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Chrysalix RoboValley fund invests in Novamera Inc.

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Global Mining Review,

Chrysalix Venture Capital, a global venture capital fund with a long history commercialising step-change innovation for resource intensive industries, has announced an investment in Novamera Inc., developers of an innovative technology and processes, to mine ore from narrow vein deposits that are considered uneconomic when applying traditional extraction methods.

“Chrysalix is making mining innovation, with resource productivity and intelligent systems, a major theme of our new fund. Working with our strategic investors and high potential startups, we want to solve big problems and accelerate new step-change solutions into the mainstream market,” said Dr. Charles Haythornthwaite, Senior Partner at Chrysalix Venture Capital. “Novamera has exciting prospects to help enable the mining industry to access new categories of high-grade narrow-vein deposits. Mining’s future is not necessarily continuing down the path of large CAPEX projects and low-grade ore bodies. We think there can be an analogue to unconventional oil and gas for mining with a different risk and capital profile.”

With its commitment to making mining safer, sustainable and more profitable, Novamera is a direct fit with Chrysalix’s investment thesis to connect market-driven problems to breakthrough solutions. By combining two pre-existing technologies in a novel way, directional drilling and ground penetrating radar and adding patent pending innovations, Sustainable Mining by Drilling’s (SMD) unique system creates new ways of mining with surgical precision. This enables a smaller environmental footprint and consumes less energy compared to conventional selective mining methods; it is highly cost effective given the system’s limited development costs and modularity and it has the ability to target ore only, not having to dispose of waste rock.

Dustin Angelo, President and CEO of Novamera, stated: “We are pleased to partner with Chrysalix as we develop our innovative technology, which will have a significant impact on the mining industry. When we were looking for capital for our business, we sought a firm that could offer more than just financial resources. We found that in Chrysalix, who has been very supportive and has provided thoughtful guidance as we begin to navigate the typical challenges of early stage technology companies. We look forward to building Novamera together and making SMD a global success.”

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