Ivanhoe Mines announced that it has received an initial, independent NI 43-101 Resource Estimate for the high grade Merlin molybdenum and rhenium deposit, which comprises part of Ivanhoe Australia's Mt Dore Project in the Cloncurry District in northwestern Queensland.

Mt Dore is a polymetallic deposit containing copper, zinc, silver, gold, lead, cobalt, molybdenum and rhenium within the Kuridala Formation. At a cut off grade of 0.3% molybdenum, estimated indicated resources total 5.2 million tonnes at a grade of 1.0% molybdenum and 16 grams per tonne rhenium, containing 52,000 tonnes of molybdenum and 83 tonnes of rhenium, plus additional inferred Resources totaling 3.5 million tonnes at a grade of 0.8% molybdenum and 14 grams per tonne rhenium, containing 28,000 tonnes of molybdenum and 49 tonnes of rhenium.

The base case cut off grade of 0.3% Mo was based on Mo at USD 12 per pound, Re at USD 5 per gram, 90% and 80% recovery respectively, and a Mo %: Re ppm ratio of 16:1. Mt Dore is in northwestern Queensland, Australia, approximately 145 kilometers southeast of Mount Isa and 700 kilometers west southwest of Townsville.