Mr. Robert Friedland reports
IVANHOE ELECTRIC AND MA'ADEN JOINT VENTURE COMMENCES DRILLING ACTIVITIES IN SAUDI ARABIA
Ivanhoe Electric Inc. has begun drilling in Saudi Arabia through the joint venture established between Ivanhoe Electric and Saudi Arabian mining company Ma'aden.
Ivanhoe Electric's founder and executive chairman, Robert Friedland, commented: "Today's announcement marks an important milestone for our exploration joint venture with Ma'aden in the Kingdom of Saudi Arabia. We are drilling our first Typhoon-identified anomaly in the Al Amar belt less than 10 months from when our first machine arrived in Saudi Arabia. We are thankful for the support of our partners at Ma'aden to achieve such rapid progress in our initial survey. We look forward to reporting on our results and accelerating our exploration efforts as we work together to unlock the mineral potential in Saudi Arabia."
Ivanhoe Electric's president and chief executive officer, Taylor Melvin, commented: "Drilling at Umm Ad Dabah is the culmination of a strong collective effort by our joint venture team and an important step in our exploration process. We have been able to survey large areas quickly at Al Amar to identify areas for drill testing. With the arrival of the joint venture's third new-generation Typhoon machine in September, we will be expanding and accelerating our exploration efforts."
The initial Typhoon survey near Ma'aden's Al Amar gold-copper-zinc mine covered 155 square kilometres and identified two chargeability anomalies for drill testing.
The initial Typhoon survey, which began in November, 2023, identified two chargeability anomalies: Umm Ad Dabah and area B. Current drilling is focused on Umm Ad Dabah. A second rig is scheduled to begin drilling at area B later in August.
At Umm Ad Dabah, Typhoon and Computational Geosciences Inc.'s software have imaged a chargeability anomaly that begins approximately 200 metres below the surface and extends to a depth of more than 1,000 metres.
The initial drill program includes eight holes intended to test the anomaly over the next two months. The first drill hole is planned for a depth of approximately 250 metres to test the top of the anomaly, with subsequent drill holes planned to test progressively deeper sections.
Joint venture exploration activities to expand into Bir Umq, Wadi Bidah and platform licence applications over the remainder of 2024 and into 2025
The joint venture has over 48,500 square kilometres of exploration licences and applications in Saudi Arabia. These areas are in the Al Amar belt, the Wadi Bidah and Bir Umq belts, and an area known as the carbonate platform on the eastern boundary of the Arabian Shield.
The next survey will start at the Gehab prospect in the Wadi Bidah belt, which is located between 220 and 270 kilometres southeast of Jeddah. Geological mapping and sampling work has been undertaken to provide geological and geochemical data ahead of the Typhoon survey.
Qualified persons
Disclosures of a scientific or technical nature included in this news release have been reviewed, verified and approved by Charles N. Forster, PGeo, and Mark Gibson, PGeo, who are qualified persons as defined by Regulation S-K, Subpart 1300, promulgated by the United States Securities and Exchange Commission, and by National Instrument 43-101. Mr. Forster is a senior adviser to Ivanhoe Electric, and Mr. Gibson is chief geophysics officer of Ivanhoe Electric.
About Ivanhoe Electric Inc.
Ivanhoe Electric is a United States company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. The company uses its accurate and powerful Typhoon geophysical surveying system, together with advanced data analytics provided by its subsidiary, Computational Geosciences, to accelerate and derisk the mineral exploration process as it seeks to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. Ivanhoe Electric believes the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. The company's mineral exploration efforts focus on copper as well as other metals, including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of its portfolio of electric metals exploration projects, headlined by the Santa Cruz copper project in Arizona and the Tintic copper-gold project in Utah, as well as other exploration projects in the United States, Ivanhoe Electric intends to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. The company also operate a 50/50 joint venture with Saudi Arabian mining company Ma'aden to explore for minerals on approximately 48,500 square kilometres of the underexplored Arabian Shield in the Kingdom of Saudi Arabia.
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