Ivanhoe Electric Inc. announced a significant intersection of copper in high-sulfidation epithermal mineralization at the Hog Heaven Project located on private land approximately 50 miles southwest of Kalispell, Montana. Drill hole HHD-014 intersected several zones of copper, gold and silver-rich mineralization hosted in both the volcanic diatreme and surrounding sediments. Mineralization manifests as both enargite and pyrite in disseminations and diffuse veins within the volcanic rocks.

Significant thicknesses of this disseminated and vein-hosted mineralization have been intersected: 82 meters at 0.63% copper, 0.32 g/t gold and 37.8 g/t silver from 568 meters; This interval includes some exceptional grades, best represented by a series of enargite-pyrite veins at 5.78% copper, 2.2 g/t gold and 264.7 g/t silver over 3.95 meters from 631 meters; The highest single assay in this vein zone returned 21.7% copper, 3.94 g/t gold and 510 g/t silver over 1.1 meters from 632 meters. The single 21.7% copper assay was capped to 10% to avoid overestimation and grade smearing within the reported intervals. If this capping is removed, the 82 meter interval runs 0.79% copper, 0.32 g/t gold and 37.8 g/t silver from 568 meters, and the 3.95 meter vein interval runs 9.13% copper, 2.2 g/t gold and 264.7 g/t silver from 631 meters.

Drilling at Hog Heaven demonstrates the system has significant scale, and these recent results show an increase in copper-dominated mineralization. The intersection featured in HHD-014 reflects a 500 meter step out to the west of the areas mined at the historical Flathead Mine. Taken together with Ivanhoe Electric drilling beneath the Flathead Mine, the mineralized system now has a strike length of over 800 meters and is open in multiple directions.

The copper-rich intersection in HHD-014 is focused near the margin of the diatreme volcanic pipe with the host sediments, which remains untested along much of its extent, as is evidenced. Shallower in HHD-014, a significant intersection in the sedimentary rocks outside of the diatreme ran 28 meters at 0.30% copper, 0.59 g/t gold and 69.7 g/t silver from 528 meters. This includes a sulfide cemented breccia containing 0.58% copper, 1.84 g/t gold and 184.3 g/t silver over 5.3 meters from 544 meters.

This intersection demonstrates that the sediments outside of the diatreme complex can also host significant mineralization. Drill hole HHD-014 targeted the area where a corridor of conductive rocks, identified by TyphoonTM, intersects the diatreme margin at the junction of an interpreted north-south structure, which is known to focus mineralization at the nearby Flathead Mine. Drilling at Hog Heaven continues with one diamond drill rig on HHD-016 to test for porphyry mineralization at depth between drill holes HHD-014 and HHD-010, which both intersected evidence for proximity to a porphyry system.

The next phase of drilling, which includes a minimum of three holes over 3,000 meters, is intended to step out widely to test for the transition to a porphyry copper system below and/or adjacent to the high-sulfidation epithermal mineralization. Ivanhoe Electric employs industry standard QA/QC and data verification protocols. The diamond drill holes were completed using PQ and HQ diameters.

The drill core was cut lengthwise into halves using a diamond-bladed saw, with one-half used for the assay sample and the other half retained in core boxes and archived at site. Pulps and rejects are also stored on site for archival purposes. Mineralized zones were generally sampled at 2 meter intervals.

Each core sample was placed into a bag with a unique numbered sample identification tag. Quality control samples were inserted between core samples using the same numbering sequence. Then samples were grouped into batches for shipping and laboratory submissions.

Chain of custody records are maintained for sample shipments and the custody is transferred from Ivanhoe Electric expeditor to the laboratory upon delivery. Samples were shipped to ALS Laboratories in Twin Falls, Idaho, for sample preparation and analysis. Samples were analyzed using customary four acid digestion and ICP-MS finish.

A standard gold fire assay package was used to analyze gold. Silver content was assessed using either HCl leach and ICP-AES finish or fire assay with gravimetric finish depending on silver concentrations. ALS Minerals Twin Falls is an independent laboratory certified under ISO 9001:2008 and accredited under ISO/IEC 17025:2005 by the Standards Council of Canada.