The Northern Miner August 22 2016 Issue

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BONUS MINEXPO 2016 Preconvention supplement inside

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OSISKO MINING

Invests in Barkerville Gold Mines / 3

ODDS ‘N’ SODS

Keith Barron’s first trip to Ecuador / 4–5

AUGUST 22–28, 2016 / VOL. 102 ISSUE 28 / GLOBAL MINING NEWS · SINCE 1915 / $3.99 / WWW.NORTHERNMINER.COM

Kakula discovery a potential ‘game changer’ for Kamoa DRC

| Friedland says electric vehicles to have ‘massive implications’ for metals market

NexGen unveils Harpoon discovery | Arrow and Harpoon elevate Athabasca targets URANIUM

BY MATTHEW KEEVIL mkeevil@northernminer.com VANCOUVER

N One of the seven drill rigs operating at Ivanhoe Mines’ Kakula copper prospect in the Democratic Republic of the Congo.   IVANHOE MINES BY LESLEY STOKES lstokes@northernminer.com VANCOUVER

T Introducing the

Underground motor grader

Email: (705) 476-4500 Email: mtsales@millertechnology.com

www.millertechnology.com

he latest drilling by Ivanhoe Mines (TSX: IVN; US-OTC: IVPAF) at the Kakula target — 5 km southeast of its large Kamoa copper deposit, being codeveloped with Chinese partner Zijin Mining Group in the Democratic Republic of the Congo (DRC) — is unveiling what Ivanhoe says could be “Africa’s most significant copper discovery.” Exploration drilling at Kakula has outlined what appears to be a blanket of high-grade copper mineralization more than 3 km long, at 350 metres depth. Intercepts within two drill holes spaced 2 km apart have returned 6.8 metres of 7.5% copper and 10.3 metres of 6.9% copper, assuming a 2.5% copper cut-off. Ivanhoe says the Kakula discovery is “substantially richer, thicker

Leave no

and more consistent than other known mineralization elsewhere on the Kamoa project,” and that it is “a complete game-changer in our planning for the development of Kamoa.” The partners have increased the current drill program by another 9,000 metres to 34,000 metres, using seven rigs. The first resource estimate for Kakula is due later next month, at which time the partners would work on Kakula’s preliminary economic assessment. Ivanhoe’s technical team is contemplating a box cut at Kakula to accommodate decline ramps that would provide underground access into the deposit. “It’s the richest thing we’ve ever seen, and it will stand as our best discovery,” Ivanhoe executive chairman Robert Friedland said during a presentation at the Sprott Natural Resource Symposium in Vancouver in July, before the most recent assay results. Meanwhile at Kamoa, 25 km

west of the town of Kolwezi, twin declines into the deposit’s initial mining area at Kansoko Sud are progressing ahead of schedule, and the company expects to reach the orebody at 150 metres deep by early 2017. Ivanhoe plans to mine Kansoko’s 71.9 million probable tonnes at 3.9% copper, or 5.1 billion lb. copper — using a 1% cut-off — for the next 24 years at 3 million tonnes per annum. But that’s little compared to the 52.9 billion lb. copper in the rest of the sediment-hosted copper deposit. Kamoa’s indicated and inferred resources — which are based on 400- and 800-metre drill centres — stand at 752 million indicated tonnes of 2.7% copper and 190 million inferred tonnes of 2.1% copper, using a 1% total copper cut-off grade. Zijin acquired 49.5% of Ivanhoe’s

exGen Energy (TSX: NXE; US-OTC: NXGEF) just can’t stop making discoveries at its Rook I uranium property in Saskatchewan’s Athabasca basin. The company made headlines earlier this year with an impressive maiden resource at its Arrow deposit, and now summer drilling along the regional Patterson Lake corridor appears to have once again hit pay dirt. The new Harpoon zone lies 4.7 km northeast of the core Arrow deposit, which hosts 3.5 million inferred tonnes grading 2.6% uranium oxide for a contained 202 million lb. uranium. Discovery hole 16-8 intersected 17 metres of continuous See NEXGEN / 2 PM40069240

See IVANHOE / 2

unturned.

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GEOLOGY: LOOKING AT CANADA’S EAST COAST / 11

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