ASX microcap Orexplore Technologies has doubled in value on a significant deal with BHP that further validates its digital geology technology.
The company, which saw its stock climb from A4.6c to 10c today, said it had signed a $1.55 million contract with BHP for a field deployment of its drill-core and sample digitisation services, including three of its GeoCore X10 sample scanning units, to the Carrapateena copper-gold mine in South Australia.
Orexplore said its technology would help the mine unlock new rock mass characterisation and geometallurgical information to improve short and medium-term mining and operational planning and decision making. The Western Australia-based supplier’s Smart Domaining (SDM) product would also enhance BHP’s Carrapateena orebody knowledge “to drive improved modelling, with value drivers for downstream mining, processing, and reconciliation outcomes”.
“The [Orexplore] team will seek to transform traditional core-logging and analysis processes through augmented logging and advanced machine learning-based analysis methods.”
Orexplore generated total customer cash receipts of $1.39 million in the June quarter of this year, and $2.3m in the first half.
The company has a current market value of about $10.4 million.