TORONTO, June 13, 2022 (GLOBE NEWSWIRE) — Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce assay results from its drill program at the Cobalt Hill target on its 100%-owned Sudbury 2.0 Projects near Sudbury, Ontario.
- CH-22-11 intersected 97.48 metres (m) of 1.19 g/t gold equivalent AuEq1
including 3.28 m of 6.79 g/t AuEq
- CH-22-07 intersected 64.4 m of 1.25 g/t AuEq
including 16.93 m of 2.10 g/t AuEq
- CH-22-10 intersected 38.77 m of 1.10 g/t AuEq
and 42.43 m of 1.07 g/t AuEq
“Inventus has expanded the Cobalt Hill mineralized zone with the 4,200 metres of drilling completed so far this year. Multiple wide intersections of continuous Au-Co-Ni mineralization were encountered. With access to drill core and multi-element assays, our team now has insight into the geology and mineralization that will be used to identify vectors for future drilling. The gold values >5 g/t in holes 10 and 11 are significant and may be part of a higher-grade core. The system is open at depth, and we look forward to conducting additional exploration drilling. Currently, we are investigating a completely new area of sulphide breccia on the surface at the Dorland Prospect that looks analogous to Cobalt Hill,” commented Stefan Spears, Chairman and CEO.
Cobalt Hill Drilling
At the Cobalt Hill Au-Co-Ni target, assays from the remaining five diamond drill holes, CH-22-07, CH-22-09A, CH-22-10, CH-22-11, and CH-22-12, have been received (see Table 1). The program successfully probed the extent and metal endowment of the mineralized sulphide breccia from surface to a depth of 350 m. Drilling results have shown an approximate 100 m by 100 m body of sulphide breccia that extends from the surface to 350 metres and remains open down plunge to the southeast.
A plan map of hole locations, drill hole cross-sections, and a 3D interpretation of the mineralized sulphide breccia are provided in Figures 1 to 7. Drill hole coordinates are provided in Table 2.
Hole CH-22-07 was drilled to crosscut the sulphide breccia from east to west and intersected 64.4 m of 1.25 g/t AuEq, 0.61 g/t gold (Au), 460 ppm cobalt (Co) and 191 ppm nickel (Ni); including 16.93 m of 2.10 g/t AuEq, 1,18 g/t Au, 693 ppm Co and 204 ppm Ni.
Hole CH-22-09A tested the deeper extent of sulphide breccia from 200 to 300 m to the southwest of CH-22-05A and CH-22-06; it returned more consistent cobalt and nickel values and lower gold values. The hole intersected 133.53 m of 0.50 g/t AuEq, 0.14 g/t Au, 248 ppm Co and 124 ppm Ni; and 69.16 m of 0.64 g/t AuEq, 0.23 g/t Au, 253 ppm Co and 220 ppm Ni. The fluctuation of gold, cobalt, and nickel assays in this hole, as well as hole CH-22-08, has indicated a halo of Co/Ni mineralization to the southeast and southwest that appears to surround the core of the system where higher-grade gold mineralization occurs.
Hole CH-22-10 was drilled to test the north extent of the sulphide breccia and intersected 38.77 m of 1.10 g/t AuEq, 0.67 g/t Au, 264 ppm Co and 245 ppm Ni; including 6.97 m of 3.25 g/t AuEq, 2.27 g/t Au, 573 ppm Co and 607 ppm Ni; and 42.43 m of 1.07 g/t AuEq, 0.83 g/t Au, 167 ppm Co, 94 ppm Ni; including 1.40 m of 6.35 g/t AuEq, 5.49 g/t Au, 581 ppm Co and 340 ppm Ni
Hole CH-22-11 tested the eastern extent of the sulphide breccia and intersected 97.48 m of 1.19 g/t AuEq, 0.87 g/t Au, 217 ppm Co and 136 ppm Ni; including 13.37 m of 2.09 g/t AuEq, 1.33 g/t Au, 479 ppm Co and 404 ppm Ni; and including 3.28 m of 6.79 g/t AuEq, 6.17 g/t Au, 460 ppm Co, 139 ppm Ni.
Hole CH-22-12 was drilled to test the northeast area of the sulphide breccia and intersected 50.21 m of 0.58 g/t AuEq, 0.31 g/t Au, 177 ppm Co and 127 ppm Ni; and 36.56 m of 0.49 g/t AuEq, 0.34 g/t Au, 104 ppm Co, 59 ppm Ni.
Table 1. Summary of Select Assays Intervals from Cobalt Hill
|Hole ID||From (m)||To (m)||Interval2(m)||Au g/t||Co ppm||Ni ppm||AuEq1g/t|
1AuEq calculated using April 5th, 2022, spot price of $1920 USD per oz Au, $82.00 USD per kg for Co and $33.31 USD per kg for Ni, and assuming metallurgical recovery of 90% for Co and Ni. Metallurgical characteristics are not yet known.
2Assay intervals were calculated using values of >0.1 g/t AuEq within <2.5-m interval.
Results are core lengths; true widths are not known.
Table 2. 2022 Drill Hole Collars
Click here to view Figures 1 to 7: http://www.inventusmining.com/s/Jun_13_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: [email protected]
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 140.6 million 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) accepts responsibility for the adequacy or accuracy of this release.
The Qualified Person responsible for the geological technical content of this news release is Inventus’ Vice-President Exploration, 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 Agat Laboratories in Mississauga, Ontario. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 250 g subsample split and pulverized to 85% passing 200 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES/AAS finish. Multi-element assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Samples over 10 g/t gold are 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.