Ivanhoe: Q2 Update on Makoko Copper Ore Resource Estimate Expected; Discovery of New High-Grade Copper Ore at Kitoko

According to mining.com, Africa-focused Ivanhoe Mines (Toronto Stock Exchange: IVN) stated in an exploration update on Monday that the strike length of its Makoko copper deposit has exceeded 13 kilometers, with new high-grade copper ore discovered at Kitoko.

Drilling activities totaling 81,000 meters conducted last year in the western frontier region of the Democratic Republic of Congo (DRC) drove this expansion. The drilling extended Makoko's strike by 20% and added a new Makoko West zone, where 5-15 meter thick copper ore sections were discovered at depths of 120-300 meters from the surface. Ivanhoe reported that the mineralization at Kitoko is similar to the company's Kamoa-Kakula complex located 10 kilometers away and added 336 square kilometers of new licenses, increasing the total project area by 20%.

"The western extension of Makoko showcases high-grade copper ore at shallower depths," said founder and co-chairman Robert Friedland. "This could be a logical starting point for mine development activities in the western frontier region."

The Makoko deposit is located approximately 10 kilometers west of the Kakula orebody within the Kamoa-Kakula joint venture. This joint venture is Africa's largest copper producer, with copper production expected to range between 520,000 and 580,000 mt this year. Ivanhoe is betting on exploration in the western frontier region to extend the lifespan of the Central African Copperbelt, which spans northern Zambia and the DRC.

According to the International Copper Study Group, global copper production reached 22.4 million mt in 2023. The DRC and Zambia contributed approximately 12% and 4%, respectively—indicating that this copper belt accounts for about 15-16% of total copper production.

Ivanhoe plans to invest $75 million in exploration, down from $90 million last year, including 102,000 meters of diamond drilling and 18,000 meters of reverse circulation drilling in the western frontier region. The latest resource assessment for Makoko is expected in Q2, along with preliminary assessments for Makoko West and Kitoko, as the company refines development plans for these assets.

Major Discoveries

Makoko is widely regarded as the largest copper discovery in the past decade outside of Kamoa-Kakula, continuing to deliver high-grade mineralization. In November 2023, Ivanhoe reported 16 million mt of indicated resources grading 3.6% copper and 154 million mt of inferred resources grading 1.97% copper, based on a 1.5% copper cut-off grade.

During a conference call in October, Friedland outlined a vision for the western frontier region to become central to Ivanhoe's future production strategy. He noted that existing infrastructure near the Kamoa-Kakula complex would enable rapid development of these discoveries.

The newly discovered Makoko West extension zone extends westward along the strike into a batch of new licenses obtained by the end of 2024. Currently, Makoko is considered the fourth-largest and highest-grade copper discovery globally since Kakula in 2016. Copper mineralization remains open to the south, east, and west.

The Makoko West target represents the up-dip, western extension of the Makoko deposit, with 37,739 meters of drilling conducted in the western frontier region.

A drill hole between Kakula and Makoko intercepted mineralization at a depth exceeding 1,300 meters, suggesting a potential connection across the Nchana fault between Kakula West and Makoko. Ivanhoe stated that follow-up drilling plans are underway.

Exploration in newly licensed areas has commenced ahead of the rainy season, including a 200-square-kilometer soil survey. Multi-element geochemical results will be integrated with geophysical data to set drilling targets. Meanwhile, two diamond drill rigs have been mobilized for a 32,000-meter project scheduled to begin in June during the dry season, lasting 24 months.

Kitoko Growth

By the end of last year, three drill rigs had completed 13 holes totaling 6,976 meters at the Kitoko deposit, bringing the total drilling for 2024 to 40 holes and 32,590 meters. High-grade copper mineralization continues to appear at depths above 1,000 meters, primarily in chalcocite and bornite zones up to 8 meters wide—similar in style to Kakula.

Ivanhoe believes the Kitoko deposit lies within two overlapping zones (eastern and western), where sulphide-rich Nguba group syenite and siltstone overlie a subtle Kibaran basement high. These zones remain open at depth and laterally. Step-out drilling at 400-meter intervals is ongoing to the east, west, and south, with Ivanhoe aiming to use these results to identify new Kitoko-style deposits across the western frontier region.

Overlapping refers to the process where newer sedimentary layers gradually extend and cover an older erosional surface. This process forms a contact surface where younger rocks "overlap" older rocks, illustrating how sediments accumulate over time.

Next Steps

Ivanhoe stated that preparations for the second rainy season drilling in the western frontier region have been completed, running from November to May of the following year. A 25-kilometer all-weather road and drilling platforms have been constructed to facilitate a 35,000-meter wide-spaced drilling program focused on Makoko West and Kitoko.

During the rainy season, six diamond drill rigs will operate within the Makoko-Makoko West-Kitoko system, with plans to increase the number of rigs to 11 after the rainy season ends.

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