Ivanhoe Electric and Ma'aden Joint Venture Commences Drilling Activities in Saudi Arabia
Ivanhoe Electric (NYSE American:IE, TSX:IE) and Ma'aden (1211) Joint Venture has commenced drilling activities in Saudi Arabia. The initial program is testing a chargeability anomaly identified by Typhoon™ and Computational Geosciences' inversion software near Ma'aden's Al Amar Gold-Copper-Zinc Mine. The Typhoon™ survey has now covered over 155 km2.
Two chargeability anomalies, Umm Ad Dabah and Area B, were identified. Current drilling focuses on Umm Ad Dabah, with a second rig scheduled to begin at Area B later in August. The initial drill program includes eight holes to test the anomaly over the next two months. The Joint Venture has over 48,500 km2 of exploration licenses and applications in Saudi Arabia, with plans to expand into Bir Umq, Wadi Bidah, and platform license applications throughout 2024 and 2025.
Ivanhoe Electric (NYSE American:IE, TSX:IE) e Ma'aden (1211) hanno avviato attività di perforazione in Arabia Saudita. Il programma iniziale sta testando un'anomalia di carica identificata dal software Typhoon™ e Computational Geosciences nei pressi della miniera d'oro-rame-zinco Al Amar di Ma'aden. L'indagine Typhoon™ ha ora coperto oltre 155 km2.
Due anomali di carica, Umm Ad Dabah e Area B, sono stati identificati. Le attuali perforazioni si concentrano su Umm Ad Dabah, con un secondo impianto che inizierà in Area B entro la fine di agosto. Il programma di perforazione iniziale include otto fori per testare l'anomalia nei prossimi due mesi. La Joint Venture dispone di oltre 48.500 km2 di licenze e domande di esplorazione in Arabia Saudita, con piani di espansione verso Bir Umq, Wadi Bidah e domande di licenze per piattaforme nel corso del 2024 e 2025.
Ivanhoe Electric (NYSE American:IE, TSX:IE) y Ma'aden (1211) han comenzado actividades de perforación en Arabia Saudita. El programa inicial está probando una anomalía de carga identificada por el software Typhoon™ y Computational Geosciences cerca de la mina de oro-cobre-zinc Al Amar de Ma'aden. La encuesta Typhoon™ ha cubierto más de 155 km2.
Se han identificado dos anomalías de carga: Umm Ad Dabah y Área B. La perforación actual se centra en Umm Ad Dabah, y se espera que un segundo equipo comience en el Área B a finales de agosto. El programa de perforación inicial incluye ocho agujeros para probar la anomalía en los próximos dos meses. La Joint Venture tiene más de 48.500 km2 de licencias de exploración y solicitudes en Arabia Saudita, con planes de expandirse a Bir Umq, Wadi Bidah y aplicaciones de licencias de plataformas durante 2024 y 2025.
이반호 전기(Ivanhoe Electric) (NYSE American:IE, TSX:IE)와 마아덴(Ma'aden) (1211)의 합작 투자체가 사우디 아라비아에서 채굴 활동을 시작했습니다. 초기 프로그램은 마아덴의 알 아마르 금-구리-아연 광산 근처에서 타이푼™과 계산 지구과학의 역전파 소프트웨어에 의해 식별된 전하 비정상(anomaly)을 테스트하고 있습니다. 타이푼™ 조사는 현재 155 km2 이상을 커버했습니다.
우м 아드 다바(Umm Ad Dabah)와 B 지역(Area B)의 두 가지 전하 비정상이 식별되었습니다. 현재의 채굴은 우м 아드 다바에 집중하고 있으며, 두 번째 장비가 8월 말에 B 지역에서 시작될 예정입니다. 초기 드릴 프로그램은 향후 두 달 동안 비정상을 테스트하기 위해 8개의 구멍을 포함합니다. 합작 투자는 사우디 아라비아에서 48,500 km2 이상의 탐사 라이센스 및 신청서를 보유하고 있으며, 2024년과 2025년 동안 비르 움크(Bir Umq), 와디 비다(Wadi Bidah) 및 플랫폼 라이센스 신청으로 확장할 계획입니다.
Ivanhoe Electric (NYSE American:IE, TSX:IE) et Ma'aden (1211) ont commencé des activités de forage en Arabie Saoudite. Le programme initial teste une anomalie de charge identifiée par le logiciel Typhoon™ et Computational Geosciences à proximité de la mine d'or-cuivre-zinc Al Amar de Ma'aden. L'enquête Typhoon™ a maintenant couvré plus de 155 km2.
Deux anomalies de charge, Umm Ad Dabah et Zone B, ont été identifiées. Les forages actuels se concentrent sur Umm Ad Dabah, tandis qu'une seconde foreuse devrait débuter à la Zone B plus tard en août. Le programme de forage initial comprend huit trous pour tester l'anomalie au cours des deux prochains mois. La Joint Venture possède plus de 48 500 km2 de licences et de demandes d'exploration en Arabie Saoudite, avec des plans pour s'étendre à Bir Umq, Wadi Bidah et des demandes de licence pour des plateformes tout au long de 2024 et 2025.
