08:28 AM EDT, 07/30/2018 (MT Newswires) -- Ivanhoe mines (IVN.TO) said Monday it is bumping up the resource estimate for its Kipushi mine in the Democratic Republic of the Congo following an exploration drilling program at the zinc, copper, silver and germanium project.

The company raised the estimated size of the zinc resource at the site to 9.2 billion tonnes and said the grades were twice as rich as the world's next highest-grade project. It also pegged its copper resource at at 144 million pounds.

Ivanhoe said the new estimate follows on an underground drilling program, with a total of 9.706 meters of core from 58 holes.

Ivanhoe will now work to complete a definitive feasibility study for the project, which it expects to complete by early 2019 at the latest.

Ivanhoe shares closed Friday at $2.43 on the Toronto Stock Exchange, touching a 52-week low of $2.41 during the day's trading.

Price: 2.43, Change: -0.07, Percent Change: -2.80