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The milestone was reached Friday, when the precious metal’s spot price surpassed $2,500 per troy ounce.
Ivanhoe Electric (NYSE American: IE) (TSX: IE) said on Monday its joint venture in Saudi Arabia has started drill testing the first of two chargeability anomalies identified near the Al Amar gold-copper-zinc mine, which is owned by Ma’aden, the state-owned mining company and Ivanhoe’s 50/50 partner.
In November 2023, the JV kicked off its exploration campaign on 48,500 km2 of land on the Arabian Shield, initially targeting the areas surrounding Al Amar that are considered highly prospective for volcanic massive sulphide (VMS) and epithermal deposit types.
The resulting geophysical survey, utilizing Ivanhoe’s proprietary Typhoon technology, led to the identification of two chargeability anomalies — Umm Ad Dabah and Area B — the first of which is the focus of current drilling. A total of eight holes are planned to test the anomaly over the next two months.
According to the Typhoon survey results, the Umm Ad Dabah begins approximately 200 meters below the surface and extends to a depth of more than 1,000 meters. The first drill hole is planned for a depth of approximately 250 meters to test the top of the anomaly, with subsequent drill holes planned to test progressively deeper sections.
Robert Friedland, Ivanhoe Electric’s founder and executive chairman, said the drilling announcement marks an “important milestone” for its exploration joint venture with Ma’aden.
“We are drilling our first Typhoon-identified anomaly in the Al Amar belt less than ten months from when our first machine arrived in Saudi Arabia,” Friedland said.
Meanwhile, the JV will continue its exploration activities through the end of the year and into 2025, expanding into the Bir Umq and Wadi Bidah belts. The next survey, according to Ivanhoe, will start at the ‘Gehab’ prospect in Wadi Bidah, which is located between 220 and 270 kilometers southeast of Jeddah.
“With the arrival of the joint venture’s third new generation Typhoon machine in September, we will be expanding and accelerating our exploration efforts,” Ivanhoe Electric CEO Taylor Melvin said.
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