TORONTO, June 11, 2019 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide details on its 2019 exploration activities. Inventus is currently working towards the advanced exploration bulk sampling program at Pardo, and with onset of spring, exploration has commenced on several targets at its Sudbury 2.0 property.
Pardo Exploration Activities
Inventus intends to conduct the first phase of its planned 50,000 t advanced exploration bulk sampling in 2019. Currently negotiations are progressing with three groups to provide custom milling services for the project. The custom milling agreement is key to the success of the bulk sample, and as such, we are pushing to secure the best agreement possible for Inventus shareholders.
In 2017, the 1,000 t Trench 1 bulk sample (see press release January 3rd, 2018) returned a more than 200% increase in grade when compared to the average grade in drilling. In 2018, Inventus drilled the 007 Zone in preparation for its first phase of advanced exploration bulk sampling (see press release November 22nd, 2018). The drilling outlined approximately 6,000 tonnes of mineralized material at surface with a weighted average gold grade of 3.4 g/t. Inventus believes we could see a similar increase in grade from the 007 Zone bulk sample this year.
Inventus also plans to conduct excavator stripping and washing at Pardo to better expose the mineralized boulder conglomerate “reef” at surface. At these locations the reef is expected to project to surface. Exposing the reef on surface would allow access for additional sampling, including bulk sampling, and provide additional geological understanding of the reefs thickness and grade along strike. Pursuant of the bulk sampling data, Inventus plans to initiate resource modelling. Reconciliation between drilling and bulk sampling will provide reliable data on the grade of the reef for resource modeling.
Sudbury 2.0 Exploration Activities
Inventus is focused on continued exploration of priority targets identified on its Sudbury 2.0 Property (see press release March 5th, 2019). These priority targets include; the newly identified Laundry Lake Breccia Belt (LLBB), exotic mafic dykes, and a prospective geophysical grid over an interpreted dyke system (see Figure 1).
- The Laundry Lake Breccia Belt: Inventus plans to explore the LLBB in greater detail to identify inclusion-bearing quartz diorite, which if present, would establish a strong similarity to Sudbury’s South Range Breccia Belt (SRBB) that hosts the Frood-Stobie deposit. The LLBB occurs above the western peak of the Temagami Magnetic Anomaly and along a regional gravity discontinuity, indicating it was emplaced along a major regional structure like the SRBB and could host Sudbury equivalent Ni-Cu-PGE mineralization.
- The exotic mafic dykes: The association of the exotic mafic dykes with the Temagami Magnetic Anomaly or the Sudbury Igneous Complex remains unknown. Inventus plans to continue mapping, sampling and exploration for additional mafic dykes in the area to establish a geological connection and their potential to host Ni-Cu-PGE mineralization.
- The geophysical grid: This geophysical survey called the Fishhook grid, was done for Vismand Exploration by Quantec Geoscience in 2008 and is located on the eastern part of the Sudbury 2.0 property in Sheppard Township. The grid is situated on the eastern peak of the Temagami Magnetic Anomaly over a vertical derivative peak in the magnetic signature (see Figures 2 & 3). The Quantec geophysical report indicated that “There is believed to be a dyke system running through the Fishhook grid which may correlate with the shallow, sub-vertical signatures noted on the chargeability and DC resistivity data.” Since the entire township of Sheppard, including the geophysical gird has never been geologically mapped, the area is very prospective for outcropping dykes.
The geological similarities at the Sudbury 2.0 property with the Sudbury Basin and its potential economic significance has generated considerable interest within the academic community. This interest has led to Inventus supporting two fully funded university research programs on the property. Inventus’ strategic plan for academic collaboration on the project, aims to assist with its ongoing exploration efforts and help vector areas of economic potential. A PhD research program studying the exotic mafic dykes on the property is currently underway. This research is led by prof. Hartwig Frimmel (University of Wurzburg, Germany) who directed the previous MSc. research program that identified a Sudbury equivalent quartz diorite dyke drilled over the Temagami Magnetic Anomaly (see press release May 7th, 2018). The second research program, which will study the LLBB, is in the early stages and awaits approval for an NSERC engage grant. This research is planned to begin in July, pursuant of approval of the NSERC grant, and will be studied under the guidance of prof. Robert Rainbird (Carleton University, Canada). Research on the LLBB is planned to evolve to a PhD provided the initial engage program is successful.
Click here for figures: http://inventusmining.com/s/IVS_Jun_11_Figures.pdf
About Inventus Mining Corp.
Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the advanced exploration stage Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 110,301,069 common shares outstanding (123,925,235 shares on a fully diluted basis).
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
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.
The Qualified Person responsible for the geological technical content of this news release is Wesley Whymark, P.Geo., who have reviewed and approved the technical disclosure in this news release on behalf of the Company.
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 to identify mineral resources at Pardo, the inability to complete a feasibility study which recommends a production decision, the preliminary and limited nature of metallurgical test results (including the result of the bulk sample as described herein), 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.