Getech, a world-leading locator of subsurface resources, has successfully assisted Nittesu Mining to identify favourable conditions for iron oxide copper gold (IOCG) minerals deposits in Peru. This analysis informed a multi-million-dollar investment decision in the country.
LONDON, Sept. 7, 2023 /PRNewswire-PRWeb/ -- Getech, a world-leading locator of subsurface resources, has successfully assisted Nittesu Mining to identify favourable conditions for iron oxide copper gold (IOCG) minerals deposits in Peru. This analysis informed a multi-million-dollar investment decision in the country.
Rather than following the traditional approach of searching near already discovered mineral deposits, Getech's solution identifies geological settings conducive to mineral accumulation. This innovative approach opens up the potential for discovering mineral deposits in new search spaces.
The work for Nittetsu had two phases. Phase one involved testing a new methodology using a high-resolution 3D subsurface analysis. The initial testing was carried out on Olympic Dam, a notable example of an IOCG-style mineral deposit in Australia. Several other regions where there are known IOCG deposits were also analysed to calibrate the technique. In phase two, a favourability map highlighting areas for IOCG deposits in Nittetsu's area of interest in Peru was developed. These actionable insights guided Nittetsu's decision to invest in a copper project in Peru, committing around C$10 million (6 million) for a 35% stake.
Richard Bennett, Getech Executive Chairman, commented:
"We are pleased with the outcome of this collaboration. This technically demanding project demonstrates the power of our data and expertise to de-risk mineral exploration in any part of the world. The new approach towards identifying geological settings not only allows us to locate minerals in new search spaces but also to do so cost-efficiently."
Shinichiro Mita, General Manager at Nittetsu Mining, said:
"Working with Getech, we have delved into an innovative approach towards mineral discovery. Getech's solution for locating IOCG significantly informed our investment decision to join the Los Chapitos copper exploration project and commit C$10.1 million over three years."
This project showcases Getech's ongoing commitment to helping clients make informed decisions, optimise their investments and discover new mineral resources. The company leverages proprietary data sets, built over 30 years, with extensive experience in geological exploration to locate a wide range of minerals, including not only those vital for the energy transition, such as copper and lithium, but also those crucial for food security, such as potash.
Media Contact
Giancarlo Villani, Getech, 44 7874950060, [email protected], www.getech.com
SOURCE Getech
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