Ivanhoe Mines Steps Into Angola With Massive Land Package Prospective For Copper
Ivanhoe Mines (TSX: IVN) is setting its sights on a new frontier, after securing a new prospective land package half the size of Switzerland in Angola. A total of 22,195 square kilometres of prospecting rights have been obtained within the Moxico and Cuando Cubango provinces.
The land package is greenfield in nature, and said to be highly prospective for copper mineralization. Limited exploration has previously occurred on the claims, with the area consisting of Kalahari sand and Karoo volcanics, similar to Ivanhoe’s Kamoa-Kakula licenses in the Democratic Republic of the Congo. Notably Kamoa-Kakula is the highest grade copper mine globally, at 3.94% copper.
Exploration of the claims is set to begin in the new year, with a reconnaissance visit planned for the first quarter of 2024 to determine land access, logistics, and a location for a central camp. Airborne magnetics, geophysics, and a baseline soil geochemistry survey are then slated to occur in the second quarter, followed by aircore and stratigraphic drilling in the second half of 2024.
Initial exploration of the claims is set to come at a cost of $10.0 million.
“Ivanhoe Mines has an exceptional track record of discovering tier-one deposits in new frontiers… and we are now commencing exploration activities in the underexplored regions of Angola that we believe could host an extension of the Central African Copperbelt. We are incredibly privileged to own 100% of a massive exploration land package with outstanding geological potential. We will be deploying our in-depth, proprietary geological insights gained from Ivanhoe’s exploration team in the Western Foreland and at Kamoa-Kakula,” commented executive co-chairman Robert Friedland.
Notably, the US Geological Survey has also agreed to a memorandum of understanding to map critical minerals in Angola, such as copper, cobalt, manganese and lithium.
Ivanhoe Mines last traded at $11.20 on the TSX.
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