Phase-One Drilling Program Improves Grades and Extent of High-Grade Gold Mineralization at Ivanhoe Mines' 50%-Owned Kyzyl Gold P
June 07 2010 - 8:15AM
Marketwired
Robert Friedland, Chairman of Ivanhoe Mines (TSX: IVN)(NYSE:
IVN)(NASDAQ: IVN), and David Woodall, Chief Executive Officer of
Altynalmas Gold Ltd., announced today that gold mineralization has
been expanded and upgraded by confirmatory drilling at Altynalmas's
Kyzyl Gold Project in northeastern Kazakhstan. Ivanhoe Mines owns
50% of Altynalmas.
Long intercepts of high-grade gold mineralization, including 38
metres of 17.13 grams of gold per tonne (g/t) in hole BAK-23-2010,
43 metres of 11.18 g/t gold in hole BAK-14-2009 and 22 metres of
10.31 g/t gold in hole BAK-27-2010, are among the results from 57
exploration holes, totalling 27,346 metres, that were drilled as
part of a phase one program between October 2009 and April
2010.
"We have been able to significantly improve drill-core recovery
from the gold zones to more than 90% using the wireline and
triple-tube method in the current drilling program," Mr. Woodall
said. "This is much better than the core recovery of approximately
75% that was managed by drilling during Soviet-era development on
the Kyzyl deposits."
"Our latest drilling yielded improved grades and widths of gold
intercepts over Soviet-era discoveries, while also confirming the
proven quality of the Kyzyl resource."
Mr. Woodall said the key value drivers of the Kyzyl Gold Project
are grade and metallurgical recoveries.
"We expected significant gold intercepts and are very pleased
with the results produced so far by the current drilling program.
We're confident that the pre-feasibility study resource model will
be improved when these new drilling results are incorporated. The
drilling results and the metallurgical test-work programs,
achieving gold recoveries of between 86% and 90% using
fluidized-bed roasting, indicate the robustness and quality of the
project."
Mr. Woodall said the drilling results will be used in a
pre-feasibility study being prepared by Scott Wilson Roscoe Postle
and Associates (Scott Wilson RPA), of Toronto, Canada. The study,
set for completion within the next month, is expected to upgrade a
large percentage of the Kyzyl Gold Project's Resources into Mineral
Reserves.
The assay results of 29 holes drilled into the middle zone of
Lens 1 of the Bakyrchik Deposit are listed below (and also are
shown on illustrations on Ivanhoe's website at
www.ivanhoemines.com). Intersection widths and grade tenor
correlate well with the results of the earlier, Soviet-era drilling
results. All the holes intercepted significant widths of high-grade
gold mineralization, with many of the holes having some intercepts
grading close to one ounce of gold per ton (34.3 grams per
tonne).
Bakyrchik Deposit drill results - Lens 1, May 31 2010
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Interval Gold Grade
Hole-ID Section From (m) To (m) (m) (g/t)
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BAK-01-2009 435300 282 296 14 10.31
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inc 291 294 3 22.20
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BAK-02-2009 435300 315 326 11 14.76
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inc 322 325 3 28.28
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BAK-03-2009 435300 331 348 17 7.06
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BAK-04-2009 435325 407 411 4 22.43
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and 417 438 21 10.53
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inc 427 430 3 23.23
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BAK-05-2009 435350 309 334 25 9.14
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inc 315 318 3 18.57
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inc 324 327 3 19.47
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and 340 343 3 3.34
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BAK-07-2009 435300 428 455 27 11.15
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inc 432 435 3 20.51
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inc 439 442 3 20.23
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BAK-08-2009 435350 369 381 12 11.33
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inc 374 378 4 23.16
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and 387 411 24 10.10
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BAK-09-2009 435425 330 344 14 10.22
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inc 338 341 3 28.92
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and 349 355 6 4.30
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and 396 410 14 6.34
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BAK-10-2009 435350 424 434 10 9.32
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inc 425 428 3 17.45
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and 452 471 19 12.09
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inc 455 462 7 19.90
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BAK-11-2009 435450 337 353 16 6.86
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BAK-12-2009 435450 379 398 19 9.29
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inc 383 386 3 16.53
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BAK-13-2009 435275 413 441 28 10.67
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inc 436 439 3 16.35
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BAK-14-2009 435300 378 421 43 11.18
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inc 380 385 5 18.35
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inc 396 400 4 17.01
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inc 408 411 3 19.60
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BAK-15-2009 435225 379 388 9 10.46
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BAK-16-2009 435225 426 443 17 14.92
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BAK-17-2009 435425 295 307 12 19.77
