Inventus Provides Exploration Update With Preliminary Results From Cobalt Hill
TORONTO, March 10, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an exploration update for its 100%-owned Sudbury 2.0 and Pardo Projects.
Exploration Highlights
- Drilling at Cobalt Hill has now intersected sulphide breccia in 6 of 7 holes. Initial results from rushed samples in CH-22-05A are very encouraging with assays up to 7.7 g/t gold, 0.34% cobalt and 0.15% nickel.
- Milling of the Pardo bulk sample is now complete. Assays results of the concentrates are expected in the coming weeks.
Sudbury 2.0
At the Cobalt Hill gold-cobalt-nickel target, a total of 7 diamond drill holes for 2,700-metres of drilling have been completed. The drilling so far has intersected the target sulphide breccia in 6 of 7 holes and has demonstrated an extensive alteration system extending past 500 metres depth. The drilling program was designed to test the geophysical anomalies generated in 2021 and explore the mineralized sulphide breccia around hole CH-21-02 that intersected 7 metres of 4.4 g/t gold, 0.09% cobalt and 0.03% nickel within a larger mineralized interval of 44 metres of 1.3 g/t gold (see news release dated April 8, 2021).
The most interesting samples to date are from holes 5A, 6 and 7, which are all step-outs designed to target the mineralized sulphide breccia around CH-21-02 (Figure 1 and 2). All holes intersected the zone with significant intervals of 110 m (hole 5A), 77 m (hole 6) and 68 m (hole 7). A summary of holes 4 through 7 including preliminary rush assays from hole 5 are provided below.
CH-22-04 (dip -70) – Intersected a quartz breccia unit from 329 to 365 m (36-m interval) and a 195 m quartz chlorite breccia unit from 365 to 560 m (195-m interval) down hole. The large quartz chlorite breccia unit represents a significant geological event likely related to the emplacement of the mineralized sulphide breccia. Assays are pending on 187 samples.
CH-22-05A (dip -62) – The hole was drilled 40 m west of CH-21-02 and intersected sulphide breccia from 200 to 310 m (110-m interval) followed by alteration with disseminated and stringer-type sulphide from 310 to 537 m (220-m interval). The sulphide breccia unit contained on average 15% sulphide, while the disseminated and stringer-type contained 3% on average. Preliminary assays on rushed samples have returned up to 7.7 g/t gold, 0.34% cobalt and 0.15% nickel. To date, assays for 18 rush samples have been received and assays are pending on 318 samples. A table of the rushed assays is provided below.
Table 1. Rushed Assays from CH-22-05A
| DDH ID | From (m) | To (m) | Interval (m) | Au (g/t) | Co (ppm) | Ni (ppm) |
| CH-22-05A | 195.76 | 205.24 | 9.48 | Assays Pending | ||
| CH-22-05A | 205.24 | 206.06 | 0.82 | 0.86 | 778 | 278 |
| CH-22-05A | 206.06 | 206.5 | 0.44 | 1.29 | 2,660 | 927 |
| CH-22-05A | 206.5 | 210.12 | 3.62 | Assays Pending | ||
| CH-22-05A | 210.12 | 210.67 | 0.55 | 2.21 | 3,350 | 1,480 |
| CH-22-05A | 210.67 | 211.53 | 0.86 | 0.64 | 1,090 | 362 |
| CH-22-05A | 211.53 | 215.62 | 4.09 | Assays Pending | ||
| CH-22-05A | 215.62 | 216.02 | 0.4 | 4.13 | 2,610 | 865 |
| CH-22-05A | 216.02 | 216.73 | 0.71 | 0.68 | 588 | 218 |
| CH-22-05A | 216.73 | 219.03 | 2.3 | Assays Pending | ||
| CH-22-05A | 219.03 | 219.65 | 0.62 | 0.43 | 626 | 254 |
| CH-22-05A | 219.65 | 220.31 | 0.66 | 0.31 | 350 | 171 |
| CH-22-05A | 220.31 | 231.25 | 10.94 | Assays Pending | ||
| CH-22-05A | 231.25 | 231.77 | 0.52 | 5.69 | 1,510 | 370 |
| CH-22-05A | 231.77 | 232.49 | 0.72 | 7.70 | 845 | 284 |
| CH-22-05A | 232.49 | 250.01 | 17.52 | Assays Pending | ||
| CH-22-05A | 250.01 | 250.56 | 0.55 | 3.28 | 831 | 172 |
| CH-22-05A | 250.56 | 250.95 | 0.39 | 3.80 | 1,210 | 317 |
| CH-22-05A | 250.95 | 263.12 | 12.17 | Assays Pending | ||
| CH-22-05A | 263.12 | 263.7 | 0.58 | 2.25 | 2,090 | 752 |
| CH-22-05A | 263.7 | 264.56 | 0.86 | 0.04 | 23.5 | 17 |
| CH-22-05A | 264.56 | 265.19 | 0.63 | 1.41 | 2,520 | 827 |
| CH-22-05A | 265.19 | 265.81 | 0.62 | 1.06 | 1,820 | 482 |
| CH-22-05A | 265.81 | 268.27 | 2.46 | Assays Pending | ||
| CH-22-05A | 268.27 | 269.04 | 0.77 | 0.85 | 1,060 | 255 |
| CH-22-05A | 269.04 | 269.84 | 0.8 | 0.41 | 880 | 241 |
| CH-22-05A | 269.84 | 414.27 | 144.43 | Assays Pending | ||
*Results are core lengths; true widths are not known.
CH-22-06 (dip -55)– Intersected two zones of sulphide breccia above and east of CH-22-05A. A zone from 70 to 94 m (24-m interval) and a zone from 160 to 237 m (77-m interval) representing the up-dip extent of sulphide breccia in CH-22-05A. The breccia contained on average 12% sulphide. The hole is currently being logged and sampled.
CH-22-07 (dip -60)– Intersected the sulphide breccia unit from 225 to 293 m (68-m interval). The hole was designed to intersect the sulphide breccia perpendicular to the intersections in CH-22-05A and CH-22-06 to provide information on the extent and geometry of the unit. The hole is currently being logged and sampled
Click here to view Figures 1 and 2: http://inventusmining.com/s/Mar_10_Figures.pdf
The drilling observations are preliminary in nature and do not indicate the presence of gold, cobalt or nickel in the core samples collected. Assays results will be reported when they are available.
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.
