IVN.TO · 2017-01-23 12:00:00

New resource estimate and preliminary economic assessment being fast-tracked to examine expanded Kamoa-Kakula development options

Economic Studies

January 23

New d

by app

Kakul

New r

KOLWEZI,

VPAF) Exe

Johansson

2016-2017

Kakula Co

Congo (DR

The Kakula

potential fo

area. High-

corridor th

ong (see F

The latest

copper min

 DD1093

Kakula’

similar

intersec

beginni

copper

A photo

 DD1080

Resour

off, beg

copper

3, 2017

drill resu

Step-ou

roximat

la and K

resourc

eing fas

DEMOCR

ecutive Ch

n today an

drilling ca

pper Proje

RC).

a Discove

or resourc

-grade, ch

hat current

Figure 2).

drilling re

neralizatio

3, a step-o

’s current

to holes d

cted 11.10

ing at a do

at a 2.5%

cut-off; a

ograph of

0, drilled 1

rces, inters

ginning at

at a 2.5%

cut-off; a

ults sign

at t

ut drillin

tely 1.6

Kamoa b

ce estim

st-tracke

RATIC REP

hairman R

nnounced

ampaign a

ect, near t

ry remains

ce expans

halcocite-r

tly is appr

esults furth

on and the

out hole dr

Inferred R

drilled in th

0 metres (t

ownhole d

copper cu

nd 12.88 m

the miner

.0 kilomet

sected 4.4

a downho

copper cu

nd 10.23 m

nificant

the Kam

ng exten

kilomet

both rem

mate and

ed to ex

develo

PUBLIC OF

obert Frie

assay res

at the Kaku

the mining

s open alo

ion is con

rich coppe

roximately

her reinfor

e relatively

rilled 1.6 k

Resources

he centre

true width

depth of 99

ut-off; 11.9

metres (tru

ralized inte

tre northw

49 metres

ole depth o

ut-off; 4.99

metres (tru

tly expa

moa-Kak

nds leng

tres, or

main op

d prelim

xamine e

opment

F CONGO

edland and

sults from

ula Discov

g centre of

ong a nort

nsidered to

er minerali

y one kilom

rce the exc

y flat-lying

kilometres

s, intersec

of the hig

) of 5.82%

93.0 metre

90 metres

ue width) o

ersection

west of the

(true widt

of 857.6 m

9 metres (

ue width) o

and Kak

kula Pro

gth of K

40%, to

pen for s

minary ec

expand

options

– Ivanhoe

d Chief Exe

another 2

very on th

f Kolwezi i

thwesterly

o remain w

ization has

metre wide

ceptional

g geometry

northwes

ted typica

h-grade K

% copper a

es; 11.10 m

(true widt

of 5.26% c

in hole DD

e boundary

h) of 8.51%

metres; 4.99

true width

of 4.75% c

ula Cop

oject

Kakula D

o at leas

significa

conomi

ed Kam

e Mines (T

ecutive Of

25 holes as

e compan

in the Dem

y-southeas

within the

s been ou

e and at le

continuity

y. Highligh

st of the cu

al Kakula-s

Kakula Dis

t a 3.0% c

metres (tru

th) of 5.57

copper at a

D1093 is s

y of Kakul

% copper

9 metres (

h) of 7.96%

copper at a

pper Dis

Discover

st 5.5 kil

ant exp

c asses

moa-Kak

TSX: IVN; O

fficer Lars

s part of th

ny’s Tier O

mocratic R

sterly strik

Kakula Di

tlined alon

east 5.5 kil

y of high-g

hts include

urrent bou

style mine

covery. Th

copper cut

ue width) o

% copper

a 1.0% cop

hown in F

a’s curren

at a 3.0%

(true width

% copper a

a 1.0% cop

scovery

lometre

pansion

ssment

kula

OTCQX:

s-Eric

he ongoin

One Kamoa

Republic of

ke. Massiv

scovery

ng a

ometres

grade

undary of

eralization

he hole

t-off,

of 5.82%

at a 2.0%

pper cut-o

Figure 10.

nt Inferred

copper cu

h) of 7.96%

at a 2.0%

pper cut-o

off.

ut-

off.

 DD1065, drilled 300 metres northwest of the boundary of Kakula’s current Inferred

Resources, intersected 6.24 metres (true width) of 6.44% copper at a 3.0% copper cut-

off, beginning at a downhole depth of 638.0 metres; 7.24 metres (true width) of 5.96%

copper at a 2.5% copper cut-off; 8.39 metres (true width) of 5.43% copper at a 2.0%

copper cut-off; and 8.39 metres (true width) of 5.43% copper at a 1.0% copper cut-off.

