Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) has discovered a third major copper deposit called Makoko in the Democratic Republic of Congo on its 100%-owned Western Foreland copper property, west of its Kamoa-Kakula mining license.
Ivanhoe expects to release a maiden resource estimate for Makoko by the end of 2018’s third quarter.
The company began drilling Western Foreland in 2017’s third quarter. It says of the 50 holes it drilled into the property, the vast majority went into the Makoko discovery area. The 6.75 km2 discovery remains open in all directions, while the company continues drilling other targets on Western Foreland for high grade copper.
Highlights from Makoko at a 2% copper cut-off include 3.94 metres grading 5.46% copper from 306 metres downhole and 3.21 metres at 6.78% copper from 441 metres downhole. At a 1% cut-off, those values become 3.94 metres grading 5.46% copper and 3.95 metres at 5.81% copper.
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