Ivanhoe Electric (NYSE American:IE, TSX:IE) und Ma'aden (1211) haben mit Bohraktivitäten in Saudi-Arabien begonnen. Das anfängliche Programm testet eine Ladeanomalie, die von der Software Typhoon™ und Computational Geosciences in der Nähe der Gold-Kupfer-Zink-Mine Al Amar von Ma'aden identifiziert wurde. Die Typhoon™-Untersuchung hat jetzt über 155 km2 abgedeckt.
Es wurden zwei Ladeanomalien, Umm Ad Dabah und Gebiet B, identifiziert. Die aktuellen Bohrungen konzentrieren sich auf Umm Ad Dabah, während ein zweites Gerät geplant ist, das Ende August im Gebiet B beginnen soll. Das anfängliche Bohrprogramm umfasst acht Löcher zur Prüfung der Anomalie in den nächsten zwei Monaten. Das Joint Venture hat über 48.500 km2 an Explorationslizenzen und Anträgen in Saudi-Arabien, mit Plänen zur Expansion in Bir Umq, Wadi Bidah und Lizenzanträge für Plattformen im Jahr 2024 und 2025.
- Commencement of drilling activities in Saudi Arabia within 10 months of Typhoon™ machine arrival
- Typhoon™ survey has covered over 155 km2, identifying two chargeability anomalies
- Joint Venture has access to over 48,500 km2 of exploration licenses and applications in Saudi Arabia
- Planned expansion of exploration activities into new areas (Bir Umq, Wadi Bidah, and Carbonate Platform)
- None.
Insights
The commencement of drilling at the Ivanhoe Electric-Ma'aden joint venture in Saudi Arabia marks a significant milestone in mineral exploration. The use of Typhoon™ technology to identify chargeability anomalies demonstrates a cutting-edge approach to mineral discovery. The rapid progress from survey to drilling in less than ten months is impressive for the industry.
The identification of two anomalies, Umm Ad Dabah and Area B, from a 155 km2 survey area suggests promising exploration potential. The depth and extent of the Umm Ad Dabah anomaly (200-1000+ meters) indicate a potentially substantial mineral system. However, it's important to note that geophysical anomalies don't always translate to economic mineralization. The planned eight-hole drill program will be critical in validating these targets.
The expansion into other prospective areas like Bir Umq and Wadi Bidah, covering a vast 48,500 km2, demonstrates the joint venture's ambitious exploration strategy. This extensive land package in a relatively underexplored region could yield significant discoveries, potentially impacting the global mineral supply landscape.
This news represents a positive development for Ivanhoe Electric and Ma'aden's joint venture. The commencement of drilling activities signifies a transition from early-stage exploration to a more advanced phase, potentially accelerating the path to discovery. The use of proprietary Typhoon™ technology gives the venture a competitive edge in identifying promising targets efficiently.
The joint venture's vast exploration portfolio of over 48,500 km2 across multiple geological belts in Saudi Arabia presents significant upside potential. This diversified approach mitigates risk and increases the chances of a major discovery. The planned expansion of activities with a third Typhoon™ machine indicates a commitment to aggressive exploration, which could lead to faster results and potential value creation for shareholders.
However, investors should be aware that early-stage exploration carries inherent risks. While the initial results are promising, it may take considerable time and resources before any economically viable deposits are confirmed. The venture's success will depend on the accuracy of the Typhoon™ technology and the geological team's interpretation of the data.
Initial Program Testing Chargeability Anomaly Identified by Typhoon™ and Computational Geosciences' Inversion Software
Typhoon™ Survey Near Ma'aden's Al Amar Gold-Copper-Zinc Mine Now Exceeds 155 km2
RIYADH, SAUDI ARABIA / ACCESSWIRE / August 19, 2024 / 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 announce the commencement of drilling in Saudi Arabia by the Joint Venture established between Ivanhoe Electric and Saudi Arabian Mining Company Ma'aden ("Ma'aden") (1211).
Ivanhoe Electric's Founder and Executive Chairman Robert Friedland commented: "Today's announcement marks an important milestone for our exploration Joint Venture with Ma'aden in the Kingdom of Saudi Arabia. We are drilling our first Typhoon™-identified anomaly in the Al Amar Belt less than ten months from when our first machine arrived in Saudi Arabia. We are thankful for the support of our partners at Ma'aden to achieve such rapid progress in our initial survey. We look forward to reporting on our results and accelerating our exploration efforts as we work together to unlock the mineral potential in Saudi Arabia."
Ivanhoe Electric's President and Chief Executive Officer Taylor Melvin commented: "Drilling at Umm Ad Dabah is the culmination of a strong collective effort by our Joint Venture team and an important step in our exploration process. We have been able to survey large areas quickly at Al Amar to identify areas for drill testing. With the arrival of the Joint Venture's third new generation Typhoon™ machine in September, we will be expanding and accelerating our exploration efforts."
Initial Typhoon™ survey near Ma'aden's Al Amar Gold-Copper-Zinc Mine covered 155 km2 and identified two chargeability anomalies for drill testing
The initial Typhoon™ survey, which began in November 2023, identified two chargeability anomalies: Umm Ad Dabah and Area B (Figure 1). Current drilling is focused on Umm Ad Dabah. A second rig is scheduled to begin drilling at Area B later in August.
