TORONTO, Nov. 22, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS)(“Inventus”
or the “Company”) today announces that it has received assay results for the first 28 holes of the winter drill program at the 100%
owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. A total of 28 definition drill holes and 7
step-out holes at the 007 Zone have been completed 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.
The objective of the current definition drill program is to provide data to support the next phase of bulk
sampling. Completed assay results from drilling at the 007 Zone are as follows:
|
Hole ID |
From
(m) |
To
(m) |
Length
(m) |
Gold Grade
(g/t) |
|
PD-18-01 |
0 |
2.68 |
2.68 |
1.74 |
|
PD-18-02 |
0 |
2.53 |
2.53 |
1.28 |
|
PD-18-03 |
0 |
2.86 |
2.86 |
3.27 |
|
PD-18-04 |
0 |
3.12 |
3.12 |
3.07 |
|
Including |
0 |
0.50 |
0.50 |
13.00 |
|
PD-18-05 |
0 |
2.44 |
2.44 |
3.91 |
|
PD-18-06 |
0 |
2.35 |
2.35 |
4.78 |
|
Including |
0.85 |
1.50 |
0.65 |
11.40 |
|
PD-18-07 |
0 |
3.38 |
3.38 |
2.20 |
|
Including |
1.95 |
2.50 |
0.55 |
11.20 |
|
PD-18-08 |
0 |
3.47 |
3.47 |
2.33 |
|
PD-18-09 |
0 |
2.30 |
2.30 |
2.79 |
|
PD-18-10 |
0 |
2.77 |
2.77 |
0.62 |
|
PD-18-11 |
0 |
2.85 |
2.85 |
0.93 |
|
PD-18-12 |
0 |
2.80 |
2.80 |
0.62 |
|
PD-18-13 |
0 |
3.58 |
3.58 |
2.04 |
|
Including |
0 |
0.30 |
0.30 |
16.50 |
|
PD-18-14 |
0 |
1.98 |
1.98 |
3.55 |
|
Including |
0.50 |
1.04 |
0.54 |
12.00 |
|
PD-18-15 |
0 |
2.50 |
2.50 |
6.78 |
|
Including |
0 |
0.54 |
0.54 |
20.95 |
|
PD-18-16 |
0 |
1.93 |
1.93 |
13.39 |
|
Including |
0 |
0.30 |
0.30 |
62.00 |
|
PD-18-17 |
0 |
2.26 |
2.26 |
3.48 |
|
PD-18-18 |
0 |
2.40 |
2.40 |
1.36 |
|
PD-18-19 |
0 |
2.50 |
2.50 |
1.10 |
|
PD-18-20 |
0 |
2.47 |
2.47 |
2.89 |
|
PD-18-21 |
0 |
2.05 |
2.05 |
7.48 |
|
PD-18-22 |
1.36 |
4.82 |
3.46 |
1.44 |
|
PD-18-23 |
0 |
1.40 |
1.40 |
1.16 |
|
PD-18-24 |
0 |
2.00 |
2.00 |
9.52 |
|
Including |
0.50 |
1.10 |
0.60 |
29.20 |
|
PD-18-25 |
0 |
2.40 |
2.40 |
4.15 |
|
Including |
0.60 |
0.95 |
0.35 |
20.00 |
|
PD-18-26 |
0 |
2.20 |
2.20 |
8.59 |
|
Including |
0.65 |
1.20 |
0.55 |
29.70 |
|
PD-18-27 |
0 |
1.92 |
1.92 |
5.34 |
|
Including |
0.65 |
1.30 |
0.65 |
14.80 |
|
PD-18-28 |
0 |
2.00 |
2.00 |
4.50 |
|
Including |
0.50 |
1.10 |
0.60 |
11.40 |
All holes were drilled vertically. Intercept lengths are true thickness. Gold grades are determined by fire
assay and gravimetric methods; see note on Technical Information.
Drilling Results and Interpretation
The 28 new drill holes at the 007 Zone (see Figure 1) indicate that the average thickness of the mineralized
boulder conglomerate is 2.5 metres, and the weighted average gold grade is 3.4 g/t. In comparison the average gold grade in 11
holes drilled at the Trench 1 bulk sample site was 1.3 g/t. Processing of the Trench 1 bulk sample returned an average grade of 4.2
g/t gold, over 200% higher than the grade indicated by drilling in the same area (see results published on January 3, 2018 -
http://www.inventusmining.com/s/Inventus_Jan3.pdf).
Inventus expects to see a similar improvement in the gold grade when bulk sampling the 007 Zone. The Company
intends to commence a bulk sampling program of up to 50,000 tonnes in the Spring of 2019.
Exploration Target Range
On August 3, 2018, Inventus released a new NI 43-101 Technical Report on the Pardo Project. The report is
available for download on the Company’s website (http://www.inventusmining.com/home-1/) and SEDAR (sedar.com).
The report assessed the exploration target range for the Pardo Project. The exploration target range was
expressed in terms of pessimistic (P10), moderate (P50) and optimistic (P90) cases as shown in the table below.
|
Parameter |
P10 |
P50 |
P90 |
| Tonnage
(t) |
450,000 |
8,600,000 |
12,500,000 |
| Gold Grade
(g/t) |
4.20 |
3.50 |
3.50 |
| Gold Content
(oz) |
60,000 |
950,000 |
1,400,000 |
The potential tonnages and grades are conceptual in nature and are based on surface mapping, drilling and
channel sampling results that define the approximate thickness, depth and grade of the mineralized conglomerate unit. There has
been insufficient exploration to define a current mineral resource and the Company cautions that there is a risk that further
exploration will not result in the delineation of a current mineral resource.
Ore Sorting
Prior bench scale testing demonstrated that sensor sorting and gravity separation were potentially viable
methods to upgrade the Pardo mineralized material prior to processing (see results published on April 5, 2017 - http://www.inventusmining.com/s/IVS-Studies-Update-FINAL.pdf). Measurements made of the clasts present in the mineralized boulder conglomerate indicate that
the matrix, which contains all the gold, represents approximately 25% by volume of the whole rock. Opportunity therefore exists to
mechanically remove 75% by volume that would otherwise be barren waste sent for processing. We intend to follow-up this work as
part of the bulk sampling program.
Click here to view Figure 1: http://inventusmining.com/s/Nov_22_Fig_1.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 110,301,069 common shares outstanding (123,925,235 shares
on a fully diluted basis).
Visit http://www.inventusmining.com for more information.
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: info@inventusmining.com
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 technical content of this news release is Wesley Whymark, P.Geo., Chief
Geologist, who has reviewed and approved this news release on behalf of the Company.
Technical Information
The samples in this release were transported in secure sealed bags for preparation and assay by Agat
Laboratories located in Mississauga, Ontario. A standard or a blank was inserted every 20 samples or less. The samples reported
were crushed in their entirety to 75% passing -10 mesh, with one 1 kg subsamples split and pulverized to 85% passing -200 mesh. 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.
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.
