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Drilling intersects 546 metres of 4.05% copper equivalent on Hugo
Far North discovery in Mongolia's South Gobi
Infill drilling confirms continuity of 500-metre extension of the open-ended
Hugo Far North discovery
ULAANBAATAR, Mongolia, June 28 /PRNewswire-FirstCall/ -- Ivanhoe Mines'
Executive Vice-President, Exploration, Doug Kirwin announced today that hole
EGD006A intersected 608 metres grading 3.24% copper and 0.82 grams per tonne
(g/t) gold (a copper equivalent grade of 3.77%), including 546 metres of 3.46%
copper and 0.90 g/t gold (a copper equivalent grade of 4.05%). The hole also
included an intersection of 322 metres grading 4.59% copper and 1.07 g/t gold
(a copper equivalent grade of 5.29%). EGD006A is a navi-drill daughter hole
drilled down-dip from hole EGD006, which was collared five metres north of the
Ivanhoe-Entree Gold joint-venture boundary.
In addition, Hole EGD008, collared approximately 450 metres northeast of, and
parallel to, holes EGD006 and EGD006A, intersected 324 metres grading 2.45%
copper and 1.23 g/t gold (a copper equivalent grade of 3.25%). Ivanhoe
currently is drilling EGD019 to test the potential for higher-grade copper and
gold mineralization up-dip from hole EGD008.
As reported on May 13, EGD006 intersected 216 metres grading 2.95% copper and
1.35 g/t gold (copper equivalent grade of 3.83%), starting at a depth of 1008
metres, including 110 metres grading 4.58% copper and 2.02 g/t gold (copper
equivalent grade of 5.89%).
Hole From To Interval Gold Copper Copper Eq
Number (m) (m) (m) (g/t) (%) (%)
-------------------------------------------------------------------------
EGD006A 1084 1692 608 0.82 3.24 3.77
including 1084 1146 62 0.11 1.22 1.29
1146 1468 322 1.07 4.59 5.29
1468 1648 180 0.53 1.95 2.29
1648 1692 44 1.18 1.42 2.18
greater than 2%
Cu Eq 1146 1692 546 0.90 3.46 4.05
EGD008 1286 1388 102 0.02 0.60 0.61
1388 1712 324 1.23 2.45 3.25
(x) All copper equivalent grades used in this news release have been
calculated using copper prices of 90 cents (US) per pound and gold
prices of US$400 per ounce.
The copper and gold mineralization intersected in holes EGD006, EGD006A and
EGD008 has been discovered since the database was closed in April for the
recent independent resource estimate for Oyu Tolgoi prepared by AMEC Americas
(see Ivanhoe's news release dated May 3, 2005), with the result that the
resource block model for Hugo North extended only to the Ivanhoe-Entree Gold
joint-venture property boundary.
EGD008 has extended the strike length of the Hugo North copper-gold discovery
to greater than 2.2 kilometres. Hugo North is part of the
3.5-plus-kilometre-long Hugo Dummett Deposit, which in turn is part of the
6.5-kilometre-long chain of copper and gold deposits delineated to date by
Ivanhoe at Oyu Tolgoi.
Hole EGD016C, collared mid-way between holes EGD006 and EGD008 on the
Ivanhoe-Entree Gold joint-venture property, has encountered visible copper
mineralization, mainly chalcopyrite, hosted in augite basalt at a down-hole
depth of 1,078 metres (1,070 metres below surface). The copper mineralization
continued through to a down-hole depth of 1,326 metres (1,310 metres below
surface), where the hole encountered strong copper mineralization consisting
primarily of bornite hosted in quartz-rich quartz monzodiorite (QMD). The hole
is being drilled to confirm the continuity of the high-grade copper and gold
mineralization in the 450-metre interval between holes EGD006 and EGD008, and
to substantiate the apparent northeasterly strike direction of the
mineralization. The bornite-rich QMD is visually similar to the 324 metres of
bornite-rich QMD intersected in EGD008 at a down-hole depth of 1,387 metres
(1,370 metres below surface) that grades 2.45% copper and 1.23 g/t gold (a
copper equivalent grade of 3.25%). At the end of June 28, Mongolia time,
EGD016C was at a down-hole depth of 1444 metres in visually very strong copper
mineralization hosted in the QMD.
