TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that a favourable court decision has cleared the way for the Company to complete the previously announced acquisition of three Flag Resources (“Flag”) mineral properties: Wolf Lake, Cobalt Hill and Rathbun. Inventus expects to close the acquisition in December 2020, subject to receipt of customary approvals. Refer to our July 2, 2020 news release for additional information about the transaction: https://www.inventusmining.com/s/IVS_Jul_2_2020.pdf .
Sudbury 2.0 Exploration Plans
Inventus is currently planning the first phase winter exploration program on the Sudbury 2.0 Project. The initial drill program, expected to begin in January, will consist of 3,000 metres of core drilling at the Wolf Lake and Cobalt Hill targets. The program is designed to properly sample the polymetallic gold mineralization and test continuity of the mineralized structures at depth. A review of the past exploration drilling has indicated that the mineralization was inadequately sampled; and is interpreted to form part of a large intrusion-related polymetallic gold system that remains open along strike and at depth.
An updated presentation on the Sudbury 2.0 Project can be found on the Company’s website: https://www.inventusmining.com/s/Sudbury-20-Nov-2020-9mjf.pdf
New High-grade Samples at Cobalt Hill
Recent mapping and sampling at Cobalt Hill has led to the discovery of a new high-grade area 300 m southeast of the main occurrence (see Table 2 for historical drill assays from the main occurrence). Selective surface grab samples from this new target returned assay values of 15.5 and 16 .0 g/t gold . Additional samples taken in the area are currently pending assays. Inventus plans to test this new target during the upcoming winter drill program. Grab samples are not representative of the mineralization in the area.
Wolf Lake & Cobalt Hill Properties
The Wolf Lake and Cobalt Hill properties consist of a 3.5 km 2 block of mineral leases with historic high-grade gold and copper drilling intersections. Flag acquired the property in 1980 and conducted various drill programs, reporting many high-grade drill intersections including up to 16.6 g/t gold over 22.4 m in Hole WL-90-03 and 2.5% copper over 22 .7 m in Hole WL-83-28. The Wolf Lake and Cobalt Hill occurrences are 1.2 km apart; however, recent geological mapping by Inventus has established for the first time that they occur along the same 1.7 km mineralized structure.
Table 1 and 2 below show select historical drill core assays from Wolf Lake and Cobalt Hill. The historical Flag drilling data has been compiled from Flag records and publicly available assessment records of the Ontario Ministry of Energy, Northern Development and Mines. This data has not been independently verified by Inventus. Readers should not place undue reliance on historical drill results.
Table 1. Select Historical Drilling Assays from Wolf Lake
| Drill Hole ID | From (m) | To (m) | Core Length (m) | Gold (g/t) | Copper (%) |
| WL-81-13 | 49.1 | 80.6 | 31.5 | 2.0 | - |
| Including | 70.4 | 73.5 | 3.1 | 7.6 | - |
| WL-81-14 | 60.4 | 69.8 | 9.4 | 4.7 | - |
| Including | 60.4 | 63.7 | 3.3 | 11.7 | - |
