Ivanhoe Electric Provides Update on Exploration Drilling Activity at Santa Cruz, Tintic and Hog Heaven Projects Recent Drilling at the Santa Cruz Project in Arizona Confirms Continuity of High-Grade Copper Mineralization within the Verde
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February 22, 2024
Ivanhoe Electric Provides Update on Exploration Drilling Activity at
Santa Cruz, Tintic and Hog Heaven Projects
Recent Drilling at the Santa Cruz Project in Arizona Confirms
Continuity of High-Grade Copper Mineralization within the Verde
Domain
Drilling at Tintic Intersects Widespread Porphyry-Style Sulfide
Mineralization at Sunbeam Exploration Area
Step-Out Drilling at Hog Heaven Extends Mineralization 150 Meters
to the West of Nearest Drilling
Results of TyphoonTM Geophysical Survey at Hog Heaven Guiding
Future Drilling Plans
PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE;
TSX: IE) is pleased to provide a comprehensive update on the ongoing exploration
activities at its projects located in Arizona, Utah, and Montana.
Infill and step-out drilling at the Verde Domain within the Santa Cruz deposit
confirms continuity of the Verde Domain and provides encouragement for
additional similar discoveries
As first reported in our January 8th, 2024 news release, infill and technical drilling at
Santa Cruz has confirmed the presence of high-grade soluble copper within mineralized
Oracle Granite. We refer to this area as the Verde Domain.
Drilling within the Verde Domain includes seven drill holes totaling approximately 324
meters. Additional assays have been received from three drill holes, as noted in Table 1
further below.
The Verde Domain boasts higher copper grades, better rock mass conditions and lower
water flow rates compared to previous modeling of the surrounding sediments. The
improved ground characteristics combined with higher copper grades provide
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significant upside potential in terms of possible mining method, mining rate, and
metallurgical recovery compared to what was modeled for this area in the Santa Cruz
Initial Assessment.
New highlighted assay intercepts at the Verde Domain include:
• Drill hole SCC-150 intersected: 6.43 meters @ 5.99% Total Copper (5.90% Total
Soluble Copper) composed of intense atacamite mineralization (from 632.89
meters depth)
• Drill hole SCC-183 intersected: 19.81 meters @ 2.64% Total Copper (2.66% Total
Soluble Copper) composed of strong to intense atacamite mineralization (from
641 meters depth)
• Drill hole SCC-186 intersected: 59.26 meters @ 2.60% Total Copper (2.67% Total
Soluble Copper) composed of strong to intense atacamite mineralization (from
625 meters depth)
Recent Verde Domain drilling has intersected additional visual mineralization including:
• Drill hole SCC-192: 34 meters (645-679 meters) of strong atacamite mineralization
• Drill hole SCC-196: 68 meters (613-681 meters) of strong atacamite mineralization.
Assays for the holes 192 and 196 are pending.
Previously released intercepts at the Verde Domain include:
• Drill hole SCC-005 intersected: 57.00 meters @ 3.52% Total Copper (2.77% Total
Soluble Copper) composed of strong to intense chrysocolla, atacamite, and
locally chalcocite mineralization (from 636.00 meters depth)
• Drill hole SCC-125 intersected: 56.60 meters @ 3.22% Total Copper (3.16% Total
Soluble Copper) composed of strong to intense atacamite and locally intense
chalcocite mineralization (from 598.00 meters depth)
A total of seven drill holes have intersected the Verde Domain. New assays from
the three recent drill holes combined with previously reported intercepts,
continue to support the high-grade continuity and potential for extension to the
northwest and southeast as shown in Figure 1 below.
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Figure 1. Verde Domain drilling continues to delineate and expand an area of
approximately 200 meters long by 140 meters wide by 50 meters thick, as shown
in the plan view.
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Core from drill hole SCC-186 at 648.44 meters depth from within the Verde
Domain showing extensively strong atacamite mineralization hosted within
Oracle Granite
Table 1. Drill intercepts from the Verde Domain within the Santa Cruz Project not
previously disclosed (Refer to the Santa Cruz Drill Results page on Ivanhoe
Electric’s website for complete details of all reported drill holes.)
DRILL HOLE LOCATION FROM
(M)
TO
(M)
INTERVAL
LENGTH
(M)
TOTAL
COPPER
(%)
TOTAL
SOLUBLE
COPPER
(%)
SCC-150 Santa Cruz 632.89 639.32 6.43 5.99 5.90
SCC-183 Santa Cruz 641 660.81 19.81 2.64 2.66
SCC-186 Santa Cruz 625 684.26 59.26 2.60 2.67
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Current exploration drilling at the Tintic Project, in Utah focuses on the
source of mineralization of historical mines
Eleven diamond drill holes totaling 11,568 meters have been completed since the
commencement of exploration drilling in late 2022. Two rigs were operational
throughout the spring and summer of 2023. We reduced to one rig for the winter
months.
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Figure 2. Tintic Project map showing Ivanhoe Electric drill hole locations,
Typhoon™ chargeability anomalies, key historical mines, mapped fissure veins
and carbonate replacements, shown over a simplified geology map.
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Drilling at Sunbeam intersects porphyry system, drilling continues at
Mammoth
Drilling in the Silver City area has intersected part of a porphyry system associated with
the Sunbeam TyphoonTM chargeability anomaly in drill hole TTD-016 (assays pending).
Abundant sulfide-bearing veins are present from 800 meters to the end of the hole at
1435 meters. While visible copper mineralization appears low, the features seen in this
hole are common on the margins of many large porphyry systems. This is the first hole
to have tested the Sunbeam TyphoonTM anomaly directly, and there is potential to
vector towards more copper-rich portions of this large exploration area with future
drilling in 2024.
This Sunbeam porphyry system is thought to be part of the source of mineralization in
the Silver City area and separate from the source of mineralization at Mammoth and
Grand Central.
Exploration drilling over the winter has moved to test below the Mammoth Mine, where
a vertical copper and gold-rich breccia pipe was mined from the 1870s to the 1930s and
produced significant high-grade ore. The deposit may extend below the water table,
where historical mining stopped, but mineralization is believed to continue, as
described in our September 2022 news release. The goal of our drilling efforts,
beginning with TTD-017, is to intersect this mineralization at depth, and provide support
for a potential porphyry source in the Mammoth area.
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Photo of core from drill hole TTD-016 from the top and the bottom of the
stockwork zone, showing strong sulfide mineralization hosted in sheeted veins,
typically observed near the margins of porphyry copper deposits.