IVN:
Independent resource estimate confirms a world-class gold and copper porphyry discovery at Turquoise Hill, Mongolia
Wednesday February 26, 7:00 am ET
>>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.<<
ULAANBAATAR, MONGOLIA, Feb. 26 /CNW/ - 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.
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