Inventus Stakes McCarthy Paleoplacer Gold Prospect and Provides Sudbury 2.0 and Pardo Project Updates
TORONTO, April 14, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that it has acquired a 100% interest through staking 16 km2 of new claims in McCarthy Township, located 50 km northeast of Sudbury, Ontario. Exploration work is ongoing on the Sudbury 2.0 and Pardo Projects, and plans are in place for a busy field season.
McCarthy Paleoplacer Prospect
The new claims in McCarthy Township were staked around a 2014 drill hole, MC-14-01, that had several intersections of gold-bearing conglomerates with assays up to 7.5 g/t gold over 0.5 m, and 1.1 g/t gold over 0.4 m at a depth of 800 metres.
The drill hole is located 17 km west-northwest of Inventus’ Pardo Paleoplacer Gold Project (see Figure 1). The conglomerates sampled in hole MC-14-01 appear equivalent to the conglomerates that occur at the Pardo Project. Inventus believes the McCarthy paleoplacer gold occurrence is a separate ancient river system that was depositing gold simultaneously with the Pardo conglomerates and is strong evidence that an extensive paleoplacer gold system occurs in the region. Surface prospecting will investigate whether the favourable gold-bearing conglomerates exist at surface in McCarthy, similar to the Pardo Project.
Inventus has recovered the 2014 drill core and an examination of the core has revealed that significant intervals of Sudbury Breccia occur above the older sediments. The core is in good condition and will serve as an excellent starting point for exploration in the area.
Geological mapping by Teck Corporation in the 1990’s identified extensive Sudbury Breccia on surface in the area. Inventus plans to prospect the area in search for Sudbury-type geology and alteration associated with the Temagami Anomaly.
Old land claims (circa 1890’s) were identified within the new staked claims on the south shore of Harvey Lake (see Figure 1). Similar land claims that occur on the Sudbury 2.0 Property have led to the discovery of the Laura Creek Offset Dyke and the Big Valley Lake Occurrence in 2019.
Sudbury 2.0 Winter Exploration Update
During late-February and early-March, Abitibi Geophysics completed ground induced polarization (IP) surveys over the Laura Creek Offset Dyke and the Big Valley Lake targets. The preliminary IP survey results show several chargeability anomalies that suggest the presence of disseminated sulfides in both areas.
Shortly after completion of the IP surveys, a five-hole core drilling program was initiated at Laura Creek targeting the newly defined IP anomalies and dyke below the surface. A total of 75 core samples from this program have been submitted for assay and will be reported on once results are returned. Visually the core intersected the inclusion-bearing quartz diorite (IQD) dyke within a halo of extensive Sudbury-type Meta-Breccia and alteration.
Ground reconnaissance above the IP chargeability anomalies at Big Valley and Doon Lake is planned for later in the spring. Drilling at Big Valley is planned later in the year, once an exploration camp can be established in the area to facilitate logistics.
Pardo Project Update
Inventus has submitted its permit application for a 50,000-tonne bulk sample on the Pardo Project. The plan is identical to what was pursued in 2018, but limited finances and mill availability did not allow the project to proceed at the time. We expect to move quickly through permitting and to be in a position to advance the first phase of bulk sampling in 2020.
Click here for Figure 1: http://www.inventusmining.com/s/IVS-Apr-14-2020.pdf
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
E-mail: info@inventusmining.com
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 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.
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 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.
