65% Increase in Tonnage and 82% Increase in Total Contained
Copper in Indicated Resources Across Exotic, Oxide and Enriched
Domains at Santa Cruz Deposit
Total Contained Copper in Indicated Resources Across all Deposits
and Domains Increases by 11%, with a Near-Doubling of the Copper
Cut-Off Grade to a Minimum of 0.70%
Initial Mineral Resource Declarations at East Ridge and Texaco
Deposits Confirm Expansion Potential of the Project Resource Base
Increased Resource Base Will Form the Foundation of Initial
Assessment Expected by the End of Q3 2023
Recent Metallurgical Testwork Confirms up to 94% Total Copper
Recovery with a Leach-Float Circuit is Achievable at the Santa Cruz
Deposit
Ivanhoe Electric to Host Investor Conference Call Today at 12pm ET
PHOENIX, ARIZONA – Ivanhoe Electric (NYSE American: IE; TSX: IE) Executive
Chairman, Robert Friedland and President and Chief Executive Officer, Taylor Melvin
are pleased to provide an updated Mineral Resource Estimate for the Santa Cruz Copper
Project (“Project”) located west of Casa Grande, Arizona.
The updated Mineral Resource Estimate now includes the first Mineral Resources
declared at the East Ridge Deposit directly adjacent to the Santa Cruz Deposit and at
the Texaco Deposit approximately one mile to the northeast.
2
The updated Mineral Resource Estimate utilizes higher cut-off grades than the 0.39%
cut-off used in the December 8, 2021 Santa Cruz Project Mineral Resource statement.
The higher cut-off grades were used to account for the consistency and thickness of the
higher-grade exotic, oxide and enriched copper domains, which support a more
selective, lower-impact bulk mining method.
The resource at the Santa Cruz Deposit reflects a 0.70% total copper cut-off, while the
resources at East Ridge and Texaco reflect a 0.90% and 0.80% total copper cut-off,
respectively. Even at these higher cut-off grades, the overall project-wide contained
copper in Indicated Mineral Resources increased by 11%. Importantly, project-wide contained copper in Indicated Mineral Resources, excluding primary sulfide
mineralization, increased by 86%.
Mr. Friedland commented: “We are making great strides towards our ambitious goal of constructing a low-carbon footprint, underground copper mine with minimal surface
disturbance in Arizona. The maiden resource estimates for the East Ridge and Texaco Deposits were founded on the knowledge gained from our 26.5 km2 (6,500-acre) proprietary Typhoon™ 3D induced polarization and resistivity geophysical survey
conducted in 2022 and build on the success we have achieved at the Santa Cruz
Deposit. Today’s announcement is an important milestone that underpins the future development potential of the Santa Cruz Copper Project.”
Mr. Melvin commented: “This resource update is the culmination of a tremendous effort by our team at Santa Cruz. The drilling to date increases our confidence in the high copper grades at the Santa Cruz Deposit and confirms the growth potential at the
nearby East Ridge and Texaco Deposits. The updated resource provides an excellent foundation for our initial economic assessment, which we expect before the end of Q3 2023.”
Highlights of the Updated Santa Cruz Project Mineral Resource Estimate
Using a 0.70% copper cut-off grade, Indicated Mineral Resources at the Santa Cruz Project total 226.7 million tonnes grading 1.24% total copper (2.8 million tonnes of contained copper), and Inferred Resources total 149.0 million tonnes grading 1.24% total copper (1.8 million tonnes of contained copper).

see & read more on
https://ivanhoeelectric.com/site/assets/files/9139/pr_04-23_ivanhoe_electric_provides_updated_mre_for_the.pdf