XtremeX Mining Technology Inc. (XMT), a pioneer in innovative drilling solutions, has announced its groundbreaking hybrid drilling rig that integrates AC-electric automated coiled tubing and electric top-drive diamond core technology. The rig is set to undergo a funded field trial with Ivanhoe Electric at the Santa Cruz copper project in Arizona, targeting depths of up to 2,000 meters.
This state-of-the-art rig adapts proven oil and gas drilling technology for the mining sector, combining hybrid coiled tubing and diamond core capabilities. It offers several key advantages:
- Improved Drilling Speed and Core Recovery: The rig enhances efficiency and ensures high-quality drill chips.
- Sustainability: The AC-electric power system reduces emissions compared to traditional rigs.
- Versatility: The rig supports diamond core, rotary, and coiled tubing drilling, making it ideal for diverse exploration projects.
Industry Collaboration and Deployment at Santa Cruz
XMT secured $11 million in Series-A funding to support the rig's development and deployment. The project is backed by GoGreen Partners and a consortium of strategic collaborators, including Precision Drilling, Baker Hughes, and the Mines Venture Fund 1, LP.
Under a five-year agreement, Ivanhoe Electric will have exclusive access to three XMT rigs. The Santa Cruz copper project will serve as the proving ground for this hybrid rig, where it will be tested in real-world conditions by twinning historic drill holes at depths of up to 2,000 meters.
Tom Wood, XMT Founder and Chairman, highlighted the collaboration's importance:
"This innovative hybrid rig represents a transformative step for the mining industry. Our partnership with GoGreen, Precision Drilling, and Ivanhoe Electric underscores the potential of this technology to redefine mineral exploration.”
Matt Porter, XMT CEO, emphasized the rig's value proposition:
"By combining AC-electric power with automated controls, our hybrid rig delivers faster, safer drilling operations and generates more information per dollar spent. This technology is a game-changer for mineral exploration.”
The XMT hybrid drilling platform is poised to revolutionize the mining exploration industry, particularly in identifying critical minerals for energy transition and precious metals.
