Ivanhoe Electric and Ma’aden Kick Off Drilling at New Joint Venture in Saudi Arabia

Ivanhoe Electric Inc., a prominent player in the mining industry, has commenced drilling operations in Saudi Arabia through its joint venture with Ma’aden. This strategic alliance marks a significant milestone for both companies, as they embark on a collaborative exploration of the region's mineral-rich potential.

The joint venture between Ivanhoe Electric and Ma’aden brings together their respective expertise and resources to accelerate the discovery and development of valuable mineral deposits. By combining Ivanhoe Electric's technical capabilities with Ma’aden's deep understanding of the Saudi Arabian geological landscape, the partnership aims to identify and evaluate promising mining opportunities.

Ivanhoe Electric’s Founder and Executive Chairman, Robert Friedland, highlighted that the recent announcement signifies a significant milestone for their exploration joint venture with Ma’aden in Saudi Arabia. He noted that drilling on their first Typhoon™-identified anomaly in the Al Amar Belt is occurring less than ten months after their initial equipment arrived in the country. Friedland expressed gratitude for Ma’aden's support, which has enabled this swift progress. He eagerly anticipates reporting on their findings and expediting exploration efforts to fully realize Saudi Arabia's mineral potential.

Ivanhoe Electric’s President and Chief Executive Officer, Taylor Melvin, stated that drilling at Umm Ad Dabah represents a significant achievement for their Joint Venture team and a key advancement in their exploration process. He highlighted the efficiency of their surveying at Al Amar, which has allowed them to rapidly pinpoint target areas for drilling. With the addition of their third new generation Typhoon™ machine in September, Melvin emphasized that the Joint Venture will enhance and speed up their exploration activities.

The initial Typhoon™ survey, conducted near Ma’aden’s Al Amar Gold-Copper-Zinc Mine, covered an area of 155 km² and successfully identified two significant chargeability anomalies for further investigation. The survey, which commenced in November 2023, pinpointed Umm Ad Dabah and Area B as areas of interest. Drilling activities are currently underway at Umm Ad Dabah, with a second rig planned to commence operations at Area B later in August. These targeted drilling efforts aim to explore the potential of these anomalies and advance the project’s development.

At Umm Ad Dabah, the Typhoon™ survey and Computational Geosciences’ advanced software have identified a prominent chargeability anomaly starting approximately 200 meters beneath the surface and extending beyond 1,000 meters in depth. This significant geological feature presents a compelling target for exploration. The initial drilling program is designed to probe this anomaly, with a total of eight drill holes planned over the next two months. The first drill hole will reach a depth of about 250 meters to assess the upper part of the anomaly. Subsequent drill holes will be strategically positioned to explore progressively deeper sections of the chargeability anomaly, aiming to uncover its full potential and validate the findings from the imaging data.