Additional Sampling Identifies Veins With up to 240 G/T Gold and 2,479 G/T Silver at INV Metals Tierras Coloradas Discoveries
TORONTO, Aug. 13, 2018 (GLOBE NEWSWIRE) -- INV Metals Inc. (“INV Metals” or the “Company”) (TSX:INV) is pleased to report additional high grade gold and silver values from its gold and silver discoveries on the Company’s 100% owned Tierras Coloradas gold property (“Tierras Coloradas”), located in southern Ecuador.
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Ms. Candace MacGibbon, CEO, commented: “The following results from the on-going surface mapping and chip sampling program at Tierras Coloradas are exceptional with high grade gold and silver values detected on the three main gold and silver-bearing quartz veins discovered to date, as well as on numerous other high potential veins located throughout the property. We are very fortunate due to the property’s topography to be able to identify and sample the veins in three dimensions, resulting in high grade gold and silver values in surface chip samples over significant vertical and horizontal distances and along significant strike lengths. Mapping and further sampling is ongoing and management plans to drill at Tierras Coloradas as soon as possible to test the three high priority targets discovered to date.”
INV Metals has carried out a follow up sampling program to further test the successful results of its initial exploration program and has confirmed the presence of significant high grade gold and silver values within multiple quartz veins on the property. Detailed mapping and sampling of the veins during the Company’s recent surface field campaign, have identified numerous gold and silver-bearing quartz veins with at least three of the veins containing high grade gold and silver surface rock chip sample values over significant strike, width and vertical distances. These are the Aparecida, Quemada and San Vicente veins (please see Figure 1). The Quemada and Aparecida veins have been sampled orthogonally across the vein at roughly 5 meter intervals for the majority of their strike length.
Highlights – Tierras Coloradas Rock Chip Samples
| Table 1 | ||||
| Sample | Gold (g/t) | Silver (g/t) | Vein | |
| 759771890 | 240.5 | 181.5 | Aparecida | |
| 759771880 | 141.3 | 81.3 | Aparecida | |
| 759771790 | 100.7 | 99.3 | Aparecida | |
| 759711090* | 83.9 | 63.8 | Aparecida | |
| 759771900 | 63.0 | 85.8 | Aparecida | |
| 759720120* | 49.2 | 43.2 | Aparecida | |
| 759711100* | 37.0 | 82.2 | Aparecida | |
| 759750580* | 61.9 | 199.3 | Quemada | |
| 759770960 | 36.4 | 2,479.0 | Quemada | |
| 756720300* | 30.9 | 177.0 | Quemada | |
| Overall range of values for the Aparecida and Quemada veins is <0.005 – 240.5 g/t gold and <0.2 – 2,479.0 g/t silver. | ||||
| . | Note: * Sample previously reported | |||
The Aparecida vein contains the majority of the high grade values detected to date and can be traced for approximately 1,350 meters along strike, outcropping over a vertical distance of 450 meters. Sampling to date has identified mineralization of greater than 2 g/t gold over the entire length of the vein and at least 370 meters of vertical exposure of the vein. The Aparecida vein is generally 0.5 to 6 meters in width but often contains several parallel gold-bearing segments. The vein contains white massive quartz with crustiform and banded textures that are cut by crystalline quartz veinlets in places. The majority of the vein contains multiple phases of quartz. The southern segment of the vein is strongly brecciated with the higher gold grades associated with this brecciation. Pyrite, chalcopyrite, and sphalerite have been observed within the lower exposures of the vein. A total of 321 samples have been collected on the Aparecida vein and range in value from <0.005 to 240.5 g/t gold.
The Quemada vein can be traced for roughly 950 meters and outcrops over a vertical distance of 230 meters. This vein is generally 0.5 to 4 meters wide. Sampling has identified mineralization of greater than 2 g/t gold over the entire 230 meter vertical exposure of the vein with three samples containing greater than 30 g/t gold. The vein contains white massive to milky quartz, sometimes with crustiform textures and later cross-cutting crystalline quartz veinlets. Multiple phases of quartz have been observed and the vein is commonly brecciated. Higher gold and silver grades are related to areas with grey quartz. Pyrite, chalcopyrite, and sphalerite have been observed within the lower exposures of the vein. A total of 105 samples have been collected on the Quemada vein and range in value from <0.005 to 61.9 g/t gold.
Detailed mapping and sampling of the San Vicente vein and San Joaquin vein are still in progress, with recent surface sampling returning values up to 15.5 g/t gold in the relatively unworked San Vicente Vein. A total of 163 samples have been collected to date on the San Vicente vein and range in value from 0.005 to 15.5 g/t gold.
Figure 1: Location of Tierras Coloradas Veins
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Aparecida Vein
Detailed sampling of the Aparecida vein to date has identified two areas of strong mineralization. The first area of strong mineralization within the Aparecida vein is in the southern segment of the vein located within the middle of the hill (between elevations of 1,800 – 1,760 m.a.s.l.). The 100 meter long segment of the vein contains 46 chip samples taken roughly every 2 to 4 meters. The average of the 46 samples is 2.89 g/t gold with a high of 13.1 g/t gold and 76.2 g/t silver. The range of values for the 46 samples is 0.030 – 13.1 g/t gold and 0.9 – 76.2 g/t silver.
