Last checked at 13 Jul 2020 07:00
Mineral & Financial Investments Limited
Seed Investment in Ideon Technologies Inc.
HIGHLIGHTS:
· M&FI has made a seed-round investment in Ideon Technologies Inc., a private company applying cosmic-ray muon tomography to define underground 3D rock density images.
· The Company's proprietary detectors and software, a result from nine years of research and development, have been successfully field tested at mineral projects in America and Australia.
· Ideon's technology may potentially revolutionise mineral exploration and resource development.
· Company plans develop down-hole detectors for commercial release in 2021.
GEORGE TOWN CAYMAN ISLANDS, July 13, 2020 - Mineral and Financial Investments Limited (LSE-AIM: MAFL) ("M&FI") is pleased to announce that it has made a seed investment of CAD$100,000 in Ideon Technologies Inc. ("Ideon") as part of a CAD$1.3 million private fund raising.
Ideon is a world pioneer in cosmic-ray muon tomography, providing x-ray-like imaging to mineral exploration and resource development ventures.
Founded in 2013 as a spin-off of TRIUMF, Canada's national particle accelerator laboratory, Ideon is using muon tomography to transform mineral exploration and mine monitoring. The company's platform integrates proprietary detectors, imaging systems, inversion technologies, and artificial intelligence to provide x-ray-like visibility up to 1 km beneath the Earth's surface.
Based on nine years of research, development, and global field trials, Ideon's breakthrough technology has the potential to generate significant value for the mining and mineral exploration sector. Mineral deposits are often a different density to the outlying host rocks and the ability to define high-density areas in 3D prior to resource drilling could save significant amounts in exploration spending. In addition, by using passive collection methods and improved target resolution prior to drilling, Ideon's technology may reduce the surface disturbance footprint related to mineral exploration and resource definition
Field testing has been successfully undertaken at operating mine sites in North America and Australia. Ideon is now developing a new detector designed to fit in drill holes, slated for commercial release in 2021.
Jacques Vaillancourt, Executive Chairman of M&FI said "Mineral and Financial Investments is excited to be backing the team at Ideon, which is enthusiastically advancing their proprietary technology into what we believe could revolutionise mineral exploration and development - by reducing drilling costs and risks, saving time, and minimizing the environmental impact from drilling and geophysical surveys."
About Ideon Technologies
Ideon Technologies Inc. is a spin-off from TRIUMF (Canada's national particle accelerator laboratory) and a world pioneer in the application of cosmic-ray muon tomography. Ideon has developed a discovery platform that integrates proprietary detectors, imaging systems, inversion technologies, and artificial intelligence techniques to provide x-ray-like visibility up to 1 km beneath the Earth's surface. By detecting subsurface muons and transforming the data into reliable 3D density maps, Ideon helps geologists identify and define mineral and metal deposit targets with precision and confidence. Ideon is also expanding the application of muon tomography to use-cases in oil and gas, critical infrastructure, and national security.
Website: www.ideon.ai
FOR MORE INFORMATION:
James Lesser, Mineral & Financial Investments Ltd. +44 777 957 7216
Katy Mitchell, WH Ireland Group Limited +44 161 832 2174
Jon Belliss, Novum Securities Limited +44 207 399 9400
About Mineral And Financial Investments Limited:
Mineral and Financial Investments Limited is a Swiss and Cayman Island based investment company quoted on AIM, a market of the London Stock Exchange. M&FI has in excess of 20 investments in the natural resource sector with the majority in the metals and minerals sector and has about 38% of its investment portfolio in precious metal investments. M&FI's Net Asset Value per share (NAVPS)is 15.11p, as of March 31, 2020. M&FI's NAVPS has risen at a Compound Annual Growth Rate (CAGR) of 31.2% since December 31, 2016.