At Umm Ad Dabah, Typhoon™ and Computational Geosciences' software have imaged a chargeability anomaly that begins approximately 200 meters below the surface and extends to a depth of more than 1,000 meters.
The initial drill program includes eight holes intended to test the anomaly over the next two months. The first drill hole is planned for a depth of approximately 250 meters to test the top of the anomaly, with subsequent drill holes planned to test progressively deeper sections as shown on Figure 2.
Figure 1. Location of chargeability anomalies from initial Typhoon™ survey.
Figure 2. Cross-section of the Umm Ad Dabah area with Typhoon™ chargeability and conductivity anomaly and planned drill holes.
Joint Venture exploration activities to expand into Bir Umq, Wadi Bidah and platform license applications over the remainder of 2024 and into 2025
The Joint Venture has over 48,500 km2 of exploration licenses and applications in Saudi Arabia. These areas are in the Al Amar Belt, the Wadi Bidah and Bir Umq Belts, and an area known as the Carbonate Platform on the eastern boundary of the Arabian Shield (Figure 3).
The next survey will start at the ‘Gehab' prospect in the Wadi Bidah Belt, which is located between 220 and 270 kilometers southeast of Jeddah. Geological mapping and sampling work has been undertaken to provide geological and geochemical data ahead of Typhoon™ survey.
Figure 3. Map of the approximately 48,500 km2 of exploration land available to the Joint Venture and the location of current and planned exploration activities.
Photo 1. Joint Venture drill rig in operation at Umm Ad Dabah.
Qualified Persons
Disclosures of a scientific or technical nature included in this news release have been reviewed, verified and approved by Charles N. Forster, P.Geo., and Mark Gibson, P.Geo., both who are Qualified Persons as defined by Regulation S-K, Subpart 1300 promulgated by the U.S. Securities and Exchange Commission and by Canadian National Instrument 43-101. Mr. Forster is a Senior Advisor to Ivanhoe Electric and Mr. Gibson is Chief Geophysics Officer of Ivanhoe Electric.
About Ivanhoe Electric
We are a U.S. company that combines advanced mineral exploration technologies with electric metals exploration projects predominantly located in the United States. We use our accurate and powerful Typhoon™ geophysical surveying system, together with advanced data analytics provided by our subsidiary, Computational Geosciences Inc., to accelerate and de-risk the mineral exploration process as we seek to discover new deposits of critical metals that may otherwise be undetectable by traditional exploration technologies. We believe the United States is significantly underexplored and has the potential to yield major new discoveries of critical metals. Our mineral exploration efforts focus on copper as well as other metals including nickel, vanadium, cobalt, platinum group elements, gold and silver. Through the advancement of our portfolio of electric metals exploration projects, headlined by the Santa Cruz Copper Project in Arizona and the Tintic Copper-Gold Project in Utah, as well as other exploration projects in the United States, we intend to support United States supply chain independence by finding and delivering the critical metals necessary for the electrification of the economy. We also operate a 50/50 joint venture with Saudi Arabian Mining Company Ma'aden to explore for minerals on ~48,500 km2 of underexplored Arabian Shield in the Kingdom of Saudi Arabia. Website: www.ivanhoeelectric.com.
About Ma'aden
Ma'aden is the largest multi-commodity mining and metals company in the Middle East and among the fastest-growing mining companies in the world, with revenues of SAR 40.2 billion (US
Website https://www.maaden.com.sa/
Contact Information
Ivanhoe Electric:
Email: info@ivanhoeelectric.com
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Forward-Looking Statements
Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable US and Canadian securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Ivanhoe Electric, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. These statements reflect Ivanhoe Electric's current expectations regarding future events, performance and results and speak only as of the date of this news release.
Such statements in this news release include, without limitation statements regarding the arrival of Typhoon™ units in Saudi Arabia, the continuation, timing, location and depth of drilling activities and the number of drill rigs operating in Saudi Arabia, and the timing, location and results of survey work in Saudi Arabia.
Forward-looking statements are based on management's beliefs and assumptions and on information currently available to management. Such statements are subject to significant risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors, including changes in the prices of copper or other metals Ivanhoe Electric is exploring for; the results of exploration and drilling activities and/or the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations; the final assessment of exploration results and information that is preliminary; the significant risk and hazards associated with any future mining operations, extensive regulation by the US government as well as local governments; changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with Ivanhoe Electric to perform as agreed; and the impact of political, economic and other uncertainties associated with operating in foreign countries, and the impact of the COVID-19 pandemic and the global economy. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements and risk factors described in Ivanhoe Electric's Annual Report on Form 10-K and other documents filed with the U.S. Securities and Exchange Commission.
No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so. No assurance can be given that such future results will be achieved. Forward-looking statements speak only as of the date of this news release. Ivanhoe Electric cautions you not to place undue reliance on these forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release, and Ivanhoe Electric expressly disclaims any requirement to do so.
SOURCE: Ivanhoe Electric Inc.
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