TORONTO & NEW YORK /BUSINESS WIRE/ -- Micromem Technologies Inc., through its wholly owned U.S. subsidiary, Micromem Applied Sensor Technologies Inc. (MASTInc), has signed a joint development agreement with a private Canadian mining exploration company. Due to the overwhelming interest MASTInc has received and potential exploration ramifications of the development of this technology, both companies have entered into a confidentiality agreement while the technology is being field-tested.
The collaborative agreement, executed on November 4, will enable the two companies to explore the opportunity of integrating MASTInc's advanced sensing technology into a mining sensor for gold and other precious metals. The partnership has been created with the objective of improving the performance of drilling operations, reducing drilling and assay analysis cost, and radically changing the mining exploration model. Per the agreement, the two companies will perform extensive sensor "training" and signature database development using the exploration company's access to a vast assayed core database, compiled from several different mining exploration projects.
"This aggressive exploration company has access to a significant portfolio of core samples," commented Steven Van Fleet, President of MASTInc. "The size of this core database will ultimately be a huge advantage for MASTInc, as the bigger the library we create, the higher the performance and capabilities our device will have. The signing of this agreement and the overwhelming interest we have received is testament to the adaptability of our magnetic sensor and the variety of applications in which it can be used. Our technology uses a very fast, low-powered sensor array that offers a unique solution to dramatically improve the approach to mineral and natural resource exploration. Akin to comparing a telescope to binoculars, the sensitivity of our advanced technology will provide a significant improvement, potentially allowing mining companies to see more than the current exploration technology used throughout the industry today. We look forward to developing an advanced mining sensor product that will ultimately provide efficiencies in making mining exploration projects successful."
About Micromem and MASTInc
MASTInc is a wholly owned U.S.-based subsidiary of Micromem Technologies Inc., a publicly traded fabless semiconductor company, with headquarters in Toronto, Canada, and an office in New York City. Micromem holds and continues to develop a broad-based patent portfolio of magnetoresistive random access memory (MRAM) and magnetic sensor technologies. Micromem's MRAM patents create a solution for performance-driven, radiation-hard, nonvolatile memory applications. MASTInc is focused on business development efforts and is working on the launch of sensory products for use in both defense and consumer applications. Its first product, GC-0301, is "far superior to the competition with over 200 V/T, making it one of the most sensitive hall sensors on the market without the need for external amplification." MASTInc is working with companies that have large-scale capabilities and expects to sign contracts in the coming quarters.