XtremeX Mining Technology Announces Plans for First Deployment of Its Revolutionary Mineral Drilling Rig with Ivanhoe Electric Following an $11M Series-A Financing Led by GoGreen Partners
Summary
This state-of-the-art technology will perform a funded field trial with Ivanhoe Electric (NYSE: IE ; TSX: IE) at the Santa Cruz copper project in Arizona, targeting depths of up to 2,000 meters by twinning historic holes. This patented hybrid drilling system builds on the success of an earlier prototype developed by the XMT team, offering a revolutionary approach to identifying critical minerals. Additionally, GoGreens introduction of Ivanhoe Electric, an innovator and world leader in mineral exploration, to test the rig at its Santa Cruz copper project is an exciting opportunity to prove the technology in the field.XMT CEO, Matt Porter, added that "This hybrid coiled tubing rig will combine AC-electric power with highly automated controls enabling diamond core, rotary, and coiled tubing drilling. XMTs hybrid coiled tubing and diamond core rig represents a promising innovation, offering the potential to significantly accelerate the drilling process and reduce costs, enabling us to test more targets efficiently. With a successful trial at our Santa Cruz projecta high-grade underground copper deposit on private land in ArizonaIvanhoe Electric will gain exclusive access to up to three XMT rigs for the next five years.Todays announcement was made at the Future Minerals Forum taking place this week in Riyadh.XMT is a technology-driven hybrid coiled tubing drilling company specializing in adapting oil and gas innovations for the mining industry.