TORONTO, May 20, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce the completion of its 2020 winter exploration program on its 100%-owned Sudbury 2.0 property, located 40 km northeast of Sudbury, Ontario.
An induced polarization (IP) survey was successfully completed and intriguing new exploration targets at Big Valley Lake and Doon Lake North have been identified. Five shallow exploration drill holes were also completed into the Laura Creek Offset Dyke to better evaluate the dyke’s orientation, width and geologic setting. Inventus intends to conduct follow-up trenching and sampling of the IP targets where they project to surface and additional drilling is planned later in the year.
Big Valley Lake and Doon Lake North IP Surveys
IP at the Big Valley Lake Grid identified a sizeable chargeability anomaly 200 metres north of the outcropping copper-gold mineralization discovered last year (see press release Sept 12th, 2019). The IP target is approximately 400 metres east-west by 400 metres north-south and trends northward off the survey grid (see Figure 1). The target is within 50 metres of surface, with the peak of the chargeability around 120 metres below surface and is open to depth below 220 metres. The chargeability values over the surface gold mineralization are lower than the IP target to the north. This is intriguing and suggests a much larger chargeable body may be present to the north.
The Doon Lake North IP survey outlined a near surface IP anomaly located on the southeast part of the grid. The target is chargeable coincident with low resistivity indicating moderate sulfides are present (see Figure 2). The target is situated along a north-south structure that may be controlling the hydrothermal mineralization in the area.
The IP anomalies at both Big Valley Lake and Doon Lake North will be investigated on surface with trenching and sampling in the coming weeks. The Big Valley Lake occurrence requires an access trail to be built, therefore drilling in the area will follow at a later date.
Laura Creek Offset Dyke
The Laura Creek winter drill program was designed to sample the offset dyke in a small area 60 metres down dip and 120 metres along strike. Drilling intersected Sudbury breccia along the margins of the offset dyke and confirmed the presence of inclusions, epidote and anomalous copper mineralization towards the center of the dyke. These findings are very encouraging and similar to other offset dykes around the Sudbury Basin. The drilling footprint so far at Laura Creek is minute in comparison to the Copper Cliff and Worthington offset dykes, two of the most well-endowed offset dykes with Ni-Cu-PGE orebodies (see Figure 3).
Now that drilling has established the dip, thickness and lithology of the offset dyke, effective exploration techniques employing geophysics can be initiated along the known 5-kilometre extent of the dyke. These techniques are well-established in Sudbury exploration and have been successful in finding many orebodies around the Sudbury Basin.
COVID-19
To address health concerns associated with the global COVID-19 pandemic, new operational procedures have been implemented across the Company to protect the health of our small workforce and their local communities, while facilitating the execution of our exploration programs on the Sudbury 2.0 and Pardo projects. We will continue to monitor the evolving COVID-19 situation and act proactively to protect the health and welfare of all stakeholders.
Stock Option Amendment
Inventus announces that the board of directors has approved the amendment to 677,500 stock options with an exercise price of $0.20 that were granted on May 26, 2015 to officers, directors and consultants of the Company under its stock option plan on May 26, 2015. The Amendments extend the expiry date of the stock options from May 26, 2020 until May 26, 2022. The exercise price and vesting terms of the stock options remain unchanged.
Figures 1-3: http://www.inventusmining.com/s/May_20_Figures_1-3.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.
