Friedland's Drill Core Causes Stir
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.
Bugger me! Now that is one amazing drill core. Hot damn the waste water from that drill rig could grade 2% copper. https://t.co/d6ep90tXa0— Mark_IKN (@IKN_Mark) August 19, 2019
More incredible #copper drill results from $IVN's Kamoa. What a deposit... but a tough neighborhood.— Stephen Stewart (@SteveStewartORE) May 2, 2019
I wonder how many multiples their market cap would be if this mega deposit were in a AAA jurisdiction?
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.
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.