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Subject: Stockwatch: Independent resource estimate confirms a world-class gold and copper porphyry discovery at Turquoise Hill, Mongolia
Date: Wed, 26 Feb 2003 04:03:51 -0800
Independent resource estimate confirms a world-class gold and copper porphyry discovery at Turquoise Hill, Mongolia
ULAANBAATAR, MONGOLIA, Feb. 26 /PRNewswire-FirstCall/ -- Ivanhoe Mines' Chairman Robert Friedland and Executive Vice-President, Exploration, Douglas Kirwin announced today that a new, independent resource estimate for the company's 100%-owned Turquoise Hill (Oyu Tolgoi) Project in Mongolia, prepared by AMEC E&C Services Limited, of San Mateo, California, establishes Turquoise Hill as one of the world's largest copper and gold porphyry deposits.
Drilling to date has delineated four co-genetic copper and gold deposits along a 4.5-kilometre long zone. The four zones have estimated inferred resources totalling 1.60 billion tonnes grading 0.63% copper and 0.17 g/t gold, containing approximately 9.0 million ounces of gold and 22.3 billion pounds of copper, at a 0.30% copper equivalent cut-off grade. In addition, the project contains 509 million tonnes of indicated resources grading 0.40% copper and 0.59 g/t gold, containing approximately 9.7 million ounces of gold and 4.5 billion pounds of copper making the Turquoise Hill Project one of the largest in the world in terms of contained metal. The resource base remains open for very significant expansion as Ivanhoe's fifteen-rig drilling program continues to intersect wide intervals of primary gold and copper mineralization, expanding the size of the overall deposit well beyond the boundaries defined by the current resource estimate. The specific breakdown of estimated resources within the various zones, and employing both higher and lower cut-off grades, are listed below.
Additional significant findings in the new independent resource estimate include:
1. At a higher 0.60% copper equivalent cut off, the project has estimated
inferred resources of 811.7 million tonnes grading 0.90% copper and
0.21 g/t gold, containing 16.2 billion pounds of copper and 5.5
million ounces of gold.
2. The recently discovered Far North Zone contains inferred resources of
489 million tonnes grading 1.08% copper and 0.07 g/t gold at a 0.60%
copper equivalent cut off, or 11.6 billion pounds of copper and 1.17
million ounces of gold, all delineated since October 2002. Contained
in this resource is an open-ended, high-grade core of 29.3 million
tonnes grading 2.69% copper and 0.19 g/t gold based on a 2% copper
equivalent cut-off grade.
3. In addition to the inferred resources identified in points 1 and 2
above, the project contains a higher-grade core of indicated resources
totalling 269 million tonnes grading 0.53% copper and 0.86 g/t gold,
containing 3.14 billion pounds of copper and 7.4 million ounces of
gold at a 0.6% copper equivalent cut-off. The indicated resource
category is a reflection of the close-spaced drilling that has been
completed in the Southwest Zone and demonstrates a higher confidence
level in the continuity of mineralization in this gold-rich area.
The current estimate highlights the ongoing success of Ivanhoe's drilling campaign, which continues to significantly expand the scope of the Oyu Tolgoi discovery on a daily basis. The order-of-magnitude increase in total contained copper and gold from the previous resource estimate announced on May 29, 2002, is largely attributed to the recent discovery of the high-grade Far North Zone as well as discovery of the gold-and copper-bearing Central Zone.
Two recent Far North step-out holes, OTD355 and OTD367, have encountered significant mineralization that extends the discovery an additional 600 metres to the northeast beyond the limits of AMEC's current resource model. OTD355, collared 200 metres north-northeast of OTD352A, intersected 36 metres grading 1.77% copper and 0.08 g/t gold, followed by 56 metres of 3.01% copper and 0.11 g/t gold. The hole bottomed in 74.8 metres of mineralization averaging 1.19% copper and 0.12 g/t gold. The hole could not be continued due to broken ground. OTD367, currently being drilled 300 metres north northeast of OTD355, also has encountered significant mineralization and assays are pending. These holes indicate that the Far North Zone has a minimum strike length greater than 1,600 metres (approximately one mile). The zone remains open to depth, to the south and to the northeast for approximately an additional 1,500 metres based on detailed induced polarization (IP) and ground magnetic surveys, beyond which it is cut off by a major, east-west trending post-mineral structure and unmineralized intrusive rocks. Ivanhoe's drilling to the north of this structure failed to intersect any mineralization.
The Turquoise Hill deposit consists of four distinct, co-genetic zones - Southwest, South, Central and Far North - along a 4.5-kilometre structural corridor. AMEC's new report generates the first inferred resource estimates for the South and Central zones. The Central Zone is a key component in the overall development concept of the Turquoise Hill project due to its proximity to the Southwest Zone and the possibility for the development of a single open pit to exploit both deposits at a lower combined strip ratio.
The new resource estimates are summarized below at copper equivalent copper cut-off grades of 0.30% and 0.60%. Additional, detailed breakdowns of the resources for each of the four zones, at various copper equivalent cut-off grades, are provided later in this release.
..//..""
ertc THE TABLES notr below CUT OFF
Table 1: Turquoise Hill Resource Table by Zone ..//..
