ASX minnow Orexplore Technologies has had an 80% kick in its share price on the back of a breakthrough A$2.35 million commercial deal with copper-gold producer OZ Minerals to use its non-destructive drill-core scanning and analysis technology.
Orexplore traded up nearly 6c to 13c Thursday before finishing the day at 9.9c, capitalising the microcap at A$10.8m.
It said OZ had signed a binding agreement on scanning and analysis of about 30,000m of drill core and samples on-site over a six-month period. OZ, which operates the Prominent Hill and Carrapateena mines in South Australia, says it has about 100,000m of available core and samples.
Orexplore said it would deploy its GeoCore X10 sensing hardware that extracts information from drilled core in less than 15 minutes per metre, and its Orexplore Insight software. Its work would support the “testing of new data driven processes focused on optimising resource, scale and value outcomes, the testing of innovative processes and technologies across the value chain, and exploration for new resources”.
“The in-field deployment of Orexplore’s patented technology platform provides an innovative new data set to OZ Minerals through the technology’s ability to see through the core in addition to its full surface sensing capability,” Orexplore managing director Brett Giroud said. “This unique combination can unlock a broad suite of information from deep within the core to further advance orebody knowledge.”
The scan results would be used rapidly by OZ to inform digital “enhanced resource models” that would feed an overall process and project optimisation simulation system as a tool to improve operational decision making.
Orexplore was spun out of Swick Mining Services and listed on the ASX earlier this year.