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New Copper-Molybdenum-Gold Zone Discovered on Ivanhoe Mines-BHP Billiton Joint Venture Licence Approximately 10 Kilometres North of Oyu Tolgoi
Discovery Extends the Known Strike Length of the Oyu Tolgoi Mineralized System to 23 Kilometres
Pre-Mining Agreement Concluded With Government of Mongolia
ULAANBAATAR, MONGOLIA--(Marketwire - March 14, 2011) - Robert Friedland, Executive Chairman and Chief Executive Officer of Ivanhoe Mines Ltd. (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), and Richard Gosse, Vice-President, Exploration, announced today that Ivanhoe and BHP Billiton Ltd. have discovered a new zone of shallow copper-molybdenum-gold mineralization approximately 10 kilometres north of the Ivanhoe Mines Oyu Tolgoi copper-gold mining complex currently under construction in southern Mongolia.
The discovery, known as Ulaan Khud North, extends the known strike length of the Oyu Tolgoi mineralized system by an additional three kilometres to the north, to more than 23 kilometres.
Less than half of the 23-kilometre-long mineralized trend at Oyu Tolgoi has been extensively drill-tested to date. An ongoing exploration program including proprietary, induced-polarization (IP) technology has identified additional exploration and development targets.
"The Ulaan Khud North discovery reinforces our longstanding belief that with continued exploration there is excellent potential to discover new porphyry deposits, rich in copper and gold, which are associated with the world-class Oyu Tolgoi mineralized trend," said Mr. Friedland.
Ulaan Khud North is located on a 19,625-hectare exploration licence that is part of Ivanhoe's joint-venture partnership with BHP Billiton, which was formed in 2005. BHP Billiton has earned a 00350% interest in the joint venture, which includes the Ulaan Khud North property, by spending US$8 million in exploration costs and conducting an airborne survey using the proprietary Falcon™ gravity gradiometer system over the Oyu Tolgoi area.
A total of 25 drill holes (UKD031 to 055) totalling 6,561 metres, ranging in depth from 182 metres to 377 metres, defined the new zone of shallow porphyry copper mineralization over an area of 600 metres by 300 metres. Most of the holes are vertical and were drilled on a 100-metre-square grid. The mineralized zone starts beneath 60 to 80 metres of Cretaceous clay and gravels, indicative of a near-surface deposit with open-pit mining potential. Ivanhoe's geologists believe that the near-surface copper mineralization discovered to date at Ulaan Khud North may be part of a much larger deposit.
Mineralization occurs in quartz monzodiorite, similar to mineralized quartz monzodiorites at Oyu Tolgoi. A total of 23 of the 25 drill holes drilled at Ulaan Khud North intersected the mineralized quartz monzodiorite. The mineralization is porphyry-style stockwork, disseminations and massive veins of chalcopyrite, with molybdenite disseminations and veinlets and trace bornite. Many holes encountered mineralization with greater than 1% copper in multiple individual one-metre samples, while almost all holes have longer intervals of mineralization grading greater than 0.3% copper. Numerous post-mineral intrusive rocks cut the mineralized quartz monzodiorite and define the boundaries of most mineralized intervals. (Photos of mineralization found at Ulaan Khud North are attached.)
"The presence of intensively mineralized and altered quartz monzodiorite and basalt xenoliths within the moderately mineralized quartz monzodiorite supports the idea that an earlier phase of stronger mineralization exists at depth and along margins of the area," said Mr. Gosse.
Highlights include:
Hole No. | | From (m) | | To (m) | | Len. (m) | | Cu (%) | | Au (g/t) | | Mo (%) | | eCu% | |
UKD031 | | 155.00 | | 174.00 | | 19.00 | | 0.941 | | 0.098 | | 0.029 | | 1.158 | |
UKD032 | | 171.10 | | 181.00 | | 9.90 | | 1.410 | | 0.248 | | 0.042 | | 1.793 | |
UKD034 | | 91.00 | | 97.00 | | 6.00 | | 1.094 | | 0.165 | | 0.037 | | 1.396 | |
UKD039 | | 187.75 | | 191.05 | | 3.30 | | 1.357 | | 0.140 | | 0.081 | | 1.878 | |
UKD045 | | 208.10 | | 217.70 | | 9.60 | | 2.429 | | 0.121 | | 0.149 | | 3.300 | |
UKD045 | | 289.00 | | 293.00 | | 4.00 | | 1.156 | | 0.063 | | 0.049 | | 1.457 | |
UKD046 | | 174.35 | | 182.00 | | 7.65 | | 2.242 | | 0.203 | | 0.081 | | 2.803 | |
| The equivalent grade was calculated using assumed metal prices of US$1.35/lb for copper, US$650/oz for gold and US$10/lb for molybdenum. For convenience, the formula is: CuEq% = Cu% + ((Au g/t 18.98)+(Mo % 158.6))/29.76. | ||||||||||||||
A full list of intercepts using a 0.2% copper cut-off is shown in Table 1. The true widths of mineralization and post-mineral dykes have yet to be established.
The mineralization at Ulaan Khud North starts as shallow as 60 metres below surface, much higher than the mineralized zone at Hugo Dummett to the south. The fact that Ulaan Khud North occurs in similar Devonian host rocks to Hugo Dummett suggests that the main Oyu Tolgoi porphyry system trend is relatively shallow in this area and that potential for surface-mineable targets still exist within the Oyu Tolgoi trend and Ulaan Khud North in particular.
The Ulaan Khud North property adjoins the Shivee Tolgoi Entrée Gold–Ivanhoe Mines joint-venture property and is about three kilometres north of mineralization found at Ulaan Khud on that licence.
Three-Year Pre-Mining Agreement Received
The Pre-Mining Agreement for the Ulaan Khud North property specifies that Ivanhoe and BHP Billiton have three years to conduct additional exploration, complete an environmental impact study, prepare a final feasibility study and gain approval for the design for the project. The agreement also specifies that a Technical and Economical Study to mine the deposit is required to be delivered to the Mineral Resources Authority of Mongolia (MRAM) by June 30, 2013.
"The Pre-Mining Agreement provides a three-year window to aggressively explore the project and to prepare resource, technical and economic studies. It also paves the way for the Ulaan Khud North Project to obtain all necessary mining permits and approvals," said Mr. Gosse.
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"Mogi" Munkhdul Badral
Executive Director
CPS International LLC
Mobile: +976-99996779
Email: mogi@cpsinternational.mn
Suite 906, Central Tower
Sukhbaatar District, Ulaanbaatar
Mongolia
CPS International is a marketing arm of CPS Securities in Mongolia. CPS Securities is a Perth, Western Australia based AFSL License Holder. To trade ASX and international stocks, feel free to contact me at mogi@cpsinternational.mn or +976-99996779.
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