| WL-81-18 | 1.8 | 11.1 | 9.3 | 6.6 | - |
| Including | 4.9 | 6.6 | 1.7 | 31.4 | - |
| WL-83-28 | 39.9 | 62.6 | 22.7 | 1.1 | 2.49 |
| WL-84-02 | 8.5 | 26.5 | 18.0 | 4.8 | - |
| Including | 20.4 | 26.5 | 6.1 | 10.5 | - |
| WL-86-01 | 220.5 | 226.8 | 6.3 | 52.9 | - |
| Including | 220.5 | 221.0 | 0.5 | 687.3 | - |
| WL-90-01 | 30.8 | 50.0 | 19.2 | 7.5 | - |
| Including | 31.7 | 33.1 | 1.4 | 21.3 | - |
| Including | 42.6 | 43.9 | 1.3 | 30.8 | - |
| WL-90-03 | 31.7 | 54.1 | 22.4 | 16.6 | - |
| Including | 37.8 | 42.7 | 4.9 | 61.9 | - |
| WL-90-05 | 52.6 | 55.9 | 3.4 | 18.5 | - |
| Including | 54.1 | 55.9 | 1.8 | 32.9 | - |
| WL-90-17 | 34.9 | 52.5 | 17.6 | 2.4 | 1.13 |
| WL-90-18 | 29.6 | 43.8 | 14.2 | 3.0 | - |
| Including | 34.9 | 43.0 | 8.1 | 4.8 | - |
| WL-96-01 | 50.3 | 56.4 | 6.1 | 14.9 | - |
| Including | 53.3 | 56.4 | 3.0 | 21.7 | - |
| WL-97-07 | 40.5 | 57.1 | 16.6 | 3.1 | 2.11 |
| WL-97-08 | 40.9 | 51.4 | 10.5 | 9.5 | - |
| Including | 48.0 | 49.9 | 1.9 | 24.1 | - |
| WL-97-11 | 43.0 | 52.0 | 9.0 | 7.1 | 0.86 |
| WL-01-02 | 37.5 | 58.8 | 21.3 | 1.5 | 1.66 |
| WL-01-03 | 30.4 | 53.0 | 22.6 | 4.6 | 0.38 |
| WL-01-04 | 30.2 | 41.1 | 10.9 | 14.2 | 1.08 |
| WL-06-10 | 30.2 | 46.9 | 16.8 | 4.1 | 0.58 |
* Core intervals are converted from f ee t to metres, and gold assays are converted from ounce per ton to gram per tonne . Historical c opper assays were not taken for intervals marked with (-) . Results are core length s , true widths are not known.
Table 2. Select Historical Drilling Assays from Cobalt Hill
| Drill Hole ID | From (m) | To (m) | Core Length (m) | Gold (g/t) |
| A81-01 | 2.4 | 43.0 | 40.6 | 2.3 |
| including | 25.3 | 43.0 | 17.7 | 4.6 |
| including | 38.4 | 43.0 | 4.6 | 10.0 |
| A83-01 | 97.4 | 111.4 | 14.0 | 2.5 |
| including | 105.8 | 108.4 | 2.6 | 10.0 |
| A83-07 | 72.1 | 91.7 | 19.6 | 1.9 |
| including | 85.9 | 91.7 | 5.7 | 4.5 |
| A83-12 | 77.7 | 88.5 | 10.8 | 3.7 |
| including | 80.3 | 81.5 | 1.2 | 22.9 |
| A83-13 | 80.0 | 100.3 | 20.3 | 2.1 |
| including | 82.9 | 85.8 | 2.9 | 4.1 |
| A83-14 | 62.3 | 79.9 | 17.5 | 3.3 |
| including | 77.1 | 79.9 | 2.8 | 13.0 |
| A83-20 | 255.1 | 273.0 | 17.8 | 2.3 |
| including | 267.0 | 270.2 | 3.2 | 6.8 |
| A84-01 | 7.0 | 51.2 | 44.2 | 1.6 |
| including | 40.8 | 43.9 | 3.1 | 6.1 |
| including | 46.6 | 49.7 | 3.1 | 5.0 |
| A88-51 | 17.7 | 30.8 | 13.1 | 4.1 |
| including | 26.2 | 30.8 | 4.6 | 7.1 |
| A88-52 | 42.2 | 56.2 | 13.9 | 2.5 |
| including | 42.2 | 43.4 | 1.1 | 13.9 |
| including | 54.6 | 55.7 | 1.2 | 8.1 |
| A88-55 | 71.9 | 77.2 | 5.3 | 11.2 |
| including | 75.4 | 77.2 | 1.8 | 29.6 |
| A88-57 | 9.0 | 14.0 | 5.0 | 4.4 |
| including | 9.0 | 11.0 | 2.0 | 8.7 |
| A88-57 | 18.0 | 42.0 | 24.0 | 1.3 |
| including | 19.0 | 28.0 | 9.0 | 2.1 |
| A88-62 | 200.5 | 241.5 | 41.0 | 2.6 |
| including | 218.5 | 226.5 | 8.0 | 5.4 |
| A89-04 | 5.0 | 62.0 | 57.0 | 1.2 |
| including | 32.5 | 34.5 | 2.0 | 6.2 |
| including | 40.5 | 42.5 | 2.0 | 4.4 |
| including | 45.0 | 46.5 | 1.5 | 7.3 |
| A90-07 | 158.0 | 178.0 | 20.0 | 2.2 |
* Assays intervals are converted from fee t to metres, and gold assays are converted from ounce per ton to gram per tonne . Results are core length s , true widths are not known.
