Santa Cruz, Arizona

Ivanhoe Electric has a compelling opportunity to build a modern, low carbon footprint, sustainable, copper producing industrial complex in the United States.
Santa Cruz, Arizona
Location
Arizona, USA
Investment vehicle
Ivanhoe Electric
Ownership
Option to 100%1
Metal
Copper
Opportunity
Ivanhoe Electric believes that Santa Cruz is a highly significant undeveloped Copper Deposit in the Continental U.S., with considerable potential to expand the resources.

1. Ivanhoe Electric holds an option on the purchase of the mineral title while holding an exclusive agreement on surface access.

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Santa Cruz is located in Arizona, a prolific mining State, where over 35 million tonnes of copper have been produced since 1980 (~65% of total US production).

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Indicated Mineral Resources at the Santa Cruz Project total 226.7 million tonnes grading 1.24% total copper (2.8 million tonnes of contained copper), and Inferred Resources total 149.0 million tonnes grading 1.24% total copper (1.8 million tonnes of contained copper).

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Deployment of Typhoon™ exploration search technology to help identify new mineralized targets, allowing Ivanhoe Electric to more efficiently explore with targeted diamond drilling.

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Option to utilize VRB technology and integrate with renewable energy power sources, like solar, to develop a modern, low footprint, sustainable copper producing industrial complex.

December 2022 Resource Estimate

CategoryDepositTonnage
(millions of tonnes)
Total Copper Grade
(%)
Total Soluble Copper Grade
(%)
Total Contained Copper
(millions of tonnes)
Total Contained Soluble Copper
(millions of tonnes)

Indicated

Santa Cruz

223.2

1.24

0.82

2.8

1.8

Texaco

3.6

1.33

0.97

0.05

0.03

Inferred

Santa Cruz

62.7

1.23

0.92

0.8

0.6

Texaco

62.3

1.21

0.56

0.8

0.3

East Ridge

24

1.36

1.26

0.3

0.3

TOTAL

 

 

 

 

 

 

Indicated

All Deposits

226.7

1.24

0.82

2.8

1.9

Inferred

All Deposits

149

1.24

0.82

1.8

1.2

TOTAL LESS PRIMARY

 

 

 

 

 

 

Indicated

All Exclude Primary

149.7

1.42

1.24

2.1

1.9

Inferred

All Exclude Primary

106

1.32

1.16

1.4

1.2

Notes on Mineral Resources

  1. The Mineral Resources in this Estimate were independently prepared, including estimation and classification, by Nordmin Engineering Ltd. and in accordance with the definitions for Mineral Resources in S-K 1300.
  2. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. This estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.
  3. Verification included multiple site visits to inspect drilling, logging, density measurement procedures and sampling procedures, and a review of the control sample results used to assess laboratory assay quality. In addition, a random selection of the drill hole database results was compared with the original records.
  4. The Mineral Resources in this estimate for the Santa Cruz, East Ridge, and Texaco Deposits used Datamine Studio RMTM software to create the block models.
  5. The Mineral Resources are current to December 31, 2022.
  6. Underground-constrained Mineral Resources for the Santa Cruz Deposit are reported at a cut-off grade of 0.70% total copper, Texaco Deposit are reported at a cut-off grade of 0.80% total copper and East Ridge Deposit are reported at a cut-off grade of 0.90% total copper. The cut-off grade reflects total operating costs to define reasonable prospects for eventual economic extracted by conventional underground mining methods with a maximum production rate of 15,000 tonnes/day. All material within mineable shape-optimized wireframes has been included in the Mineral Resource.
  7. Underground mineable shape optimization parameters include a long term copper price of $3.70/lb, process recovery of 94%, direct mining costs between $24.50-$40.00/processed tonne reflecting various mining method costs (long hole or room and pillar), mining general and administration cost of $4.00/tonne processed, onsite processing and SX/EW costs between $13.40-$14.47/tonne processed, offsite costs between $3.29 – $4.67/tonne processed, along with variable royalties between 5.00-6.96% NSR and a mining recovery of 100%.
  8. Specific Gravity was applied using weighted averages by Deposit Sub-Domain.
  9. All figures are rounded to reflect the relative accuracy of the estimates, and totals may not add correctly.
  10. Excludes unclassified mineralization located along edges of the Santa Cruz, East Ridge, and Texaco Deposits where drill density is poor.
  11. Report from within a mineralization envelope accounting for mineral continuity.
  12. Total soluble copper means the addition of sequential acid soluble copper and sequential cyanide soluble copper assays. Total soluble copper is not reported for the Primary Domain.
  • Drill Intercept Table (Pre-December 2022 Mineral Resource Estimate)
    DRILL HOLEFROM
    (M)
    TO
    (M)
    INTERVAL
    LENGTH
    (M)
    TOTAL
    COPPER
    (%)
    TOTAL SOLUBLE
    COPPER
    (%)
    SCC-001583.71027.0443.31.370.87
    Including623.1673.250.12.552.21
    Including681.2711.330.12.752.53
    Including732.5758.526.02.101.87
    Including776.51009.0232.50.880.16
     
