Inventus Mining Corp.

Inventus Mining Corp.

April 05, 2017 08:30 ET

Inventus Provides Report on Positive Technical Developments: Ore Sorting and Bulk Sampling

TORONTO, ONTARIO--(Marketwired - April 5, 2017) - Inventus Mining Corp. (TSX VENTURE:IVS)("Inventus" or the "Company") today provides a summary of significant findings from two technical studies on its 100% owned Pardo Paleoplacer Gold Project ("Pardo") near Sudbury, Ontario. Recent investigations have returned positive results in the areas of: i) advanced sensor-based ore sorting, and ii) bulk sampling.

Ore Sorting - Very Effective in First Trial

A scoping study to determine the amenability of Pardo conglomerate material to advanced sensor-based ore sorting technologies was conducted by Sacré-Davey Engineering, North Vancouver, BC. Inventus provided 100 rock hand samples selected from the 007, Trench 1 and Eastern Reef Zones. Rocks were divided into four categories visually according to their expected gold grade: 25% high grade (>30 gpt gold), 25% medium grade (2-20 gpt gold), 25% low grade (0.1-2 gpt gold), and 25% were expected to have no gold. The average gold assay grade of the samples in the study (including barren samples) was 11.31 gpt and the highest-grade sample was 186.5 gpt.

Results of their simulations suggest that 91% of the contained gold could be sorted into only 35% of the original mass (i.e. 35% mass pull) using the best algorithm generated for this exercise. The average simulated gold grade of the product is 29.37 gpt vs. 11.31 gpt for the feed, or an upgrade ratio of 160%. Summary results for the best XRF algorithm are as follows:

Product Waste
Mass Pull (%) Average Gold Grade
Cumulative Recovery (%) Upgrade Ratio (%) Mass Pull (%) Average Gold Grade
Cumulative Recovery (%)
20 45.33 80 301 80 2.81 20
35 29.37 91 160 65 1.59 9
50 20.90 92 85 50 1.73 8

Tests were performed using X-Ray Fluorescence (XRF), Electromagnetics (EM), and X-Ray Transmission (XRT). Algorithms were generated to correlate gold with other measurable characteristics of the rocks. Detection of other elements by XRF provided the best associations with gold. Zirconium and lead were determined to have the strongest association with gold, which is reasonable because we know the matrix of the conglomerate is enriched in heavy minerals such as zircons, galena, pyrite, uranium and gold.

These results are very encouraging and suggest that it is possible to sort away the majority of the unmineralized material that would otherwise dilute the grade of material being processed. These results, although promising, are preliminary in nature and need to be further verified with much larger samples.

Mini-bulk Sample - Demonstrates Sensible Path Forward

In order to investigate the best methods to process our planned bulk samples from Pardo, a mini-bulk sample weighing 110.7 kg (244 lbs.) was taken from outcropping rocks at the 007 Zone, and sent for milling and gravity concentrating at a mining equipment vendors facility1. Gravity concentration was done on a conventional shaker table. Three concentrates and a tailings sample were collected for analysis. Samples were returned to Inventus's custody and then sent to SGS Laboratories in Burnaby, BC for assay.

Concentrate #1 contained visible gold and was panned by hand to yield an estimated 1.024 grams of gold. Concentrate #2 and the remains of Concentrate #1 were then mixed (combined weight of 1.31 kg) and fire assayed in duplicate, returning a grade of 312.3 gpt. Concentrate #3 weighed 1.72 kg and returned a duplicate fire assay grade of 45.8 gpt. A sample of tailing from the shaker table weighing 4.08 kg returned a quadruplicate fire assay grade of 6.4 gpt. The calculated head grade of the sample is 19.9 gpt gold, which is consistent with the high-grade nature of the outcropping boulder conglomerate at the 007 Zone.

Metallurgical characterization of the 007 Zone mini-bulk sample after gravity concentration is: 46.6% free gravity recoverable gold, 22.2% gold in high-grade sulphide concentrates (predominantly composed of pyrite), and 31.2% gold in the tails material. Overall, 68.8% of the gold content was concentrated in 2.7% of the original mass.

Dry Weight % Total Mass Average Fire Assay Gold Grade (gpt) Calculated Weight of Contained Gold (g) % Total Gold Calculated Gold Grade Distribution (gpt)
Panned Gold 1.135 g 0.001 - 1.0242 46.6 9.3
Concentrate #1+2 1.31 kg 1.18 312.3 0.409 18.6 3.7
Concentrate #3 1.72 kg 1.55 45.8 0.079 3.6 0.7
Gravity Products Sub Total 3.03 kg 2.73 - 1.512 68.8 13.7
Tails 107.67 kg 97.27 6.4 0.685 31.2 6.2
Total Sample 110.703kg 100 - 2.197 100 19.9

These results are a first-pass evaluation of gravity concentration; we believe the process can be optimized to improve performance and possibly paired with other processing methods. Nevertheless, the results are positive and support the concept of processing bulk samples from Pardo by gravity. Milling and gravity concentration is the lowest cost option being considered for analysis of bulk samples. Inventus plans to begin extracting bulk samples from Pardo in the coming months.

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 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.

Qualified Person

The Qualified Person responsible for the 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

1 The equipment vendor does not operate a certified laboratory. Processing services were provided to Inventus free of charge as a demonstration of their equipment.

2 The weight of contained gold for panned gold concentrate was estimated by subtracting 5% to account for other heavy particles (-0.057 g) and a further 5% for silver content (-0.054 g).

3The dry weight of the head sample was estimated based on a measured weight of 116.5 kg (wet) and a 5% w/w moisture content.

Samples for the mini-bulk sample were transported in secure sealed bags for preparation and assay at SGS Laboratories located in Burnaby, BC. A standard or a blank was inserted every 20 or fewer samples. The samples reported were crushed in their entirety to 85% passing -10 mesh, with either a 500 g or 1 kg subsample split depending on the original sample size and pulverized to 85% passing -200 mesh. The subsample pulps were then analysed by 50 g fire assay with an atomic absorption finish. Samples >10 gpt were analysed with a gravimetric finish.

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.

Contact Information