TORONTO, Nov. 24, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that a favourable court decision has cleared the way for the Company to complete the previously announced acquisition of three Flag Resources (“Flag”) mineral properties: Wolf Lake, Cobalt Hill and Rathbun. Inventus expects to close the acquisition in December 2020, subject to receipt of customary approvals. Refer to our July 2, 2020 news release for additional information about the transaction: http://www.inventusmining.com/s/IVS_Jul_2_2020.pdf.
Sudbury 2.0 Exploration Plans
Inventus is currently planning the first phase winter exploration program on the Sudbury 2.0 Project. The initial drill program, expected to begin in January, will consist of 3,000 metres of core drilling at the Wolf Lake and Cobalt Hill targets. The program is designed to properly sample the polymetallic gold mineralization and test continuity of the mineralized structures at depth. A review of the past exploration drilling has indicated that the mineralization was inadequately sampled; and is interpreted to form part of a large intrusion-related polymetallic gold system that remains open along strike and at depth.
An updated presentation on the Sudbury 2.0 Project can be found on the Company’s website: http://www.inventusmining.com/s/Sudbury-20-Nov-2020-9mjf.pdf
New High-grade Samplesat Cobalt Hill
Recent mapping and sampling at Cobalt Hill has led to the discovery of a new high-grade area 300 m southeast of the main occurrence (see Table 2 for historical drill assays from the main occurrence). Selective surface grab samples from this new target returned assay values of 15.5 and 16.0 g/t gold. Additional samples taken in the area are currently pending assays. Inventus plans to test this new target during the upcoming winter drill program. Grab samples are not representative of the mineralization in the area.
Wolf Lake & Cobalt Hill Properties
The Wolf Lake and Cobalt Hill properties consist of a 3.5 km2 block of mineral leases with historic high-grade gold and copper drilling intersections. Flag acquired the property in 1980 and conducted various drill programs, reporting many high-grade drill intersections including up to 16.6 g/tgoldover22.4 m in Hole WL-90-03 and 2.5% copperover 22.7 min Hole WL-83-28. The Wolf Lake and Cobalt Hill occurrences are 1.2 km apart; however, recent geological mapping by Inventus has established for the first time that they occur along the same 1.7 km mineralized structure.
Table 1 and 2 below show select historical drill core assays from Wolf Lake and Cobalt Hill. The historical Flag drilling data has been compiled from Flag records and publicly available assessment records of the Ontario Ministry of Energy, Northern Development and Mines. This data has not been independently verified by Inventus. Readers should not place undue reliance on historical drill results.
Table 1. Select Historical Drilling Assays from Wolf Lake
|DrillHoleID||From (m)||To (m)||Core Length (m)||Gold (g/t)||Copper (%)|
* Core intervals areconverted from feet to metres, andgold assays are converted from ounce per ton to gram per tonne. Historical copper assays were nottaken for intervals marked with (-). Results are corelengths, true widths are not known.
Table 2. Select Historical Drilling Assays from Cobalt Hill
|Drill Hole ID||From (m)||To (m)||Core Length (m)||Gold (g/t)|
* Assays intervals are converted from feet to metres, andgold assays are converted from ounce per ton to gram per tonne. Results are corelengths, true widths are not known.
Rathbun Lake Property
The Rathbun Lake property is a 7.1 km2 claim package with a high-grade palladium, platinum, copper, nickel and gold showing. The property was patented in 1889 and mined in the 1890’s with a 45-foot deep shaft and 35 feet of drifting. The property was explored again in 1954 and acquired by Flag Resources in 1982. Some historic assays from the mineralization at the shaft taken by Dolmac Mines in 1955 and for research publication by Rowell and Edgar in 1986 are provided in Table 3. Inventus research of the high-grade showing concluded that the mineralization is related to a Sudbury offset dyke that had not been previously recognized (Rathbun Lake Revisited, 2019 http://www.inventusmining.com/s/Kawohletal2019.pdf).
Inventus collected seven surface grab samples from around the shaft on the Rathbun property in 2019, which returned assays ranging from 6.3 to 62.5 g/t palladium, 1.0 to 18.4 g/t platinum, 0.8 to 22.8 % copper, 0.1 to 0.5 % nickel, 0.5 to 7.2 g/t gold, and 1.0 to 13.0 g/t silver. Grab samples are not representative of the mineralization hosted on the property. See Table 4 for selected sample assays.
Table3.Select Historical Assays reported from Rowell and Edgar, 1986
|Sample ID||Cu (%)||Ni (%)||Pt (g/t)||Pd (g/t)||Au (g/t)|
(-) No assaysavailable.
Table4. Inventus Assays of the Rathbun Mineralization
|Sample ID||Cu (%)||Ni(%)||Pt (g/t)||Pd (g/t)||Au (g/t)||Ag (g/t)|
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 122,701,069 common shares outstanding (145,925,289 shares on a fully diluted basis).
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
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 Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
The samples collected by Inventus from Cobalt Hill and Rathbun Lake described in this release were transported in secure sealed bags for preparation and assay by Agat Laboratories in Mississauga, Ontario. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 250 g subsample split and pulverized to 85% passing -200 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES finish. Multielement assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS 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 at Pardo, the inability to complete a feasibility study which recommends a production decision, the preliminary and limited nature of metallurgical test results (including the result of the bulk sample as described herein), 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.
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