Kipushi Mine

Underground miners at Kipushi in 1944 (photo U.M.H.K.) [More historical Kipushi photos]

Ivanhoe Mines' Kipushi project in the D.R. Congo was one of the world's richest copper, zinc, germanium and precious metals mines from 1924 until political instability in the Congo forced the mine's closure in 1993.

Kipushi's current 68% owner, Robert Friedland's Ivanhoe Mines, believes the mine was not fully exhausted despite 68 years of operations.

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Kipushi diagram (Click to enlarge)

At depths of roughly 1200 meters, Ivanhoe has embarked on a 20,000 meter drill program to explore what's referred to as the Big Zinc ore body, a high grade zinc deposit discovered shortly before the mine suspended production, and never mined.

Ivanhoe released good news today in that the Big Zinc resource extends to a depth of 1700 meters, which is 200 meters deeper than originally thought. Assays are pending from the first four holes which were reviewed in today's release.

Look for assay results all through the spring and summer from Ivanhoe's Kipushi project, which is the wildcard in the Ivanhoe project portfolio. Stock analysts currently assign Kipushi little value, compared to its younger, stronger siblings, Kamoa and Platreef.

Ivanhoe's Kamoa copper discovery, also in the D.R.C., is the richest and largest undeveloped copper project in the world. Presently, Ivanhoe seeks a financial partner for Kamoa, which could come in the form of a major miner, such as Glencore, or a sovereign fund, or state owned enterprises, likely from Asia.

The company's Platreef PGE-nickel-copper deposit in South Africa is likely the best undeveloped platinum deposit in the world. A bulk sample shaft is currently being sunk there. Platreef needs to receive its Mining Right Permit, which will allow Ivanhoe to mine the area for 30 years, by the end of May 2014 or all operations will have to be temporarily suspended. While the company expects to receive the Permit on time, GMP Securities suggested looming federal elections in South Africa could delay the Permit until Q4 2014.

CEO Robert Friedland will embark on a North American marketing tour following Easter weekend, sources tell us.

Mr. Friedland has a substantial investor following and it would not surprise us to see large investors attempt to gain a position in Ivanhoe over the coming weeks, which could put positive pressure on Ivanhoe's shares.

Ivanhoe's stock is already up 12% in the last 2 trading sessions, closing Tuesday at $1.86 per share.

The company's annual general meeting will be held in Vancouver at the Fairmont Waterfront Hotel, Princess Louisa Suite, on May 5, 2014 at 1pm.

Here's today's news release: Ivanhoe Mines' drilling program extends depths of rich zinc and copper zones at the Kipushi Mine in D.R. Congo. Review of previous drill holes indicates that tonnage and grade of the Big Zinc Discovery were understated in historical estimate.

Related: My February, 2014 site tour with Ivanhoe founder Robert Friedland 

Disclaimer: I own shares in Ivanhoe Mines which makes me biased. This article is not intended to meet your specific individual investment needs and it is not tailored to your personal financial situation. Nothing contained herein constitutes, is intended, or deemed to be -- either implied or otherwise -- investment advice. This article reflects the personal views and opinions of Tommy Humphreys and that is all it purports to be. While the information herein is believed to be accurate and reliable it is not guaranteed or implied to be so. The information herein may not be complete or correct; it is provided in good faith but without any legal responsibility or obligation to provide future updates. Neither Tommy Humphreys, nor anyone else, accepts any responsibility, or assumes any liability, whatsoever, for any direct, indirect or consequential loss arising from the use of the information in this article. You are responsible for your own actions.