Ma’aden and Ivanhoe Electric formed a 50/50 joint venture earlier this year to explore copper, gold, silver and other electrical metals in approximately 48,500 km2 of the underexplored Arabian Shield.
Current exploration activities are focused on Al Amar’s exploration permits around Ma’aden’s Al Amar mine.
The first TyphoonTM of the joint venture is underway in Al Amar
Subsequent exploration efforts in 2024 and 2025 will be conducted in the Wadi Bidah and Bir Umq belts.
PHOENIX, Nov. 29, 2023 – Ivanhoe Electric Inc. (“Ivanhoe Electric”) (NYSE American: IE; TSX: IE), Executive Chairman, Robert Friedland, and President and Chief Executive Officer, Taylor Melvin, are pleased to announce that exploration activities have commenced in Saudi Arabia through the 50/50 joint venture (the “Joint Venture”) between Ivanhoe Electric and the Saudi Arabian Mining Company Ma’aden (“Ma’aden”) (Saudi Arabian Stock Exchange Tadawul: 1211). Ma’aden and Ivanhoe Electric established the joint venture to unlock the significant mining potential of the Kingdom of Saudi Arabia. The joint venture has exclusive access to explore approximately 48,500 km2 of unexplored land in the Arabian Shield that Ma’aden will make available to the joint venture. .
The joint venture was officially established in July 2023 and was funded with its initial running capital of approximately $66 million from Ma’aden’s initial $127. 1 million investment in non-unusual Ivanhoe Electric shares. Ma’aden has become a 9. 9% percentage shareholder in Ivanhoe Electric and exercised its top-up right in October 2023, making an additional investment of $20. 4 million in Ivanhoe Electric’s September follow-on percentage offer of 2023, retaining its 9. 9% stake.
Friedland commented, “It’s been just over a year since we started discussions with Ma’aden, which resulted in significant investment through Ma’aden in Ivanhoe Electric and the creation of our exploration joint venture in Saudi Arabia in July. Just a few months later, our joint venture unveiled the most ambitious metal mineral exploration program the Kingdom of Saudi Arabia has ever seen. Implement the Typhoon property
Taylor Melvin, President and Chief Executive Officer of Ivanhoe Electric, continued, “The graduation of exploration activities in Saudi Arabia with our joint venture partner, Ma’aden, is a milestone for Ivanhoe Electric and a great achievement for our joint venture team. The ongoing activities at Al Amar are the first steps in an extensive, multi-year mining exploration crusade on a giant domain of underexplored land in Saudi Arabia. Our team knows Al Amar, Wadi Bidah and Bir Umq as priority targets for our first year. exploration efforts. We are excited to deploy our joint team of exploration geologists and professionals with deep expertise in geophysics and Typhoon surveying systems.
Overview of the Joint Venture Exploration Program in Saudi Arabia
The joint venture will have exclusive access to approximately 48,500 km2 of land to be explored in Saudi Arabia. The domain includes a combination of granted Exploration Licenses (ELs) and Exploration License Applications (ELAs), as shown in Figure 1. Ma’aden will make replacement land that will be held for exploration through the joint venture if an ELA is not changed to an EL.
Ivanhoe Electric is the operator of the exploration phase. Ma’aden will assume operational duties if an economically viable deposit is discovered and designated through the joint venture for further development.
Figure 1. Map of 48,500 km2 of exploration land available to the joint venture presenting existing exploration licenses and available exploration license applications.
Given the huge amount of land available, the joint venture’s technical committee and geological staff conducted an in-depth excursion to the site in September 2023. The goal of the site stopover was to read over the entire site and prioritize possible spaces for the typhoon.
Based on the scale at the site and review of existing geological data, the technical committee will concentrate the joint venture’s initial exploration activities in 3 exploration license areas: the Al Amar Belt (first around the existing Al Amar mine in Ma’aden) and the Wadi Bidah region. and Bir Umq belts. The typhoon
Al Amar’s Belt
The twenty-four explorations provide access to 1,934 km2 of the Al Amar belt. The domain is highly prospective for large sulphide volcanic deposit (VMS) and epithermal types, with old drill holes crossing mineralization in the vicinity of the Al Amar operating gold-copper mine. in Ma’aden (which is not part of the joint venture). The domain includes steep hills with flat valleys (wadis) that offer smart access.