OTD976C, a navi hole aligned on a northwest azimuth between the OTD976 series
of holes and the EGD006 series of holes, is being drilled to establish the
continuity of the mineralization for future expansion of the project's
Indicated Resources. OTD976, 976A and 976B are the northern-most holes used in
the May, 2005, AMEC resource estimate. OTD976C has intersected visibly strong
copper mineralization at a down-hole depth of 1,135 metres (approximately 1,030
metres below surface) in basaltic rocks that typically overly the
copper-gold-rich quartz monzodiorite host rocks.
The in-fill drill holes described above that now are in progress appear to be
defining a continuous zone of high-grade mineralization that has changed strike
direction from the northerly trend followed by the Hugo North deposit to a
northeasterly trend now being followed by the Hugo Far North Extension.
Additional drill holes up-dip and down-dip of these infill holes will be
required to finalize the geometry of the deposit for future resource updates
and the impact of possible off-setting cross-faults.
Ivanhoe has nine deep-hole-capacity rigs drilling on the Oyu Tolgoi Project and
the Ivanhoe-Entree Gold joint-venture property. One is drilling a
deep-delineation hole on the Hugo North Deposit 150 metres south of the
joint-venture property boundary; a second is drilling a geotechnical hole near
the location of the proposed Hugo North production shafts; the remaining seven
rigs are drilling to test for the northeasterly extension of the Hugo North
Deposit on the joint-venture property.
Ivanhoe has the right to earn a participating interest of 80% in all minerals
extracted below a sub-surface depth of 560 metres on the Ivanhoe- Entree Gold
joint-venture property and a 70% interest in all minerals extracted from
surface to a depth of 560 metres by spending US$35 million on exploration
and/or development of the property over eight years. Ivanhoe currently owns 9.2
million Entree common shares. Ivanhoe plans on exercising its rights, under its
Equity Participation and Earn-in Agreement with Entree, to acquire an
additional 1,235,489 units, at a price of $2.20 each. Each unit consists of one
common share and two common share purchase warrants. Upon completion of the
acquisition of the new units, Ivanhoe will own approximately 16.4% of Entree
issued and outstanding shares.
Charles Forster, P.Geo., a qualified person as defined by NI 43-101, supervised
the preparation of the information in this release. SGS Mongolia LLC prepares
the split core at the site and assays all samples at its facility in
Ulaanbaatar. Dr. Barry Smee, Ph.D., P.Geo., an independent geochemist and
quality control expert monitors, audits Ivanhoe's QA/QC program and the
independent SGS Mongolia LLC laboratory facility on site and in Ulaanbaatar.
Dale A. Sketchley, M.Sc., P.Geo., is Ivanhoe's on-site QA/QC manager
responsible for the assaying and sampling programs at the Oyu Tolgoi project.
In accordance with Canadian NI 43-101, reference samples prepared from matrix
matched resource material, field blanks and sample duplicates are randomly and
routinely inserted by Ivanhoe's personnel at the sample preparation facility on
site. Duplicate samples are routinely collected and sent to an international
laboratory in Australia for check assaying.
Ivanhoe has a 100% interest in the Oyu Tolgoi gold and copper project in
Mongolia and owns or controls exploration rights covering approximately 128,000
square kilometres in central and southern Mongolia, where additional copper,
gold and coal discoveries have been made. Ivanhoe produces LME grade A copper
from its Monywa joint venture in Myanmar.
Ivanhoe shares are listed on the Toronto and New York stock exchanges under the
symbol IVN.
Information contacts:
---------------------
Investors: Bill Trenaman: +1.604.688.5755 / Media: Bob Williamson:
+1.604.688.5755
Forward-Looking Statements: Statements in this release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading "Risk Factors" and elsewhere in
the corporation's periodic filings with Canadian and US securities regulators.
When used in this document, the words such as "could," "plan," "estimate,"
"expect," "intend," "may," "potential," "should," and similar expressions, are
forward-looking statements. The risk factors that could cause actual results to
differ from these forward-looking statements include, but are not restricted
to, geological or mechanical difficulties affecting the company's planned
drilling, operational risk, environmental risk, financial risk, geo-political
risk, commodity risk, currency risk and other statements that are not
historical facts as disclosed under the heading "Risk Factors" and elsewhere in
the corporation's periodic filings with securities regulators in Canada and the
United States.
DATASOURCE: Ivanhoe Mines Ltd.
CONTACT: Investors: Bill Trenaman: (604) 688-5755; Media: Bob
Williamson: (604) 688-5755;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.