Ivanhoe Electric Initiates Diamond Drilling at the Tintic Copper- Gold Project in Mammoth, Utah Tintic has Geological Setting Comparable to the World-Class Bingham Canyon Porphyry Copper-Gold Mine NEW
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November 22, 2022
Ivanhoe Electric Initiates Diamond Drilling at the Tintic Copper-
Gold Project in Mammoth, Utah
Tintic has Geological Setting Comparable to the World-Class
Bingham Canyon Porphyry Copper-Gold Mine
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 announce the commencement of drilling at the Tintic
Copper-Gold Project in Utah.
Mr. Friedland commented: “After more than five years of property acquisition,
digitization of old mine records and meticulous geologic mapping, we are
beginning our exploration drill program as a newly public company at our Tintic
Copper-Gold project in Utah. The Tintic Mining District has a storied, century-and-
-half-long history of high-grade silver, gold and copper production, dating back to
the first discovery in 1869.”
“Our high-powered, proprietary TyphoonTM induced polarization surveying
system and Computational Geoscience Inc. software has delineated multiple
large-scale anomalies comparable in size to the world-class Bingham Canyon
porphyry copper-gold mine. Bingham Canyon has been producing continuously
since 1906 and is commonly considered to be one of the world’s largest
producers of copper and gold. With the help of TyphoonTM, we are looking
forward to better understanding the potential porphyry sources to the historical
high-grade precious and base metals mineralization at Tintic.”
The Tintic District lies on a parallel geological trend, located approximately 40
miles (64 kilometers) south of Rio Tinto’s world-class Bingham Canyon porphyry
copper-gold mine. The District contains intrusions of similar age and composition
to those at Bingham Canyon, and highly favorable carbonate host rocks
containing most of the historic precious and base metals.
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Drone video footage of drilling at the Tintic Copper-Gold Project, located
two miles south of Eureka, Utah and 40 miles south of the Bingham Canyon
Copper-Gold mine
Click on the image below for the high-resolution video.
The very first mining claims in the Tintic District were staked in 1869 at Sunbeam,
with production at the Sunbeam mine beginning shortly thereafter. While mining
began in 1870, much of the early high-grade bonanza production history went
unrecorded. However, starting in 1901, the U.S. Bureau of Mines recorded
production of 1.9 million ounces of gold, 136 million ounces of silver, 105,000
tonnes of copper, 416,000 tonnes of lead and 6,000 tonnes of zinc from over 30
different historic mines situated on Ivanhoe Electric’s property.
Mines including the Centennial Eureka, Mammoth, Bullion Beck, Grand Central,
Gold Chain, Dragon, Rabbit’s Foot, and Lucky Boy produced high-grade copper,
gold, silver, lead and zinc from the surface down to the water table. In the Tintic
District, the water table ranges from depths of 300 feet (91 meters) to 2,600 feet
(792 meters), depending on location. Very little mining occurred below the water
table due to the antiquated pumping technology, though mineralization is known
to continue in many of the historic mines. Ivanhoe Electric’s geologists interpret
the high-grade mineralization in the Tintic District as shallow expressions of one
or more porphyry copper-gold systems at depth.
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Mammoth Mine at 200 feet depth, circa 1908
Source: Mindat.org
The core of Ivanhoe Electric’s land package was assembled by Dr. Spenst
Hansen, PhD., a Utah native and an experienced geologist and mining engineer.
Over a period of several decades, Dr. Hansen acquired numerous properties and
preserved many historic mine maps and reports which were made available to
Ivanhoe Electric. Dr. Hansen’s long-time experience in the Tintic District has
assisted Ivanhoe Electric in consolidating a large acreage of privately-owned
mining claims and mineral leases. Ivanhoe Electric began acquiring property in
2017 and has since concluded more than 20 land deals with multiple vendors to
assemble our current land position totaling 16,000 acres (65km2).
Our 2022 drill program has started in an area with good access during the winter
months, using a track mounted diamond drill rig from Major Drilling America of
Salt Lake City, Utah. After collaring the hole, the drill rig encountered mechanical
issues and is expected to resume drilling operations as soon as possible.
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Initial exploration drilling will investigate the near-surface, historically mined,
high-grade copper, gold and silver mineralization. Drill holes will continue to
depth to test for the evidence of a potential porphyry copper-gold deposit as
guided by multiple geological indications and by our proprietary Typhoon™
dataset. Ivanhoe Electric expects to execute a more extensive drilling campaign
at Tintic during the Spring of 2023.
Chris Mangum and Chris Santos of Major Drilling America of Salt Lake City,
Utah, working onsite at Ivanhoe Electric’s Tintic Copper-Gold Project on
November 16, 2022
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Town of Mammoth, Utah, circa 1920
Photo courtesy of Tintic Historical Society
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Birdseye view of Upper and Lower Mammoth, circa 1898
Photo courtesy of Tintic Historical Society
Workers at Ajax Mine Mammoth, circa early 1900s
Photo courtesy of Tintic Historical Society
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Workers at the Silver City Smelter, west of Silver City, Utah, circa 1920s
Photo courtesy of Tintic Historical Society
Locals joining a parade in Eureka, circa 1910s
Photo courtesy of Tintic Historical Society
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Qualified Persons
Disclosures of a scientific or technical nature included in this news release,
including the sampling, analytical and technical data underlying the information,
have been reviewed, verified, and approved by Charles N. Forster, P.Geo., a
Qualified Person as defined by Regulation S-K, Subpart 1300 promulgated by the
U.S. Securities and Exchange Commission and by Canadian National Instrument
43-101. Mr. Forster is an employee of Ivanhoe Electric.
Ivanhoe Electric has prepared an independent technical report summary for the
Tintic Project prepared under SEC Regulation S-K, Subpart 1300 and an
independent technical report prepared under Canadian Instrument NI 43-101.
These reports are available on the company’s website, on EDGAR and under the
company’s SEDAR profile:
• “SEC Technical Report Summary, Exploration Results Report, Tintic
Project, Utah, U.S.A.” prepared by SRK Consulting U.S., Inc. (“SRK”) with
an effective date of May 5, 2021.
• “NI 43-101 Technical Report: Mineral Project Exploration Information, Tintic
Project, Utah, USA” prepared by SRK with an effective date of May 5, 2021
The technical report summary and technical report include relevant information
regarding data verification, exploration procedures and other matters relevant to
the scientific and technical disclosure contained in this news release.
About Ivanhoe Electric
Ivanhoe Electric is an American technology and mineral exploration company
that is re-inventing mining for the electrification of everything by combining
advanced mineral exploration technologies, renewable energy storage solutions
and electric metals projects predominantly located in the United States. Ivanhoe
Electric uses its Typhoon™ transmitter, an accurate and powerful geophysical
survey system, together with advanced data analytics provided by its subsidiary,
Computational Geosciences, to accelerate and de-risk the mineral exploration
process as well as to potentially discover deposits of critical metals that may
otherwise be undetectable by traditional exploration technologies. Through its
controlling interest in VRB Energy, Ivanhoe Electric also develops and
manufactures advanced grid-scale vanadium redox battery storage systems.
Finally, through advancing its portfolio of electric metals projects located
primarily in the United States, headlined by the Santa Cruz Copper Project in
Arizona and the Tintic Copper-Gold Project in Utah, as well as projects in
Montana, Oregon and North Carolina, Ivanhoe Electric is also well positioned to
support American supply chain independence by delivering the critical metals
necessary for electrification of the economy.