Inventus Starts Drilling at Cobalt Hill IP Target
TORONTO, Jan. 05, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an exploration update and 2021 review for its 100%-owned Sudbury 2.0 and Pardo Projects.
Exploration Update
- At Sudbury 2.0, a drill rig moved to the Cobalt Hill gold-cobalt-nickel target at the end of 2021, and a 4,000-m drill program has started to test a large 3D IP anomaly. Drilling in early 2021, before the 3D IP survey, intersected the northern edge of the anomaly and retuned 7 m of 4.4 g/t gold, 900 ppm cobalt and 300 ppm nickel (see Figure 1).
- At Pardo, the phase one bulk sample of approx. 6,000 tonnes from the 007 Zone has been extracted and crushed with shipment to the mill starting in early January (see Figure 2).
Sudbury 2.0 Review
In 2021, the Sudbury 2.0 Project was expanded and consolidated with the acquisitions of Rathbun, Cobalt Hill and the Lake Zone. A property-wide airborne MT survey was completed in July, surface exploration work was conducted at Rathbun, and drilling was conducted at the Lake Zone, Cobalt Hill, and very recently at Rathbun.
The first pass of drilling conducted at Cobalt Hill and the Lake Zone in the winter of 2021 provided an initial look at core samples to better understand the geology and mineralization present on the properties. The mineralization is believed to be related to an IOCG-type mineral system with enrichment of gold, copper, cobalt, nickel and REEs. 2021 drilling highlights from the Lake Zone and Cobalt Hill include:
- 18.5 m of 6.6 g/t gold, 0.76% copper and 180 ppm cobalt (Lake Zone)
- 44 m of 1.3 g/t gold, 400 ppm cobalt and 200 ppm nickel, including 7 m of 4.4 g/t gold, 900 ppm cobalt and 300 ppm nickel (Cobalt Hill)
Following the 2021 drilling at Cobalt Hill, a 3D induced polarization survey (3D IP) was conducted to target sulfides that correlate with the mineralization. The 3D IP detected a large 600-m north-south by 500-m east-west anomaly that is open at depth and correlates well with Inventus’ surface mapping and drill intersections. A drill was mobilized to Cobalt Hill in late December 2021 following a small drill program at Rathbun. Drilling is commencing and will investigate the source of the 3D IP anomaly (see Figure 1).
At Rathbun, surface exploration led to the discovery of a Sudbury footwall structure extending along a strike length of approximately 1.5 km. Surface sampling of the structure returned up to 7.2 g/t palladium, 1.1 g/t platinum, 0.7 g/t gold, 1.0% copper, and 0.5% nickel. In December 2021, a drill program consisting of seven shallow holes was completed and drill core is currently being processed. The structure has a variable thickness along strike with a southward dip that appears to follow a geological contact between the Nipissing diabase and Gowganda sediments. A 3D IP survey is planned on the property this winter that will identify any areas of sulfide mineralization like the high-grade mineralization found at the properties historic shaft.
Pardo Review
The Company reached several milestones on the Pardo Project during 2021, including permit approval for a 50,000-tonne bulk sampling program, a milling agreement with Northern Sun Mining, and significantly improved gold-grade reconciliation using mini bulk samples and channel sampling. These achievements helped advance Pardo closer to a maiden mineral resource estimate.
Currently the phase one bulk sample from the 007 Zone, consisting of approximately 6,000 tonnes, has been extracted and crushed on site awaiting shipment (see Figure 2). Trucking of the bulk sample to the Redstone Mill in Timmins is expected to be completed in February followed by processing to produce a gold flotation and gravity concentrate for further refining and sale.
A channel sampling program was conducted in July 2021 at the Trench 2 area. The channels were taken from surface exposures of the conglomerate reef where possible and cut from top to bottom of the reef, emulating a diamond drill hole. The larger channel samples provided a cheap alternative to typical diamond drilling with more reliable gold grades. Highlights of channel sampling include:
- 5.5 m of 10.2 g/t gold, including 1.0 m of 47.9 g/t gold
- 2.0 m of 11.8 g/t gold, including 1.0 m of 22.6 g/t gold
- 2.5 m of 9.4 g/t gold, including 0.5 m of 26.4 g/t gold
- 3.0 m of 6.1 g/t gold, including 1.5 m of 9.1 g/t gold
- 2.5 m of 6.3 g/t gold, including 1.0 m of 12.5 g/t gold
- 2.0 m of 7.4 g/t gold
- 2.0 m of 7.0 g/t gold
A first phase of mini bulk sampling was completed in September 2021 and returned an average grade of 9.2 g/t gold from 6 samples at the 007 Zone. Mini bulk sampling is a cost-effective sampling method where approximately 3 tonnes of material is extracted from a one cubic metre pit. Gold assay data from these larger samples has provided a more reliable head grade and will be used to support a future maiden resource estimate. A second phase of mini bulk sampling is underway with 22 additional samples extracted, results are expected in early 2022.
Funding Update
The Company has received additional cash proceeds of $203,000 from the exercise of warrants (at $0.17 per share) and sales of marketable securities. Any warrant holders who wish to exercise their warrants which expire on January 17th, 2022, should contact the Company for instructions.
Click here to view Figure 1 and 2: http://inventusmining.com/s/IVS_Jan_5_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: info@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 135 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.
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.
