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Drill Tracker Weekly: Ivanhoe Confirms New Zinc-Copper Zone at Kipushi
Feb. 22, 2015 07:00PM PST
Base Metals Investing Underground drilling at Ivanhoe Mines’ 68-percent-owned Kipushi zinc deposit in the DRC has confirmed a new zone of massive sulfide beneath the Big Zinc zone.
Price: $0.71
Market cap: $493 million
Cash estimate: $40 million
Project: Kipushi
Country: Democratic Republic of the Congo (DRC)
Ownership: 68 percent Ivanhoe, 32 percent Gecamines
Resources: 16.9 million tonnes at 16.8 percent zinc, 2.3 percent copper indicated; 9 million tonnes at 23.3 percent zinc, 1.9 percent copper inferred
Project status: Additional 11 holes, including 60-meter-long sulfide zone below Big Zinc
- Underground drilling at Ivanhoe Mines’ 68-percent-owned Kipushi zinc deposit in the DRC has confirmed a new zone of massive sulfide beneath the Big Zinc zone. The Big Zinc zone was discovered prior to the 1993, but was not mined as previous mining focused on the Kipushi Fault zone between two siltstone and dolomite units. The project is located south of Lubumbashi and 1 kilometer from the Zambian border.
- Highlights of down-plunge drilling in Big Zinc include: 188.5 meters grading 49.7 percent zinc, 0.3 percent copper and 15 g/t silver, as well as 175.7 meters of 50.3 percent zinc, 0.4 percent copper and 11 g/t silver at a vertical depth of approximately 1,000 meters below surface. Higher-grade sections include 35.2 meters of 60.4 percent zinc and 70.6 meters grading 56.6 percent zinc. Based on historical drilling by Gecamines, the Big Zinc zone appears to have an approximate true width of 60 to 100 meters.
- Drilling in the copper-rich Serie Recurrente zone intersected significant high-grade copper, including 9.7 meters (true width) grading 11.8 percent copper, 6 percent zinc and 20 g/t silver; that includes 6.4 meters at 16.8 percent copper, 7.7 percent zinc and 104 g/t silver.
- A third zone measuring 60 meters of massive sulfide was recently discovered below the Big Zinc zone. The new hole is 130 meters east of an earlier hole that returned 22.3 meters grading 58.6 percent zinc and 288 g/t germanium. The zone is believed to be have an approximate true thickness of 30 meters. Assays are pending for the 60-meter interval.
- A 1997 report estimates a historical (and not NI 43-101 compliant) measured and indicated resource of 16.9 million tonnes grading 16.8 percent zinc and 2.3 percent copper, with an additional 9 million tonnes grading 23.3 percent zinc and 1.9 percent copper inferred. Current drilling appears to have extended the Big Zinc zone 180 meters below the previously defined historical resource.
New discovery zone (February 2015): 60 meters (assays pending)
Current drilling: 188 meters at 49.7 percent zinc, 0.3 percent copper, 15 g/t silver; 162.9 meters at 51.1 percent zinc, 0.4 percent copper, 11 g/t silver; 9.7 meters at 11.8 percent copper, 6 percent zinc, 73 g/t silver
This report makes not recommendations to buy sell or hold.
Wayne Hewgill is a geologist with extensive knowledge of the global mining industry gained through 30 years of diversified experience in mineral exploration and new business development in Canada, as well as 10 years living in Africa, New Zealand and Australia. He was previously senior research officer at BHP Billiton, an executive with an exploration company working in Argentina and a mining analyst at three Vancouver-based financial groups where he developed the Drill Tracker database in 2006. He holds a B.Sc. in Geology from the University of British Columbia and is registered as a Professional Geoscientist (P.Geo) with APEGBC.
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