TORONTO, Jan. 19, 2021 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce assay results from its first drill hole WL-20-01 and details about its second drill hole WL-21-02, part of an ongoing 3,000-metre drill program at its 100%-owned Wolf Lake and Cobalt Hill properties near Sudbury, Ontario.
A total of 556 metres of drilling has been completed to date with a minimum of 7 additional holes planned at the Wolf Lake and Cobalt Hill targets. The initial drill program is designed to properly sample the polymetallic gold mineralization and test the mineralized structures at depth.
Drill hole WL-20-01 was vertical and designed to test the near surface mineralization, it intersected:
| From (m) | To (m) | Interval (m) | Au (g/t) | Cu (%) | Co (%) | |
| WL-20-01 | 32.8 | 51.3 | 18.5 | 6.6 | 0.76 | 0.018 |
| including | 38.6 | 39.3 | 0.7 | 21.1 | 1.94 | 0.032 |
| and | 41.4 | 43.3 | 1.9 | 13.9 | 1.83 | 0.036 |
| and | 45.8 | 46.4 | 0.5 | 26.5 | 1.75 | 0.087 |
| and | 48.5 | 51.3 | 2.8 | 14.7 | 0.49 | 0.036 |
The first hole has validated the presence of polymetallic mineralization with individual core assays up to 35.9 g/t Au, 3.97% Cu, 410 ppm nickel and 0.115% Co. Complete assay results are provided in Table 1 and a location map can be seen in Figure 1.
Drill hole WL-21-02 is currently at a depth of 477 metres and has intersected the mineralized breccia approximately 200 metres below surface. The hole intersected 152 metres of intense metasomatic alteration and hydrothermal breccia with variable pyrite and chalcopyrite mineralization from approximately 325 to 477 metres. Select mineralized core intersections are provided in Figure 1. Drilling is still underway.
Stefan Spears, CEO of Inventus said, “We are very pleased to finally be drilling these exciting targets. The first hole has already provided considerable information about the geologic setting and origins of the breccia-hosted polymetallic mineralization. With the next several holes we hope to begin to define the geometry and geologic controls on the mineralization as it extends to depth.”
Figure 1. http://www.inventusmining.com/s/Jan19_2021_Fig.pdf
Table 1. Complete assays from WL-20-01
| Hole ID | From (m) | To (m) | Interval (m) | Au (g/t) | Cu (%) | Ni (ppm) | Co (ppm) |
| WL20-01 | 32.79 | 33.30 | 0.51 | 9.27 | 0.35 | 91 | 363 |
| WL20-01 | 33.30 | 34.00 | 0.70 | 0.37 | 3.97 | 21 | 49 |
| WL20-01 | 34.00 | 34.40 | 0.40 | 0.74 | 0.34 | 14 | 2 |
| WL20-01 | 34.40 | 35.45 | 1.05 | 0.00 | 0.01 | 14 | 1 |
| WL20-01 | 35.45 | 36.09 | 0.64 | 0.01 | 0.01 | 21 | 2 |
| WL20-01 | 36.09 | 36.40 | 0.31 | 0.75 | 2.44 | 43 | 92 |
| WL20-01 | 36.40 | 37.10 | 0.70 | 0.42 | 0.11 | 25 | 33 |
| WL20-01 | 37.10 | 37.82 | 0.72 | 3.21 | 2.27 | 99 | 209 |
| WL20-01 | 37.82 | 38.57 | 0.75 | 2.61 | 0.14 | 37 | 98 |
| WL20-01 | 38.57 | 38.95 | 0.38 | 24.70 | 0.20 | 139 | 423 |
| WL20-01 | 38.95 | 39.30 | 0.35 | 17.10 | 3.83 | 83 | 198 |
| WL20-01 | 39.30 | 40.00 | 0.70 | 0.04 | 0.01 | 17 | 2 |
| WL20-01 | 40.00 | 40.57 | 0.57 | 0.01 | 0.07 | 17 | 2 |
| WL20-01 | 40.57 | 40.94 | 0.37 | 8.31 | 0.17 | 121 | 294 |
| WL20-01 | 40.94 | 41.35 | 0.41 | 0.06 | 0.01 | 20 | 5 |
| WL20-01 | 41.35 | 41.88 | 0.53 | 7.96 | 2.97 | 78 | 138 |
| WL20-01 | 41.88 | 42.86 | 0.98 | 8.38 | 1.72 | 76 | 167 |
| WL20-01 | 42.86 | 43.25 | 0.39 | 35.90 | 0.54 | 410 | 1150 |
| WL20-01 | 43.25 | 43.76 | 0.51 | 0.77 | 0.16 | 12 | 6 |
| WL20-01 | 43.76 | 44.54 | 0.78 | 9.16 | 0.62 | 170 | 362 |
| WL20-01 | 44.54 | 45.25 | 0.71 | 0.64 | 0.11 | 21 | 20 |
| WL20-01 | 45.25 | 45.81 | 0.56 | 0.04 | 0.04 | 17 | 3 |
| WL20-01 | 45.81 | 46.35 | 0.54 | 26.50 | 1.75 | 301 | 869 |
| WL20-01 | 46.35 | 46.83 | 0.48 | 1.27 | 0.08 | 29 | 27 |
| WL20-01 | 46.83 | 47.30 | 0.47 | 4.33 | 0.10 | 38 | 76 |
| WL20-01 | 47.30 | 47.95 | 0.65 | 0.26 | 0.32 | 14 | 7 |
| WL20-01 | 47.95 | 48.52 | 0.57 | 0.01 | 0.02 | 17 | 3 |
| WL20-01 | 48.52 | 49.06 | 0.54 | 34.50 | 0.23 | 399 | 1100 |
| WL20-01 | 49.06 | 49.51 | 0.45 | 0.69 | 1.48 | 39 | 75 |
| WL20-01 | 49.51 | 49.99 | 0.48 | 17.90 | 0.69 | 201 | 386 |
| WL20-01 | 49.99 | 50.28 | 0.29 | 0.13 | 0.09 | 23 | 27 |
| WL20-01 | 50.28 | 51.31 | 1.03 | 13.10 | 0.23 | 67 | 181 |
*Results are core lengths, true widths are not known.
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 130,500,000 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. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Qualified Person
The Qualified Person responsible for the geological technical content of this news release is 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 Agat Laboratories in Mississauga, Ontario. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 250 g or 500 g subsample split and pulverized to 85% passing -200 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES finish. Multielement assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Samples over 10 g/t gold were subject to a 50 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.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure of our exploration to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political and legal risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR.
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.