Ivanhoe boasts new high-grade copper discovery in DR Congo

(Kitco News) – Ivanhoe Mines (TSX: IVN) announced today it 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).

According to the company, the Kitoko discovery – which means « beautiful » or « gift » in several local languages in the DRC – includes drill hole DD008 intersecting 5.19 metres true width from a downhole depth of 1,135 metres, grading 11.64% copper, at a 1% copper cut-off.

The company said 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, adding that mineralogical characteristics of Kitoko are most similar to those of the tier-one ultra-high-grade Kakula copper orebody.

Importantly, Ivanhoe Mines noted that 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.

Under the terms of the joint venture that covers the 247 square kilometres of newly acquired licences, Ivanhoe Mines has an initial interest of 10% with an earn-in right to increase its ownership by funding ongoing exploration activities.

The company said it expects to make further exploration spending commitments in 2024, to increase Ivanhoe’s interest to 60%.

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.

« 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. Kitoko is Ivanhoe’s fifth high-grade sedimentary copper discovery in the DRC.”

Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula copper complex in the DRC, the construction of the Platreef palladium-nickel-platinum-rhodium-copper-gold project in South Africa; and the restart of the historic Kipushi zinc-copper-germanium-silver mine, also in the DRC.

Ivanhoe Mines also is exploring for new copper discoveries across its circa 2,400km2 of 80-100% owned exploration licences, as well as on the 247km2 of newly acquired joint venture licences, in the Western Foreland located adjacent to the Kamoa-Kakula Copper Complex in the DRC.