    SCC-002587.0633.046.01.151.07
     639.0702.063.01.651.76
     721.0919.0198.01.050.45
    Including723.0748.025.03.362.84
    Including831.0901.070.00.670.08
     
    SCC-003508.0529.021.02.152.05
    Including513.0523.010.03.423.32
     538.0566.028.00.760.68
     593.0629.036.00.630.52
     
    SCC-004597.0633.036.01.461.42
    Including597.0609.012.02.782.72
     666.0849.0183.00.670.56
    Including666.0680.014.01.331.29
    Including824.0831.67.60.950.15
     902.0908.06.00.580.52
     
    SCC-005613.2623.09.81.881.46
     636.0693.057.03.522.77
    Including659.0683.124.17.025.40
     
    SCC-006478.0490.012.00.490.45
     550.0565.015.00.780.75
     666.0766.0100.01.521.34
    Including666.0690.024.03.092.92
    Including710.0724.014.02.151.95
     773.6792.018.40.660.17
     836.0879.043.00.680.08
     938.01017.079.00.600.08
     1067.01077.010.00.980.09
     
    SCC-007813.6871.057.40.920.85
    Including814.4830.015.61.841.74
     880.0905.025.02.442.28
    Including886.0896.010.04.083.79
     968.01304.0336.01.270.96
    Including982.01132.0150.02.082.00
    Including996.01040.044.02.382.34
    Including1088.01123.035.02.282.18
    Including1151.01164.013.01.040.06
    Including1214.01222.08.00.990.07
     
    SCC-008754.0763.09.01.951.83
     804.0816.012.01.191.03
     829.0842.013.00.560.52
     901.01057.0156.00.740.21
    Including922.0957.035.01.120.35
    Including1006.01027.021.00.580.09
    Including1036.01044.08.00.830.11
     
    SCC-009504.0518.014.01.021.00
     549.0609.060.00.640.61
    Including597.0609.012.01.341.27
     
    SCC-011749.2811.161.91.081.05
    Including749.2760.010.91.831.78
    Including766.0809.743.71.020.99
    Including767.0777.010.01.521.50
     859.0949.090.00.830.74
    Including860.0890.030.01.621.45
     
    SCC-012No reportable assays
    Note: Did not reach bedrock
     
    SCC-013735.0741.06.00.440.03
     774.0781.17.10.790.05
     
    SCC-014683.0869.0186.00.640.24
     
    SCC-015No reportable assays
    Note: Did not reach bedrock
     
    SCC-016284.0290.06.00.610.58
     
    SCC-017756.51075.0318.50.880.22
    Including756.51040.0283.50.920.25
    Including862.0905.043.01.260.28
    Including963.0978.015.01.190.07
    Including1001.81014.012.21.010.09
     
    SCC-018747.0816.069.00.260.02
    Including755.9796.040.10.280.02
    Including747.0753.06.00.350.02
     