Rathbun Lake Propert y
The Rathbun Lake property is a 7.1 km 2 claim package with a high-grade palladium, platinum, copper, nickel and gold showing. The property was patented in 1889 and mined in the 1890’s with a 45-foot deep shaft and 35 feet of drifting. The property was explored again in 1954 and acquired by Flag Resources in 1982. Some historic assays from the mineralization at the shaft taken by Dolmac Mines in 1955 and for research publication by Rowell and Edgar in 1986 are provided in Table 3. Inventus research of the high-grade showing concluded that the mineralization is related to a Sudbury offset dyke that had not been previously recognized ( Rathbun Lake Revisited, 2019 https://www.inventusmining.com/s/Kawohletal2019.pdf ).
Inventus collected seven surface grab samples from around the shaft on the Rathbun property in 2019, which returned assays ranging from 6.3 to 62.5 g/t palladium, 1.0 to 18.4 g/t platinum, 0.8 to 22.8 % copper, 0.1 to 0.5 % nickel, 0.5 to 7.2 g/t gold, and 1.0 to 13.0 g/t silver . Grab samples are not representative of the mineralization hosted on the property. See Table 4 for selected sample assays.
Table 3 . Select Historic al Assays reported from Rowell and Edgar, 1986
| Sample ID | Cu (%) | Ni (%) | Pt (g/t) | Pd (g/t) | Au (g/t) |
| R-1 | 19.9 | 0.22 | 1.8 | 23.0 | 0.3 |
| R-2 | 9.1 | 0.22 | 0.1 | 35.0 | 0.9 |
| R-3 | 8.3 | 0.26 | 18.0 | 37.0 | 1.3 |
| R-4 | 4.7 | 0.16 | 33.0 | 19.0 | 1.0 |
| R-5 | 2.3 | 0.36 | 0.2 | 12.0 | 2.8 |
| 3 | 7.0 | 0.21 | 3.4 | 23.1 | 11.3 |
| 3a | 17.3 | - | 2.8 | 29.7 | 0.1 |
| 5 | 5.5 | 0.50 | 1.2 | 23.1 | 6.3 |
| 5a | 19.9 | 0.11 | 0.7 | 5.3 | - |
| 6 | 7.3 | 0.35 | 2.8 | 16.9 | - |
| 9 | 1.3 | 0.29 | 2.2 | 5.0 | - |
(-) No assays available .
Table 4 . Inventus Assays of the Rathbun Mineralization
| Sample ID | Cu (%) | Ni (%) | Pt (g/t) | Pd (g/t) | Au (g/t) | Ag (g/t) |
| B00168221 | 13.4 | 0.1 | 1.7 | 35.8 | 1.2 | 13.0 |
| B00168649 | 0.8 | 0.5 | 1.3 | 14.4 | 1.9 | 1.0 |
| B00168650 | 1.6 | 0.3 | 1.0 | 6.3 | 1.9 | 1.0 |
| B00168651 | 3.3 | 0.3 | 5.7 | 35.7 | 3.8 | 3.0 |
| B00168652 | 22.8 | 0.1 | 1.0 | 62.5 | 0.5 | 10.0 |
| B00168653 | 13.2 | 0.4 | 5.1 | 28.0 | 7.2 | 7.0 |
| B00168654 | 12.8 | 0.4 | 18.4 | 16.8 | 2.8 | 7.0
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