Minerva Intelligence's DRIVER Software Wins Axora's Global Cost-Saving Technology Challenge
VANCOUVER, BC, Oct. 14, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is delighted to announce the Company has won Axora's Global Cost-Saving Technology Challenge. The competition was launched earlier this year to discover new digital solutions for the metals and mining industries and promised to identify the solution that would best deliver rapid benefits, including full payback, within twelve months.
Minerva held off competitors with its AI-powered platform, DRIVER, which analyses multi-element data to quickly simulate the 3D distribution and overlap of all the elements in a drilling dataset, where typically millions to tens of millions is spent on drilling.
DRIVER does this by employing machine-learning-based statistical algorithms to automate the process of turning sparse drilling data into complete 3D block models. DRIVER is fast, accurate and comprehensive, automatically generating 3D block models of an entire drilling dataset within minutes, allowing decisions on them to be made quickly.
"It was an extremely close competition, but the judges unanimously agreed to award Minerva Intelligence's DRIVER the first prize because its business case was so compelling," said Dr. Nick Mayhew, Chief Commercial Officer, Axora. "Minerva was able to demonstrate how its platform could save $75,000 upwards per drilling hole that you don't drill, typically saving many times the cost of the solution, providing a hard cash saving together with time-to-completion advantages and a relatively simple deployment model."
"We're delighted to win Axora's Cost Saving Technology Challenge. Using DRIVER allows exploration and mining teams to make data-driven targeting decisions rapidly, saving them both time and money," said Samuel Cantor, Section Head, Economic Geology, Minerva Intelligence. "We look forward to helping more companies improve the way they carry out mineral exploration in the future."
The competition's judging panel included experts from Boston Consulting Group's Digital Ventures and other key companies and organizations across the technology, oil and gas, and mining and metals sectors. Minerva's winning cost-saving solution will be onboarded onto the Axora marketplace and its digital marketing programme, which drives demand for solutions like this one with mining companies all over the world.
More information about DRIVER can be found at www.minervaintelligence.com/DRIVER.
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Their proprietary technology is empowering organizations to make defensible decisions in the face of climate change.
Although Minerva's applications focus on the search for critical metals and the assessment of physical climate risk, 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.
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Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are notguarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE Minerva Intelligence Inc.
Company Codes: TorontoVE:MVAI
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