Mike Ravella Archives - International Mining

Veracio, an orebody knowledge technology company that formerly operated as Boart Longyear’s Geological Data Services division, has used the backdrop of the PDAC Convention in Toronto, Canada, to unveil new and refreshed orebody knowledge tools set to, it says, improve, automate and digitally transform orebody sciences in exploration, resource definition and production globally.

TruScan® 2, TruProbe® and Strata™ were launched when the event kicked off on March 3, close to a year since Veracio came into existence.

JT Clark, CEO of Veracio, said: “In just one year – from introducing Veracio to the world to now – our progress has been remarkable. Our new technologies, our team’s dedication, and our strategic acquisitions like Minalyze have all been steps towards realising our overarching vision of transforming how we capture and utilise orebody knowledge, from exploration to production.”

TruScan 2, featuring HyperXRF™, a mineralogical solution integrated into Veracio’s core scanning platform boasts co-registered data streams from both hyperspectral and XRF (X-ray Fluorescence) scanning supported by enhanced QA/QC, the company says. The scanning capabilities of both chips and core provide scanning data, including mineralogical data, to teams within 24 hours. Field trials are commencing early in the June quarter, followed by first deliveries to customers in the September quarter of 2024.

TruProbe is an integrated app, cloud and stackable hardware solution; combining both rig and downhole sensing technologies. Building upon the foundations set by Veracio’s north seeking TruGyro, TruProbe “stacks” a robust gamma sensor to enable operators to log both borehole deviation and gamma simultaneously, Veracio claims. On the rig, the app connects to an azimuth rig aligner and wireless depth counter. The software in both the handheld app and the cloud drives efficiency and accuracy through a simple, easy-to-use design, while the hardware is integrated with industry-standard running gear for safer, faster operation, according to the company.

Strata is Veracio’s cloud technology environment, and 2024 will see more added to the experience. This cloud environment ensures there are sophisticated software offerings available to pair with all Veracio hardware, now further enriched by the recent additions to the Minalyze™ software offering, including Minalogger™. For downhole surveying, the seamless connectivity to the TruProbe app will, Veracio says, provide a new way to visualise 3D hole path and empower teams with easy-to-use data access to advance their projects no matter where they are in the world.

Mike Ravella, Chief of Innovation, added: “This portfolio represents just the beginning of our journey. We are constantly evolving, striving to pioneer the next-generation orebody knowledge and bring it to the forefront of the industry.”

Veracio has entered into a binding agreement to acquire pioneers in scanning and data innovators, Minalyze, for a total consideration equal to $29.3 million.

With the combination of Veracio’s AI and advanced analytics solutions and Minalyze’s geological data visualisation technology, this strategic acquisition will transform the way the industry captures, analyses and interprets geological information, ushering in an era of informed decision-making in an increasingly complex and data-driven world, according to Veracio.

Boart Longyear Group spunoff its Geological Data Services division into a separate entity called Veracio earlier this year, saying the company is “ideally suited to combine science and digital technologies in a single, integrated platform and help mining companies get more value from their orebody data, faster, while mitigating the environmental impact of their decisions”.

Minalyze, meanwhile, has a history of developing scanning instruments for core samples and software for the visualisation of geological data. The company’s patented scanner and cloud-based software for digitising large volumes of drilling samples generate high-resolution and consistent data through fast, non-destructive collection of multiple datasets. This has seen it achieve commercial success with clients in Europe, Australia, Africa and North America.

“This acquisition represents an exciting new chapter for both Veracio and Minalyze,” Veracio Chief Executive Officer, JT Clark, said. “We see this as a ‘better together’ opportunity, leveraging our collective expertise to push boundaries and create a product portfolio that goes beyond anything previously available for the mining and exploration industry.”

Annelie Lundström and Mikael Arthursson, the co-Founders of Minalyze, will assume integral leadership positions within Veracio, while the entire Minalyze team will seamlessly transition under the Veracio banner, according to Veracio.

Lundström said: “Joining forces with Veracio is a remarkable step forward. We believe this acquisition will enable us to enhance what we’ve accomplished to date, deliver distinct value to our clients and redefine industry benchmarks collaboratively.”

Mike Ravella, Veracio’s Chief Innovation Officer, said: “We are committed to maintaining the quality and innovation the industry has come to expect from both Veracio and Minalyze. We want to assure our clients on both sides of this transaction that the products and quality of services they trust and value will continue to be available and well-supported, and we encourage and appreciate their continued support.”

This deal will, according to Veracio, capitalise on the synergy between Minalyze and Veracio’s scientific and technological progress and prowess. Veracio remains steadfast in its mission to evolve data acquisition and AI in geosciences, and to unveil vital resources globally with enhanced speed.

Completion of the transaction is scheduled to occur on September 20, 2023.

Veracio shows off latest tools to transform orebody sciences at PDAC 2024

Veracio captures more drill core scanning market share with Minalyze acquisition