TORONTO, ONTARIO--(Marketwired - Jan. 18, 2017) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") today announces that it has commenced a winter drill program at the 100% owned Pardo Paleoplacer Gold Project ("Pardo"), and provides details of exploration plans and strategy for 2017.
"Our focus in 2017 will be on drilling and sampling of the approximately 4.5 square kilometers of Paleoplacer conglomerate reefs that we believe are within 40 m of surface. Our fundamental goal during the next 12-24 months is to determine if Pardo contains gold resources of sufficient quality and quantity to become a mine," said Stefan Spears, Chairman and CEO.
2017 Exploration and Development Program
- 1,500 meter (m) winter drill program: Approximately 50 diamond drill holes are planned for the winter drill program (average 30 m depth) that will focus on extending a 50 m by 50 m grid of holes in Exploration Zones A and B (see attached Figure 1).
- 4,500 m summer/fall drill program (starting in Q3): Approximately 130 diamond drill holes are planned for the summer/fall drill program that will focus on Exploration Zones C, D, E, F, G and H.
- Bulk sampling of up to 1,000 tonnes of material (in Q3 or Q4): A permit is in place to remove 1,000 tonnes of material from the property for metallurgical testing. A recently completed geostatistical study indicates that a sample of 250 tonnes may be sufficient to determine the gold grade within an acceptable confidence interval. We are evaluating taking samples from multiple sites and will provide an update on the program later in the year.
- Initial mineral resource estimate on Pardo: By the end of 2017, we expect to engage a third party engineering firm to prepare a NI 43-101 mineral resource estimate on Pardo.
Update on 2016 Activities
An official Ontario Land Survey has been completed on the two core mineral claims in preparation for a mineral lease application. Securing a lease will provide several benefits to the project, including the ability to extract large amounts of material for trial mining and the ability to install a mill for test purposes, provided a certified closure plan and the required financial assurance is in place. We expect the mineral lease to be approved within 12-18 months.
A geostatistical study prepared by SGS Geostat has been received and the results are being used to design the current drill program and planned bulk sampling activities.
An ore sorting study being prepared by Sacré-Davey Engineering is well advanced and we expect the results soon. This study is attempting to evaluate the effectiveness of state-of-the-art ore sorting techniques on separating the gold-containing matrix from the unmineralized clasts of the Pardo conglomerates.
Click here to view Figure 1: http://inventusmining.com/s/IVS-Fig-1-Jan-18-2017.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 100,304,403 common shares outstanding (108,898,570 shares on a fully diluted basis). Endurance Gold Corp. owns 25.4% of the issued and outstanding shares, Robert McEwen owns 18%, Eric Sprott owns 13.6%, Osisko Gold Royalties Ltd. owns 6%, and the former Chairman and CEO Wayne Whymark owns 6.4%.
The Qualified Person responsible for the geological technical content of this news release is Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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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.
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.