Larry Vance, CEO of Earth Search Sciences, Inc.(ESSI), USA, says he is pleased with the results that Noranda Inc. has accomplished using ESSI’s revolutionary remote sensing technology.
Vance’s reaction was in response to a seminar conducted by Mike Peshko of Noranda Inc./ Falconbridge Ltd. recently, which showed that his company is successful in identifying “anomalies” (copper and other metal deposits) using Earth Search Science’s technology for mineral exploration in Chile.
According to Peshko, the results of One Phase of Noranda’s Hyperspectral Targeting in Chile was 145 Targets being followed-up and more than 20 new Porphyry Systems (previously unknown to Noranda) being discovered.
Peshko concluded that by using hyperspectral remote sensing technology, the Exploration Cycle is advanced and could potentially save the company 2-4 years of regional exploration, a factor which not only would save time but also money.
Vance says the results of Noranda’s activities could be potentially beneficial to ESSI as well.
According to an agreement between Earth Search Sciences, Inc. and Noranda Inc., ESSI is entitled to receive fees for services and net smelter royalties or net profit royalties from certain discoveries Noranda makes using ESSI’s technology.
In addition, the agreement grants net smelter royalties to ESSI for 2.5 percent of revenues also a 5 to 20 percent net profit interests on any mineral discoveries leading to production on land not currently owned or optioned by the Noranda Group.
While existing satellite and remote sensing technology provides the ability to identify objects primarily by shape or spectral response, Earth Search Science’s revolutionary hyperspectral imaging, by measuring the degree of spectral reflectance of solar energy across the spectrum, allows the user to identify minerals by their diagnostic reflectance patterns.
Earth Search hyperspectral information products can be used for a variety of resource, environmental, and security applications.
The seminar was part of a one day workshop focusing on the practical aspects of remote sensing technology for mineral exploration conducted at the Prospectors and Developers Association of Canada’s (PDAC) International Convention held in Toronto.