Ivanhoe announces the discovery of 21 million tonnes of mineral resources with a grade of 3.56% copper in Makoko and Kiala
Ivanhoe Mines Co-Executive Chairman Robert Friedland and President Marna Cloete announced on Monday, November 13, that the first independent mineral resource estimates for the high-grade Makoko and Kiala deposits within the Western Foreland exploration project by Ivanhoe. A press release from this Canadian company, operating in the province of Lualaba, reports the discovery.
Makoko and Kiala are two distinct discoveries adjacent to the Kamoa-Kakula copper complex, continuing Ivanhoe’s distinguished track record of first-time discoveries in this uniquely rich geological terrain. Both deposits are within the 2,407 square kilometer Western Foreland exploration project, adjacent to the 400 square kilometer Kamoa-Kakula copper complex in the Democratic Republic of Congo. The Western Foreland permits are 80% to 100% owned by Ivanhoe Mines.
Makoko contains Indicated Mineral Resources of 16 million tonnes at 3.55% copper, plus Inferred Mineral Resources of 154 million tonnes at 1.97% copper using a 1.5% copper cut-off. Makoko ranks as the third-largest copper discovery in terms of size and highest grade in the world since Kakula in 2016.
As for Kiala, it contains indicated mineral resources of 5 million tonnes at 3.56% copper using a 1.5% copper cut-off.
Ivanhoe has now discovered 38.7 million tonnes of contained copper in measured and indicated resources and a further 9.4 million tonnes in inferred resources on the Western Foreland Shelf, including Kamoa and Kakula.
Note that the Mining Rights covering the Makoko and Kiala discoveries are allocated for an initial period of 25 years.
Commenting on these results, Ivanhoe founder and co-executive chairman Robert Friedland said: “These exceptional results are the culmination of more than twenty years of effort, beginning with core and frontier exploration to define a mineral horizon up to then unknown with the potential to host enormous copper deposits with spectacular grades.”
He continued: “The theory was proven correct, as our team of visionary geoscientists discovered Kamoa in 2008, followed by the monumental discovery of Kakula in 2016. In just over five years, Kakula went from core sample drilling to one of the country’s five largest copper mines in the world, with by far the highest rating, thanks to the hard work of our exceptional project and operations teams.”
The Western Foreland will benefit from improved infrastructure in the DRC, including electricity and the Lobito rail corridor, which passes through the licenses.
