TORONTO, ONTARIO–(Marketwired – June 14, 2017) – INV Metals (“INV Metals” or “Company”) (TSX:INV) is very pleased to announce it has been awarded the Carolina concession located within one km south east of the Cascabel copper-gold discovery located in the Imbabura province, in northern Ecuador.
Ms. Candace MacGibbon, CEO, stated, “We remain highly focussed on developing our 100% owned Loma Larga gold project in Ecuador. With the government commencing the competitive auction process for concessions early last year, INV Metals is uniquely positioned to leverage its internal exploration expertise to aggressively acquire very prospective exploration properties with excellent potential to host gold deposits like Loma Larga and Fruita del Norte and large copper-gold porphyry deposits similar to those that are present throughout the Andean Mineral Belt that extends from Chile to Columbia, through Ecuador. INV Metals, in addition to acquiring the Loma Larga property from IAMGOLD Corporation (“IAMGOLD”) in 2012, also maintained key members of our management, social and exploration teams and acquired our extensive exploration database collected over decades of multi-company exploration in Ecuador.”
She added, “We are very pleased to announce that we have acquired the Carolina concession, which totals 3,040 hectares, and is located within one km south east of SolGold PLC and Cornerstone Capital Resources Inc.’s significant Cascabel copper-gold porphyry discovery. INV Metals is in the process of designing an exploration program for the Carolina concession, consisting of geological mapping and prospecting, geophysical surveys, and geochemical soil and stream sampling programs to identify drill targets. We recently acquired the Las Penãs and Tierras Coloradas concessions (see our press releases dated January 23 and 30, 2017) and are now conducting exploration programs on these highly prospective properties with the goal of identifying gold and copper-gold targets for drill testing. The Company has a budget of $2 million for grassroots regional exploration in 2017.”
Historical exploration work by IAMGOLD and others identified favourable geology and copper, gold and arsenic stream sediment anomalies on the Carolina concession. The regional geology on the property consists of Upper Cretaceous sedimentary rocks overlain by Oligocene to Miocene andesitic lava flows and breccia. These units are intruded by potential host rocks consisting of Miocene age granodiorite and diorite batholiths and stocks, and contain numerous major regional tectonic structures that typically strike northeast. One such structure on the Carolina concession, the Apuela regional fault, transects from the Cascabel properties southeast into INV Metals’ Carolina property.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Ms. Shastri Ramnath, P.Geo, a Licensed Professional Geologist with the Association of Professional Geoscientists of Ontario and consultant to the Company, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Minerals Projects.
About INV™ Metals
INV™ Metals is an international mineral resource company focused on the acquisition, exploration and development of precious metal projects in Ecuador. Currently, INV™ Metals’ primary assets are: (1) its 100% interest in the Loma Larga gold property in Ecuador, (2) its 100% interest in various exploration projects within Ecuador, and (3) its 35% interest in the Kaoko property, located in Namibia.
Forward-Looking Statement
This press release contains certain forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include 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”, “will”, 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. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, exploration plans, targets and results, and potential mineralization. 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. Such factors include, among others, risks related to the actual exploration targets, the actual results of exploration activities, industry-wide risks and project-specific risks, and risks associated with mining and mineral exploration activities. There is no guarantee that any targets will result in any exploration success. For a more detailed discussion of such risks and other factors, refer to the Company’s annual information form dated March 27, 2017 and filed with Canadian securities regulators available on the Company’s issuer profile on SEDAR at www.sedar.com. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this press release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this press release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by law, the Company does not assume any obligation to release publicly any revisions to forward-looking statements contained in this press release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Chief Executive Officer
Phone: (416) 703-8416
E-mail: cmacgibbon@invmetals.com