Adrok, the Scottish developers of a deep subsurface scanner used in the exploration of minerals and oil and gas, has further boosted its board with the appointment of a mining finance expert. Investment analyst Willie McLucas, a well-known fundraiser in the global junior mining sector, has joined Adrok as a non-executive director and will advise on global mining opportunities. Last month, Adrok also appointed oil and gas entrepreneur Alan Faichney as a non-executive director.
Willie’s investments career includes a number of significant investor positions with companies listed on the London Stock Exchange, AIM, The Australian and Toronto Stock exchanges. He founded Thistle Mining Inc. where the company’s successes included the refinancing of Philippine Gold plc, which was taken over in March 2013 for over $1 billion.
More recently, Willie has been on the board of several junior mining companies initiating a variety of deals and working to secure new funding and refinancing packages.
Adrok are the developers of an innovative technology which offers a faster, cheaper and greener alternative to traditional seismic exploration methods. The Atomic Dielectric Resonance (ADR) Scanner uses radio waves and microwaves to locate, identify and map subsurface natural resources including metallic ore deposits and industrial minerals. Unlike other 3D seismic technologies, ADR uses spectroscopy to measure the wavelengths and identify minerals and rock types in the subsurface. The company has worked on projects in the UK, Canada, the US, Australia and the Middle East for a number of clients including BG Group and Teck.
On his role at Adrok, Willie said: “Innovation is the future of the mining industry and I see huge potential in Adrok’s technology and the benefits it can bring to mineral exploration, especially the more environmentally challenging projects. I am looking forward to working with the Adrok board and building on the company’s recent successes.”
Gordon Stove, Chief Executive of Adrok, said: “Willie is an extremely well connected and insightful businessman and his excellent analytical skills will be invaluable to us in continuing our global growth strategy. It’s an exciting time for the company with the appointments of Willie and Alan to the board and we are feeling very positive for what the rest of the year and 2014 will bring for Adrok and the exploration industry.”