The company cut 13.05% copper over 22.25 metres from 219 metres downhole at a 2% copper cut off grade in a deposit that begins 190 metres below surface. At a 5% copper cut off grade, the intersection cut 15.92% copper over 17 metres and at a 1% copper cut off grade it cut 10.29% copper over 29 metres.
Ivanhoe drilled that hole 18 km north of the Kamoa-Kakula’s planned initial mine at its Kakula deposit.
The hole was one of 22 holes the company recently drilled at Kamoa North. Other highlights include: 5.87% copper over 7 metres from 234 metres downhole and 6.17% copper over 3.47 metres from 217 metres downhole.
The company is currently drilling close-spaced holes at the new discovery to better understand its controls and orientation. Ivanhoe is also nearly finished a pre-feasibility study for its 6 million tonne per year Kakula copper mine as well as an updated resource estimate for the project.
The combined Kamoa-Kakula copper project contains 1.34 billion indicated tonnes grading 2.72% copper for 80.7 billion lb. copper as well as 315 million inferred tonnes at 1.87% copper for 13 billion lb. copper.
Shares of Ivanhoe (TSX: IVN; US-OTC: IVPAF) are currently trading at $2.50 with a 52-week range of $2 to $4.05. The company has a $2.5 billion market capitalization.
(This story first appeared at The Northern Miner.)
Comments
Ganapathy Ramachandran
Is it feasible for mining point of view. Mining below 200 meters depth from surface requires lot of Geo technical information.