TORONTO, Feb. 24, 2021 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide details on the ongoing 3,000-metre drill program at its 100%-owned Sudbury 2.0 project near Sudbury, Ontario.
A total of 1,385 metres of drilling have been completed to date at the Lake Zone. The drill was recently moved to Cobalt Hill and has resumed drilling. Drilling at Cobalt Hill will test the polymetallic mineral potential in an area only historically assayed for gold with select historic intersections of 5.3 metres of 11.2 g/t gold in hole A88-55, and 41 metres of 2.6 g/t gold in hole A88-62. A map of complete and planned holes from the Lake Zone and Cobalt Hill is provided in Figure 1 .
Unexpectedly slow turnaround from the assay lab has delayed results for holes WL-21-02 , WL-21-03 and WL-21-04 . There are currently 429 samples outstanding at the lab. Assays from the second hole are expected shortly, and assays from holes 3 and 4 are expected in the next 2 to 5 weeks.
Drill hole WL-21-02 was designed to test the mineralization at a depth of approximately 200 metres below surface. The hole intersected 113 metres of hydrothermal breccia with variable pyrite and chalcopyrite mineralization from approximately 367 to 480 metres down hole.
Drill hole WL-21-03 intersected 156 metres of alteration and hydrothermal breccia with variable pyrite and chalcopyrite mineralization from 12 to 168 metres down hole, approximately 400 metres north of WL-21-02.
Drill hole WL-21-04 intersected the alteration and hydrothermal breccia 100 metres south of the intercept in WL-21-03 and 250 metres below surface. An occurrence of visible gold was identified at 398 metres down hole within a 49-metre interval of alteration and mineralized hydrothermal breccia from 373 to 422 metres down hole.
Inventus’ first hole from the Lake Zone, which intersected 18.5 metres of 6.6 g/t gold and 0.76% copper (see press release Jan. 19 th , 2021 ) and the breccia intersections in holes 2, 3 and 4 have confirmed a continuous mineralized breccia body that was known from historic drilling but poorly tested. The mineralized breccia has a NE-SW strike and is dipping steeply east.
Figure 1. http://www.inventusmining.com/s/Feb-24-Fig.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: info@inventusmining.com
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 approximately 130,500,000 common shares outstanding.
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 of our exploration to identify mineral resources, 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.