Figure 2: Strongly Mineralized Southern Segment of Aparecida Vein
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The second area of strong mineralization is a 30 x 35 meter displacement zone in the vein that contains scattered outcrops of high grade vein material. The vein is displaced roughly 30 metres in a north-south direction. This occurs at an elevation of approximately 1,880 meters. A total of fourteen samples were taken within this area and have an average of 52.6 g/t gold and 56.5 g/t silver. The highest gold sample contains 240.5 g/t gold and the highest silver sample contains 181.5 g/t silver. The overall range of values in this 30 x 35 meter area is 0.190 – 240.5 g/t gold and 3.7 – 181.5 g/t silver.
Figure 3: High Grade Mineralization Within Displacement Zone in Aparecida Vein
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When the veins are well exposed, rock chip sampling consists of taking a continuous chip sample perpendicular across the strike of the vein using a hammer and chisel. The width of the sample panel is generally 10 – 20 cm and the depth ranges from 5 – 10 cm. When only scattered outcrops of the vein are present, a rock chip sample is taken that collects small chips from outcropping material over an area of one to three meters. Samples are generally taken every 2 – 5 meters along strike when the exposure is good and every 5 – 20 meters when the exposure is poor.
Tierras Coloradas
Tierras Coloradas covers 6,955 hectares and is located in the province of Loja, near the border with Peru. Gold and silver-bearing quartz veins have developed in the andesitic volcanic sequences of the Paleocene Sacapalca Formation near the SE edge of the Cretaceous granodioritic Tangula batholith. Locally, these sequences consist of a lower andesitic lapilli tuff that is overlain by an andesitic crystal tuff. The upper and middle exposures of the veins are generally rich in Au-Ag while the lower exposures contain high Au-Ag-Cu-Zn-Pb. Boulders with possible sinter have been recognized to the west and suggest that the system is well preserved.
The Company acquired the Tierras Coloradas property in January 2017 and announced significant results from its initial exploration program in September 2017, and provided an exploration update in February 2018 (see press release dated February 26, 2018).
Management is very encouraged by the initial results of the surface mapping and sampling conducted to date at Tierras Coloradas. Normally, surface mapping and sampling programs mostly test only the width and strike length of the mineralization but at Tierras Coloradas, because of the topography, the sampling indicates significant mineralization and potential at depth. The discoveries and work completed to date in all three dimensions require additional surface mapping and sampling followed by extensive drilling.
Management also continues to believe in the prospectivity of the Company’s three other regional Ecuadorian properties (Las Peñas, La Rebuscada, Carolina). The Company is working toward obtaining relevant authorizations which will allow the identification and testing of drill targets on all of its regional properties. The recent reforms by the Minister of Energy and Non-Renewable Natural Resources which now allows for the performance of drilling during the Initial Exploration Phase of mining concessions will allow the Company to fast track these drill targets once appropriate authorizations are received.
Quality Assurance
All INV Metals sample assay results have been independently monitored through a quality control/quality assurance (“QA/QC”) program including the insertion of blind standards, blanks and pulp and reject duplicate samples. The rock sampling was completed by a geological contractor under the direct supervision of INV Metals. The samples are securely transported to the Bureau Veritas sample preparation facility in Quito, Ecuador. Sample pulps are sent to the same lab in Callao, Peru, which is independent of INV Metals, for analysis. Gold content is determined by fire assay of a 50 gram sample with an AAS finish and silver content is determined by aqua regia digestion with an ICP-AES finish. Gold values of >10 g/t are re-analyzed by the gravimetric method using a 50 gram sample.
Qualified Person
The scientific and technical information contained in this press release has been reviewed and approved by Mr. Darren King, Vice President Exploration, and a non-Independent Qualified Person, as defined by NI 43-101. He is a Registered Member of the Society for Mining, Metallurgy & Exploration (SME) of the United States. Mr. King has a M.Sc. in Geology from South Dakota School of Mines and Technology and has over 30 years of exploration experience throughout the Americas. Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Project and it is uncertain if further exploration will result in such targets being delineated as a mineral resource.
About INVTM Metals
INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of precious and base metal projects in Ecuador. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga gold property in Ecuador; and (2) its 100% interests in exploration concessions in Ecuador, including Las Peñas, Tierras Coloradas, La Rebuscada and Carolina.
Forward-Looking Statement
This news release contains forward-looking information. Forward looking information contained in this new release includes, but is not limited to, statements with respect to potential mineralization on the Project, the nature and timing of future exploration and the success of exploration and development activities. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. In certain cases, forward-looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the timing and nature of future exploration activities, the availability of financing, the receipt of necessary regulatory approvals, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to grade or recovery rates, reliance on key personnel, operational risks, regulatory, capitalization and liquidity risks. Please refer to the Company's Annual Information Form dated March 23, 2018 filed on SEDAR at www.sedar.com for other risks that could materially affect the Company. This list is not exhaustive of the factors that may affect any of the Company's forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. The Company does not undertake to update any forward-looking information that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
For further information, please contact:
Candace MacGibbon
Chief Executive Officer
Phone: (416) 703-8416
E-mail: cmacgibbon@invmetals.com