Home / Mining Company News Releases (Unreviewed) / Inventus Mining Exploration Update, Drilling Intercepts 22.9 gpt gold over 1.25 m

Inventus Mining Exploration Update, Drilling Intercepts 22.9 gpt gold over 1.25 m

TORONTO, ONTARIO–(Marketwired – June 6, 2017) – Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) today announces that it has received assay results for the next twenty-seven consecutive holes of the winter drill program at the 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. The drilling program is now complete with a total of 65 holes drilled. Assay results for the final five holes are pending.

Gold-bearing conglomerate layers or “reefs” at Pardo are horizontal and typically 1-3 metres (m) in thickness. Reefs are laterally extensive and occur on or very near surface. Higher gold grades occur concentrated in fluvial channels or “pay streaks”, and valleys in the footwall upon which the mineralized conglomerate was deposited.

Discovering higher-grade zones is the primary objective of our current 50 x 50 m spaced drill program. Results so far have been successful in identifying a higher-grade area covering approximately 550 x 400 m that remains open for expansion and in-fill drilling (see Figure 1). New assay results to date are as follows:

Hole ID From
(m)
To
(m)
Length
(m)
Gold Grade
(g/t)
PD-17-34 28.97 29.55 0.58 2.35
PD-17-35 24.70 27.60 2.90 0.54
PD-17-36 28.42 28.92 0.50 3.04
PD-17-37 17.70 18.84 1.14 1.28
PD-17-38 12.35 15.00 2.65 2.93
Including 14.35 15.00 0.65 9.59
PD-17-39 9.25 11.15 1.90 1.68
PD-17-40 26.14 28.88 2.74 1.05
PD-17-41 30.50 31.95 1.45 0.55
PD-17-43 7.05 7.58 0.53 1.83
PD-17-45 7.30 8.50 1.20 1.05
PD-17-47 5.05 7.50 2.45 2.60
Including 6.90 7.50 0.60 8.82
PD-17-48 14.25 16.30 2.05 0.58
PD-17-49 9.90 13.40 3.50 1.13
PD-17-50 27.85 29.75 1.90 0.45
PD-17-51 22.98 24.80 1.82 0.61
PD-17-52 11.94 15.25 3.31 2.15
Including 12.70 14.25 1.55 3.93
PD-17-54 11.75 13.30 1.55 2.56
PD-17-55 11.45 13.72 2.27 1.07
PD-17-56 11.00 13.12 2.12 3.13
Including 11.00 11.50 0.50 9.41
PD-17-57 13.35 16.22 2.87 1.10
PD-17-58 11.40 13.90 2.50 0.64
PD-17-59 10.30 11.55 1.25 22.94
Including 10.85 11.55 0.70 39.80
PD-17-60 10.70 11.35 0.65 7.44

All holes were drilled vertically. Intercept lengths are true width. Gold grades are determined by fire assay method; see note on Technical Information. Holes PD-17-42, 44, 46 and 53 did not return significant values (> 0.40 gpt).

Close Spaced Drilling

Results from the first 51 holes of the program have shown that the 50 x 50 m spaced large diameter drill holes can identify near surface high-grade areas that warrant additional drilling. The holes discussed below were drilled in closer spaced (12 m) patterns designed to provide information about how the deposit behaves over shorter distances.

Holes PD-17-58 to 60 were drilled in a cluster of 3 holes centered around hole PD-17-13, which returned 3.39 gpt gold over 2.85 m. The new results using our enhanced sampling and assaying procedures returned a length-weighted average grade of 7.98 gpt gold over 1.47 m for all 3 holes. Considerable variability in gold grade was observed, with grade-thickness values ranging from 4.8 to 28.7 mg/t.

Holes PD-17-52 to 57 were drilled in a cluster of 6 holes around two 2012 holes, PD-12-28 and PD-12-29, which returned 1.58 gpt gold over 2.2 m and 0.39 gpt gold over 2.5 m. The new results returned a length-weighted average grade of 1.75 gpt gold over 2.24 m for all 6 holes. Considerable variability in gold grade was again observed between holes, with grade-thickness values ranging from 0.6 to 7.1 mg/t.

50 x 50 m Grid Drilling

Hole PD-17-38 was a step-out of approximately 50 m to the West of hole PD-17-18, which returned 4.68 gpt gold over 1.25 m. This result supports the expansion of the high-grade contour around holes PD-17-18, 29 and 38 (Figure 1).

Hole PD-17-47 encountered a mineralized boulder conglomerate with a thickness of 2.45 m at a depth of only 5 m. Holes PD-17-43 to 46, which were drilled in an East-West line approximately 50 m to the South, also encountered near surface mineralization. Assayed grades of these holes were generally low, however the zone contained detrital pyrite similar to the 007 Zone 100 m away.

Holes PD-17-50 and 51 filled in the 50 x 50 m grid between holes PD-17-04 and 07. The lower grade results highlight the inherent variability of gold grades in paleoplacer boulder conglomerates. The mineralized zone was present in both holes, along with detrital pyrite similar to hole PD-17-04, which retuned 13.20 gpt gold over 3.20 m.

Holes PD-17-34 to 36 and 40 to 42 were drilled in East-West lines approximately 50 m and 110 m to the South of hole PD-17-31, which returned 19.45 gpt gold over 0.60 m. All these holes intercepted a mineralized boulder conglomerate ranging in thickness from 0.5 to 3.0 m at a depth of 25 to 30 m. Results support the extension of the mineralized zone, but did not intercept the higher grade seen in hole PD-17-31.

Click here to view Figure 1: http://inventusmining.com/s/Figure1_June6.pdf

Click here to view Table 1: http://inventusmining.com/s/Table1_June6.pdf

About Inventus Mining Corp.

Inventus is a mineral exploration company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 100,304,403 common shares outstanding (110,423,570 shares on a fully diluted basis). Endurance Gold Corp. owns 25.4% of the issued and outstanding shares, Robert McEwen owns 18%, Eric Sprott owns 13.6%, Osisko Gold Royalties Ltd. owns 6%, and the former Chairman and CEO Wayne Whymark owns 6.4%.

Visit http://www.inventusmining.com for more information.

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 Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.

Technical Information

Assay results reported in this release are the average of two fire assay values on a 2 kg subsample generated from each selected core interval. Cyanide bottle rolls on 2 kg subsamples combined with a fire assay on the residue are also available for holes up to PD-17-46. See Table 1 for all the available analytical results.

The samples of this release were transported in secure sealed bags for preparation and assay at either Accurassay Laboratories located in Thunder Bay, Ontario, or SGS Laboratories located in Cochrane, Ontario. A standard or a blank was inserted every 20 samples or less. The samples reported were crushed in their entirety to 85% passing -10 mesh, with two 1 kg subsamples split and pulverized to 85% passing -200 mesh. The 1 kg subsample pulps were then recombined and two 50-gram aliquots were taken for fire assay (FA) with an atomic absorption (AA) finish. Results higher than 10 g/t were re-analyzed with a gravimetric finish. In some cases the remaining pulps from the 2 kg subsample were then assayed by a cyanide soluble bottle roll (24 hours or 2 hour Leachwell) and the solution was analyzed by AA or ICP-MS. The remaining residue from the bottle roll was dried and a 50-gram aliquot was sent for FA with an AA 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. 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, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political 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.

]]>Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
(647) 258-0395 x280
[email protected]
]]>

 

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