The Al Amar region has several known occurrences of VMS minerals. Cases of zinc, copper, lead, silver and gold are known.
Typhoon
The exploration permit was promptly focused on initial exploration activities, adding the Typhoon
below). um Ash Shalahib is located approximately 8 km south of the Al Amar gold mine and covers 65 km2 (the same length as Ivanhoe Electric’s Tintic allocation in Utah) with a number of valuable and commodity steel occurrences reported across Ma’aden. um Ash Shalahib has been drilled in 29 old shallow holes with the intersection of 10 m with 1. 13% Cu and 12. 9% Zn. There are several walk-in drilling targets in the area.
Figure 2. um Ash Shalahib EL surrounding the Al Amar mine.
Exploration licenses in the Al Amar belt are believed to have the most productive overall data set. Historical exploration paintings made by the French Office of Recherches Géologiques et Minières (BRGM) in 1966, 1972, 1981 and 1992, which included soil sampling. and soil geophysics. BRGM’s paints suggest a deep-seated feeder source that forms polymetallic vein network paints. Ma’aden also carried out exploratory paintings between 2010 and 2012, which included aerial geophysical surveys and further soil and rock sampling.
Thanks to this work, the first Typhoon™ The study to be carried out through the joint venture will cover the entire Umm Ash Shalahib EL and Al Amar mining with the aim of generating the first data investments until the end of 2023.
The first two typhoons
The Wadi Bidah and Bir Umq belts
Wadi Bidah is located between 220 km and 270 km southeast of Jeddah and approximately 50 km north of Ma’aden’s Al Hijar gold mine (not included in the joint venture). The joint venture’s eighteen exploration licenses cover 978 km2. The domain has limited knowledge due to its more challenging topography and local communities that affect both flight and floor work.
The Bir Umq belt has fifteen exploration permits covering approximately 1,229 km2. Extensive recent (<2000 years) harrat (basalt) lavas form a shallow canopy over much of the domain, with occasional roads and camel trails offering access. As a result, the domain is largely unmapped and unexplored and well-suited to Typhoon's reconnaissance capabilities.
These belts will be at the center of the joint venture’s exploration activities by mid-2024. Initial exploration paintings would come with the identification and review of BRGM’s previous paintings and drilling in the areas. Mapping and geochemical sampling would also begin on the newly known iron layers in Wadi Bida.
The Third Typhoon
Charlie Forster, P. Geo, of Ivanhoe Electric. and superior to Ivanhoe Electric in the Bir Umq belt.
The Typhoon
Under the terms of the agreement with Ma’aden, Ivanhoe Electric has deployed one of its Typhoons
The First Typhoon
In addition, Ivanhoe Electric has also added a second existing unit to the joint venture. This second typhoon
The joint venture purchased 3 Typhoons
Typhoon
Typhoon
Typhoon
The Deployment of Typhoon
Typhoon
Survey of contractors affected by the typhoon
Qualified Individuals
Data of a clinical or technical nature included in this press release have been reviewed, verified, and approved by Charles N. Forster, P. Geo. and Mark Gibson, P. Geo. , whether they are Qualified Persons as explained in Regulation S-K, Subpart 1300 enacted through the U. S. Securities and Exchange Commission. Forster is a senior advisor to Ivanhoe Electric and Mr. Gibson is director of geophysics for Ivanhoe Electric. The historical effects of drilling at the um Ash Shalahib prospect were provided through Ma’aden and have been independently verified through qualified persons.
