TORONTO, ONTARIO–(Marketwired – May 16, 2017) – Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) today announces that it has received assay results for the next thirteen consecutive holes of the winter drill program at the 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. A total of 55 drill holes have been completed to date and the program is near completion.
Gold-bearing conglomerate layers or “reefs” at Pardo are horizontal and typically 1-3 metres (m) in thickness. Reefs are laterally extensive and occur on or very near surface. Higher gold grades occur concentrated in fluvial channels or “pay streaks”, and valleys in the footwall upon which the conglomerate was deposited.
Discovering higher-grade zones has been the primary objective of our current 50 x 50 m spaced drill program. Results so far have been successful in identifying a higher-grade area covering approximately 475 x 300 m that remain open for expansion and in-fill drilling (see Figure 1). Completed assay results to date are as follows:
| Hole ID | From (m) |
To (m) |
Length (m) |
Gold Grade (g/t) |
| PD-17-20 | 47.80 | 49.10 | 1.30 | 1.16 |
| PD-17-21 | No significant values | |||
| PD-17-23 | 19.82 | 21.55 | 1.73 | 1.26 |
| PD-17-24 | 18.60 | 22.75 | 4.15 | 0.56 |
| PD-17-25 | 10.70 | 13.80 | 3.10 | 0.66 |
| PD-17-26 | 25.16 | 26.60 | 1.44 | 1.57 |
| PD-17-27 | 5.10 | 5.60 | 0.50 | 0.57 |
| PD-17-28 | 11.56 | 12.06 | 0.50 | 2.19 |
| PD-17-29 | 11.98 | 12.95 | 0.97 | 7.19 |
| Including | 11.98 | 12.48 | 0.50 | 13.50 |
| PD-17-30 | 20.84 | 22.87 | 2.03 | 1.14 |
| PD-17-31 | 28.55 | 29.15 | 0.60 | 19.45 |
| PD-17-32 | 25.26 | 26.48 | 1.22 | 2.46 |
| PD-17-33 | 22.30 | 22.80 | 0.50 | 4.60 |
| All holes were drilled vertically. Intercept lengths are true width. Samples returning <0.3 gpt were not included in the intervals reported above. Gold grades are determined by fire assay method; see note on Technical Information. Hole PD-17-22 was not completed. |
Holes PD-17-29/30/31/32/33 were drilled in an E-W line approximately 50 m South of holes PD-17-18, which encountered 4.68 gpt gold over 1.25 m. All these holes intercepted a well-mineralized boulder conglomerate ranging in thickness from 0.5 to 2.0 m. Visible gold was noted in three of the five holes. Additional lines of drilling have been completed 50 and 100 m further to the South, with assay results pending.
Holes PD-17-23/24/25/26/27/28 were drilled 50 to 200 m to the South of hole PD-17-04, which encountered 13.2 gpt gold over 3.2 m. All these holes encountered mineralized boulder conglomerate, however the gold grades were lower than what was found to the North and East, suggesting a less favourable mineralized zone in this area.
Holes PD-17-20/21 tested an area approximately 700 m to the southeast of the main area of interest. This area was a priority because it lies beneath a swamp where drilling is only possible in the winter. An isolated 2012 drill hole (PD-12-20) approximately 150 m to the West of hole PD-17-20, encountered 1.1 gpt gold over 2.1 m, which encouraged us to drill in this area.
The drilling thus far has shown that the 50 x 50 m spaced large diameter holes can identify near surface high-grade areas that warrant in-fill drilling. It has also shown that the mineralized boulder conglomerate is extensive and can be expanded with additional grid drilling. Inventus plans to conduct in-fill drilling to better define the areas of high grade mineralization and to expand the extent of the mineralized boulder conglomerate. Since the mineralized boulder conglomerate is near surface (from surface to 40 m deep), Inventus has a unique opportunity to define high-grade gold mineralization with relatively few metres of drilling.
Assay results reported in this release are the average of two fire assay values on a 2 kg subsample generated from each selected core interval. Cyanide bottle rolls on 2 kg subsamples combined with a fire assay on the residue are also available for all of the holes in this release. The results are not significantly different between fire assay and cyanide techniques, unlike for the first several holes (up to PD-17-05), however we note that the sample preparation methods and analysis techniques were modified during the course of the program. See Table 1 for all the available analytical results.
Click here to view Figure 1: http://inventusmining.com/s/Figure1_May16.pdf
Click here to view Table 1: http://inventusmining.com/s/Table1_May16.pdf
About Inventus Mining Corp.
Inventus is a mineral exploration company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 100,304,403 common shares outstanding (110,423,570 shares on a fully diluted basis). Endurance Gold Corp. owns 25.4% of the issued and outstanding shares, Robert McEwen owns 18%, Eric Sprott owns 13.6%, Osisko Gold Royalties Ltd. owns 6%, and the former Chairman and CEO Wayne Whymark owns 6.4%.
Visit http://www.inventusmining.com for more information.
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 Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
Technical Information
The samples of this release were transported in secure sealed bags for preparation and assay at either Accurassay Laboratories located in Thunder Bay, Ontario, or SGS Laboratories located in Cochrane, Ontario. A standard or a blank was inserted every 20 samples or less. The samples reported were crushed in their entirety to 85% passing -10 mesh, with two 1 kg subsamples split and pulverized to 85% passing -200 mesh. The 1 kg subsample pulps were then recombined and two 50-gram aliquots were taken for fire assay (FA) with an atomic absorption (AA) finish. Results higher than 10 g/t were re-analyzed with a gravimetric finish. The remaining pulps from the 2 kg subsample were then assayed by a cyanide soluble bottle roll (24 hours or 2 hour Leachwell) and the solution was analyzed by AA or ICP-MS. The remaining residue from the bottle roll was dried and a 50-gram aliquot was sent for FA with an AA 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 to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political 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.
