and Globally First Drill Hole at Typhoon™ Far Southwest Anomaly Confirms
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November 29, 2022
Ivanhoe Electric Reports Clear Demonstration of the Disruptive
Power of Typhoon™ and Computational Geoscience Software
to Find Hidden Porphyry Copper in the United States and
Globally
First Drill Hole at Typhoon™ Far Southwest Anomaly Confirms
Discovery of Copper at 1,059 Meters Depth
East Ridge Discovery Continues to Grow with Step-Out Drilling
NEW YORK, New York – Ivanhoe Electric (NYSE American: IE; TSX: IE) Executive
Chairman Robert Friedland and President and Chief Executive Officer Taylor
Melvin are pleased to provide an update on drilling operations and the remarkable
discovery of copper mineralization at the Typhoon™ “Far Southwest” Anomaly,
at the Santa Cruz Copper Project west of Casa Grande, Arizona.
Mr. 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 November 8th 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.”
Mr. 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.”
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Deep copper mineralization at Far Southwest Anomaly identified by
Typhoon™ and confirmed by exploration drilling
Exploration drill hole SCC-098 was collared approximately 1,000 meters (0.62
miles) southwest of the nearest drill hole in the Santa Cruz resource area. After
over 1,000 meters (3,300 feet) of basin-fill gravel cover, which obscures the
underlying geology to conventional geophysical techniques, our 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. We expect this zone will represent
relatively low-grade “primary-style” sulfide mineralization and believe it should
be viewed as strong evidence in support of delineating another faulted-off portion
of the Santa Cruz mineral system. Based on our geological team’s understanding
of the faults and structural relationships in the Santa Cruz district, we interpret
the potential for leachable copper oxides, enriched copper sulfides and primary
sulfides to exist within this fault block at somewhat shallower depths. We believe
this mineralization potential to be located several hundred meters to the
northeast of drill hole SCC-098. This relationship of primary sulfides 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.
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Core sample from drill hole SCC-098 at the Far Southwest Typhoon™
Anomaly at 1,058.9 meters depth, showing Oracle Granite with brassy-
yellow chalcopyrite (a copper sulfide mineral that is approximately 33%
copper by weight and duller metallic pyrite, iron sulfide mineral) within and
along a white quartz vein.
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360-degree photogrammetry video of drill core from drill hole SCC-098 at
1,058.88 meters depth, showing Oracle Granite with brassy-yellow
chalcopyrite (a copper sulfide mineral that is approximately 33% copper by
weight) and duller metallic pyrite (iron sulfide mineral) mineralization within
and along a white quartz vein.
Click on the image below for the high-resolution video.
Step-out 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 November 8th). Ivanhoe Electric
has discovered additional oxide copper mineralization in drill hole SCC-109,
located approximately 400 meters to the east-southeast of SCC-105, and
approximately 125 meters east of mineralized holes previously drilled by
ASARCO of Tucson, Arizona. SCC-109 intersected copper mineralization
dominantly as atacamite in fractures beginning at a downhole depth of
approximately 657 meters and continuing for over 47 meters. 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%
copper by weight. Chrysocolla is a bright blue, leachable copper oxide mineral
which is approximately 30% copper by weight. These leachable minerals are
amenable to a solvent extraction/electrowinning (“SX/EW”) process allowing for
direct copper cathode production.
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Core sample from East Ridge drill hole SCC-109 at 701.1 meters depth
showing Oracle Granite with deep green atacamite mineralization along
fractures.
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Santa Cruz Project map with drill hole locations, exploration areas and
section location.
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Zoomed in map showing the Santa Cruz, East Ridge and Far Southwest
with drill hole locations and relative distances.
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Section image showing the intersection of copper mineralization within drill
hole SCC-098 at a depth of 1,059 meters below surface, under more than
1,000 meters (3,300 feet) of basin-fill gravel cover. Typhoon anomaly
depths and locations at the Far Southwest Anomaly plot above and
adjacent to sulfide bedrock chargeable zones, this is interpreted to be due
to cultural interference from a gas pipeline.