Modern Mining March 2018

MINING News

Kakula copper resource keeps on growing

Kakula’s new indicated mineral resources at a 3 % cut-off grade have increased by 58 Mt and currently total 174 Mt at a grade of 5,62 % copper. This compares to the May 2017 estimate of 116 Mt at 6,09 % copper, at the same cut-off grade. Estimated inferred mineral resources now total an additional 9 Mt at a grade of 3,66 % copper at a 3 % cut-off. At a 1 % copper cut-off, Kakula’s indi- cated mineral resources have increased by 58 % to now total 585 Mt at 2,92 % copper. “Kakula is the most remarkable min- eral discovery we have seen during our 35-plus years in the exploration industry,” comments Robert Friedland, Executive Chairman of Ivanhoe. “The new, indepen- dently-verified resource estimate now places Kamoa-Kakula ahead of Indonesia’s renowned Grasberg deposit as the fourth- largest copper discovery on the planet in terms of contained copper. And it still is growing. “The exceptionally high copper grades, thicknesses and continuity of the minerali- sation at Kakula distinguish this discovery from anything else in the Central African Copperbelt. Based on the findings of the independent preliminary economic assess- ment completed in November of last year, the resources we’ve discovered should allow us to build a world-scale, highly- mechanised, underground copper mine with an initial capital cost expected to be far lower than other operations of this size. “With this initial Mineral Resource Estimate at Kakula West, we can begin to evaluate technical and infrastructure options to expeditiously develop the zones of thick, high-grade, bottom-loaded chalcocite in this latest discovery area.” Friedland says that a development sce- nario using a mining rate of 6 Mt/a and a copper cut-off grade of 3 % indicates that Kakula already has enough indicated mineral resources to mine at an average grade of between 5,5 % and 6 % copper for approximately 30 years. “If we lower the copper cut-off grade to 1%, which is higher than themining grades at most of the world’s major copper mines, we could be mining almost 3 % copper at Kakula for approximately 100 years.” The Kakula Discovery is approximately 10 km south-west of Kamoa’s initial Kansoko mine development. 

Kakula geologists (from left) Alain Kyatenga and Maria Mwenya, and mining engineer Sylver Nzam, logging core at the core shed (photo: Ivanhoe).

TSX-listed Ivanhoe Mines has completed an independently verified, updated Mineral Resource Estimate (MRE) for the ultra-high-grade Kakula Discovery at the Kamoa-Kakula copper project, near the mining centre of Kolwezi in the DRC. The project is a joint venture between Ivanhoe Mines, Zijin Mining and the DRC government. The updated Kakula MRE, prepared under the direction of independent con- sultant Amec Foster Wheeler, covers a

mineralised strike length of 13,3 km. For the first time, the updated estimate incor- porates mineral resources contained in the KakulaWest Discovery area and the saddle area between the main Kakula Discovery area and Kakula West. The new estimate boosts the total tonnage of Kakula’s indicated mineral resources by 50 %, at a 3 % copper cut-off, compared to the previous Kakula resource estimate issued in May 2017 that covered a strike length of 7,7 km. demonstrate the highly prospective nature of the Ity area. While we have only drilled a small portion of the target, its characteris- tics suggest it may have the potential to be the next significant discovery following the Daapleu, Mont Ity and Bakatouo discover- ies. Importantly, with an indicated resource grade of 2,7 g/t, compared with the current Ity CIL reserve grade of 1,5 g/t, the Le Plaque area has the potential to further improve the asset’s already robust production profile. “In 2018, we look forward to continuing exploration at the entire Le Plaque target, and several other near-mill targets, with the aim of delineating additional exten- sions. We are equally excited about our increased greenfield exploration focus with drilling initiating on a number of tar- gets within the wider 100 km Ity corridor which we fully control.” 

More exploration success for Endeavour at Ity TSX-listed Endeavour Mining has reported a high-grade maiden mineral resource esti- mate for its Le Plaque discovery, located within 5 km of the future CIL plant at its Ity gold mine in Côte d’Ivoire. The maiden resource – comprising an indicated resource of 85 koz at 2,70 g/t and an inferred resource of 43 koz at 2,40 g/t – positions Le Plaque to be amongst Ity’s highest grade deposits. Only the central portion has been drilled to date, representing about 25 % of the Le Plaque target, in an area named Le Plaque Main. A new drilling campaign aimed at delineating the extensions and investigat- ing other high-grade targets in proximity is planned for the remainder of 2018.

Comments Patrick Bouisset, Executive Vice-President Exploration and Growth at Endeavour: “We are very pleased with the Le Plaque discovery as it continues to

8  MODERN MINING  March 2018