• 21 hours The Lucrative New Tech Hijacking Your Privacy
  • 1 day The Biggest Loser In The China-U.S. Tariff Tit-For-Tat
  • 2 days Trade War Takes Its Toll On Shipping
  • 4 days Is $90 Oil Possible? An Interview With Jay Park
  • 5 days Billions Of Dollars Are Flooding Into The Flying Taxi Space
  • 5 days Is This The Most Important Energy Project Of 2020?
  • 6 days Startups Are Dying To Give You A Better Death
  • 6 days U.S. Restaurants Are Struggling With Rising Labor Costs
  • 7 days The Banking Bonanza Is Just Getting Started
  • 7 days How The Trade War Ceasefire Will Impact The Energy Industry
  • 8 days Who Is The Most Dangerous Person On The Internet?
  • 8 days SoftBank Sees First Quarterly Loss In 14 Years
  • 10 days Prepare For An Oil Glut In 2020
  • 11 days Why A Strong Yuan Is A Promising Sign For The Trade War
  • 12 days What Would You Sacrifice For A Debt-Free Life?
  • 12 days Shareholders Urge Major Bank To Stop Funding Fossil Fuel Companies
  • 12 days Tariffs Are Causing A Slowdown In U.S. Manufacturing
  • 13 days The Great Silicon Valley Migration Has Begun
  • 13 days 3 Oil Stocks Paying Out Promising Dividends In 2020
  • 14 days How Fractional Trading Is Democratizing the Stock Markets
Is Silver About To Break Out?

Is Silver About To Break Out?

If one is considering taking…

Will Gold Stocks Continue To Climb Higher?

Will Gold Stocks Continue To Climb Higher?

Gold miners’ stocks blasted higher…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Commodities
  3. Precious Metals

Gold Miners Harness Artificial Intelligence

Robot

Given the massive amounts of data generated by mineral exploration, using artificial intelligence and machine learning to make discoveries seems like a natural fit for the industry.

Goldspot Discoveries, which listed today on the TSX Venture Exchange under the symbol SPOT, takes a big step forward in use of artificial intelligence in the exploration industry. The Montreal-based company is barely three years old, but has secured the backing of some of the biggest names in mining

The Montreal-based company is barely three years old, but has secured the backing of some of the biggest names in mining, including US Global Investors’ Frank Holmes; Eric Sprott, Rob McEwen, mining financiers Triple Flag and Hochschild, and also counts Integra Resources and Yamana Gold as early customers.

Denis Laviolette, founder and president of Goldspot, tells MINING.com that crunching geological data to find new deposits or expand discoveries is just one component of its approach.

Goldspot, which, despite its name is mineral-agnostic, pools what it learns from the geoscience data with capital market information, macro-economic inputs, company specific data and insights into management teams to identify investment targets.

Laviolette says there is enough information in the public domain, especially in places like Canada, for its AI-driven process. The mountains of data interpreted, combined with the expertise of Goldspot's 23-person team, including six Ph.D’s, can then identify the juniors best poised to make discoveries.

Related: Medical Bankruptcy Is Killing The American Middle Class

The company has $10m in the bank and part of its strategy is to invest in juniors, use its technology to develop exploration targets and acquire royalties. Goldspot has also inked a partnership with Triple Flag to co-invest in these targets.

Goldspot’s incorporation of management data into its decision-making engine is an interesting one. Laviolette says a central consideration when assessing leadership at potential investments is management’s access to capital – a measure of industry respect. But it cuts both ways – some companies may be overvalued because of management’s ability to market themselves and attract capital, beyond what the quality or value of the company’s assets are.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment