Ivanhoe Electric to update Arizona copper project resource in early ’23
Technology and mineral exploration company Ivanhoe Electric, chaired by mining billionaire Robert Friedland, has made rapid progress at its Santa Cruz copper project, in Arizona, and is expecting an updated mineral resource statement for the project in January 2023.
The company is managing a multi-rig drill programme, while completing numerous trade-off studies and carrying out the technical studies required to support a future preliminary economic assessment (PEA), chief technical and innovation officer Glen Kuntz reports.
Up to eight drill rigs are currently working 24 hours a day to collect resource in-fill, geotechnical, hydrological and metallurgical information required to assess potential mine development options at the Santa Cruz project.
The company has completed 23 945 m of in-fill drilling and 7 792 m of drilling to support studies on underground mine access, using on-site crew of more than 40 employees and 76 contractors.
A recent highlight of the in-fill drilling programme is from hole SCC-084, which intersected more than 250 m of oxide and copper mineralisation. Although pending assays, Ivanhoe Electric says the hole demonstrates the potential for identifying new zones of oxide and exotic copper mineralisation.
“Based on our work to date, we expect to complete a PEA on the Santa Cruz deposit in the first half of 2023. The initial economics could improve further as we continue to explore and understand other areas, including Texaco and East Ridge,” Santa Cruz consulting project director Andy Russell says.
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