Inventus Mining Corp.

Inventus Mining Corp.

March 01, 2017 11:39 ET

Inventus Provides Exploration Update, Drilling Intercepts 58.2 gpt Over 0.6 m at Pardo

TORONTO, ONTARIO--(Marketwired - March 1, 2017) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") today announces that it has received assay results for the first 5 holes of the winter drill program (see Figure 1) at the 100% owned Pardo Paleoplacer Gold Project ("Pardo") near Sudbury, Ontario. A total of 19 holes have been completed to date. Complete assay results are as follows:

Hole ID From
Gold Grade
PD-17-01 39.6 40.6 1.0 2.58
PD-17-02 11.3 13.0 1.7 3.16
PD-17-03 Not sampled, rubble filled fault zone
PD-17-04 17.1 20.3 3.2 11.51
Including 19.7 20.3 0.6 58.22
PD-17-05 42.8 43.9 1.1 2.08
All holes were drilled vertically. Intercept lengths are true width. Samples returning <0.4 gpt were not included in the intervals reported above.

Hole PD-17-01 was designed to follow up on a previous hole that ended before reaching the mineralized boulder conglomerate unit due to drilling problems. The results support the existence of mineralized boulder conglomerate in this area at a depth of approximately 40 m. A small amount of visible gold was observed in the core.

Hole PD-17-02 was drilled 50 m to the South of two previous holes that returned individual samples with gold grades of up to 25 and 27 g/t. The hole encountered basal boulder conglomerate at a depth of 11 m that was well mineralized with abundant detrital pyrite typical of higher grade zones. Although the assayed grade was not exceptionally high, the results support the extension of the target zone and will be offset again 50 m and 100 m to the South with additional planned holes.

Hole PD-17-03 encountered rubble in a fault zone and was not sampled.

Hole PD-17-04 intercepted boulder conglomerate at a depth of 17 m with a total thickness of 3.2 m. A cluster of visible gold grains was observed at 20 m down hole (see Figure 2). This hole contains the highest gold grade of any drill hole at Pardo and extends the mineralized zone 75 m to the West. The greater thickness of boulder conglomerate in PD-17-04 could indicate the presence of a well mineralized channel in the paleo surface, which is an interesting exploration target for additional drilling.

Hole PD-17-05 intercepted boulder conglomerate at a depth of 43 m. The increasing depth to the West is explained by a rise in the topography between holes PD-17-04 and this hole. The result further extends the boulder conglomerate 80 m to the West.

Drilling and Sampling

The current drill program is being carried out with a diamond drill that produces core samples 70 mm in diameter. In comparison smaller 40 - 47 mm diameter core was typically used on the Pardo project. In the past, small diameter cores were cut in half and only half was sent for assay. Currently we are sending the entire large diameter core for assay (after logging and photographing), which effectively results in sample sizes between 4.5 and 6.5 times larger in volume assuming a constant core length.

The assay results above are from cyanide bottle roll analysis on 2 kg subsamples. This procedure of acquiring larger core samples and assaying a 2 kg subsample on average returns higher gold grades than standard fire assays. Pardo is similar to other paleoplacers worldwide in that grades can vary enormously between samples at very small distances. Our goal is to continue to refine and improve our procedures to provide the best possible information from drilling, but ultimately to extract and process larger samples to determine the average gold content.

Click here to view Figure 1 and 2:

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%.

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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.

Qualified Person

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.

Technical Information

The samples of this release were transported in secure sealed bags for preparation and assay at Accurassay Laboratories located in Thunder Bay, Ontario. 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 for a cyanide soluble bottle roll (24 hours) and the solution was analyzed by atomic absorption.

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, 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.

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