Mining explorer Earth AI discovered an untapped porphyry molybdenum deposit in New South Wales, Australia using artificial intelligence.
Molybdenum is a valuable metal used in various industrial applications, including strengthening steel and manufacturing electrical components. These deposits are often associated with copper. Molybdenum is a rare metal utilized in various electronics for its unique conductivity, softness, and strong thermal resistance.
The firm aims to discover untapped critical metal deposits in a drastically more cost-effective and time-efficient manner.
“This venture showcases a significant stride toward challenging the industry’s traditional norms, and we are unveiling a pathway to mineral discovery that is not only faster and more economical but also exceptionally precise.”
A certified laboratory confirmed high molybdenum grades in three samples including 0.3 per cent, 0.26 per cent, and 0.135 per cent. The grades exceed the currently mined grades of 0.16 per cent and 0.14 per cent found in the world’s leading molybdenum mines, Climax and Henderson.
Both of these mines are owned by Freeport McMoRan Copper & Gold Inc. (NYSE: FCX).
Greenfield deposits are deposits that have not been previously developed or mined, hence the term “greenfield,” which implies a fresh start or a new beginning.
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The demand for critical metals like lithium, cobalt, and copper is skyrocketing as they are essential components of clean energy technologies enabling the transition to a renewable energy future. Simultaneously, discovery rates for these metals are at their lowest levels ever, with costs at their highest, causing a major supply gap that will continue to widen.
Exploring traditional metals is costly, unreliable and environmentally harmful, with an average success rate of 1 in 200 and a cost of $100 million per discovery. Earth AI’s porphyry molybdenum deposit discovery had a one-in-eight success rate and a cost of $2 million, attributed to advanced AI prediction tools that are set to revolutionize the economics of mining for energy transition metals.
“Our porphyry molybdenum deposit discovery is a huge deal for the mining industry and the quest for a net-zero economy,” said Earth AI’s CEO and Founder, Roman Teslyuk.
“This venture showcases a significant stride toward challenging the industry’s traditional norms, and we are unveiling a pathway to mineral discovery that is not only faster and more economical but also exceptionally precise.”
Mining exploration can harm the environment and communities. It disrupts natural habitats, causes pollution and can lead to soil erosion, noise, and air pollution. Responsible practices and regulations are necessary to reduce these damages. The extent of harm varies based on the location, scale, and methods used in exploration. Careful management and regulation are essential to protect the environment and communities, particularly when exploration leads to full-scale mining operations.
natalia@mugglehead.com