    SCC-019773.0873.0100.01.740.91
    Including773.0846.073.02.211.22
     931.0942.011.00.970.13
     1018.01059.941.90.820.06
    Including1021.01028.07.01.440.10
     1071.41095.023.60.610.04
     
    SCC-021505.0511.06.01.551.51
     549.0565.016.02.262.02
    Including554.0563.09.03.242.88
     586.0603.017.00.820.08
    Including586.0595.09.01.071.03
     631.0651.020.01.401.33
    Including632.0641.09.02.612.46
    Including634.0641.07.03.002.87
     657.0721.064.00.700.60
     742.0822.480.40.500.08
     
    SCC-022313.0329.616.61.231.11
     
    SCC-022A557.0596.039.01.351.29
    Including557.0563.06.03.293.27
    Including568.0578.210.22.022.06
     604.0694.090.00.510.28
     781.0796.015.00.490.08
     
    SCC-023460.5490.630.10.630.38
    Including463.0472.09.01.000.56
     522.0530.48.43.392.60
     568.0575.07.00.610.37
     632.7672.039.30.980.90
     656.0664.58.51.841.75
     658.0664.56.52.001.92
     852.0858.06.00.500.49
     
    SCC-027No reportable assays
    Note: Hole ended early, redrilled as SCC-048
     
    SCC-052646.2731.285.00.760.54
    Including646.2675.028.81.231.22
     780.0867.087.00.600.10
     874.0880.96.90.530.06
     
    SCC-055Not Sampled
     
    SCC-060Not Sampled
     
    SCC-061Not Sampled
     
    SCC-062Not Sampled
     
    SCC-064Not Sampled
     
    SCC-066Not Sampled
     
    SCC-067Not Sampled
     
    SCC-069Not Sampled
     
    SCC-070Not Sampled
     
    SCC-071Not Sampled
     
    SCC-072Not Sampled
     
    SCC-074Not Sampled
     
    SCC-075Not Sampled
     
    SCC-076Not Sampled
     
    SCC-077Not Sampled
     
    SCC-078Sonic hole: Not Sampled
     
    SCC-079Not Sampled
     
    SCC-082Sonic hole: Not Sampled
     
    SCC-083Not Sampled
     
    SCC-084602.0915.9313.91.060.95
    Including602.0635.033.01.841.56
    Including621.9635.013.13.172.82
    Including661.0805.0144.01.381.31
    Including687.0701.014.01.421.33
    Including707.0783.076.01.861.80
    Including743.0749.06.03.533.42
    Including759.0773.014.02.412.37
    Including795.0803.08.01.241.15
    Including811.0891.080.00.650.57
    Including837.0843.06.01.411.34
    Including901.0915.914.90.720.56
     
    SCC-085Not Sampled
     
    SCC-086Sonic hole: Not Sampled
     
    SCC-087Not Sampled
     
    SCC-089Sonic hole: Not Sampled
     
    SCC-091No reportable assays
     
    SCC-103Not Sampled
    *Total Soluble Copper is the calculated summation of all soluble copper derived from the sequential copper analysis suite
    *Reported intervals are calculated using a 0.39% total copper cut-off grade and allowing up to a maximum of 6 consecutive meters of material less than 0.39% total copper
    *Results are core intervals and may not be true widths but are believed to be representative of actual drill thicknesses
    *SCC-022A is a wedged hole from parent hole SCC-022
    *Reported intervals for SCC-084 are calculated using a 0.39% total copper cut-off grade and allowing up to a maximum of 12 consecutive meters of material less than 0.39% total copper
    *Some rounding errors may occur
  • Drill Intercept Table (Post-December 2022 Mineral Resource Estimate)
    DRILL HOLEDEPOSIT AREAFROM
    (M)
    TO
    (M)
    INTERVAL
    LENGTH
    (M)
    TOTAL
    COPPER
    (%)
    TOTAL SOLUBLE
    COPPER
    (%)
    SCC-025Santa CruzAssays Pending
     
