US-based Double Crown Resources has signed a new contract for exclusive use of new gold detection and evaluation technology.

The technology improves upon methods that were used earlier to locate, identify and assess key geologic assets including gold, as well as precious metals.

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The company plans to use this technology in exploration functions at sites in its Latin American mining resource network, in addition to its wholly owned Bateman gold and precious metals property located in Canada.

"It is clear we must do everything in our power to improve the speed and efficiency of deliveries from our sources."

Under the contract, Double Crown can use the technology for two years.

Double Crown Resources chairman and CEO Jerold Drew said: "With the increasing demands for gold and precious metals in the world markets today, it is clear we must do everything in our power to improve the speed and efficiency of deliveries from our sources.

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"The new detection technology that we have just secured will put Double Crown in a unique position to fulfill our customers’ needs as no other supply company can."

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The technology combines gravity waves and resistivity in order to identify various precious commodity fields. It also detects distance, depth and density.

Double Crown said that the new licensing agreement will hasten the process of gold and precious metals mining for its supply contracts.

The company also plans to use a new method of processing gold tailings in an eco-efficient way.

Recently, the company signed a letter of intent to acquire controlling interest in a Latin American precious metals resource property.