Initial Exploration Drilling Program At The Hog Heaven Project

Initial Exploration Drilling Program At The Hog Heaven Project

PHOENIX, AZ – Ivanhoe Electric Inc. reported on the ongoing exploration program at the Hog Heaven Project located on private land approximately 50 miles southwest of Kalispell, Montana. The Company is encouraged by the recent drill results at our Hog Heaven Project in Montana. The team continues to find widespread mineralization, which appears to remain open in several directions. Ivanhoe believes the data obtained from recent drilling provides evidence of a nearby porphyry source. Additionally, we recently completed a TyphoonTM geophysical survey over parts of the district. The results of the survey, should be received this month and will assist in targeting future exploration efforts.

The Hog Heaven district consists of several high-sulfidation epithermal mineral deposits and prospects, as well as several historical mines, including the Flathead Mine.

The ongoing drill program, which began in June 2023, is designed to search for additional silver, gold, and copper-rich high-sulfidation epithermal mineralization, which was the focus of historical mining activities. Our program is also intended to search for porphyry copper mineralization at depth.

Ivanhoe Electric’s current exploration drill program at Hog Heaven has now completed twelve drill holes totaling 10,905 meters. Exploration drilling has stepped out to the west and southwest, where mineralization remains open. One diamond drill rig is currently on site and will operate through the winter as weather permits. Assays have been received for nine holes, with assays pending for three holes in addition to HHD-013, which is currently being drilled.

In November 2023 the Company conducted a TyphoonTM geophysical survey covering approximately 10 km2 of land, which was designed to cover the core areas of known prospectivity.

Ivanhoe Electric’s drilling around the Flathead Mine has intersected precious and base metal-bearing high-sulfidation epithermal mineralization over broad zones, generally as intersected in HHD-005, through to HHD-009. These results are punctuated by narrow veins and massive sulfides, often with exceptional silver and gold grades, including in hole HHD-007, which returned a one-meter vein containing 2,180 g/t silver and 5.16 g/t gold. High-sulfidation mineralization is generally strongest along the permeable margin of a diatreme pipe that cuts the belt supergroup sediments but is also influenced by latite porphyry intrusions.

Drilling efforts continue to intersect the geological features commonly associated with porphyry deposits. In addition to observations previously reported in drill holes HHD-003 and HHD-004, recent drill hole HHD-010 (assays pending), completed in early December 2023, intersected an intrusive with numerous fragments of various compositions containing porphyry vein stockwork. At shallower levels, the intrusion itself is altered and mineralized by the high-sulfidation assemblage as seen at the Flathead Mine, but at depth the alteration gives way to higher temperature white micas, providing an important vector towards higher temperature, potentially copper-rich mineralization below or laterally.