    SCC-026Santa CruzAssays Pending
     
    SCC-029Santa Cruz446.0459.013.01.291.29
      541.5577.536.02.732.48
    Including 549.9577.527.62.622.35
      792.0819.027.00.760.06
    Including 805.0815.010.01.100.08
      825.0834.09.01.430.10
    Including 826.0833.07.01.600.11
      843.0881.038.01.170.08
     
    SCC-031Santa Cruz520.0529.09.03.172.57
    Including 522.3528.56.23.923.34
      540.0548.08.02.542.12
    Including 540.0547.07.02.792.36
      611.0657.046.01.551.49
    Including 619.0657.038.01.661.61
    Including 641.0649.08.02.482.34
      686.0695.69.62.252.30
    Including 686.0695.09.02.352.40
     
    SCC-032Santa Cruz557.0595.038.02.132.01
    Including 557.6595.037.42.152.03
    Including 557.6586.028.42.552.42
     
    SCC-045*Santa Cruz531.0551.020.00.950.86
    Including 531.0539.08.01.231.15
      587.0602.015.01.051.02
      645.0653.08.01.841.77
      659.0667.08.00.890.87
     
    SCC-048*Santa Cruz589.2597.48.21.821.87
      628.6670.041.42.462.31
    Including 640.0667.027.02.862.66
      678.0696.018.01.661.55
    Including 688.0696.08.02.222.12
      705.0723.018.00.910.81
      765.0792.027.01.120.64
      876.0899.023.00.820.09
     
    SCC-053Santa CruzAssays Pending
     
    SCC-054Santa CruzAssays Pending
     
    SCC-056Santa CruzAssays Pending
     
    SCC-057Santa CruzAssays Pending
     
    SCC-058Santa Cruz479.0486.07.01.111.08
    Including 480.0486.06.01.151.12
      581.0589.08.02.382.28
      596.0651.055.03.102.91
    Including 596.0639.043.03.723.61
    Including 597.0634.037.04.154.02
      659.9725.065.11.210.71
    Including 671.0713.042.01.490.92
      745.0770.025.00.870.09
      793.0842.049.01.050.08
    Including 793.0801.08.01.180.11
    Including 805.0828.023.01.290.09
      847.0877.030.00.870.16
    Including 850.0863.013.01.120.23
      882.0889.37.31.220.06
     
    SCC-059Santa CruzAssays Pending
     
    SCC-063*Santa Cruz327.0336.09.01.301.16
      572.0584.012.01.481.40
      780.0786.06.00.840.18
      826.0832.06.00.780.06
     
    SCC-065Santa CruzAssays Pending
     
    SCC-068Santa CruzAssays Pending
     
    SCC-073Santa CruzAssays Pending
     
    SCC-080Santa Cruz575.0622.047.01.961.87
    Including 576.4588.011.61.731.66
    Including 592.0622.030.02.262.15
    Including 606.0620.014.03.203.04
      630.0727.097.01.131.06
    Including 630.0645.315.31.881.85
    Including 630.0638.08.01.931.91
    Including 659.0666.07.01.731.64
    Including 689.0695.06.01.091.05
    Including 707.0715.08.01.071.02
      747.0759.312.31.200.58
     
