Mineral Forecast arrives in Mexico with First Majestic

With operations in Chile and Peru, Mexico becomes the third country in the region where the Chilean startup expands its AI-based software. This software allows exploration teams from various companies in the mining sector to process databases and information generated during the exploration process, thus quickly and reliably identifying areas with high mineralization potential, while simultaneously reducing costs and time.

May 2023. Mexico is a country with a vast and renowned mining tradition, with silver as its star mineral, with which they have been a global leader in production for over 13 years. In fact, in 2021, around a quarter of the silver produced worldwide was supplied by Mexico.

But the Aztec country doesn’t live on silver alone. In 2021, it was the eighth-largest gold producer in the world and the second-largest in Latin America, behind only Peru. That same year, it ranked fifth in the world in zinc production and tenth in copper production.

For this reason, Mexico has always been in the sights of Mineral Forecast, a Chilean technology company founded nine years ago with the aim of democratizing the use of Artificial Intelligence (AI) in mineral exploration. Whether due to its vast mining tradition, its history, or the age of its deposits, the Chileans took the challenge of entering this new market seriously. They had already done so previously in Chile, their native country, and recently in Peru, where they have been operating for nearly a year.

Increase the rate of discoveries in explorations

After a few initial meetings to define the scope of work, First Majestic decided to use Mineral Forecast software at one of its largest silver and gold mines: the San Dimas operation in Durango, Mexico. “We seek to increase our exploration discovery rate and stay up-to-date with new tools that will keep us competitive in an increasingly digital era. San Dimas is a mine with over 250 years of operation and a global benchmark for low-sulfidation deposits. We want to stay up-to-date, incorporating new tools that help us make the most of the historical data we will obtain with the support of Mineral Forecast,” says Gonzalo Mercado, VP of Exploration and Technical Services at First Majestic.

For his part, Javier Muñoz, co-founder and CEO of Mineral Forecast, comments that “entering Mexico was part of our internationalization plan, and working with First Majestic Silver is an excellent start. We have been working in Chile and Peru for several years, and now the opportunity arises in this attractive country, where we have been advancing in conversations with other companies to increase our presence in the region.”

The state of Durango is one of the largest and most iconic Mexican states in terms of mining and exploration. First Majestic’s San Dimas operation has a long mining history dating back to the 18th century. The work agreement for this mine with Mineral Forecast is planned for this year and consists of supporting exploration activities in two stages. The first, which has already been completed, consisted of testing the reliability of the tool in an area particularly important to the client. After successfully testing the technology, the second stage is currently underway: expanding the technology to the entire district, learning from all available information and identifying targets and trends in mineralization,” explains Muñoz.

Process of Implementing New Technologies

The co-founder of Mineral Forecast affirms that through this project, they seek to contribute to the implementation of new technologies and support decision-making related to exploration. Ultimately, they aim to build various models using machine learning algorithms based on all the geoscientific information and the geological understanding of First Majestic’s exploration team to support the generation, ranking, and quantitative prioritization of targets.

To achieve these goals, Mineral Forecast has a dedicated team of professionals permanently supporting the service: geologists, full-stack developers, and specialized data scientists with experience in different types of deposits, commodities, and countries. “We have focused on providing a service that operates 100% remotely, for which we have regular meetings and training sessions. In case the client requires our presence on the ground, we are 100% available, but so far the web platform and its monitoring work seamlessly remotely,” explains Muñoz.

About First Majestic
First Majestic is a publicly traded mining company focused on silver and gold production in Mexico and the United States. The company currently owns and operates the San Dimas Silver/Gold Mine, the Santa Elena Silver/Gold Mine, the La Encantada Silver Mine, and the Jerritt Canyon Gold Mine.

About Mineral Forecast
Mineral Forecast is a Chilean startup co-founded nine years ago by civil engineers Javier Muñoz and Arturo Rochefort, with the goal of democratizing the use of Artificial Intelligence (AI) in mineral exploration. It offers the mining industry AI-based software that enables exploration teams from various companies in the mining sector to process databases and information generated during the exploration process, thereby quickly and safely identifying sectors with high mineralization potential, while simultaneously reducing costs and time.