Inventus Begins Drilling at Sudbury 2.0
TORONTO, Dec. 29, 2020 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that its 3,000 metre winter drill program has started on the Wolf Lake and Cobalt Hill properties. The first drill hole is now complete and drilling will continue in the new year. The previously announced acquisition of Wolf Lake, Cobalt Hill and Rathbun properties is scheduled to close soon.
The initial drill program at the Wolf Lake and Cobalt Hill targets is designed to properly sample the polymetallic gold mineralization and test the mineralized structures at depth. A review of the previous exploration drilling has indicated that the mineralization was not properly or consistently sampled.
The first hole drilled by Inventus, WL-20-01, was designed to replicate historic drill hole WL-90-03 that intersected: 16.6 g/t gold over 22.4 m including 154.9 g/t over 1.1 m and 61.6 g/t over 1.8 m (See Table 1 for historic assays). Inventus planned to begin drilling at this location for three reasons:
| 1) | All historic drill core from Wolf Lake has been lost; |
| 2) | Drill core containing high-grade mineralization will validate historic records and guide future drilling by understanding its geological setting; and |
| 3) | A complete multi-element analysis can be conducted on the polymetallic mineralization, which has never been done. |
Drill hole WL-20-01 intersected 24 m (from 28 to 52 m) of mineralized hydrothermal alteration and vein breccia surrounded by Sudbury breccia with disseminated and blebby sulfide including pyrite, chalcopyrite, chalcocite, covellite, bornite and malachite (see Figures 1 and 2). The mineralization in the hole is very encouraging and demonstrates the polymetallic nature of the mineralization. Samples from the hole have already been processed and assays are expected in January 2021.
Figures 1 and 2:
Table 1. Historic assays from WL-90-03
| DDH | From (m) | To (m) | Interval (m) | Gold (g/t) | Copper (%) |
| WL-90-03 | 29.26 | 29.56 | 0.30 | 3.6 | - |
| WL-90-03 | 30.18 | 30.48 | 0.30 | 0.1 | - |
| WL-90-03 | 31.70 | 32.31 | 0.61 | 15.2 | 0.4 |
| WL-90-03 | 32.31 | 33.83 | 1.52 | 1.4 | 2.8 |
| WL-90-03 | 33.83 | 35.35 | 1.52 | 10.1 | 1.5 |
| WL-90-03 | 35.35 | 36.57 | 1.22 | 5.7 | 1.4 |
| WL-90-03 | 36.57 | 37.80 | 1.23 | 0.2 | - |
| WL-90-03 | 37.80 | 38.86 | 1.06 | 154.9 | - |
| WL-90-03 | 38.86 | 39.32 | 0.46 | 1.6 | 1.0 |
| WL-90-03 | 39.32 | 41.15 | 1.83 | 61.6 | 0.9 |
| WL-90-03 | 41.15 | 42.67 | 1.52 | 15.6 | 0.2 |
| WL-90-03 | 42.67 | 44.04 | 1.37 | 0.3 | - |
| WL-90-03 | 44.04 | 44.50 | 0.46 | 5.0 | - |
| WL-90-03 | 44.50 | 46.63 | 2.13 | 0.2 | - |
| WL-90-03 | 46.63 | 47.85 | 1.22 | 1.1 | - |
| WL-90-03 | 47.85 | 49.68 | 1.83 | 7.5 | - |
| WL-90-03 | 49.68 | 50.90 | 1.22 | 6.8 | - |
| WL-90-03 | 50.90 | 52.43 | 1.53 | 0.1 | - |
| WL-90-03 | 52.43 | 54.10 | 1.67 | 5.5 | - |
*Core intervals are converted from feet to metres, and gold assays are converted from ounce per ton to gram per tonne. Historical copper assays were not taken for intervals marked with (-). Results are core length, true widths are not known.
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
E-mail:
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 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.
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 of our exploration to identify mineral resources, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political and legal 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.
