Implied strike length of 2.7km at DRC copper project
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The latest assay highlights from 10 holes at the Kamoa North bonanza zone include 13.6m at 18.48% copper from 208m, and 16.7m at 15.84% copper from 215m.
The zone at the joint venture project in the Democratic Republic of Congo was discovered in January with an "unprecedented" result of 22.3m at 13.05% copper.
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Ivanhoe said it was moving quickly to establish a resource estimate, with the zone - 18km from Kamoa-Kakula's planned initial mine - having the potential to enhance initial cash flow.
The controlling growth structure is projected to extend onto Ivanhoe's adjacent, 100%-owned Western Foreland exploration licences.
Ivanhoe unveiled a "mind-boggling" prefeasibility study for Kakula in February, outlining a 6 million tonne per annum operation with an initial US$1.1 billion capex, an after-tax NPV (8% discount) of $5.4 billion and an IRR of 46.9%.
An updated preliminary economic assessment showed an alternate three-phase development, starting with Kakula, building to 12Mtpa with feed from the Kansoko mine and a further 6Mtpa from Kakula West.
Ivanhoe and Zijin Mining, both 39.6% owners, are co-funding Kamoa-Kakula's development.
The remainder is owned by the DRC government (20%) and Crystal River Global (0.8%).
Ivanhoe shares closed 4.4% higher on Friday to C$3.55, a 52-week high and capitalising it at $3.6 billion.
It is retracing its steps towards the $4 mark it was trading at in early 2018, before its share price slumped on changes to the mining code in the DRC, where it is also redeveloping the Kipushi zinc-copper-germanium-silver mine.