Ivanehoe Mines discovers third major copper discovery in Democratic Republic of Congo
A Canadian mining company with a portfolio focused on three principal projects in Southern Africa, has made a third major copper discovery in the Democratic Republic of Congo (DRC).
Ivanhoe Mines has announced in a statement this week that it has made a new important discovery of a high-grade copper deposit on its 100%-owned Western Foreland licences, west of its Kamoa-Kakula mining licence in the DRC.
The company began drilling on its extensive land package in the Western Foreland area in the third quarter of 2017 and to date it has drilled more than 50 holes.
Makoko is the first of multiple high-potential target areas identified by Ivanhoe’s exploration team to be tested by drilling and the company is expected to announce an initial, independent resource estimate for the Makoko Copper Discovery in the current financial quarter.
“This latest discovery at Makoko validates our exploration model for the geologic features controlling the high-grade copper mineralization in the region,” said Mr. Friedland. “This model reflects the accumulation of in-depth, proprietary geological insights gained by Ivanhoe's exploration team during nearly two decades of exploring in the region.
“Given the early drilling success at Makoko, we are highly confident that we have the secret blueprint for additional exploration successes in the Western Foreland area in 2019 and beyond.
“We are in the privileged position of owning 100% of a massive exploration land package with outstanding geological potential next door to our Kamoa and Kakula discoveries. Kamoa-Kakula already has been independently established as the world’s fourth-largest copper project and still is growing. It has copper grades that are the highest, by a wide margin, of the world’s top 10 copper deposits,” Mr. Friedland added.
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“While some investors are focused on short-term issues such as the DRC Mining Code revisions and the upcoming presidential election, Ivanhoe’s philosophy is to think big and think long term. Our geological team has done an outstanding job of executing our strategy to continue to add shareholder and stakeholder value by keeping the drill bits turning and delivering spectacular exploration results.
“The government of the Democratic Republic of Congo has encouraged investors to continue their exploration efforts in the DRC. Ivanhoe’s team is the determined and absolute global leader in exploration technology and success. Our talented and dedicated employees will continue to help the Congolese people unlock the full potential of their country’s mineral endowment.
“Our continued exploration successes in the DRC will continue to catch the fullest attention of the mining world,” Mr. Friedland said.
