Engineering & Mining Journal

NOV 2018

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 29 of 83

REGIONAL NEWS - EXPLORATION ROUNDUP 28 E&MJ • NOVEMBER 2018 Ivanhoe Discovers More High-grade Copper in DRC Ivanhoe Mines has discovered a high-grade copper deposit, the Makoko deposit, at its 100% owned Western Foreland licenses west of its Kamoa-Kakula mining license in the Democratic Republic of Congo (DRC). Ivanhoe holds a land package total- ing approximately 700 km 2 of prospective exploration licenses in the Western Fore- land area. The company began exploration drilling on the licenses in the third quarter of 2017, and as of early October 2018 had drilled more than 50 holes, most of them in the Makoko discovery area. Makoko is the first of multiple high-po- tential target areas identified by Ivanhoe to be tested by drilling. The company re- cently began drilling on other targets. Ivanhoe started its exploration activities on the Western Foreland licenses in July 2017 with the construction of all-season access roads, bridge construction and development of new camp facilities. In parallel, Ivanhoe undertook airborne and ground-based geophysical surveys and re- visited previously acquired geophysical and geochemical data sets. The interpretative work led to the definition of a number of promising exploration targets, of which Ma- koko was the first to be tested by drilling. The initial discovery hole at Makoko was drilled in September 2017. Follow-up and infill drilling have been ongoing since then. Drilling to date has defined a flat-ly- ing, near-surface, stratiform copper de- posit similar to the Kamoa and Kakula deposits. The structure contour map indi- cates that the mineralized formation in the Makoko area is within 1,000 meters (m) of the surface. The majority of the drilling to date has intersected the copper-rich zone between 400 m and 800 m below surface. The mineralized zone has been tested over a strike length of 4.5 kilometers (km) and a dip extent of between 1 km and 2 km. Copper mineralization remains open along strike and down dip. "While some investors are focused on short-term issues such as the DRC Mining Code revisions and the upcoming presi- dential election, Ivanhoe's philosophy is to think big and think long term," Ivan- hoe Mines Executive Co-chairman Robert Friedland said. "Our geological team has done an outstanding job of executing our strategy to continue to add shareholder and stakeholder value by keeping the drill bits turning and delivering spectacular exploration results." ( Exploration Briefs Sphinx Resources and Osisko Metals have formed a joint-venture to explore for zinc in highly prospective areas of the Grenville geological province in southern Quebec, with each company committed to spending $1.25 million over the next five years. Sphinx is acting as operator of the project. During recent months, Sphinx and Osisko have worked together to design an exploration program that aims to discover Balmat-type or Broken Hill-type zinc de- posits within this promising region. Osisko Metals is a Canadian explora- tion and development company with a fo- cus on zinc mineral assets. The company controls Canada's two premier historical zinc mining camps: the Pine Point min- ing camp in the Northwest Territories and the Bathurst mining camp in northern New Brunswick. The company is current- ly drilling in both camps for a combined total 100,000-m drill program. ( Avesoro Resources has reported positive drill results from its Ouaré and Gassore West targets in Burkina Faso. Ouaré is 35 km northeast of the company's Youga processing plant; Gassore West is 2 km east of the plant. Avesoro has also discov- ered two mineralized vein systems 1 km south of Gassore. At Ouaré, 34,500 m of a planned 42,000-m infill drill program had been completed as of mid-October, including intercepts of 4.15 m at 10.8 grams/met- ric tons (mt) gold from 81 m in one hole and 16.15 m at 3.94 g/mt gold from 63 m in another. At Gassore West a 28,500-m drill program has been completed, with inter- cepts that include 3.5 m at 5.5 g/mt gold from 64 m in one hole and 3.6 m at 6 g/ mt gold from 46 m in another. In Liberia, Avesoro has completed 22 holes totaling 4,200 m targeting a high- grade shoot at Ndablama 40 km northeast of the company's New Liberty gold mine. This drilling is in addition to a 16,200-m drill program completed in July. At Silver Hills in Liberia, 24 holes totaling 3,333 m have been completed. The assay result of the first hole came in at 3.2 g/mt gold across 4.5 m from 45.5 m. Avesoro's 171,000-m 2018 drilling program is targeting conversion of 1 mil- lion ounces (oz) of existing mineral re- sources to mineral reserves. ( Iamgold has reported assay results for 100 drill holes totaling 14,634 m at its Siribaya project in western Mali. Drilling included infill holes to increase confi- dence in the current resource and step- out holes targeting expansion of the Diakha deposit. Expansion drilling inter- cepts included 7 m grading 12.46 g/mt gold and 13 m grading 11.6 g/mt gold. "We continue to be very pleased with the results of our delineation drilling pro- grams, which confirm not only wide zones of mineralization and locally high grades from infill holes within the existing resource but also well mineralized intervals beyond the original resource limits," Iamgold Vice President of Exploration Craig MacDougall said. "The deposit now extends for nearly 3 km along strike, which we believe will posi- tively impact an updated resource estimate due for completion by year end." The Siribaya project is wholly owned by Iamgold and consists of eight con- tiguous exploration permits that cover a total area of 596.5 km 2 in the Kédou- gou-Kéniéba inlier of the West African Craton region of western Mali along its borders with Senegal and Guinea. The project hosts current indicated re- sources of 2.1 million mt averaging 1.9 g/mt gold for 129,000 oz and inferred resources of 19.8 million mt averaging 1.71 g/mt gold for 1.1 million oz. (

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