Inventus Mining Drills 61.1 Metres of 1.17 g/t AuEq at Cobalt Hill
TORONTO, June 07, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce assay results from drilling at the Cobalt Hill target and an exploration update from its 100%-owned Pardo and Sudbury 2.0 Projects near Sudbury, Ontario.
Highlights
- Cobalt Hill drilling:
- CH-22-06 intersected 87.38 m of 0.97 g/t gold equivalent AuEq1
including 28.77 m of 1.41 g/t AuEq - CH-22-13 intersected 61.05 m of 1.17 g/t AuEq
including 12.25 m of 2.21 g/t AuEq
- CH-22-06 intersected 87.38 m of 0.97 g/t gold equivalent AuEq1
- Surface exploration underway at the Dorland Prospect with grab samples up to 12,000 ppm (1.2%) Co and 984 ppm Ni
- Completion of the Rathbun 3D IP survey with several anomalies identified
- Pardo bulk sample reconciliation progressing, grade estimation expected to be complete in Q3.
Cobalt Hill
At the Cobalt Hill gold-cobalt-nickel target, assays for holes CH-22-06, CH-22-08 and CH-22-13 are included in this update and assays for five holes remain pending (see Table 1). The extent of the mineralization and areas of high-grade gold in drilling are very encouraging. The mineralized system appears to have zonation of metals between gold and cobalt/nickel. Results for the last five holes are expected in the coming weeks.
Figure 1 provides a plan map of the drill hole collars and traces. Figures 2 to 4 are sections of the drill holes reported in this release.
Hole CH-22-06 was drilled to test the up-dip extent of sulphide breccia in hole CH-22-05A (111.45m of 1.35 g/t AuEq, see press release April 11th, 2022) and intersected 87.38 m of 0.97 g/t AuEq, 0.44 g/t gold (Au), 382 ppm cobalt (Co) and 152 ppm nickel (Ni).
The upper zone in CH-22-06 (previously released April 11th, 2022), intersected 37.1 m of 1.61 g/t AuEq, 1.26 g/t Au, 261 ppm Co and 78 ppm Ni; including 2.03 m of 7.44 g/t AuEq, 7.10 g/t Au, 241 ppm Co and 102 ppm Ni.
Hole CH-22-08 tested the eastern extent of sulphide breccia and returned lower gold values with higher more consistent cobalt and nickel values. The hole intersected 34.19 m of 0.57 g/t AuEq, 0.1 g/t Au, 247 ppm Co and 352 ppm Ni; and 32.84 m of 0.71 g/t AuEq, 0.30 g/t Au, 272 ppm Co and 179 ppm Ni. The fluctuation of gold, cobalt and nickel assays in the hole has indicated zonation of the mineralization useful for future exploration and delineation of the mineralized body.
Hole CH-22-13 was drilled to test the northwest area of the sulphide breccia and intersected 61.05 m of 1.17 g/t AuEq, 0.71 g/t Au, 288 ppm Co and 247 ppm Ni; including 21.25 m of 1.75 g/t AuEq, 1.31 g/t Au, 291 ppm Co and 185 ppm Ni; and including 12.25 m of 2.21 g/t AuEq, 1.79 g/t Au, 285 ppm Co, 170 ppm Ni. Core photos are provided in Figure 5.
