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Friedland's Drill Core Causes Stir

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Ivanhoe Mines (TSE:IVN) reported today that it drilled the highest-grade intersection ever drilled at its Kamoa-Kakula Project, located in the Democratic Republic of Congo, with an estimated grade of 18.0% copper over 18.86 metres, at a 2% cut off.

Ivanhoe Mines is up 3.81% today to $3.81 a share. Robert Friedland, one of the world's most successful global resource developers, is founder and co-chair of Ivanhoe Mining.

Grade results are estimated from Niton (X-ray fluorescence or XRF) analysis, and the company warns that the readings are not the same as laboratory assays, which are prepared in accordance with NI 43-101.

"However, based on more than 1,570 holes drilled to date at the Kamoa-Kakula Project and the high degree of correlation between Niton XRF readings and assay results, the company is confident that these data readings are highly useful in confirming and shaping the next stage of the delineation drilling program," said the company in a news release.

The company said the new hole, DD1571, intersected the Bonanza Zone up dip and approximately 18 metres north of the discovery drill hole DD1450 (13.05% copper over 22.3 metres (true thickness)), also at a 2% copper cut-off grade, that was drilled earlier this year.

Ivanhoe Mining and backer CITIC Metal Co. are spending $1.1 billion to turn the Kamoa-Kakula project into a mine.

First copper concentrate production is estimated by the third quarter of 2021.

A 2019 pre-feasibility study envisages an average annual production rate of 291,000 tonnes of copper at a mine-site cash cost of US $0.46 per pound (lb) copper and total cash cost of US $1.11/lb copper for the first 10 years of operations, and copper annual production of up to 360,000 tonnes by year four.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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