Ivanhoe Electric Provides Update on Drilling Programs Underway at its U.S. Electric Metals Exploration Projects Drill Rigs Currently Active at the Santa Cruz, Tintic, Hog Heaven and Lincoln Projects Typhoon™ Technology Deployed at the White Hill Project
1
August 1, 2023
Ivanhoe Electric Provides Update on Drilling Programs Underway at
its U.S. Electric Metals Exploration Projects
Drill Rigs Currently Active at the Santa Cruz, Tintic, Hog Heaven and
Lincoln Projects
Typhoon™ Technology Deployed at the White Hill Project
PHOENIX, ARIZONA – 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 current exploration activities at the Company’s U.S.
electric metals exploration projects.
Ivanhoe Electric’s experienced exploration teams are operating eight diamond drill rigs
at its projects:
• Two drill rigs are exploring the Tintic Copper-Gold-Silver Project, located 60 miles
south of Salt Lake City, Utah.
• Two drill rigs are exploring the Hog Heaven Copper-Gold-Silver Project, located
50 miles southwest of Kalispell, Montana.
• One drill rig is exploring the Lincoln Copper-Gold-Silver Project, located in
southern Utah.
• Three drill rigs are actively supporting technical work at the Santa Cruz Copper
Project, located west of Casa Grande, Arizona.
In addition to exploration drilling, Ivanhoe Electric recently completed a three-
dimensional induced polarization geophysical survey, using our proprietary Typhoon™
technology, over 25 square kilometers at the White Hill Copper Project in western
Nevada.
Mr. Friedland commented: “The amount of exploration activity underway at our US
projects is impressive. Our team of talented and experienced geologists and
geophysics specialists have been hard at work this summer and will remain so well into
the fall. We look forward to providing additional updates on our progress as we advance
our important exploration activities in the United States.”
2
Mr. Melvin commented: “It is exciting to see our experienced exploration teams
simultaneously advancing multiple projects in the United States. We are combining the
talents of our teams with our proprietary TyphoonTM geophysical surveying technology
to search for the next generation of electric metals supply. In addition to work on our
robust exploration portfolio, we are finalizing the Initial Assessment for our Santa Cruz
Copper Project in Arizona. We continue to expect that study to be complete by the end
of Q3 2023.”
Exploration Programs Underway at Multiple U.S. Electric Metals Projects
3
Santa Cruz Drill Core Being Inspected by Arron Jergensen, Exploration Manager
– Santa Cruz (foreground left), Nansen Olson, Ph.D., Senior Geologist
(foreground right) and other members of the Geology Team (July 2023)
Ongoing Exploration Drilling at Tintic in Utah Tests the Typhoon-Identified
Geophysical Anomalies
At Tintic, our exploration program is focused on identifying porphyry, skarn and
carbonate replacement-type mineralization, potentially containing copper, gold, silver
and other critical metals.
Ivanhoe Electric’s exploration efforts have been guided by the three large-scale
geophysical anomalies identified by our 72 square kilometer three-dimensional induced
polarization survey completed using Typhoon™.
The current drill program is testing new areas of the historic Main Tintic Mining District
that have yet to be explored by modern exploration techniques and will look for the
potential porphyry copper-gold systems that may have been the source (or sources) to
the significant past-producing silver-gold-copper-lead-zinc mines.
4
The drill program at Tintic is being conducted on Ivanhoe Electric’s private patented
mining claims, located near the towns of Eureka and Mammoth, Utah, and 40 miles
south of Rio Tinto’s Bingham Canyon Porphyry Copper-Gold Mine.
Exploration Diamond Drill Site at the Tintic Copper-Gold-Silver Project, Utah
(July 2023)
Exploration Drill Program at Hog Heaven in Montana Designed to Test for
High-Grade Extensions of Historic Mines and the Potential Porphyry
Source
The historic Flathead Mine, located within the Hog Heaven Project area, previously
produced high-grade silver with associated lead, zinc, copper and gold. Mineralization
is believed to continue below previous mine workings, remaining open to depth.
5
Ivanhoe Electric’s current drilling campaign is designed to search for potential porphyry
copper mineralization located at depth, which may represent the heat and fluid source
to previously mined mineralization; and for additional silver, gold and copper-rich high
sulfidation epithermal mineralization, which was the focus of previous mining activities
by Anaconda Copper Mining Company who direct shipped high-grade silver ore to their
Butte smelter.
The Hog Heaven Copper-Gold-Silver Project is operated through a joint venture, where
Ivanhoe Electric may earn up to a 75% ownership of the Project by completing a
combination of cash payments and work expenditures. Hog Heaven is located on
private land approximately 50 miles south-southwest of Kalispell, Montana.
