Mineral Forecast presents innovative Artificial Intelligence solutions applied to mining exploration

Chile

At Fexmin 2023, Mineral Forecast CEO Javier Muñoz spoke about the impact of this tool on mineral exploration: “It definitely allows us to be much more efficient and effective when exploring and processing information at a faster speed to generate and prioritize targets. However, all of this is impossible without geological knowledge.”

Friday, September 1, 2023. Mineral Forecast is a Chilean startup co-founded 10 years ago by civil engineers Javier Muñoz and Arturo Rochefort with the aim of democratizing the use of Artificial Intelligence (AI) in mineral exploration.

This week they presented at Fexmin 2023, where they presented on “Machine Learning in Targeting for Exploration,” a talk in which they explained what Artificial Intelligence (AI) and Machine Learning consist of, and the types that occur in mining exploration, specifically in targeting, which is the moment of defining where to explore.

On this occasion, Mineral Forecast CEO Javier Muñoz addressed the amount of information generated every minute in a day. “It’s impressive; overwhelming, but humans have a limited biological capacity to process data and information. Mining exploration is not exempt from this problem, and AI can help us solve it,” he stated.

The use of Mineral Forecast software complements the geological teams of various mining companies, and its results show that drilling costs can be saved up to 29% and discoveries accelerated by up to 25%. Mineral Forecast is currently working on various exploration projects in Chile, Peru, and Mexico.

Regarding the use of machine learning for targeting in mineral exploration and the experience they have accumulated, Muñoz emphasized that it is a tool that allows you to see beyond and be as effective as possible in the face of the unlimited amount of information and data circulating. The scale of work is key in this regard. “There are regional, district, and project area scales where this tool can contribute at different levels. Likewise, the context is very important, because the use of AI will depend on many variables such as the type of mineral, the deposit, and the data available. Hence the importance of knowing how to use the tool, because as my father used to say, a good tool makes a good teacher, and having the right tool, calibrated to the problem we are seeking to solve, is essential,” stated the CEO of Mineral Forecast.

What does it take to apply machine learning to mining exploration?

Muñoz explained that first, geoscientific data is needed as a starting point, which is often already being generated in the minimum amount necessary. Second, and also very important, is geological knowledge and expertise, which is essential. And third and last, having the platforms that allow for the application of machine learning.

“AI in mineral exploration expands human capabilities. The important thing is knowing how to apply AI in mineral exploration, and it requires significant geological knowledge. Ultimately, it’s a good balance between the two,” said Muñoz, asserting that within the next ten years, tools like Mineral Forecast will be a key element in mineral exploration.

Source: PortalMinero.com