Azincourt Energy Corp. (AAZ:TSX.V; AZURF:OTC) has entered into a data consulting agreement with Fobi AI Inc., a data intelligence company based in Vancouver, British Columbia, that uses artificial intelligence (AI) to mine real-time data for actionable insights. Through a one-year, $250,000 contract, Fobi will help Azincourt develop an operational intelligence platform to help transform legacy exploration practices and potentially allow the company to generate more impactful drill holes in less time and with less cost.
Azincourt Energy is a Vancouver-based resource company specializing in the strategic acquisition, exploration and development of alternative energy/fuel projects, including uranium, lithium and other critical clean energy elements. The company is currently active at its majority-controlled joint venture East Preston uranium project in the Athabasca Basin in Saskatchewan and in the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
Potential of AI to Streamline Exploration
“Exploration is the riskiest endeavor in mineral exploration, and we have to be efficient in how we spend money to do it,” said Alex Klenman, president and CEO of Azincourt Energy. “I’m interested in perhaps speeding up the exploration process by using artificial intelligence to possibly recognize patterns that weren’t as readily apparent in current methods of exploration.”
Klenman said the company will work with Fobi to acquire and accumulate public data about uranium exploration in the Athabasca region through historical reports, releases and public filings, and then apply artificial intelligence techniques to determine any patterns that may exist.
"We're eager to embrace technologies and methodologies that can make us more efficient at what we do," Klenman said. "We'd like to see if AI can help find deposits quicker and as a result, spend less money doing so. We can also reduce environmental impact by potentially cutting down the number of holes we drill. Pursuing initiatives like this is not only good corporate practice but we'd be remiss not exploring the potential."
Klenman said Azincourt is not aware of other uranium companies using AI and said he was intrigued by KoBold Metals, will calls itself the first AI-powered mineral exploration company. KoBold is a privately held mineral exploration company with funding from Bill Gates, Jeff Bezos and Andreessen Horowitz, among others, committed to the long-term development of new battery metal resources.
Uranium prices are now in the $40 to $50 per pound range, Klenman said, down from a peak of $160 in 2007.
“We’ve been in a prolonged bear market since then and some mines have been shut,” he said. “Existing supplies have been used for the past 10 years, but we’re reaching a point where demand could turn. Even with existing reactors, the need for raw material is there.”
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