|Inventus Announces Property Acquisition, Samples 15.6 g/t Gold and 5.7% Copper Equivalent on the Sudbury 2.0 Project|
TORONTO, July 02, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an update on its exploration and corporate development activities including the purchase of three highly prospective properties, new high-grade gold and copper grab samples, and the identification of a new Sudbury offset dyke on the 100%-owned Sudbury 2.0 Project, located 40 km northeast of Sudbury, Ontario.
Inventus is pleased to announce that it has signed a binding agreement with the secured creditor and principal shareholder of Flag Resources (1985) Ltd. (“Flag”) for the purchase of three mineral properties adjoining the 100%-owned Sudbury 2.0 Project (the “Flag Properties”). Inventus intends to acquire 100% of the Flag Properties in exchange for 5 million common shares of Inventus and a 2% NSR royalty interest. The closing of the transaction is subject to the conclusion of foreclosure proceedings vesting control of the Flag Properties to the creditor.
Wolf Lake and Cobalt Hill Properties
The adjoining Wolf Lake and Cobalt Hill properties consist of a 3.5 sq. km block of mineral leases with historic high-grade gold and copper drilling intersections. Flag acquired the property in 1980 and conducted various drill programs until 2001, reporting many high-grade drill intersections up to 16.6 g/t gold over 22.4 m in Hole WL-90-03, and 2.5% copper over 22.7 m in Hole WL-83-28. The Wolf Lake and Cobalt Hill occurrences are 1.2 km apart and occur along the same structure. Refer to our Nov. 27th, 2019 news release for more information about the Wolf Lake and Cobalt Hill properties.
Rathbun Lake Property
The Rathbun Lake property is a 7.1 sq. km claim package with a high-grade palladium, platinum, copper, nickel and gold showing. The property was patented in 1889 and mined in the 1890’s with a 45-foot deep shaft and 35 feet of drifting. The property was explored again in 1954 and acquired by Flag Resources in 1982. Inventus collected seven surface grab samples from around the shaft on the Rathbun property in 2019, which returned assays ranging from 6.3 to 62.5 g/t palladium, 1.0 to 18.4 g/t platinum, 0.8 to 22.8 % copper, 0.1 to 0.5 % nickel, 0.5 to 7.2 g/t gold, and 1.0 to 13.0 g/t silver. Grab samples are not representative of the mineralization hosted on the property. Refer to our Nov. 27th, 2019 news release for more information about the Rathbun Lake Property.
Subject to advancement of the foreclosure proceedings, Inventus plans to conduct a small drill program on the Wolf Lake and Cobalt Hill Properties in late-summer or fall. The drill program will evaluate the extent of the high-grade mineralization, which was poorly tested by previous drilling and remains open at depth. Inventus plans to test the areas for copper, cobalt, nickel and platinum/palladium, which are all present and may form an important part of the mineralization.
Nick’s Lake Target
In an area targeted because of a historic land claim surveyed in 1897, prospecting has led to the discovery of a quartz-carbonate vein with 15.6 g/t gold from a grab sample containing visible gold on the shore of Nick’s Lake. The Nick’s Lake occurrence is located within Sheppard township on the eastern part of the Sudbury 2.0 property (see Figure 1). The vein was located in an old prospecting pit on the shore of the lake and has never been subject to any modern exploration. Two grab samples were collected in total, with the second returning an assay of 5.3 g/t gold. Grab samples are not representative of the mineralization hosted on the property. Additional sampling and mapping of the area is currently underway to determine the extent of the veining and gold mineralization. This encouraging result in an area previously unknown to host gold mineralization further illustrates the potential above the Temagami Anomaly on the Sudbury 2.0 Project.
Big Valley Lake Target
Reconnaissance prospecting of the Big Valley Lake area, following the completion of the winter IP survey, has led to the discovery of locally derived mineralized float that returned 2.9 g/t gold, 2.5 % copper, 46 g/t silver and 94 g/t bismuth. On a copper equivalent basis(1) (excluding bismuth), the sample assayed 5.7% CuEq. Grab samples are not representative of the mineralization hosted on the property. The mineralized float was located 100 metres north of the IP grid where the large chargeability anomaly extends off the grid. The sample appears to contain skarn-like mineralization with malachite, which further supports the prospectivity of the IP anomaly at the Big Valley Lake target and displays a different intrusion-related variety of mineralization above the Temagami Anomaly. An access trail to the Big Valley Lake occurrence is currently under construction and should be complete in a week. Follow-up sampling and trenching is planned in the area.
New Sudbury Offset Dyke at Bassfin Lake
Inventus has identified a new Sudbury offset dyke on the most westerly part of the Sudbury 2.0 property (see Figure 1). The quartz diorite dyke was confirmed as a Sudbury offset dyke after geochemical and petrography analysis. The offset dyke is approximately 20 metres wide and extends along strike for over 1.6 km with an apparent vertical dip. Similar to the Laura Creek offset dyke that was found last year (see news release dated Nov. 14th, 2019), Inventus is evaluating the potential of the Bassfin offset dyke to host Ni-Cu-PGE mineralization on surface before using geophysics to explore at depth.
Figure 1: globenewswire.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 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