Contained Metal
-------------------------------------------------------------------------
Cu.Eq. Cut Gold Copper Copper
-off Grade Tonnes Grade Grade Gold (000's Gold Eq.2
(%) (g/t) (%) (ounces) lbs) (ounces)
-------------------------------------------------------------------------
-------------------------------------------------------------------------
greater than/
equal to 1.00 257,845,000 0.08 1.38 644,000 7,842,000 18,579,000
-------------------------------------------------------------------------
greater than/
equal to 0.70 416,406,000 0.07 1.16 989,000 10,651,000 25,343,000
-------------------------------------------------------------------------
greater than/
equal to 0.65 448,257,000 0.07 1.12 1,076,000 11,080,000 26,416,000
-------------------------------------------------------------------------
greater than/
equal to 0.60 489,200,000 0.07 1.08 1,170,000 11,594,000 27,693,000
-------------------------------------------------------------------------
greater than/
equal to 0.55 535,728,000 0.07 1.03 1,279,000 12,138,000 29,031,000
-------------------------------------------------------------------------
greater than/
equal to 0.50 589,138,000 0.07 0.98 1,398,000 12,696,000 30,437,000
-------------------------------------------------------------------------
greater than/
equal to 0.45 644,586,000 0.07 0.93 1,511,000 13,216,000 31,746,000
-------------------------------------------------------------------------
greater than/
equal to 0.40 702,240,000 0.07 0.89 1,618,000 13,708,000 32,967,000
-------------------------------------------------------------------------
greater than/
equal to 0.35 752,849,000 0.07 0.85 1,712,000 14,078,000 33,911,000
-------------------------------------------------------------------------
greater than/
equal to 0.30 804,450,000 0.07 0.81 1,799,000 14,394,000 34,749,000
-------------------------------------------------------------------------
greater than/
equal to 0.25 848,451,000 0.07 0.78 1,873,000 14,637,000 35,335,000
-------------------------------------------------------------------------
greater than/
equal to 0.20 892,144,000 0.07 0.75 1,925,000 14,826,000 35,833,000
-------------------------------------------------------------------------
CONTINUED EXPLORATION TO FOCUS ON GOLD-COPPER PORPHYRY UNDERLYING FAR
NORTH AND CENTRAL ZONES
Ongoing exploration at Turquoise Hill will focus on two distinct and potentially high-grade targets, including the continuation of the copper-rich Far North high-sulfidation mineral system and an adjacent and/or underlying, deeper, copper- and gold-rich porphyry deposit. These high-sulphidation deposits are typically controlled by structure and Far North, in particular, appears to be controlled by a north-northeast linear feature observed in drill core and detailed ground magnetics. Drilling beyond the currently defined resource on this NNE trend has encountered high-grade copper mineralization in two drill holes to date, OTD355 and 367, as described above. The potential strike extent of the feature is approximately 1.5 kilometres beyond OTD367, where it ultimately is cut off by a major cross structure near the northern boundary of the concession. Exploration along the NNE structure will require drill sections on 150-to 200-metre intervals along its strike extent with at least three drill holes per section, whereby daughter holes can be drilled from mother holes using a "Navidrill" system currently being employed by Major Pontil.
A deep-seated, circular magnetic feature also lies on this NNE trend immediately NNE from OTD367. This feature may represent a gold-bearing, magnetite-rich porphyry system developed in the underlying volcanic units at depth similar to Southwest Oyu. Drill holes OTD344 and OTD356 have both encountered magnetite-rich copper, gold mineralization in basaltic rocks. Drill holes OTD365 and OTD343 also intersected mineralized quartz monzodiorite porphyry with distinct similarities to the mineralized porphyry in Southwest Oyu. Drill hole OTD365, drilled under the pyroclastic rocks that host the Far North Zone, encountered coarse visible gold at a true depth of approximately 572 metres in a highly-silicified and stockworked basaltic volcanic host rock. This is the first observation of visible gold at Oyu Tolgoi. One of the primary objectives of the continuing drill program will be to locate the gold and copper-rich portion of the system that was the source of the copper-rich, high sulphidation solutions for the Far North deposit. The deep magnetic feature is one of several such targets.
The IP program has recently been expanded to search deeper by extending the electrode spacing to an 11-kilometre separation. This spacing focuses the electrical current down to a depth of up to 1.5 kilometres and could, therefore, detect sulphide mineralization at those limits. The results of this survey indicate that the sulphide mineralization encountered in both Central and Far North zones continues to these types of depths. Initial attempts to drill across the axis of the IP in Far North have proven positive with chalcopyrite-veined intervals of quartz monzodiorite encountered in OTD343. Trending south from Far North, the deep chargeability increases in signal strength to a maximum below Central Oyu. This is a very positive indication that Central Oyu is not a shallow, rootless system but could have significant depth potential. Deep drilling will be targeted to test this concept.
Charles Forster, P.Geo., Ivanhoe Mines' Turquoise Hill Manager and full- time employee, a qualified person as defined by National Instrument 43-101, supervised the preparation of the information in this release. SGS Analabs Pty. Ltd. prepares the split core at the project site and assays all samples at its facility in Ulaanbaatar, Mongolia. Ivanhoe's QA/QC program is monitored by independent consultant Dr Barry Smee, P.Geo., and managed on site by Dale Sketchley, M.Sc., P.Geo, to ensure that National Instrument 43-101 requirements for sampling and assaying are met or exceeded. Prepared standards and blanks are inserted at the sample preparation lab on the project site to monitor the quality control of the assay data.
Ivanhoe holds a 100% interest in the Turquoise Hill Project and has exploration rights covering approximately 90,000 square kilometres in central and southern Mongolia. The company produces LME Grade A copper from its Monywa joint venture in Myanmar and iron ore products from ABM Mining's Savage River mine in Australia.
Ivanhoe shares are traded on the Toronto and Australian stock exchanges under the symbol IVN.
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 Australian Securities Regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The company does not assume the obligation to update any forward-looking statement.
Ivanhoe Mines Ltd.
CONTACT: Information contacts in North America: Investors: Michael
Hitch, P. Geo.: +1-416-888-9089; Bill Trenaman: +1-604-688-5755; Media: Bob
Williamson: +1-604-688-5755; |