“It is remarkable to drill a step-out hole more than 1.6 kilometres beyond the limits of the

previous mineral resource boundary and intersect almost identical, high-grade,

chalcocite-rich mineralization,” said Mr. Friedland.

"The open-ended nature of the extremely high-grade copper mineralization at the

unfolding Kakula Discovery certainly has caught the attention of the mining industry. The

ongoing results speak for themselves – and leave me speechless.”

In addition to the three step-out drill holes highlighted above that extend the Kakula

Discovery to the northwest, hole DD1079, drilled 400 metres southeast of Kakula’s

current Inferred Resources and beyond a line of poorly mineralized drill holes,

intersected significant Kakula-style chalcocite mineralization within a siltstone unit. The

hole intersected 3.51 metres (true width) of 3.63% copper at a 3.0% copper cut-off,

beginning at a downhole depth of 851.0 metres; 3.51 metres (true width) of 3.63% copper

at a 2.5% copper cut-off; 3.51 metres (true width) of 3.63% copper at a 2.0% copper cut-

off; and 3.51 metres (true width) of 3.63% copper at a 1.0% copper cut-off.

“This hole provides profound encouragement for the potential continuity of Kakula-style

mineralization along strike to the southeast,” said David Edwards, Geology Manager for

the Kamoa-Kakula Project.

In response to the spectacular exploration success, Ivanhoe Mines and Zijin Mining have

accelerated the Kakula exploration program with the mobilization of additional

contracted drill rigs. Nine rigs now are drilling at Kakula, focused in the northwest

resource expansion area, where the aim is to initially infill an area of 2.6 square

kilometres immediately northwest of Kakula’s current Inferred Resource boundary. Infill

drilling of Inferred Resources is ongoing in the central section of Kakula. To the

southeast, step-out drilling is continuing to explore extensions of the Kakula high-grade

zone along trend. The current Kakula drill plan is shown in Figure 2.

Ongoing geological studies leading to new Kamoa-Kakula

exploration targets

In addition to exploring along the Kakula trend, significant overall potential exists both

within the Kakula exploration area and on the Kamoa-Kakula mining licence as a whole.

Approximately 200 square kilometres of the 400-square-kilometre Kamoa-Kakula project

area remain untested.

The Kamoa-Kakula geology team, with the assistance of its technical advisors, is

intensively evaluating the structural and stratigraphic controls on mineralization of the

broader Kamoa-Kakula basin. This project is intended to define and rank priority targets

located in the untested parts of the licence.

nitial work

ested this

o be drill t

showing s

Figure 1.

k has high

s year. Fig

tested in r

ome of the

Kamoa-K

for the Ka

hlighted a

ure 3 high

relation to

e explorat

Kakula Pro

ansoko M

number o

hlights the

the curre

tion target

oject map

Mine and t

f high-prio

e expansiv

ntly define

ts that are

p shows t

the adjac

ority drill t

ve area of t

ed Minera

being inv

the initial

ent Kaku

targets tha

the mining

l Resourc

vestigated

developm

la resour

at are plan

g licence t

ces, as wel

ment area

rces area.

nned to be

that remai

ll as

Fig

ure 2. Plann

showi

ed exploratio

ing current a

on drilling ov

and future ta

ver the Kaku

rget areas an

ula exploratio

nd locations

on area for Q

s of recent si

Q1 2017 and

gnificant int

Q2 to Q4 20

ersections.

gure 3. Kam

at a 2

oa-Kakula m

2% copper c

mining licenc

cut-off, untes

ce showing c

sted areas an

copper grade

nd current ta

e of Indicated

arget areas.

d and Inferre

ed Resources

Fig

ure 4. Drill-h

super

hole location

imposed on

plan for the

1% compos

Kakula disc

site grade-thi

covery area s

ickness cont

shows holes

tours.

completed a

and in progr

ress,

gure 5. Loca

supe

ation Plan sh

erimposed o

howing grade

n 2.0% comp

e and thickn

posite grade

ess of recen

e-thickness c

nt results

contours.

Fig

gure 6. Locat

supe

tion Plan sho

rimposed on

owing grade

n 2.5% comp

e and thickne

posite grade-

ess of recent

-thickness co

t results

ontours.

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