Mineral and Financial Investments Limited (LON:MAFL) has detailed its latest investment of US$100,000 in the seed-round for Ideon Technologies which is described as “a world pioneer in cosmic-ray muon tomography”.
Ideon, a spin-off Canada's national particle accelerator laboratory, is focused on applying its x-ray-like technology to mineral exploration and resource development ventures.
M&FL noted that the technology is capable of providing visibility of up to 1 kilometre beneath the earth’s surface and may potentially exploration and resource development.
The plan is for Ideon to develop ‘down-hole’ tools for commercial release to natural resource companies in 2021.
London-listed M&FL invested US$100,000 in the C$1.3mln private funding round.
“Mineral and Financial Investments is excited to be backing the team at Ideon, which is enthusiastically advancing their proprietary technology into what we believe could revolutionise mineral exploration and development - by reducing drilling costs and risks, saving time, and minimizing the environmental impact from drilling and geophysical surveys," Jacques Vaillancourt, M&FI executive chairman said in a statement.
