XtremeX Mining Expertise Inc (XMT), a frontrunner in modern drilling options, says its AC-electric automated coiled tubing and electrical top-drive diamond core drilling rig is ready to carry out a funded discipline trial with Ivanhoe Electrical on the Santa Cruz copper venture in Arizona, concentrating on depths of as much as 2,000 m by twinning historic holes.
Below the settlement, introduced on the Future Minerals Discussion board in Riyadh, Saudi Arabia, Ivanhoe Electrical secures exclusivity on three XMT rigs for contracts lasting as much as 5 years.
The XMT rig adapts confirmed oil and fuel know-how for the mining sector, enabling sooner, safer and extra sustainable drilling. This patented hybrid drilling system builds on the success of an earlier prototype developed by the XMT crew, providing a revolutionary strategy to figuring out essential minerals, it says. By bettering drilling velocity, core restoration and producing anticipated high-fidelity drill chips, the XMT rig is designed to ship a flexible and environment friendly answer that surpasses typical strategies.
The XMT Sequence-A funding of $11 million will drive the event and discipline deployment of the primary hybrid rig at Santa Cruz. To assist the profitable manufacture and launch of this rig, GoGreen Companions has assembled a consortium of corporations to collaborate, together with Precision Drilling (PDS), most well-liked provider Baker Hughes and different strategic companions together with the Mines Enterprise Fund 1, LP.
XMT Founder and Chairman, Tom Wooden, said: “We’re excited to collaborate with GoGreen Companions and a gaggle of main oil and fuel know-how corporations, mixed with mining sector know-how suppliers, to introduce this modern hybrid coiled tubing and diamond core rig to the mining {industry}. The XMT crew has a historical past of growing and commercialising a few of the most superior coiled tubing drilling programs. XMT’s confirmed monitor report, coupled with Precision Drilling’s rig know-how and land drilling market place creates a formidable crew to construct our first rig. Moreover, GoGreen’s introduction of Ivanhoe Electrical, an innovator and world chief in mineral exploration, to check the rig at its Santa Cruz copper venture is an thrilling alternative to show the know-how within the discipline.”
XMT CEO, Matt Porter, added: “This hybrid coiled tubing rig will mix AC-electric energy with extremely automated controls enabling diamond core, rotary and coiled tubing drilling. It presents a flexible answer for mineral exploration and delineation drilling. This know-how offers a compelling worth proposition by delivering sooner, safer drilling operations and producing extra info per greenback spent.”
GoGreen Companions CEO, John Dowd, added: “Tom and the XMT crew have spent the previous 28 years growing, commercialising and monetising modern coiled tubing drilling rig know-how within the oil and fuel {industry}. In every occasion promoting the know-how to bigger market main suppliers. Because the demand for essential minerals intensifies to assist the worldwide vitality transition, there’s a race to determine new applied sciences to make mineral discovery and improvement sooner, safer and extra sustainable. We imagine the XMT hybrid drill rig might be a necessary instrument on this monumental mining-industry problem.”
Govind Friedland, co-founder of GoGreen Companions, added: “As an alumnus of Colorado College of Mines, I’m particularly excited to have the Mines Enterprise Fund as a strategic companion. Because the primary ranked Mineral and Mining Engineering College within the QS World Rankings (2024), their industry-leading experience, top-tier college and in depth community might be invaluable in serving to us launch this enterprise.”
Graham Boyd, Ivanhoe Electrical’s Senior Vice President of Exploration, highlighted the significance of the partnership with XMT in driving exploration innovation, including, “Whereas mineral exploration has seen outstanding progress in areas like geoscience, geophysics, geochemistry and superior information processing, drilling stays a basic step in testing our ideas. Typical diamond drilling –notably for deep targets – is each the slowest and most costly side of exploration, making it ripe for innovation. XMT’s hybrid coiled tubing and diamond core rig represents a promising innovation, providing the potential to considerably speed up the drilling course of and cut back prices, enabling us to check extra targets effectively. With a profitable trial at our Santa Cruz venture – a high-grade underground copper deposit on non-public land in Arizona – Ivanhoe Electrical will achieve unique entry to as much as three XMT rigs for the following 5 years.”
