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.
Cautionary Note Regarding Forward-Looking
Statements
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 not
guarantees 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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release.
SOURCE Minerva Intelligence Inc.