TORONTO, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that it has started the 2020 winter exploration program on the 100%-owned Sudbury 2.0 Property, located 40 km northeast of Sudbury, Ontario.
The program begins with an induced polarization (IP) survey on three areas: Laura Creek Offset Dyke, Big Valley Lake, and Doon Lake North (see Figure 1). Inventus intends to follow up the IP surveys with drilling at the Laura Creek Offset Dyke this winter.
“With our financing successfully complete, we are now well prepared to advance our projects. We have already mobilized our team on Sudbury 2.0, we are moving ahead with the property acquisitions announced in November 2019, and we intend to get started on our Pardo Paleoplacer project this spring,”commented Stefan Spears, Chairman and CEO.
Laura Creek Offset Dyke
The Laura Creek Offset Dyke was not known until Inventus discovered it in 2019. It is a 30+ meter wide inclusion-bearing quartz diorite offset dyke (IQD), the only undrilled example known to occur around the Sudbury mining camp. Offset dykes around Sudbury are composed of quartz diorite, however, offset dyke-hosted orebodies only occur within rare inclusion-bearing phases of the quartz diorite.
Selected assay results from Laura Creek Offset Dyke have returned values up to 4.1 g/t gold, 0.33% copper, 21 g/t silver and 0.86% lead and 42 g/t bismuth (see press release Nov. 14, 2019).
Inventus plans to explore the mineralized section of the Laura Creek Offset Dyke following the IP survey with drilling to determine the dip, thickness and to test for the presents of mineralization and pathfinder geology below surface.
Big Valley Lake and Doon Lake North Showings
Extensive hydrothermal alteration and mineralized breccia were found at Big Valley Lake and Doon Lake in 2019. Selected assay results from the Big Valley Lake returned values up to 1.4 g/t gold and 1.3% copper (see press release Sept. 12, 2019). The two showings were found to have many similarities to the alteration and mineralization that occurs on the Wolf Lake and Cobalt Hill properties. A description of those properties is available from our Nov. 27, 2019 press release. Inventus expects the IP survey to outline the extent of alteration and mineralization of these very large targets, in preparation for drilling.
Figure 1 - http://www.inventusmining.com/s/IVS-Feb-3-2020.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 assets are a 100% interest in the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 122,701,069 common shares outstanding (145,925,289 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
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 geological technical content of this news release is Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
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 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.
