XtremeX Mining Innovates Drilling with New Electric Rig Partnership

Groundbreaking Partnership between XtremeX and Ivanhoe Electric

XtremeX Mining Technology Inc. (XMT) is thrilled to unveil its state-of-the-art AC-electric automated coiled tubing and electric top-drive diamond core drilling rig. This innovative technology is set to undergo a funded field trial with Ivanhoe Electric, focusing on the Santa Cruz copper project. The collaboration involves securing exclusivity for up to three XMT rigs on contracts extending for a duration of five years.

Addressing Industry Challenges with Innovative Technologies

The introduction of this advanced XMT rig signifies a transformative approach in the mining sector, utilizing established oil and gas technologies. By enhancing efficiency in drilling operations, the rig promises to deliver faster, safer, and more sustainable drilling solutions. This cutting-edge hybrid system represents a significant leap forward in the pursuit of critical minerals, providing improved drilling speeds and better core recovery while producing high-fidelity drill chips.

Funding and Strategic Partnerships

The recent Series-A funding round saw XMT securing $11 million to facilitate the development and deployment of its first hybrid rig at the Santa Cruz site. This financial boost is complemented by a diverse consortium formed by GoGreen Partners, collaborating through entities like Precision Drilling as well as Baker Hughes, among other influential partners.

Words of Encouragement from XMT Leadership

Tom Wood, the founder and chairman of XMT, expressed excitement over this collaboration, stating that bringing together such a talented group of oil and gas technology specialists with mining sector experts is an exceptional opportunity. This innovative hybrid coiled tubing and diamond core rig is expected to pave the way for new advancements in the mining industry.

Technological Advancements Revolutionizing Drilling

The CEO of XMT, Matt Porter, elaborated on how the hybrid rig integrates AC-electric power with automated controls to enable various drilling methods, including diamond core and rotary drilling. This technology is poised to deliver a comprehensive solution for mineral exploration, effectively enhancing drilling operations.

Anticipating Market Demand for New Mining Innovations

John Dowd, the CEO of GoGreen Partners, articulated confidence in XMT's potential, noting that the pressing demand for critical minerals will necessitate innovations that expedite and enhance the mineral discovery process. The introduction of the XMT drill rig could play a crucial role in addressing these industry demands.

The Role of Educational Partnerships

Govind Friedland, a co-founder of GoGreen Partners, highlighted the significance of partnerships with esteemed institutions, like the Mines Venture Fund, to leverage industry expertise and knowledge. His recognition of the Colorado School of Mines as a premier educational establishment underscores the importance of incorporating top talent in evolving this initiative.

Insights into Exploration Innovations

Graham Boyd, from Ivanhoe Electric, emphasized the vital role of innovation in mineral exploration. He pointed out that traditional diamond drilling methods often prove to be cumbersome and costly, which makes the advent of XMT’s hybrid rig a promising breakthrough. The expectation is that successful trials at the Santa Cruz project will lay the groundwork for accelerated exploration efforts and more efficient testing of potential mineral sites.

About XtremeX Mining Technology

XMT is at the forefront of pioneering hybrid coiled tubing drilling technologies, channeling advancements from the oil and gas sectors to revolutionize practices in the mining industry. This alignment of innovative engineering principles is intended to redefine how new precious metals and energy resources are explored and extracted.

About GoGreen Partners

GoGreen Partners specializes in private equity aimed at transforming financial markets to expedite the global energy transition. Their commitment spans building sustainable supply chains while financing essential materials and innovations that support clean energy projects. GoGreen Partners strives to uphold the highest standards of environmental, social, and governance practices in all its ventures.

Frequently Asked Questions

What is the main goal of the partnership between XtremeX and Ivanhoe Electric?

The partnership aims to deploy an innovative drilling rig that enhances efficiency and sustainability in mineral exploration at the Santa Cruz copper project.

What technology does the new XMT rig utilize?

The XMT rig integrates AC-electric automated controls with traditional drilling methods to improve safety, speed, and core recovery efficiency.

How much funding did XtremeX Mining secure?

XtremeX Mining successfully raised $11 million in Series-A funding to support the development and deployment of the new hybrid rig.

Who are the key partners in the development of the XMT rig?

The key partners include GoGreen Partners, Precision Drilling, Baker Hughes, and the Mines Venture Fund, among others.

What are the anticipated benefits of the XMT drilling technology for the industry?

This technology is expected to lower costs and accelerate the mineral exploration process, enabling more efficient testing of potential targets and enhancing overall exploration capabilities.

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