TORONTO, ONTARIO--(Marketwired - April 12, 2017) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") today announces that it has received assay results for the next six consecutive holes of the winter drill program at the 100% owned Pardo Paleoplacer Gold Project ("Pardo") near Sudbury, Ontario.
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.
Discovering higher-grade zones is the primary objective of our current 50 x 50 m spaced drill program. Results so far have been successful in identifying a higher-grade area approximately 400 m in length that remain open for expansion (see Figures 1 and 2). Completed assay results to date are as follows:
All holes were drilled vertically. Intercept lengths are true width. Samples returning <0.3 gpt were not included in the intervals reported above. Gold grades are determined by fire assay method; see note on Technical Information.
Hole PD-17-14 is a 50 m step-out to the East of hole PD-17-13 that intercepted 3.92 gpt gold over 1.85 m. This hole contained a thick (2.28 m) boulder conglomerate (primary gold-bearing reef) with some detrital pyrite over 1.65 m.
Hole PD-17-15 was drilled 50 m due South of hole PD-17-13. This hole did not encounter any visible boulder conglomerate, however, the sample in the basal conglomerate returned positive gold values. The boulder conglomerate unit, although absent at this location, is encountered again 50 m to the West and 50 m to the South in holes PD-17-16 and PD-17-17.
Holes PD-17-16 and PD-17-17 encountered a well-mineralized boulder conglomerate, extending the zone up to 100 m south of previous drilling. In both of these holes the gold-bearing reef is approximately 1 m in thickness. Visible gold was noted in both holes. Additional drilling is planned to test the extension of this zone further to the South.
Holes PD-17-18 and PD-17-19 continued the grid of holes in another fault block 100 m to the East of hole PD-17-17 and encountered boulder conglomerate in both holes. Visible gold was noted in hole PD-17-18. Additional drilling is planned to twin two holes previously drilled in 2010 located between PD-17-18 and PD-17-17. These 2010 holes are considered unrepresentative of the area based on observations in the new 2017 holes. Additional drilling is also planned to the East and South.
Assay results reported in this release are the average of two fire assay values on a 2 kg subsample generated from each selected core interval. Our observation is that cyanide bottle rolls on 1-2 kg subsamples combined with a fire assay on the residue returns higher gold values. However, in order to build the dataset to support this observation we have been using both methods of analysis on our samples. For the holes reported above the cyanide bottle roll results are still pending. We will update the attached Table 1 on an ongoing basis when all the analytical results are available.
Click here to view Figure 1 and 2: http://inventusmining.com/s/Figure_1_2_April_12.pdf
Click here to view Table 1: http://inventusmining.com/s/Table_1_April_12.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 (110,423,570 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%.
Visit www.inventusmining.com for more information.
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.
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.
The samples of this release were transported in secure sealed bags for preparation and assay at either Accurassay Laboratories located in Thunder Bay, Ontario, or SGS Laboratories located in Cochrane, Ontario. A standard or a blank was inserted every 20 samples or less. The samples reported were crushed in their entirety to 85% passing -10 mesh, with two 1 kg subsamples split and pulverized to 85% passing -200 mesh. The 1 kg subsample pulps were then recombined and 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. The remaining pulps from the 2 kg subsample were then assayed by a cyanide soluble bottle roll (24 hours) and the solution was analyzed by AA. The remaining residue from the bottle roll was dried and a 50-gram aliquot was sent for FA with an AA finish.
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.