The agreement envisages a phased process training SensOre's Discriminant Predictive Targeting (DPT) technology on commodity specific deposit types and applying the knowledge gained to a pre-determined search space.
SensOre will receive fees for the targeting exercise and potential success-based payments on certain discoveries resulting from the technology.
The two companies had signed a letter of intent in May and had been in talks since then.
"The vast data challenge of cleaning and integrating massive geoscience datasets has in the past been an obstacle to applying big data and machine learning advances to mineral exploration," SensOre CEO Richard Taylor said.
"Through agreements like this, we believe SensOre's DPT technology will be part of a new wave of discovery in mature markets."
BHP is planning a big nickel and copper exploration push in Western Australia and South Australia, respectively.
The company is planning to release more information on its Oak Dam discovery in SA later this year, while it last year secured the 13,000sq.km Seahorse project in the Madura Province, east of the Fraser Range in WA.
SensOre has a 60% stake in Yilgarn Exploration Ventures, with DGO Gold holding the other 40%.
YEV holds more than 600sq.km of ground in WA's Yilgarn Craton as identified by SensOre targeting.
The holdings include the North Darlot JV near Red 5's Darlot operation and the Desdemona North earn-in with Kin Mining.
