Critical Elements hires GoldSpot to apply AI technologies at its lithium-tantalum projects in Quebec
(Kitco News) - Critical Elements Lithium (TSX-V:CRE) announced Friday that it has engaged GoldSpot Discoveries, a leading technology services company leveraging machine learning to transform the mineral discovery process, to apply its proprietary technology and geoscience expertise on Critical Elements' extensive property package located in James-Bay, Quebec.
According to a press-release, GoldSpot works with leading exploration and mining clients across all commodities and deposit types to apply cutting edge Artificial Intelligence ("AI") algorithms to significantly increase the efficiency and success rate of mineral exploration across resources.
GoldSpot will work closely with the technical team at Critical Elements to analyze geoscience data sets to develop and refine Smart Targets at the company's 100% owned exploration projects, which features multiple lithium showings, as well as nickel, copper and gold.
The company said that one strength of the GoldSpot Smart approach of AI and geoscience methods to exploration is the ability to take large land packages and distill all available geological information to identify the most efficient and cost-effective way to explore prospective terrane.
CEO Jean-Sébastien Lavallée commented, "We are really excited to be able to work with GoldSpot to apply their exclusive technology to generate targets on our projects from geological and geochemical data, as well as more recent geophysical data acquired during our last survey."
Critical Elements' primary focus remains on advancing and de-risking the Rose project. The Rose property (where the Rose lithium-tantalum project is proposed) is located in northern Québec's administrative region, on the territory of Eeyou Istchee James Bay.
In 2017, the company completed a robust feasibility study on Rose Phase 1 for the production of high quality spodumene concentrate. The internal rate of return for the project is estimated at 34.9% after tax, with a net present value estimated at C$726 million at an 8% discount rate.