Exploration Diamond Drilling Underway at the Hog Heaven Copper-Gold-Silver
Project, Montana (July 2023)
Exploration Drill Program at Lincoln in Utah Designed to Test Typhoon-
Identified Geophysical Anomalies
The Lincoln Project area encompasses numerous historic small underground workings
with little record of past production. It is thought to be the oldest mining district in Utah.
6
Prior to Ivanhoe Electric’s involvement, almost no modern exploration occurred on the
project.
Following the completion of a Typhoon™ survey in the Fall of 2022 and the inversion of
the data into a three-dimensional model by our subsidiary Computational Sciences Inc.,
Ivanhoe Electric has commenced drilling on the large-scale geophysical features
including chargeability, resistivity, magnetic and density anomalies identified below the
historic mine workings, which could represent skarn and/or porphyry-style
mineralization.
The drill program at Lincoln is being conducted on a combination of private patented
mining claims and unpatented mining claims, located near Minersville, Utah, and 160
miles south of Rio Tinto’s Bingham Canyon Porphyry Copper-Gold Mine.
Drillers Processing Diamond Drill Core at Lincoln Copper-Gold-Silver Project,
Utah (July 2023)
7
Typhoon™ Survey Completed at White Hill in Nevada
Ivanhoe Electric has recognized the potential for buried porphyry, skarn and carbonate-
replacement mineralization at the White Hill Project and potential extensions to areas of
known copper-skarn mineralization. The recently completed 25 square kilometer three-
dimensional induced polarization Typhoon™ survey will help to identify any
geophysical anomalies potentially related to sulfide-bearing skarns, carbonate
replacement deposits and/or porphyry copper systems, located at depth and will be
used to help pinpoint future exploration drilling.
Ivanhoe Electric operates the White Hill Copper Project through an earn-in and joint
venture agreement, where Ivanhoe Electric has the right to earn up to an 80% interest
through a combination of payments and work expenditures. The White Hill Project is
located approximately 20 miles east of Hawthorne and 100 miles southeast of Reno,
Nevada.
Ivanhoe Electric’s Proprietary and Powerful Typhoon™ Geophysical Survey
System in Action at the White Hill Project, Nevada (July 2023)
8
Infill Drilling at Santa Cruz to Support Technical Studies
Current infill drilling activity at Santa Cruz is focused on increasing the geological
confidence of identified mineralization in the three known deposits: Santa Cruz, East
Ridge and Texaco. In addition, the drilling is also testing the hydrogeological
characteristics of the host rocks to help determine the quantity and movement of water
within the subsurface. This activity is essential as Ivanhoe Electric furthers its technical
studies of the Santa Cruz Project and works to complete the Initial Assessment by the
end of Q3 2023.
Qualified Persons
Disclosures of a scientific or technical nature included in this news release with regard
to the Tintic, Hog Heaven, Lincoln and White Hill Projects, including the sampling,
analytical and technical data underlying the information, have been reviewed, verified
and approved by Charlie N. Forster, P.Geo. and Shawn Vandekerkhove, P.Geo, each of
whom is Qualified Persons as defined by Regulation S-K, Subpart 1300 promulgated by
the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-
101. Both Mr. Forster and Mr. Vandekerkhove are employees of Ivanhoe Electric.
Disclosures of a scientific or technical nature included in this news release with regard
to the Santa Cruz Project, including the sampling, analytical and technical data
underlying the information, have been reviewed, verified, and approved by Glen Kuntz,
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. Kuntz is an employee of Ivanhoe Electric.
Ivanhoe Electric has had prepared an independent technical report summary for the
Santa Cruz Project prepared under SEC Regulation S-K, Subpart 1300 and an
independent technical report prepared under Canadian National Instrument 43-101. The
reports are available on the company’s website, on EDGAR and on the company’s
SEDAR profile:
• “Mineral Resource Estimate Update and S-K 1300 Technical Report Summary for
the Santa Cruz, Texaco, and East Ridge Deposits, Arizona, USA,” authored by
Nordmin Engineering Ltd. (“Nordmin”) and Met Engineering LLC (“Met
Engineering”). Current to December 31, 2022 and dated February 14, 2023.
• “Mineral Resource Estimate Update and NI 43-101 Technical Report for The Santa
Cruz, Texaco, and East Ridge Deposits, Arizona, USA,” prepared by Nordmin and
Met Engineering with an effective date of December 31, 2022 and an issue date of
March 14, 2023.
The technical report summary and technical report include relevant information
regarding the assumptions, parameters and methods of the mineral resource estimates
on the Santa Cruz Project, as well as information regarding data verification, exploration