Azincourt Energy Corp. has struck an agreement with Fobi AI Inc, a Canadian data analytics company, to develop an operational intelligence platform for its East Preston Uranium Project in Saskatchewan, Canada.
The company said it would deploy artificial intelligence (AI) to analyse large amounts of aggregated data and detect patterns to improve drilling operations.
Alex Klenman, chief executive officer, Azincourt Energy, said AI presents "multiple" opportunities for operational improvement. Additionally, Klenman said AI and machine learning technology would play a substantial role in the mining industry's future.
Rob Anson, chief executive officer, Fobi AI, said the agreement would demonstrate the power of real-time operational data applications and analytics. Furthermore, Anson said it would allow Azincourt to make "faster, smarter, data-driven" decisions.
Citing a recent industry report from Grandview Research, Fobi AI claimed that digital innovations would transform critical aspects of the mining industry.
Azincourt Energy owns 70% of the East Preston Uranium Project, which it says has the highest-grade uranium deposits in the world with 10 to 100 times the global average.