    SCC-081Santa Cruz   None Reportable 
     
    SCC-088Santa Cruz   None Reportable 
     
    SCC-090Santa CruzAssays Pending
     
    SCC-092Santa CruzAssays Pending
     
    SCC-093East Ridge   None Reportable 
     
    SCC-093AEast Ridge   None Reportable 
     
    SCC-095Santa Cruz   None Reportable 
     
    SCC-097Santa Cruz   None Reportable 
     
    SCC-098Southwest Exploration Area   None Reportable 
     
    SCC-099Santa Cruz682.0689.07.00.980.41
     
    SCC-101Santa CruzAssays Pending
     
    SCC-102Santa CruzAssays Pending
     
    SCC-105East RidgeAssays Pending
     
    SCC-106Santa CruzAssays Pending
     
    SCC-107East RidgeAssays Pending
     
    SCC-108East Ridge   None Reportable 
     
    SCC-109East Ridge687.0703.016.01.251.23
    Including 687.0701.014.01.301.27
     
    SCC-110Santa CruzAssays Pending
     
    SCC-111Santa CruzAssays Pending
     
    SCC-112TexacoAssays Pending
     
    SCC-113Santa CruzAssays Pending
     
    SCC-114East RidgeAssays Pending
     
    SCC-115East RidgeAssays Pending
     
    SCC-116Santa CruzAssays Pending
     
    SCC-117TexacoAssays Pending
     
    SCC-118Santa CruzAssays Pending
     
    SCC-119East RidgeAssays Pending
     
    SCC-120Santa CruzAssays Pending
     
    SCC-121Santa CruzAssays Pending
     
    SCC-122TexacoAssays Pending
     
    SCC-123East RidgeAssays Pending
     
    SCC-124Santa CruzAssays Pending
     
    SCC-125Santa CruzAssays Pending

    *Total Soluble Copper is the calculated summation of all soluble copper derived from the sequential copper analysis suite.
    *Reported intervals at the Santa Cruz Deposit are calculated at a cut-off grade of 0.70% total copper, Texaco Deposit is reported at a cut-off grade of 0.80% total copper and East Ridge Deposit is reported at a cut-off grade of 0.90% total copper.
    *Results are core intervals and may not be true widths but are believed to be representative of actual drill thicknesses.
    *Holes SCC-045, 048, and 063 were partially released prior to the December 2022 Mineral Resource Estimate using previous cut-off grades. Intercepts have been recalculated using current cut-off grades.
    *Some rounding errors may occur.

