TORONTO, Sept. 20, 2021 (GLOBE NEWSWIRE) — Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an update on its exploration program at its 100%-owned Pardo project near Sudbury, Ontario.
Pardo Exploration Highlights
- 007 Zone mini bulk sample assays returned an average grade of 9.2 g/t gold:
Pit #1 – 17.1 g/t gold
Pit #2 – 12.5 g/t gold
Pit #3 – 6.1 g/t gold
Pit #4 – 11.3 g/t gold
Pit #5 – 4.5 g/t gold
Pit #6 – 4.0 g/t gold
- Agreement in principle reached with Northern Sun Mining for future bulk sample processing.
- Advanced Exploration Agreement signed with our First Nations friends.
- Additional Pardo channel sampling results highlights:
2.0 m of 4.0 g/t gold, including 0.5 m of 10.4 g/t gold
2.5 m of 6.3 g/t gold, including 1.0 m of 12.5 g/t gold
Mini Bulk Sampling
The results from the six mini bulk samples from the 007 Zone collected in July 2021 ranged from 4.0 g/t gold to 17.1 g/t gold with an average grade of 9.2 g/t gold (see Table 1 and Figure 1). The samples were extracted from one cubic metre pits and weighed approximately 3.4 tonnes each. The consistency of the gold grade from each sample indicates homogeneity of the gold and therefore is a reliable head grade for each sample. As anticipated, the mini bulk sampling program at 007 has further de-risked a key area in the planned 50,000-tonne bulk sample.
Additional mini bulk samples are currently being taken from other areas where bulk sampling is permitted. This expanded mini bulk sampling program is expected to be complete this fall.
Table 1. 007 Zone Mini Bulk Sample Assays
|Pit ID||FA 1
|Pit # 1||18.7||15.3||16.0||16.3||16.0||17.1|
|Pit # 1 Duplicate||17.4||17.3||16.6||18.8||18.2|
|Pit # 2||12.7||12.9||11.2||12.0||12.3||12.5|
|Pit # 2 Duplicate||12.2||12.6||13.1||12.6||12.9|
|Pit # 3||6.0||5.4||6.6||6.8||5.8||6.1|
|Pit # 4||11.0||11.6||11.8||10.6||11.5||11.3|
|Pit # 5||4.7||4.6||4.6||4.5||4.4||4.5|
|Pit # 6||3.9||3.7||4.0||4.0||4.2||4.0|
|Total Pit Average Au (g/t)||9.2|
FA = Fire Assay and MetScr = Metallic Screen Assay
Bulk Sample Milling Agreement
Inventus has reached an agreement in principle and is working towards finalizing a term sheet with Northern Sun Mining Corp. for the use of their Redstone Mill in Timmins. The mill will be used to process the next large-scale bulk sample consisting of approximately 6,000 tonnes on material from the 007 Zone. A schedule for the commencement of the bulk sample will be provided following the receipt of customary regulatory approvals required by the mill operator. All permits for bulk sampling required by Inventus are in place.
Advanced Exploration Agreement
Inventus announces the proposed issuance of 50,000 common shares and 50,000 common share purchase warrants (the “Proposed Issuance”) jointly to the Temagami First Nation and the Teme-Augama Anishnabai (“TFN/TAA”). The Proposed Issuance is pursuant to the terms of an Advanced Exploration Agreement relating to the Pardo Project entered into by the Company and TFN/TAA on June 29, 2021 (the “Agreement”). Pursuant to the terms of the Agreement, the Company will also pay to TFN/TAA a portion of its annual expenditures or gross profit and make annual contributions to the Tom Saville memorial fund. The warrants are exercisable for a period of 5 years at $0.20. The shares and warrants are subject to a statutory four-month holding period. The issuances are subject to TSX Venture Exchange approval.
Pardo Channel Sampling
Results for an additional seven channel samples of the mineralized conglomerate reef are shown in Table 2. The channel samples were cut from top to bottom of the reef, emulating a diamond drill hole. The channels were located 100 m southeast of Trench 1 from a new exposed face of the mineralized conglomerate reef. The identification of the reef in this location has added an approximate 80 x 100 m block that has not been drilled or included in Inventus’ modelling (see Figure 2).
Table 2. Channel Sample Assay Interval Summary
|Channel ID||Length (m)||Gold (g/t)|
Click here to view Figure 1 and 2: http://inventusmining.com/s/Sept_20_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
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 130,500,000 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) accept responsibility for the adequacy or accuracy of this release.
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.
The samples collected by Inventus described in this release were transported in secure sealed bags for preparation and assay by SGS Laboratories. The channel samples reported were crushed in their entirety to 75% passing 2 mm, with one 1 kg subsample split and pulverized to 85% passing 75 microns. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-AES finish. Samples over 10 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
The mini bulk samples were shipped to BM Metals in Sudbury and the entire sample was crushed to ¾ inch minus. A ¼ split of the sample was then sent to the SGS sampling tower in Sudbury. The sample was crushed to 75% passing 2 mm and a 5% subsample split was taken. The 5% subsample was then further reduced to three 5 kg subsample splits. Two of the 5 kg subsamples were pulverized to 85% passing 75 microns with two 50 g aliquots taken for fire assay (FA) with ICP-AES finish. The third 5 kg subsample was subject to a 106 micron metallic screen analysis. Two of the pits were re-run through the sampling tower and subject to the above process. Samples over 10 g/t gold were subject to a 50 g aliquot FA with gravimetric finish.
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.
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.