Ivanhoe Mines (IVN-T) reports that the recently completed hole 310, the most northeastern hole collared on the Far North zone so far, has returned, "the highest sustained copper grades yet" from the Oyu Tolgoi gold-copper project in southern Mongolia.
The hole was sunk 150 metres northeast of and parallel to hole 289. It returned 368 metres (from 326 metres below surface) grading 2.41% copper and 0.23 grams gold per tonne. Included is a 172-metre interval running 3.43% copper and 0.40 grams gold and a 60-metre interval of 3.48% copper and 0.84 gram gold.
The company also says the intersection is the first indication of higher-grade gold in the Far North zone.
Ivanhoe’s vice president of exploration, Douglas Kirwin said in a prepared statement, “This discovery of primary gold mineralization at the Far North zone is exciting news. It indicates that we might be honing in on a high-grade copper and gold mineralized zone. This deposit is still wide open and there is excellent exploration potential to significantly expand this discovery.”
The previously drilled hole 289 returned 368 metres (from 298 m) of 1.91% copper and 0.09 gram gold, including a 170-metre section of 2.41% copper and 0.15 gram gold.
So far, drilling has expanded the zone to at least 650 metres in length and between 250 to 400 metres in width. The zone reaches to a depth of about 750 metres, and is still open at depth.
Ivanhoe is in the midst of testing the zone’s strike extension to the northeast and southwest with two holes — numbers 319, and 324. Both have encountered significant intervals of visually strong copper mineralization. Assays results are pending.
Drilling at the Far North zone has defined a mushroom-shaped body with mineralization spreading north and south. The mineralization is hosted in porous, volcaniclastic rock.
Ivanhoe currently has four drill rigs sinking step-out holes at Far North.
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