TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an overview of the 2021 exploration programs currently underway at its 100%-owned Pardo and Sudbury 2.0 projects near Sudbury, Ontario.
Pardo Exploration Program
The objective at Pardo this season is to generate sampling data that will lead to the maiden mineral resource estimate for the project. To accomplish this, we have looked to other paleoplacer gold projects for insight into the procedures and techniques used. As with almost all paleoplacers, assays from drilling alone do not provide enough information about gold grade because of the uneven gold distribution and small sample size. Therefore, it is crucial to collect an adequate size sample to correctly measure the grade.
An instructive example of this type of sampling was carried out by Novo Resources at their Beatons Creek paleoplacer project in Australia, which is currently starting commercial gold production. It included 45 samples averaging two tonnes each at regular intervals across the mineralized horizon. At Pardo, the mineralization is also at or near surface, making the collection of similar samples straightforward. An initial proof of concept test comprising 6 samples at the 007 Zone is well on its way to completion, with results expected in July (see Figure 1). In conjunction with diamond drilling and channel sampling, we believe these new results should be adequate for resource estimation. This work will de-risk the much larger bulk sample planned in the area, but more importantly, it could provide a template for a low-cost method to deploy over additional areas of outcropping mineralization to quickly generate data for an initial mineral resource estimate on the project.
In recent years the Company has pursued large-scale bulk sampling as the best alternative to advance the project. In March 2021, approval was received for mining and off-site processing of up to 50,000 tonnes. We are pursuing several options to secure processing capacity for our bulk sample but have not yet concluded an agreement. Nevertheless, we believe we have an excellent opportunity to advance the project with the sampling protocol described above and will be pursuing that aggressively while we find a milling solution.
Sudbury 2.0 Exploration Program
There are three components to the Sudbury 2.0 project exploration strategy over the coming months.
First, a 3D induced polarization (IP) survey will occur at the Cobalt Hill IOCG-type occurrence where drilling in March intersected 44 m of 1.3 g/t Gold, 0.04% Cobalt and 0.02% Nickel, including 7 m of 4.4 g/t Gold, 0.09% Cobalt and 0.03% Nickel (see press release April 8th, 2021). The mineralized breccia at Cobalt Hill is strongly associated with sulfides and the IP survey should detect areas of increased sulfide content for follow-up drilling.
Second, we will carry out a regional airborne magnetotelluric (MT) survey. Previous exploration work by Falconbridge in the 1990s discovered a very strong conductive feature that is associated with the Temagami magnetic and gravity anomaly. The planned airborne MT survey will illustrate conductivity at shallow to moderate depths (between 50 m to 2 km) to better target mineralized structure and intrusions above the Temagami Anomaly. Targets generated from the survey will be assessed for followed-up drilling.
Third, exploration including mapping, trenching, and drilling is planned for the Rathbun property, an occurrence featuring high-grade palladium, platinum, gold, nickel, and copper. The property was acquired by Inventus in January 2021 and has not been recently explored.
Exercise of Warrants
Inventus received approximately $400,000 from the early exercise of 2,381,000 warrants at an exercise price of $0.17. Cash and liquid assets are now approximately $1.3 million.
2021 Annual Meeting
The 2021 Virtual Annual and Special Meeting of Shareholders (AGM) will occur on Wednesday, June 16th, 2021 at 10:00-11:00 AM ET. Information about the meeting, including presentation materials, will be available before the meeting at: http://www.inventusmining.com/events. Please remember to vote your proxy by Monday, June 14th, 2021 at 10:00 AM.
An updated corporate presentation is available on the website at: http://www.inventusmining.com/presentations
Click here for Figure 1: http://www.inventusmining.com/s/Jun_8_Figure_1.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 133,000,000 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) accept 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 Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
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.