TORONTO, Nov. 02, 2021 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an update on its exploration programs at its 100%-owned Pardo and Sudbury 2.0 Projects near Sudbury, Ontario.
Pardo Project
Inventus has signed an agreement with Northern Sun Mining Corp. (“NSMC”) to use the Redstone Mill in Timmins to process the first 6,000 tonnes of a planned 50,000-tonne bulk sampling program. Redstone’s gravity and flotation flowsheet is ideal for processing Pardo’s gold mineralization and is expected to achieve high gold recovery (estimated at +92%) at commercially reasonable costs. Inventus and NSMC are currently marketing the concentrates to secure a sales agreement and awaiting regulatory approvals prior to the commencement of the bulk sample.
The first six mini bulk samples from the 007 Zone in July 2021 were a technical success, with assays ranging from 4.0 to 17.1 g/t gold and an average grade of 9.2 g/t gold. This work has prompted a continuation elsewhere on the project with 22 additional mini bulk samples currently being collected.
Sudbury 2.0 Exploration Program
Inventus has secured a diamond drill rig and crew for the upcoming 5,000 m winter drilling program at Cobalt Hill and Rathbun. A few test holes are planned at Rathbun, followed by drilling at Cobalt Hill beginning in January.
Cobalt Hill
In August 2021, a 3D induced polarization (IP) survey at Cobalt Hill identified a 600-m north-south by 500-m east-west anomaly. The IP anomaly strongly correlates with Inventus’ surface mapping and drill intersections of sulfide breccia. Drill hole CH-21-02, drilled before the 3D IP survey, crossed the northern edge of the anomaly and returned an intersection of 7 m of 4.4 g/t gold, 0.09% cobalt and 0.03% nickel within 44 m of 1.3 g/t gold, 0.04% cobalt and 0.02% nickel (see April 8th, 2021 news release). The center and strongest response of the IP anomaly occurs 200 m south of drill hole CH-21-02 and begins at a depth of approximately 150 m. Twelve holes are initially planned to target untested areas of the anomaly.
Rathbun
The first phase of drilling at the Rathbun property is planned for December. The drilling will assist with future geophysical interpretation by providing geological information on the structure, including thickness and dip, and to test for mineralization. A 3D IP survey is planned this winter following the first phase of drilling.
Property Acquisition
An additional 36 single cell mining claims (approximately 8 km2) adjoining the Sudbury 2.0 project were acquired from an arms-length prospector in exchange for a 1% NSR and $20,000 in cash. These claims contain multiple historic mine workings (est. 1890s) with substantial evidence of underground excavation. One of the historic mine workings, now named the Dorland Shafts, was discovered in 2021 and is of particular interest with no prior record of existence. A sample from this location in a muck pile returned an assay of 1.2% cobalt, 0.06% nickel, and 0.1 g/t gold (or 12.1 g/t gold equivalent)(see Figure 1). The geology on the property, including alteration, brecciation, and mineralization-type, is very similar to Inventus’ Cobalt Hill property. The new claims will initially be mapped and sampled, followed by a geophysical program and drilling.
Click here to view Figure 1: http://inventusmining.com/s/IVS_PR_Nov_2.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: info@inventusmining.com
About Inventus Mining Corp.
Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. Our principal assets are a 100% interest in the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has approximately 135 million common shares outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Qualified Person
The Qualified Person responsible for the geological technical content of this news release is Inventus’ Vice-President Exploration, Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
Technical Information
The samples collected by Inventus described in this release were transported in secure sealed bags for preparation and assay by SGS Laboratories. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 250 g subsample split and pulverized to 85% passing -200 mesh. One 30 g aliquot was taken from the subsample for fire assay (FA) with an ICP-AES finish. Samples over 10 g/t gold were subject to a 30 g aliquot FA with gravimetric finish.
Forward-Looking Statements
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “if”, “yet”, “potential”, “undetermined”, “objective”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
