for 2.9
million ounces of contained gold and 1.9 billion pounds (840,000
tonnes) of contained copper. Using current prices for gold
and copper, this is equivalent to approximately 5.7 million ounces
of gold or 3.8 billion pounds (1,680,000 tonnes) of copper.
About Minerva Intelligence Inc.
Minerva Intelligence
is a knowledge engineering company based in Vancouver, Canada, with a subsidiary office in
Darmstadt, Germany. Their
proprietary evidence-based decision-making software is bringing the
benefits of artificial intelligence technology to industries
dependent on reasoning with complex technical and scientific
data.
Although Minerva's applications currently focus on earth
science-related domains including natural hazards and mineral
exploration, their technology has application in diverse industries
and domains. Minerva's common shares are currently listed on
the TSX Venture Exchange (symbol MVAI). For further details,
please refer to their website www.minervaintelligence.com or
follow Minerva on Twitter or LinkedIn.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release may contain certain "Forward-Looking
Statements" within the meaning of the United States Private
Securities Litigation Reform Act of 1995 and applicable Canadian
securities laws. When or if used in this news release, the
words "anticipate", "believe", "estimate", "expect", "target,
"plan", "forecast", "may", "schedule", "intends" and similar words
or expressions identify forward-looking statements or
information. Such statements represent the Company's current
views with respect to future events and are necessarily based upon
a number of assumptions and estimates that, while considered
reasonable by the Company, are inherently subject to significant
business, economic, competitive, political and social risks,
contingencies and uncertainties. Many factors, both known and
unknown, could cause results, performance or achievements to be
materially different from the results, performance or achievements
that are or may be expressed or implied by such forward-looking
statements. The Company does not intend, and does not assume any
obligation, to update these forward-looking statements or
information to reflect changes in assumptions or changes in
circumstances or any other events affecting such statements and
information other than as required by applicable laws, rules and
regulations.
SOURCE Freeport Resources Inc.