GoGreen Partners
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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
XtremeX Mining Technology Inc. (XMT), a leader in innovative drilling solutions, is excited to announce its cutting-edge AC-electric automated coiled tubing and electric top-drive diamond core drilling rig. 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. Under the agreement, Ivanhoe Electric secures exclusivity on three XMT rigs for contracts lasting up to five years.
The XMT rig adapts proven oil and gas technology for the mining sector, enabling faster, safer, and more sustainable drilling. 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. By improving drilling speed, core recovery, and producing anticipated high-fidelity drill chips, the XMT rig is designed to deliver a versatile and efficient solution that surpasses conventional methods.
The XMT Series-A funding of $11M will drive the development and field deployment of the first hybrid rig at Santa Cruz. To support the successful manufacture and launch of this rig, GoGreen Partners have assembled a consortium of companies to collaborate, including Precision Drilling (TSX: PD ; NYSE: PDS), preferred supplier Baker Hughes and other strategic partners including the Mines Venture Fund 1, LP.