Ivanhoe Electric Reports Recent Drill Results from its Initial Exploration Program at the Hog Heaven Project in Montana Exploration Drill Hole HHD-007 Intersects 348 Meters Containing 0.43 g/t Gold, 40.48 g/t Silver, 0.22% Lead, and 0.12% Zinc, from 141
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February 5, 2024
Ivanhoe Electric Reports Recent Drill Results from its Initial
Exploration Program at the Hog Heaven Project in Montana
Exploration Drill Hole HHD-007 Intersects 348 Meters Containing
0.43 g/t Gold, 40.48 g/t Silver, 0.22% Lead, and 0.12% Zinc, from 141
to 489 Meters
High-Grade Vein Within HHD-007 Returns One Meter Containing
2,180 g/t Silver, 5.16 g/t Gold, 6.00% Lead, 6.14% Zinc and 0.63%
Copper from 147.8 to 148.8 Meters
Results of Ongoing Exploration Drilling Provide Further Evidence
for the Existence of a Porphyry Deposit
Hog Heaven Drill Program has Completed 10,905 Meters in 12 Drill
Holes Since June 2023
PHOENIX, ARIZONA – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE;
TSX: IE) Executive Chairman, Robert Friedland and President and Chief Executive
Officer, Taylor Melvin are pleased to report recent drill results from the ongoing
exploration program at the Hog Heaven Project located on private land approximately
50 miles southwest of Kalispell, Montana.
Mr. Melvin commented: “We are encouraged by the recent drill results at our Hog
Heaven Project in Montana. Our team continues to find widespread mineralization,
which appears to remain open in several directions. We believe the data obtained from
recent drilling provides evidence of a nearby porphyry source. Additionally, we recently
completed a TyphoonTM geophysical survey over parts of the district. The results of the
survey, which we will receive in late February, will assist our team in targeting future
exploration efforts.”
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Hog Heaven exploration drilling continues to intersect broad zones of
precious and base metal mineralization
The Hog Heaven district consists of several high-sulfidation epithermal mineral
deposits and prospects, as well as several historical mines, including the Flathead
Mine.
The ongoing drill program, which began in June 2023, is designed to search for
additional silver, gold, and copper-rich high-sulfidation epithermal mineralization, which
was the focus of historical mining activities. Our program is also intended to search for
porphyry copper mineralization at depth.
Ivanhoe Electric’s current exploration drill program at Hog Heaven, as first reported in
our October 2023 news release, has now completed twelve drill holes totaling 10,905
meters. Exploration drilling has stepped out to the west and southwest, where
mineralization remains open. One diamond drill rig is currently on site and will operate
through the winter as weather permits. Assays have been received for nine holes, with
assays pending for three holes in addition to HHD-013, which is currently being drilled.
In November 2023, we conducted a TyphoonTM geophysical survey covering
approximately 10 km2 of land, which was designed to cover the core areas of known
prospectivity. We will receive our TyphoonTM survey results in February.
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Figure 1. Hog Heaven plan map showing Ivanhoe Electric drill hole locations,
historical mine workings, and historical drilling.
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Drilling results to date expand high-sulfidation mineralization and provide
evidence to support the existence of a porphyry deposit
Ivanhoe Electric’s drilling around the Flathead Mine has intersected precious and base
metal-bearing high-sulfidation epithermal mineralization over broad zones, generally as
intersected in HHD-005, through to HHD-009 (see assay results in Table 1). These
results are punctuated by narrow veins and massive sulfides, often with exceptional
silver and gold grades, including in hole HHD-007, which returned a one-meter vein
containing 2,180 g/t silver and 5.16 g/t gold. High-sulfidation mineralization is generally
strongest along the permeable margin of a diatreme pipe that cuts the belt supergroup
sediments but is also influenced by latite porphyry intrusions.
Our drilling efforts continue to intersect the geological features commonly associated
with porphyry deposits. In addition to observations previously reported in drill holes
HHD-003 and HHD-004 (see October 2023 news release), recent drill hole HHD-010
(assays pending), completed in early December 2023, intersected an intrusive with
numerous fragments of various compositions containing porphyry vein stockwork. At
shallower levels, the intrusion itself is altered and mineralized by the high-sulfidation
assemblage as seen at the Flathead Mine, but at depth the alteration gives way to higher
temperature white micas, providing an important vector towards higher temperature,
potentially copper-rich mineralization below or laterally.
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Below are examples of fragments of stockwork quartz veining cutting a variety of
rock types, which have been entrained in a high-temperature white mica-altered
late intrusion in drill hole HHD-010.
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Figure 2. Thick slice cross section showing mineralization, geology, historical
drilling, historical workings, and Ivanhoe Electric drill hole locations.
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Figure 3. Drill section through HHD-006 showing downhole assay results for key
metals, historical workings, drilling, and geology. HHD-006 was drilled
approximately perpendicular to the margin of the diatreme pipe, which is a key
control on mineralization.
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Figure 4. Drill section through HHD-007 showing downhole assay results for key
metals, historical workings, drilling, and geology. HHD-007 was drilled from the
same pad as HHD-005, but along a more westerly orientation, to test whether
HHD-005 narrowly missed a feeder zone.