Ivanhoe Mines (TSX: IVN) (OTCQX: IVPAF) Founder and Executive Co-Chair Robert Friedland and President Marna Cloete are excited to announce today that the company has made a significant high-grade copper discovery on recently acquired joint venture licences in the Western Foreland, west of the Kamoa-Kakula Copper Complex in the Democratic Republic of Congo (DRC). Ivanhoe Mines’ geological team have aptly named the discovery KITOKO, which means “beautiful” or “gift” in several local languages in the DRC.
The Kitoko discovery confirms the presence of a significant high-grade copper mineralizing system between 1,000 meters and 1,140 metres below the surface. Kitoko fine-grained copper mineralization is hosted in near flat-lying siltstone of the lower Grand Conglomerate, like that observed at the tier-one Kamoa, Kakula, Makoko and Kiala deposits. Also, like these deposits, the Kitoko mineralization is bottom-loaded with the highest copper grades occurring at the base of the mineralized zone. As mineralization occurs at the Kakula orebody, the lower section of the mineralized zone features occurrences of high-grade chalcocite and bornite copper sulphide minerals, with chalcopyrite copper sulphide mineralization more prevalent towards the top (see Figure 3). The currently defined mineralized zone is trending southwest over 1.9 kilometres of strike, with a dip extent of between 600 meters and mineralization remains open in all directions (See Figure 4).
The Kitoko discovery is approximately 25 kilometres west of the ultra-high-grade Kakula Mine, and five kilometres south and southeast of the Makoko deposit and is located inside a package of newly acquired joint venture licences in the Western Foreland. The new package of licences increases Ivanhoe’s highly prospective Western Foreland land position by 10% to 2,654 square kilometres.
Under the terms of the joint venture that covers the 247 square kilometres of newly acquired licences, Ivanhoe has an initial interest of 10% with an earn-in right to increase its ownership by funding ongoing exploration activities. Ivanhoe expects to make further exploration spending commitments in 2024, to increase Ivanhoe’s interest to 60%.
Selected drill holes at the Kitoko Copper Discovery include:
- DD003 (the Kitoko discovery hole) intersected 3.37 metres (true width) of 3.54% copper, at a 1.0% copper cut-off, from a downhole depth of 1,077 metres.
- DD004 intersected 6.43 metres (true width) of 4.92% copper, at a 1.0% copper cut-off, from a downhole depth of 1,071 metres.
- DD006 intersected 4.18 metres (true width) of 3.60% copper, at a 1.0% copper cut-off, from a downhole depth of 1,065 metres.
- DD007 intersected 6.79 metres (true width) of 3.35% copper at a 1.0% copper cut-off, from a downhole depth of 1,089 metres.
- DD008 intersected two separate high-grade mineralized zones: 3.09 metres (true width) of 3.67% copper from a downhole depth of 1,118 metres, and a higher grade zone of 5.19 metres (true width) of 11.64% copper from a downhole depth of 1,135 metres, at a 1.0% copper cut-off.
Ivanhoe Founder and Executive Co-Chair Robert Friedland commented:
“Ivanhoe’s latest high-grade discovery of Kitoko confirms the effectiveness of our exploration model for identifying tier-one copper mineralization across the Western Foreland. Our proprietary knowledge is the result of over 20 years of in-depth geological research in this previously unexplored terrain.
“This year’s drilling success proves that our geological team has the ability to unearth further major copper discoveries across the Western Foreland. We are fortunate to control such a large exploration land package with tier-one potential, in the identical geological domain as the Kamoa-Kakula Copper Complex, the world’s greenest and fastest-growing major copper mining complex.
“Our geologists are excited to find very high-grade copper very similar to the massive tier-one Kakula orebody, now discovered in the deeper parts of the Western Foreland basin that remains completely unexplored. When combined with the recent Mineral Resources at the nearby Makoko and Kiala deposits, the Kitoko discovery marks a turning point for our strategy in the Western Foreland. We are excited to explore options for near-term, high-grade copper production across our majority-owned licenses.
“Importantly, the Lobito Rail Corridor to the nearest coastal port in Angola runs across this emerging world-class copper district… The railway and port will provide strategic advantages in terms of inbound and outbound transport and lower carbon emissions. In fact, the Lobito Corridor will dramatically improve the economics of the entire DRC mining industry, which is powered primarily by hydroelectricity. The Lobito Corridor will lower mining cut-off grades and increase the amount of economically recoverable copper that our world desperately needs from the Western Foreland… and exploration properties in both Angola and the DRC will become far more attractive due to the very existence of the Lobito Corridor.
“The government of the Democratic Republic of Congo strongly encourages exploration efforts, and Ivanhoe’s team are proud to lead the way. Ivanhoe’s talented and dedicated people possess sophisticated exploration technologies and invaluable intellectual property, together with a global track record of success. We are committed to unlocking the full potential of the DRC’s endowment and we envision world-leading and ultra-green copper production across the Copperbelt for generations to come.”
