The company has now wrapped up its 2023 drill program at the Yellowknife project which comprised 34,238 metres.

The discovery named Kitoko was made on Ivanhoe's recently acquired joint venture licences in the Western Foreland.

Samples assayed up to 38.2% copper in an underexplored area, are fast becoming the focus of an aggressive exploration program planned for 2024.

The project was first explored by INCO, the world's largest nickel producer of the 20th century, acquired by Vale in the 1990s.

The project was acquired from Argonaut Gold for $30 million earlier in the year.

Proven and probable reserves now stand at 3.5 million tonnes grading 11.63 g/t gold.

Proceeds will be used to support the exploration and development of its Saskatchewan-based mineral projects.

Metallurgical tests at Corani will be completed in Q1 2024, after which the miner will resume financing discussions.