MASTInc Inks JDA with Canadian Mining Company
Micromem Technologies, through its U.S. subsidiary, Micromem Applied Sensor Technologies, (MASTInc), has signed a Joint Development Agreement (JDA) with a private Canadian mining exploration company.
Due to the overwhelming interest MASTInc has received and potential exploration ramifications of the development of this technology, both companies have entered into a confidentiality agreement while the technology is being field tested.
The collaborative agreement, executed on November 4, will enable the two companies to explore the opportunity of integrating MASTInc’s advanced sensing technology into a mining sensor for gold and other precious metals. This partnership has been created with the objective to improve the performance of drilling operations, reduce drilling and assay analysis cost, and change the mining exploration model. Per the agreement, the two companies will perform extensive sensor “training” and signature database development using the exploration company’s access to a vast assayed core database compiled from several different mining exploration projects.
“This aggressive exploration company has access to a significant portfolio of core samples,” said Steven Van Fleet, President of MASTInc. “The size of this core database will ultimately be a huge advantage for MASTInc, as the bigger the library we create, the higher the performance and capabilities our device will have. The signing of this agreement and the overwhelming interest we have received is testament to the adaptability of our magnetic sensor and the variety of applications in which it can be used. Our technology uses a very fast, low powered sensor array that offers a unique solution to dramatically improve the approach to mineral and natural resource exploration. Akin to comparing a telescope to binoculars, the sensitivity of our advanced technology will provide a significant improvement, potentially allowing mining companies to ’see’ more than the current exploration technology used throughout the industry today. We look forward to developing an advanced mining sensor product that will ultimately provide efficiencies in making mining exploration projects successful.”
MASTInc is a U.S.-based subsidiary of Micromem Technologies, a publicly traded fabless semiconductor company with headquarters in Toronto, Canada and an office in New York City.
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