About Ivanhoe Electric
We are an American company that combines complex mineral exploration technologies with electrical steel exploration projects primarily in the United States. We use our Typhoon
About Maaden
Ma’aden is the Middle East’s largest multi-commodity mining and metals company and one of the fastest-growing mining corporations in the world, with revenues of SAR 40. 2 billion ($10. 7 billion). Ma’aden is advancing the mining industry in the third pillar of the Saudi economy, in line with Vision 2030, and aspires to be a style in culpable and sustainable operations. Ma’aden operates 17 mines and sites, has more than 6,000 direct workers, and exports products to more than 30 countries. Ma’aden is embarking on a major expansion over the next 18 years in the phosphate, aluminum, gold, copper and new minerals sectors. Ma’aden is also Ivanhoe Electric’s second-largest shareholder and owns approximately 9. 9% of the newly issued regular shares.
https://www. maaden. com. sa/ Website
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Forward-looking statements
Certain statements contained in this press release constitute “forward-looking statements” or “forward-looking facts” within the meaning of the applicable securities laws of the United States and Canada. These statements and data involve known and unknown risks, uncertainties and other points that would possibly cause the actual effects, functionality or achievements of Ivanhoe Electric, its projects or the effects on the industry to be materially different. expressed or implied long-term effects, functionality, or achievements. through those forward-looking statements or data. Such statements may be learned by the use of words such as “may,” “could,” “could,” “will,” “intends,” “expects,” “believes,” “plans,” “anticipates,” “estimates,” “scheduled,” “prognostic,” “predictable” and other terminology, or imply that certain actions, occasions, or effects “may,” “could,” “could,” “may,” “may,” or “be taken,” happen, or be accomplished. These statements reflect Ivanhoe Electric’s existing expectations regarding occasions, functionality and long-term effects and speak only as of the date of this press release.
Such statements in this press release include, but are not limited to: the use of the TyphoonTM formula to inspect Al Amar, Wadi Bidah, Bir Umq, and other targets in the Arabian Shield; continued use of TyphoonTM at um Ash Shalahib; the structure and delivery of Typhoon equipment for the Ivanhoe Electric and Ma’aden joint venture from December 2023 to the first part of 2024; how our generation works; our ability to boost and reduce the risks of the mineral exploration process; a favorable transition of power in the United States; regulatory tailwinds; an imaginable contraction of copper supply; potential new discoveries and planned or potential advancements in Ivanhoe Electric’s business.
Forward-looking statements are based on management’s beliefs and assumptions, as well as information recently received from management. These statements are subject to significant threats and uncertainties, and actual effects would likely differ materially from those expressed or implied in the forward-looking statements as a result of various points, including adjustments to the costs of copper or other metals being studied by Ivanhoe Electric. ; the effects of exploration and drilling activities and/or the failure of exploration systems or studies to produce the expected effects or results that would justify and assist continued exploration, studies, progression or operations; final evaluation of the effects of the exploration and initial data; the significant threats and dangers associated with any long-term mining operation, extensive regulation through the U. S. government and local governments; adjustments in laws, regulations or regulations, or their application through competent authorities; the parties’ failure to perform their contracts with Ivanhoe Electric as agreed; and the effect of political, economic and other uncertainties related to operations in foreign countries, as well as the effect of the COVID-19 pandemic and the global economy. These items should not be considered exhaustive and should be read in conjunction with other cautionary statements and threat items described in Ivanhoe Electric’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. United States Exchange Commission.
There can be no guarantee that these long-term effects will be achieved. Forward-looking statements speak only as of the date of this press release. Ivanhoe Electric cautions you to place undue reliance on such forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric assumes no legal responsibility to update or revise the forward-looking statements contained herein to reflect occasions or cases arising after the date of this press release, and Ivanhoe Electric expressly disclaims any legal liability to do so. There can be no guarantee that these long-term effects will be achieved. Forward-looking statements speak only as of the date of this press release. Ivanhoe Electric cautions you to place undue reliance on such forward-looking statements. Subject to applicable securities laws, Ivanhoe Electric assumes no legal responsibility to update or revise the forward-looking statements contained herein to reflect occasions or cases arising after the date of this press release, and Ivanhoe Electric expressly disclaims any legal liability to do so.
SOURCE: Ivanhoé Electric Inc.