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 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 hig 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, preferred supplier Baker Hughes and other strategic partners including the Mines Venture Fund 1, LP.
XMT Founder and Chairman, Tom Wood, stated, "We are excited to collaborate with GoGreen Partners and a group of leading oil and gas technology companies, combined with mining sector technology providers to introduce this innovative hybrid coiled tubing and diamond core rig to the mining industry. The XMT team has a history of developing and commercializing some of the most advanced coiled tubing drilling systems. XMT’s proven track record, coupled with Precision
Drilling’s rig technology and land drilling market position creates a formidable team to build our first rig. Additionally, GoGreen's 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. It offers a versatile solution for mineral exploration and delineation drilling. This technology provides a compelling value proposition by delivering faster, safer drilling operations and generating more information per dollar spent.”
XMT is a technology-driven hybrid coiled tubing drilling company specializing in adapting oil and gas innovations for the mining industry. XMTs hybrid drilling technology platform is poised to transform the mining exploration industry's approach to exploring for the next generation of energy transition and precious metals.