Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) announced today that it has received an initial, independent NI 43-101 Resource Estimate for the high-grade Merlin molybdenum and rhenium deposit, which comprises part of Ivanhoe Australia's (ASX: IVA) Mt. Dore Project in the Cloncurry District in northwestern Queensland.
Mt. Dore is a polymetallic deposit containing copper, zinc, silver, gold, lead, cobalt, molybdenum and rhenium within the Kuridala Formation.
At a cut-off grade of 0.3% molybdenum, estimated indicated resources total 5.2 million tonnes at a grade of 1.0% molybdenum and 16 g/t rhenium, containing 52,000 tonnes of molybdenum and 83 tonnes of rhenium, plus additional inferred Resources totalling 3.5 million tonnes at a grade of 0.8% molybdenum and 14 g/t rhenium, containing 28,000 tonnes of molybdenum and 49 tonnes of rhenium.
The base case cut-off grade of 0.3% Mo was based on Mo at US$12/lb, Re at US$5/g, 90% and 80% recovery respectively, and a Mo %:Re ppm ratio of 16:1. Total production costs were based on A$120/tonne and 1$A = US$0.75.
Mt Dore is in northwestern Queensland, Australia, approximately 145 kilometres southeast of Mount Isa and 700 kilometres west-southwest of Townsville.
Ivanhoe Australia is 82.9%-owned by Ivanhoe Mines.