|Inventus Mining Drills Up To 62 g/t Gold on Surface at 007 Zone |
TORONTO, ONTARIO (Nov 22, 2017) - Inventus Mining Corp. (TSX VENTURE: IVS)(“Inventus” or the “Company”) today announces that it has received assay results for the first 28 holes of the winter drill program at the 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. A total of 28 definition drill holes and 7 step-out holes at the 007 Zone have been completed and the program is near completion.
Gold-bearing conglomerate layers or “reefs” at Pardo are horizontal and typically 1-3 metres (m) in thickness. Reefs re 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 conglomerate was deposited.
The objective of the current definition drill program is to provide data to support the next phase of bulk sampling. Completed assay results from drilling at the 007 Zone are as follows:
Drilling Results and Interpretation
The 28 new drill holes at the 007 Zone (see Figure 1) indicate that the average thickness of the mineralized boulder conglomerate is 2.5 metres, and the weighted average gold grade is 3.4 g/t. In comparison the average gold grade in 11 holes drilled at the Trench 1 bulk sample site was 1.3 g/t. Processing of the Trench 1 bulk sample returned an average grade of 4.2 g/t gold, over 200% higher than the grade indicated by drilling in the same area (see results published on January 3, 2018 - inventusmining.com.
Inventus expects to see a similar improvement in the gold grade when bulk sampling the 007 Zone. The Company intends to commence a bulk sampling program of up to 50,000 tonnes in the Spring of 2019.
Exploration Target Range
On August 3, 2018, Inventus released a new NI 43-101 Technical Report on the Pardo Project. The report is available for download on the Company’s website (http://www.inventusmining.com/home-1/) and SEDAR (sedar.com). The report assessed the exploration target range for the Pardo Project. The exploration target range was expressed in terms of pessimistic (P10), moderate (P50) and optimistic (P90) cases as shown in the table below.
The potential tonnages and grades are conceptual in nature and are based on surface mapping, drilling and channel sampling results that define the approximate thickness, depth and grade of the mineralized conglomerate unit. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is a risk that further exploration will not result in the delineation of a current mineral resource.
Prior bench scale testing demonstrated that sensor sorting and gravity separation were potentially viable methods to upgrade the Pardo mineralized material prior to processing (see results published on April 5, 2017 -
Measurements made of the clasts present in the mineralized boulder conglomerate indicate that the matrix, which contains all the gold, represents approximately 25% by volume of the whole rock. Opportunity therefore exists to mechanically remove 75% by volume that would
otherwise be barren waste sent for processing. We intend to follow-up this work as part of the bulk sampling program.
Click here to view Figure 1: inventusmining.com/s/Nov_22_Fig_1.pdf