Mining Services

Sensore kicks off three exploration campaigns in Q1

Wed 27 Apr 22, 11:35am (AEST)
mining technology

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Key Points

  • Company also executed JV for lithium exploration with Deutsche Roshtoff in Q1
  • Diamond drilling at at Mt Magnet North complete with assay results before May; third iteration of BHP nickel targeting agreement delivered; company stable after February IPO
  • Sensore outlines strong start to 2022 in quarterly update for period ending March 31

Sensore (ASX:S3N) has updated the market on its strong start to 2022 after the company first listed on the ASX in February this year. 

The company’s flagship technology platform, which seeks to utilise artificial intelligence machine learning in Australian and international resource exploration activities, is picking up attention with the company securing CGI/Unico as a client of Sensore’s product. 

CGI/Unico is now purchasing Sensore tech on a software-as-a-service basis with Sensore continuing to develop its South Australia focused Data Cube offering, a mapping project using Sensore technology to highlight opportunities within the state specifically. 

The company is commercialising its technology in Victoria, too, with partners Intrepid Geophysics using Sensore’s products across its Victoria Pilot Project. 

Three separate exploration programs developed during quarter

Sensore completed diamond tail drilling at Mt Magnet North in WA during Q1 of CY2022, confirming a geological shear zone onsite first suggested by aircore and RC drilling activities carried out pre-listing in 2021. 

Sensore says there is evidence of a 10-20m wide sulphide bearing zone commencing at 200m downhole onsite Mt Magnet North. 

Meanwhile, the company continues to progress its WA Balagundi goldfields acreage with results received in February from a first passed 8 hole RC drill run that discovered evidence of gold anomalies in key target areas. 

The best result for Balagundi was 34m of 0.54 grammes per tonne of gold from 96m in drillhole 21BGRC004. 

A third exploration program in WA at Boodanoo sees further assay results to be delivered to the company in Q2 of 2022 based on an aircore program executed some 75km southeast of Mt Magnet. 

IPO funding well managed during international and domestic volatility 

The company had $6.8m cash in bank as at 31 March 2022 including term deposits of $52,500 held as security over office leases in the form of bank guarantees. 

At the end of Q1, the company had not participated in any borrowing activities. 

The company does, however, expect costs to be higher in the short term than originally anticipated “due to expedited development” of its AI tech products. 

Sensore predicts these costs will quickly be offset by tech and exploration revenues. 

Sensore charts compared to the XIJ

 

Written By

Jonathon Davidson

Finance Writer

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication. Email Jon at [email protected].

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