FOBI Signs $250,000 Data Consulting Agreement With Azincourt Energy Corp. Enabling Azincourt To Leverage Fobi's Artificial Intelligence And Real-Time Big Data Operational Platform
VANCOUVER, British Columbia, Sept. 24, 2021 (GLOBE NEWSWIRE) -- Fobi AI Inc. (FOBI: TSXV FOBIF: OTCQB) (the “Company” or “FOBI”), a global leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce that it has entered into a data consulting agreement with Azincourt Energy Corp., a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements.
Fobi will assist Azincourt in the development of a big data and operational intelligence platform to help transform legacy and in some cases antiquated but commonly used practices in the mining and exploration sector. Fobi will introduce the use of artificial intelligence applications and data mining techniques that analyze large amounts of aggregated data, detecting patterns and consistencies that may not be readily apparent otherwise, and can therefore help provide road maps to help the Company achieve more impactful drill holes in less time, and with less cost.
The contract with Fobi will allow Azincourt to benefit from Fobi’s experience architecting and deploying real-time applications and operational solutions across various data applications at scale. Fobi will architect and deploy its established AI & Big Data Operational Applications in an effort to support Azincourt’s goal of making discoveries and delineating a resource at its East Preston project.
“This partnership with Fobi AI gives Azincourt the opportunity to apply leading-edge technologies to our efforts at East Preston,” said CEO, Alex Klenman. “I think it’s incumbent upon us to utilize leading-edge exploration techniques to help guide us toward significant discoveries. Artificial Intelligence, machine learning algorithms and rapid big data analysis clearly have a place in our future and we’re eager to apply these new techniques to uranium exploration. There are multiple applications we can utilize here, and I’m excited to begin working with Fobi and their innovative team. I think this is a tremendous opportunity for Azincourt,” continued Mr. Klenman.
Agreement with Azincourt Signifies the Modernization of the $144 Billion Mining & Exploration Equipment Market
According to Grandview Research, the mining & exploration equipment market size was valued at $144.37 Billion USD and is expected to grow at a compound annual rate of 12.7% from 2020 to 2027. The report goes on to say that ongoing digital innovations are expected to transform key aspects of mining over the next few years. “Increased investment, along with government support for the digital mine innovation, is expected to trigger the demand … Technology is becoming a critical differentiating factor for manufacturers and mining companies as digitization and automation are continuously gaining momentum.” The partnership with Azincourt will enable Fobi to aid in the transformation of Azincourt’s data platform and strategy, which will greatly enhance the company’s existing operations.
After establishing an initial roadmap for Azincourt, Fobi will be able to port its modern practices to offer them to additional clients in the mining and exploration industry and other major sectors, creating additional potential revenue streams.
“I see the exploration and mining sector as a very lucrative opportunity for Fobi,” said Rob Anson, CEO of Fobi. “This agreement with Azincourt will enable Fobi to demonstrate the power of our real-time operational data applications and real-time analytics and insights to provide Azincourt with leading-edge technology, strategies, and necessary applications to streamline and automate current manual applications. Foi will continue to drive innovation and best practices to improve the industry’s existing antiquated operational and data systems. The powerful combination of Fobi’s artificial intelligence and real-time big data applications will be key to enabling Azincourt to make faster, smarter, data-driven decisions which ultimately will be key to driving further success in regard to the Company’s operational efficiencies and performance,” continued Mr. Anson.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its majority-owned East Preston uranium project in the western Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
For further information please contact:
Alex Klenman, President & CEO
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