In a recent conversation with Tanya Matveeva, we discussed the challenges and pain points in validating assay data within the mining industry. We’ve reached a point where technology can preserve data privately and securely, ensuring that assays cannot be altered by just pressing a button. This isn’t merely about preventing assay fraud—it addresses a much larger issue.
Current Validation Process and Inefficiencies
Currently, validating resources and assays involves several steps:
- Site Visit and Independent Sampling: Independent reviewers must visit the site and take samples. This step is essential and cannot be bypassed.
- GIS/Data Review: The reviewer receives the data and checks the model.
- Certificate Verification: The independent reviewer must obtain certificates for all assays from the company selling the project. Rarely are assays independently re-obtained from the lab.
- Independent Validation: Currently, only 5-10% of assays are independently validated and confirmed, which doesn’t ensure full data validation and takes considerable time.
These steps lead to inefficiencies, slowing the evaluation process and reducing the number of projects that can be assessed. Disorganized data rooms exacerbate these issues, creating biases where projects with poorer data management might be overlooked. Consequently, evaluations become a production task, with companies focusing on the number of evaluations rather than the quality of assets discovered.
Benefits of Blockchain Integration
Imagine a blockchain service where all assay data is encrypted and securely entered. With blockchain, the assays become immutable records that can be validated instantly. This innovation would streamline the validation process, making it more efficient and reliable. It would eliminate the need for repetitive data validation steps and ensure all assay data is organized, secure, and readily accessible.
Three Major Benefits:
- Assurance for Incoming Management Teams: New management can be confident that they are not inheriting bad data or a potential time bomb.
- Increased Confidence for Reviewers: Majors, retail investors, and private equity can validate data quickly and confidently, standardizing and speeding up project evaluations.
- Framework for Smaller Companies: Smaller companies gain a framework for good data management, solving pain points, and improving validation and efficiency.
By solving these pain points, we can achieve better validation and efficiency across the industry. Let’s start the conversation. We have the technology, the industry is struggling to connect with investors—let’s solve these problems, be more efficient, and grow our industry!