Table 1. Summary of select assays intervals from Cobalt Hill
| DDH | From (m) | To (m) | Interval2(m) | Au g/t | Co ppm | Ni ppm | AuEq g/t |
| CH-22-06 | 158.5 | 245.88 | 87.38 | 0.44 | 382 | 153 | 0.97 |
| including | 165.77 | 244.38 | 78.61 | 0.47 | 410 | 165 | 1.04 |
| including | 170.72 | 231.51 | 60.79 | 0.54 | 451 | 172 | 1.16 |
| including | 174.04 | 222.10 | 48.06 | 0.61 | 525 | 196 | 1.33 |
| including | 193.33 | 222.10 | 28.77 | 0.69 | 523 | 195 | 1.41 |
| CH-22-08 | 8.10 | 42.29 | 34.19 | 0.10 | 247 | 352 | 0.57 |
| and | 59.19 | 61.73 | 2.54 | 0.08 | 832 | 1275 | 1.69 |
| and | 69.50 | 71.04 | 1.54 | 0.68 | 419 | 281 | 1.32 |
| and | 206.04 | 238.88 | 32.84 | 0.30 | 272 | 179 | 0.71 |
| including | 231.55 | 238.88 | 7.33 | 0.58 | 412 | 135 | 1.14 |
| and | 274.93 | 277.76 | 2.83 | 0.31 | 1283 | 209 | 1.94 |
| CH-22-13 | 2.00 | 63.05 | 61.05 | 0.71 | 288 | 247 | 1.17 |
| including | 37.51 | 63.05 | 25.54 | 1.15 | 273 | 184 | 1.56 |
| including | 41.80 | 63.05 | 21.25 | 1.31 | 291 | 185 | 1.75 |
| including | 50.80 | 63.05 | 12.25 | 1.79 | 285 | 170 | 2.21 |
| including | 54.40 | 58.71 | 4.31 | 3.31 | 392 | 231 | 3.89 |
| CH-22-07 | 218 | 286 | 68 | Assays Pending | |||
| CH-22-09A | 0 | 73 | 73 | Assays Pending | |||
| CH-22-09A | 162 | 336 | 174 | Assays Pending | |||
| CH-22-10 | 0 | 90 | 90 | Assays Pending | |||
| CH-22-11 | 0 | 69 | 69 | Assays Pending | |||
| CH-22-11 | 82 | 183 | 101 | Assays Pending | |||
| CH-22-12 | 0 | 58 | 58 | Assays Pending | |||
| CH-22-12 | 70 | 100 | 30 | Assays Pending | |||
Notes:
1AuEq calculated using April 5th, 2022, spot price of $1920 USD per oz Au, $82.00 USD per kg for Co and $33.31 USD per kg for Ni, and assuming metallurgical recovery of 90% for Co and Ni. Metallurgical characteristics are not yet known.
2Assay intervals were calculated using values of >0.1 g/t Au within <2.5-m interval.
Results are core lengths; true widths are not known.
Dorland Prospect
The Au-Co-Ni Dorland Prospect was acquired in late 2021 because of its similarities to Inventus’ Cobalt Hill target. A suite of samples have been collected from the area with assays ranging from 1,040 to 12,000 ppm Co, 0.04 to 0.77 g/t Au and 205 to 984 ppm Ni.
Geological mapping and prospecting are currently underway, including trenching and channel sampling of the mineralized occurrences (Figure 6). The extensive area of targeted alteration and sulphide breccia occurs over an area approximately 1.2 km north-south by 0.3 km east-west and presents an attractive exploration target for hydrothermal Au-Co-Ni mineralization.
Rathbun
In February, a 3D induced polarization (IP) survey was conducted over the Rathbun property. Survey results illustrate a series of targets occurring down dip along the Rathbun structure. Inventus is currently planning a follow-up program to investigate the anomalies.
Pardo
The 007 Zone bulk sampling program is advancing but has experienced delays reaching completion. The Pardo bulk sample was processed in February using gravity and flotation methods producing two concentrates. The gravity concentrate has been sold and is currently being processed by a smelter to produce refined gold. We have not yet reached a commercial agreement to smelt and refine the flotation concentrate but expect that will occur in June. Final reconciliation of the bulk sample will be possible shortly after shipping the flotation concentrate to the smelter. Inventus has learned from the current challenges and will be in a better position to conduct future bulk samples and deliver results more quickly in future.
Click here to view Figures 1 to 6: http://inventusmining.com/s/IVS_June_7_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: stefan@inventusmining.com
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 approximately 140.6 million common shares outstanding.
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.
Qualified Person
The Qualified Person responsible for the geological technical content of this news release is Inventus’ Vice-President Exploration, Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
Technical Information
The samples collected by Inventus 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/AAS finish. Multielement assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Samples over 10 g/t gold are subject to a 50 g aliquot FA with 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.
