08:24 AM EDT, 03/14/2024 (MT Newswires) -- Ivanhoe Electric ( IE ) (IE.TO, IE) on Thursday said it will use proprietary software applications developed by its Computational Geosciences unit to speed interpretation of geophysical surveys from its Tintic Copper-Gold-Silver Project in Utah.

The company said the applications will speedily identify exploration drilling locations using data from Ivanhoe's Typhoon three-dimensional geophysical models. The technology is also being used at the company's joint venture with Saudi mining firm Ma'aden and at other of the company's US exploration projects.

"We believe Computational Geosciences has the mining industry's most powerful machine learning software application available. CGI's proprietary algorithms are capable of analyzing the massive amounts of data generated by our ground-based Typhoon geophysical surveying system. We are excited to apply the same cutting-edge version of CGI's software at Tintic that we are currently using in Saudi Arabia and at our other more recent American exploration projects," chief executive Taylor Melvin said in a release.

Ivanhoe Electric ( IE ) shares closed up C$0.34 to C$12.14 Wednesday on the Toronto Stock Exchange,