US Critical Materials to deploy AI-powered tech for rare earth exploration
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2024-07-03
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US Critical Materials announced on Tuesday it has entered a binding term sheet with VerAI Discoveries for the deployment of its AI targeting platform that utilizes new cutting-edge technology for mineral exploration.The AI technology, says US Critical Materials, enables a higher probability of success to detect minerals under covered terrain and to minimize surface disturbances at its Sheep Creek rare earth properties in Montana.With VerAI’s AI-powered targeting technology, the company intends to set new industry standards for environmentally conscious mineral exploration activities, providing the unique opportunity to bring rare earth elements to the market in their purest form, which is vital for the green energy transition.“Our focus on environmentally responsible exploration is greatly enhanced by the utilization of advanced artificial intelligence technology by more precisely focusing on potential target areas and thereby minimizing surface disturbance,” stated Jim Hedrick, president of US Critical Materials and former rare earth analyst for the US Geological Survey.“The addition of this cutting-edge AI will augment US Critical Materials’ current exploration methodologies. We are pleased to utilize VerAI’s next-generation AI technology and unique capabilities to enhance the geophysical and other data in our exploration program going forward.”The company’s latest samples show TREE (total rare earth elements) readings up to 20.1%, with combined neodymium praseodymium up to 3.3%. It also has gallium readings that are as high as 348 ppm (parts per million). Gallium is profitable to produce at 50 ppm. The company believes there is substantial tonnage and expects to find more high-grade critical mineral locations using VerAI’s innovative, artificial intelligence technology. The Sheep Creek area of interest boasts a rich geological landscape, validated by confirmation from the Idaho National Laboratory and independent geophysical surveys.“At Sheep Creek, we have the opportunity and potential to make an important impact on the supply of critical minerals discovered in the United States,” Yair Frastai, CEO of VerAI Discoveries, said.“This strategy uses VerAI’s AI-driven exploration technology to generate and prioritize drill targets in this covered terrain to not only reduce the environmental impact of exploration but also greatly improve the chances of finding a significant deposit.”Both companies believe that the ability to accelerate the discovery of vital rare earth and other critical minerals is important for securing self-sufficiency for our nation’s security, considering China’s stranglehold on these materials.The parties also also working towards definitive agreements to solidify their AI exploration alliance.
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