  • Collar Locations Table
    Drill HoleDepth (m)Azimuth (˚)Dip (˚)EastingNorthingElevation
    SCC-0011274.980-90417839.133639741.82404.27
    SCC-002965.300-90417684.233640037.27403.29
    SCC-003778.460-90417342.003640853.00390.75
    SCC-004926.910-90417536.123640347.10402.38
    SCC-005793.700-90417841.933640342.76403.03
    SCC-0061265.83225-56417863.573640199.79403.29
    SCC-0071344.17235-50418343.483639974.63404.24
    SCC-0081220.270-90417909.203639890.86404.23
    SCC-009945.79225-75417328.623640843.84401.31
    SCC-0111099.410-90417969.403640016.61403.94
    SCC-012379.800-90419564.523643166.42400.56
    SCC-013855.270-90421071.783644586.38413.47
    SCC-0141023.52190-84419175.113643173.58405.60
    SCC-015548.940-90419378.463643167.47404.66
    SCC-016931.160-90416630.643641665.75402.79
    SCC-0171139.340-90419378.013643172.74404.42
    SCC-018848.870-90421069.593644346.22419.65
    SCC-0191123.340-90419564.523643166.42400.56
    SCC-021822.35230-80417462.363640515.66406.27
    SCC-022446.84241-80417447.033640638.49406.04
    SCC-022A813.36241-80417447.033640638.49406.04
    SCC-023897.94207-75417693.003640427.00405.00
    SCC-025858.77228-82417800.203639904.39407.99
    SCC-026741.88209-80417306.483640497.20405.92
    SCC-027550.47259-82417812.783639909.68407.86
    SCC-029917.91227-78417628.303639967.64407.28
    SCC-031904.34222-85417663.753640253.76407.52
    SCC-032811.68220-78417503.903640057.65407.17
    SCC-045883.76225-73417447.943640641.80406.20
    SCC-048915.47259-82417813.323639920.49408.07
    SCC-052880.87224-75417481.093640515.04406.42
    SCC-0531041.80224-85417452.893640334.43406.69
    SCC-054686.71248-85417351.543640392.33402.66
    SCC-055304.80224-85417544.243640434.37402.98
    SCC-056846.73224-78417545.583640429.47406.67
    SCC-057996.70221-74417766.153640029.89406.23
    SCC-058889.25226-69417764.393640037.65407.59
    SCC-059980.24212-80417826.003640085.46407.58
    SCC-060274.32224-75417824.653640083.89407.48
    SCC-061304.80238-75417819.883640080.97407.56
    SCC-062304.80250-82417816.833640076.48407.49
    SCC-063932.99200-80417446.473640644.64408.22
    SCC-064204.220-90417087.283641942.98402.71
    SCC-065577.900-90416802.873641176.62405.94
    SCC-066228.600-90417098.143641365.92404.99
    SCC-067243.840-90417384.003641452.35400.12
    SCC-0681019.1231-75417767.193640175.02399.86
    SCC-069228.60-90416820.823641946.41398.38
    SCC-070246.890-90417158.363641759.90399.25
    SCC-071243.840-90417169.393641590.84399.57
    SCC-072274.320-90416448.993641668.85398.52
    SCC-073916.380-90417159.533640568.71401.96
    SCC-074259.080-90416755.383641453.75399.42
    SCC-075289.560-90417095.043641069.00400.72
    SCC-076152.400-90416954.753641665.87399.28
    SCC-077320.040-90417438.773641315.27400.21
    SCC-078100.000-90417557.443641548.67399.97
    SCC-079454.15232-75417980.963639786.00404.50
    SCC-080759.56205-85417529.003640263.00399.97
    SCC-081525.170-90416447.573641968.78398.10
    SCC-082112.700-90417698.363642164.44399.14
    SCC-083457.20222-85417980.773639785.86404.50
    SCC-084915.92214-80417767.903640175.77400.88
    SCC-085387.10254-78418083.953639717.37404.75
    SCC-086149.960-90417466.633642269.25398.61
    SCC-087426.72234-80418083.673639717.03404.75
    SCC-088579.730-90416864.603640896.75400.81
    SCC-089100.280-90417902.043641795.63402.00
    SCC-090712.010-90417158.163640269.54403.01
    SCC-091457.200-90416847.073641052.16400.37
    SCC-092666.600-90417153.033640780.55401.50
    SCC-093546.810-90417864.863640754.08402.17
    SCC-093A959.210-90417864.863640754.08402.17
    SCC-095457.200-90417016.453640885.07401.10
    SCC-096981.760-90418345.983640330.64403.52
    SCC-097457.200-90417023.553640658.82401.59
    SCC-0981274.520-90416873.743638932.35403.72
    SCC-099884.380-90417895.113640242.19406.54
    SCC-101413.000-90416492.953641976.09398.00
    SCC-102827.380-90417301.933640699.53401.80
    SCC-10360.960-90418199.683640384.64403.38
    SCC-1051029.300-90418199.683640385.64403.38
    SCC-106583.840-90416777.203641217.00399.00
    SCC-1071074.120-90418147.513640568.26402.92
    SCC-108858.620-90418018.943640161.16400.95
    SCC-109859.080-90417796.893641160.62403.86
    SCC-110864.720-90418685.343640283.12403.74
    SCC-111660.5270-80417005.003640885.00401.00
    SCC-1121025.960-90419310.733642468.32402.08
    SCC-113994.260-90417902.223640072.11404.12
    SCC-114808.330-90417799.363641009.96401.32
    SCC-115931.770-90418713.063640095.77404.19
    SCC-116726.80-90417145.003640557.00401.00
    SCC-117865.020-90419308.463642168.92402.64
    SCC-118381.3140-65417417.713640383.83402.69
    SCC-119998.820-90418565.843639941.57404.30
    SCC-120980.54140-65417417.713640383.83402.69
    SCC-121760.480-90417201.013641389.00399.00
    SCC-122921.560-90418674.383642614.52400.62
    SCC-123735.480-90418699.813640393.15403.64
    SCC-124564.640-90417089.003640557.00401.00
    SCC-12500-90417748.003640423.00403.20
     
    *Note – select drill holes located outside of the project area are not shown on the table.
  • Santa Cruz Project Drill Location Map

Gallery