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and 335 346 11 4.83
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BAK-18-2009 435200 426 433 7 12.65
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inc 429 432 3 20.48
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BAK-19-2009 435225 354 360 6 12.82
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355 358 3 21.28
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BAK-20-2009 435425 270 289 19 6.76
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inc 270 273 3 20.10
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and 320 329 9 7.15
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BAK-21-2009 435450 462 491 29 7.06
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BAK-22-2009 435325 306 324 18 9.85
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inc 321 324 3 20.97
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BAK-23-2010 435300 480 518 38 17.13
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inc 485 500 15 24.10
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inc 509 516 7 18.51
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BAK-24-2009 435300 254 258 4 7.83
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BAK-25-2010 435325 268 285 17 10.00
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inc 281 284 3 16.47
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BAK-27-2010 435375 353 375 22 10.31
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inc 354 358 4 18.88
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inc 366 369 3 19.60
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and 392 398 6 9.30
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BAK-28-2010 435450 497 516 19 5.98
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and 525 534 9 12.04
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inc 526 530 4 18.74
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BAK-30 -2010 435450 287 290 3 6.52
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BAK-31-2010 435200 450 459 9 10.49
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BAK-33-2010 435350 294 319 25 9.70
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Notes:
1. Intersection assays are a composite of one-metre assays calculated from
interval-weighted assays over the intersection length using a 2.0 g/t
gold cut-off.
2. The included intervals are significantly higher in tenor and exceed 15.0
g/t gold within the 2.0 g/t gold cut-off intervals.
3. No high assay values have been cut.
4. Holes BAK-06-2009, BAK-26-2010, BAK-29-2010 and BAK-32-2010 are awaiting
completion of assaying.
5. Interval widths are generally equivalent to true widths.
Quality Assurance and Quality Control
Exploration core was drilled HQ size (63.5-mm diameter) using
western drill strings and triple-tube HQ3 core (61.1-mm diameter)
was used for geotechnical logging within, and on the shoulders, of
the mineralized zone. Assaying of the samples was completed at ALS
Chemex, an independent ISO-credited laboratory in Vancouver,
Canada, using fire assay fusion followed by a gravimetric analysis
procedure.
Quality assurance and quality control is independently monitored
and audited by Scott Wilson RPA with a quality-control program,
which includes the use of matrix matched assay standard reference
samples, blanks, duplicates, repeats and internal ALS Chemex
quality-assurance procedures.
Qualified Person
Disclosures of a scientific or technical nature in this release
have been reviewed by David Woodall, Chief Executive Officer of
Altynalmas Gold Ltd. and a Qualified Person as defined by National
Instrument 43-101.
About Ivanhoe Mines
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) is an
international mining company with operations focused in the Asia
Pacific region. Assets include the company's 66% interest in the
Oyu Tolgoi copper-gold mine development project in southern
Mongolia; its 57% interest in Mongolian coal miner SouthGobi
Resources (TSX: SGQ; HK: 1878); an 81% interest in Ivanhoe
Australia (ASX: IVA), a copper-gold-uranium-molybdenum-rhenium
exploration and development company; and a 50% interest in
Altynalmas Gold Ltd., a private company developing the Kyzyl Gold
Project in Kazakhstan.
Ivanhoe Mines' shares are listed on the New York, NASDAQ and
Toronto stock exchanges under the symbol IVN.
Forward Looking Statements:
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of our
beliefs, intentions and expectations about developments, results
and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation and "forward-looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements are typically identified
by words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "plan", "estimate", "will", "believe"
and similar expressions suggesting future outcomes or statements
regarding an outlook. These include, but are not limited to,
statements respecting Altynalmas Gold's planned exploration and
development work; the planned development work at the Bakyrchik
mine; the completion of the planned prefeasibility study; the
ability to consistently achieve recovery rates between 86% and 90%,
and the likely significant increase in the project's indicated
resource in the near future.
All such forward-looking information and statements are based on
certain assumptions and analyses made by Ivanhoe Mines' management
in light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are appropriate in the
circumstances. These statements, however, are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking information or statements. Important factors
that could cause actual results to differ from these
forward-looking statements include those described under the
heading "Risks and Uncertainties" elsewhere in the Company's
MD&A. The reader is cautioned not to place undue reliance on
forward-looking information or statements.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830 www.ivanhoemines.com
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