Freeport to Apply Minerva Software Platform for Data Analysis at Star Mountains
Web: www.freeportresources.com
NEWS RELEASE November 23, 2020
Freeport to Apply Minerva Software Platform for Data Analysis at Star Mountains
Vancouver, British Columbia – (November 23, 2020) – Freeport Resources Inc. (TSX-V: FRI;
FSE: 4XH) (“Freeport”, or the “Company”) is pleased to announce that it has signed a contract with
Minerva Intelligence Inc. (TSX-V: MVAI) (“Minerva”), an artificial intelligence company focused on
knowledge engineering, for DRIVER, Minerva’s cutting-edge AI software for evaluation of multi-
element drilling data.
Freeport recently acquired Quidum Resources which, through its wholly owned subsidiary Highlands
Pacific Resources Ltd., controls the Star Mountains project in Papua New Guinea. Freeport will be
applying Minerva’s technology to the Star Mountains project in order to enhance its next phases of
surface and sub-surface exploration of the extensive property, which is located close to the Ok Tedi
mine.
“Freeport is committed to embracing new technologies to enhance the understanding of our portfolio
of projects beginning with Star Mountains” said Nate Chutas, Senior VP of Operations at Freeport.
“We believe that the advances in technology that DRIVER brings will provide deep insights into our
project data and provide a better understanding for the development and prioritization of high-quality
exploration targets.”
DRIVER delivers these insights by evaluating all the elements typically returned by modern
laboratories, not simply the elements of direct economic interest. The work this requires is too time-
consuming and complicated to be carried out by project geologists. Minerva’s cognitive reasoning
platform then compares the identified geochemical exploration vectors to its database of hundreds
of past and present mines around the world and identifies those most similar to the explored target
using the Company’s proprietary AI technology. The resulting similarity rankings can then provide
reliable, explainable models upon which geologists can build their exploration strategies.
“Despite having identified a very significant resource already, it is our assertion that Star Mountains
is still vastly under-explored” said Gord Friesen, President and CEO of Freeport. “We believe that
utilizing AI-based, deep-thinking tools such as DRIVER will exponentially hasten our understanding
of Star Mountains’ true potential.”
Scope of Work
The data analysis will involve three studies, the first two being 3D studies focused on the drilling
results from the Olgal deposit where there is a current inferred resource, using a 0.3% copper
cut-off grade, of 210 million tonnes grading 0.4% copper and 0.4 g/t gold, for 2.9 million ounces
of contained gold and 1.9 billion pounds (840,000 tonnes) of contained copper. Using current
prices for gold and copper, this is equivalent to approximately 5.7 million ounces of gold or 3.8
billion pounds (1,680,000 tonnes) of copper.
Web: www.freeportresources.com
Cross Section displaying geology and mineralization of the Olgal Prospect.
The third study will be a combined 2D and 3D analysis of data collected from the remainder of
the Star Mountains claims. All of these studies will be integrated with interpretation of available
airborne geophysics data. The first 3D study will be a geochemical cluster analysis to identify the
lithogeochemical characteristics of the logged drill holes to use as a comparison against the
interpreted logging, and for comparision with the lithogeochemistry of drilling results for other Star
targets. The second 3D study will involve the use of Minerva’s DRIVER software to examine multi-
element zonation patterns throughout the Olgal dataset. The third study will apply Minerva’s
SOLACE workflow to a combination of the surface and drilling data available for the rest of the
Star Mountains claims for incorporation into Minerva’s Target target generation system.
Web: www.freeportresources.com
Plan map displaying the extent of the Star Mountains Project tenements, and names of drilled targets.
Dr. Nathan Chutas, Ph.D., CPG, Senior Vice-President of Operations for the Company, is a
qualified person for the purposes of National Instrument 43-101. Dr. Chutas has reviewed and
approved the technical content in this news release.
About Freeport Resources Inc.
Freeport is a Canadian junior exploration company with a diverse portfolio of properties - the Red
Rose Mine (a past producer of tungsten-gold-copper), Spanish Mountain Gold (adjacent to a
proposed open-pit gold mine), and the Q (a large, well-known fluorspar deposit), all located
in British Columbia. Freeport recently acquired Quidum Resources which, through its wholly
owned subsidiary Highlands Pacific Resources Ltd., controls the Star Mountains project in Papua
New Guinea. Please visit www.freeportresources.com or contact the email address below for
more information.
About the Star Mountains Property
Star Mountains is a large copper & gold porphyry project in mining-friendly Papua New Guinea
comprising 4 tenements located 25km east of the giant Ok Tedi mine and just west of the massive
Frieda River project. H&S Consultants Pty. Ltd. have completed a maiden mineral resource
estimate, in accordance with National Instrument 43-101, for the Olgal deposit situated on the EL
1312 tenement. The current inferred resource, using a 0.3% copper cut-off grade, is 210 million
tonnes grading 0.4% copper and 0.4 g/t gold, for 2.9 million ounces of contained gold and 1.9
billion pounds (840,000 tonnes) of contained copper. Using current prices for gold and copper,
Web: www.freeportresources.com
this is equivalent to approximately 5.7 million ounces of gold or 3.8 billion pounds (1,680,000
tonnes) of copper.
About Minerva Intelligence Inc.
Minerva Intelligence is a knowledge engineering company based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Their proprietary evidence-based decision-making
software is bringing the benefits of artificial intelligence technology to industries dependent on
reasoning with complex technical and scientific data.
Although Minerva’s applications currently focus on earth science-related domains including
natural hazards and mineral exploration, 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.
For further information:
Freeport Resources Inc.
Gord Friesen, Chief Executive Officer
(236) 334-1660 or [email protected]
Minerva Intelligence Inc.
Dan Vroon, Business Development Manager
(604) 620-1051 or [email protected]
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accepts responsibility for the adequacy or accuracy of this release.
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“estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule”, “intends” and similar words or expressions identify forward-looking
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