logo-loader

Fobi AI wins $250,000 data consulting contract from Azincourt Energy

Published: 08:14 24 Sep 2021 EDT

Fobi AI -- wins $250,000 data consulting contract from Azincourt Energy Corp
Fobi will deploy its AI and Big Data operational applications to support Azincourt’s goal of making discoveries and delineating a resource at its East Preston uranium project

Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) Inc. (TSX-V:FOBI, OTCQB:FOBIF), a provider of real-time data analytics through artificial intelligence (AI) to drive operational efficiencies, revealed that it has struck a data consulting agreement with Azincourt Energy (TSX-V:AAZ) Corp (TSX-V:AAZ), a Canadian resource company specializing in the acquisition and development of alternative energy and fuel projects, including uranium, lithium, and other clean energy elements. 

The Vancouver-based advanced technology company said it will help Azincourt in the development of a big data and operational intelligence platform to transform legacy and in some cases antiquated but commonly used practices in the mining and exploration sector.

Fobi will introduce AI applications and data mining techniques that analyze large amounts of aggregated data, detecting patterns and consistencies that may not be readily apparent otherwise, and can therefore help provide road maps to help Azincourt achieve more impactful drill holes in less time, and with less cost. 

READ: Fobi Data Exchange launches with first partner, leading UK platform In-Touch Group

The contract with Fobi will allow Azincourt to benefit from Fobi’s experience architecting and deploying real-time applications and operational solutions across various data applications at scale, said the company. Fobi will deploy its established AI and Big Data operational applications to support Azincourt’s goal of making discoveries and delineating a resource at its East Preston uranium project in the western Athabasca Basin in Saskatchewan, Canada.

“This partnership with Fobi AI (TSX-V:FOBI, OTCQB:FOBIF) gives Azincourt the opportunity to apply leading-edge technologies to our efforts at East Preston,” Azincourt CEO Alex Klenman said in a statement.

“I think it’s incumbent upon us to utilize leading-edge exploration techniques to help guide us toward significant discoveries. AI, machine learning algorithms and rapid big data analysis clearly have a place in our future and we’re eager to apply these new techniques to uranium exploration. There are multiple applications we can utilize here, and I’m excited to begin working with Fobi and their innovative team. I think this is a tremendous opportunity for Azincourt,” he added.

Lucrative opportunity

According to Grandview Research, the mining and exploration equipment market size pegged at $144.37 billion, is expected to grow at a compound annual rate of 12.7% from 2020 to 2027. The report goes on to say that ongoing digital innovations are expected to transform key aspects of mining over the next few years.

After establishing an initial roadmap for Azincourt, undoubtedly Fobi will be able to port its modern practices to offer them to additional clients in the mining and exploration industry and other major sectors, creating additional potential revenue streams.

“I see the exploration and mining sector as a very lucrative opportunity for Fobi,” said Fobi CEO Rob Anson. “This agreement with Azincourt will enable Fobi to demonstrate the power of our real-time operational data applications and real-time analytics and insights to provide Azincourt with leading-edge technology, strategies, and necessary applications to streamline and automate current manual applications.”

Anson noted that Fobi will drive “innovation and best practices” to improve the mining industry’s existing antiquated operational and data systems.

“The powerful combination of Fobi’s artificial intelligence and real-time big data applications will be key to enabling Azincourt to make faster, smarter, data-driven decisions, which ultimately will be key to driving further success in regard to the company’s operational efficiencies and performance,” added Anson.

Contact the author Uttara Choudhury at uttara@proactiveinvestors.com

Follow her on Twitter: @UttaraProactive

Xeris Biopharma Surpasses 2023 Expectations with Strategic Moves Poised for...

Xeris Biopharma CEO Paul Edick joined Steve Darling from Proactive to share news the company had a successful 2023, with a final tally of 164 million USD, which is at the upper end of their forecast. The company concluded the year with 72 million USD in cash, surpassing their initial projections...

15 hours, 57 minutes ago