01:27:16 EDT Sun 01 Oct 2023
Enter Symbol
or Name

Ivanhoe Electric Inc
Symbol IE
Shares Issued 92,887,918
Close 2022-11-29 C$ 13.99
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Ivanhoe Electric drills 57.5 m of 2.51% Cu at Santa

2022-11-29 09:47 ET - News Release

Mr. Robert Friedland reports


Ivanhoe Electric Inc. has provided an update on drilling operations and has discovered copper mineralization at the Typhoon Far Southwest anomaly at the Santa Cruz copper project west of Casa Grande, Ariz.

Executive chairman Robert Friedland commented: "With the terabits of information gained from our 6,500-acre proprietary Typhoon geophysical survey, we can leverage our exploration dollars by drilling precisely where Typhoon indicates we should. We continue to demonstrate the exceptional reliability of Typhoon data processed by Computational Geosciences Inc. -- first by making the discovery of East Ridge reported on Nov. 8 and now by finding deep intrusive-hosted copper mineralization at the Far Southwest anomaly. We know of no other geophysical technology that directly detects deep chargeable copper mineralization at depths of over 3,000 feet. This American-owned technology is truly revolutionary and should be celebrated as such."

President and chief executive officer Taylor Melvin commented: "This is an exciting time for the team at Ivanhoe Electric. Our repeated exploration drilling successes at the East Ridge discovery and now at the Far Southwest anomaly demonstrate the power of our proprietary Typhoon technology and provide us with excellent opportunities for near-term resource expansion. The recent visual results at East Ridge hole SCC-109 showing oxide copper mineralization further demonstrate the potential for new discovery at the Santa Cruz copper project."

Deep copper mineralization at the Far Southwest anomaly identified by Typhoon and confirmed by exploration drilling

Exploration drill hole SCC-098 was collared approximately 1,000 metres (0.62 mile) southwest of the nearest drill hole in the Santa Cruz resource area. After over 1,000 metres (3,300 feet) of basin-fill gravel cover, which obscures the underlying geology to conventional geophysical techniques, the drill hole crossed a fault and entered primary chalcopyrite and pyrite mineralization within intrusive rocks.

The intersection of these low to moderate concentrations of copper as chalcopyrite and accessory pyrite within a Laramide-age diorite porphyry with potassic alteration is an excellent technical achievement and demonstrates the utility of Typhoon to find new copper. The company expects this zone will represent relatively low-grade primary-style sulphide mineralization and believes it should be viewed as strong evidence in support of delineating another faulted-off portion of the Santa Cruz mineral system. Based on its geological team's understanding of the faults and structural relationships in the Santa Cruz district, the company interprets the potential for leachable copper oxides, enriched copper sulphides and primary sulphides to exist within this fault block at somewhat shallower depths. It believes this mineralization potential to be located several hundred metres to the northeast of drill hole SCC-098. This relationship of primary sulphides to the enriched and leachable copper zones is already well established at both the Santa Cruz deposit and East Ridge and may or may not repeat at the Far Southwest exploration area.

Stepout drilling at East Ridge discovers additional significant oxide copper mineralization

Exploration drilling continues at the East Ridge discovery area, following the recent success of drill hole SCC-105 (reported on Nov. 8). Ivanhoe Electric has discovered additional oxide copper mineralization in drill hole SCC-109, located approximately 400 metres to the east-southeast of SCC-105 and approximately 125 metres east of mineralized holes previously drilled by ASARCO of Tucson, Ariz. SCC-109 intersected copper mineralization dominantly as atacamite in fractures beginning at a downhole depth of approximately 657 metres and continuing for over 47 metres. This area is open for expansion to the north, east and south from SCC-109.

Atacamite is a deep green leachable copper-chloride mineral which is 60 per cent copper by weight. Chrysocolla is a bright blue leachable copper oxide mineral which is approximately 30 per cent copper by weight. These leachable minerals are amenable to a solvent extraction/electrowinning (SX/EW) process allowing for direct copper cathode production.

High-grade assay results continue from Santa Cruz deposit infill drill program

Infill drilling continues to return assay results that both confirm the current resource and further refine the company's geologic understanding of the Santa Cruz deposit. A recent program highlight included the partial return of assays from drill hole SCC-025 which targeted an area of high-grade mineralization located in the southern area of the deposit.

Mining, metallurgical, geotechnical and hydrological trade-off studies are nearly complete and will collectively form the overall framework to support the preliminary economic assessment (PEA) for the Santa Cruz project. The PEA is scheduled for completion during the second quarter of 2023.

Quality assurance/quality control (QA/QC) procedure

Ivanhoe Electric employs a comprehensive quality assurance and quality control protocol across all aspects of the company's data collection, sampling and analytical procedures. Recovered drill core is inspected, logged and thoroughly marked for sampling at two-metre intervals. Sampled drill core is sawn into two lengthwise halves of which one-half of each drill core is maintained for future reference and the other half of each drill core is sent to Skyline Assayers and Laboratories of Tucson, Ariz., United States, or Societe Generale de Surveillance SA (SGS) of Vancouver, B.C., Canada, both of which are ISO 17025 accredited laboratories, to complete all sample preparation and assaying. Samples are analyzed employing total copper, total molybdenum and sequential copper assaying for acid-soluble and cyanide-soluble copper determinations. Laboratory analysis also employs four-acid ICP-MS (inductively coupled plasma mass spectrometry) analysis for silver and lithogeochemical determinations. For quality assurance and quality control purposes, certified standards, blank samples and controlled sample duplicates are inserted into the sample stream at prescribed intervals and conditions to monitor laboratory performance.

Qualified persons

Disclosures of a scientific or technical nature included in this news release, including the sampling, analytical and technical data underlying the information, have been reviewed, verified and approved by Glen Kuntz, PGeo, and Christopher Seligman, MAusIMM CP (Geo), each of whom are qualified persons as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Each of Mr. Kuntz and Mr. Seligman is an employee of Ivanhoe Electric.

Ivanhoe Electric has had prepared an independent technical report summary for the Santa Cruz project prepared under SEC Regulation S-K, Subpart 1300 and an independent technical report prepared under Canadian National Instrument 43-101. The reports are available on the company's website, on EDGAR and on the company's SEDAR profile.

The technical report summary and technical report include relevant information regarding the assumptions, parameters and methods of the mineral resource estimates on the Santa Cruz project, as well as information regarding data verification, exploration procedures and other matters relevant to the scientific and technical disclosure contained in this news release.

About Ivanhoe Electric Inc.

Ivanhoe Electric is an American technology and mineral exploration company that is reinventing mining for the electrification of everything by combining advanced mineral exploration technologies, renewable energy storage solutions and electric metals projects predominantly located in the United States. Ivanhoe Electric uses its Typhoon transmitter, an accurate and powerful geophysical survey system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and derisk the mineral exploration process, as well as to potentially discover deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Through its controlling interest in VRB Energy, Ivanhoe Electric also develops and manufactures advanced grid-scale vanadium redox battery storage systems. Finally, through advancing its portfolio of electric metals projects located primarily in the United States, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as projects in Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to support American supply chain independence by delivering the critical metals necessary for electrification of the economy.

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