SensOre and BHP reached agreement on a Letter of Intent in May 2020, confirmed via execution of the JTA on 18 September 2020
Sensore succeeds with BHP and enters final phase. (Credit: Khusen Rustamov from Pixabay.)
SensOre is pleased to advise that BHP (ASX: BHP) has approved SensOre to advance to Phase 3 of the Joint Targeting Agreement (JTA). Under the JTA, SensOre was required to meet certain hurdle rates and technical thresholds through deployment of its Discriminant Predictive Targeting® (DPT®) technology and related auxiliary systems. SensOre has met or exceeded the requirements set for Phases 1 and 2.
“The SensOre team has been excited by the performance of its systems in targeting new commodity and deposit types. The relationship with BHP and its support for innovation in exploration has been incredibly valuable. The results derive from the truly joint nature of the project and shared view that better use of geoscience data will lead to improvements in discovery rates. We are really thrilled with the results,” commented Richard Taylor, CEO, SensOre.
SensOre and BHP reached agreement on a Letter of Intent in May 2020, confirmed via execution of the JTA on 18 September 2020. The JTA envisages a phased process training the DPT technology on commodity specific deposit types and applying the knowledge gained to a predetermined search space. SensOre stands to benefit from fees for the targeting exercise and potential success-based payments on certain discoveries arising from the technology.
Source: Company Press Release