TORONTO, Oct. 18, 2023 (GLOBE NEWSWIRE) — Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce assay results from its drill program at the 100%-owned Dorland Co-Au-Cu-Ni Prospect, located 36 km northeast of Sudbury, Ontario.
The Company followed up on encouraging cobalt and gold values in surface prospecting with ten shallow diamond drill holes totalling 1,000 metres (m). The Dorland program is approximately 50% government-funded with the support of the Ontario Junior Exploration Program (OJEP). Drill holes intersected alteration and sulphide breccia hosted polymetallic mineralization within a steep south-dipping structural zone. Assays returned grades up to 1,700 ppm Cobalt, 1.15 g/t Gold, 3,360 ppm Copper, 3,510 ppm Nickel and 0.34 % TREO (6) (total rare earth oxides). A summary of select assay intervals and hole location details are provided in Tables 1 and 2.
The mineralized sulphide breccia was intersected over a 100-m east-west strike length with widths ranging from 3 to 15 m and was tested to a depth of 80 m. Significant zonation of Co-Au-Cu-Ni mineralization was observed in the drilling with thicker intercepts of the breccia containing high values of Co-Au-Ni. An alteration halo was also observed surrounding the Co-Au-Ni sulphide breccia, which is composed of albite, magnetite, and quartz veins with magnetite, chalcopyrite and bornite. The mineralized sulphide breccia remains open at depth and to the West (Figure 1). Inventus believes the structurally controlled mineralization observed in the drilling is likely a splay structure coming from the much larger (800 m East-West by 1,300 m North-South) area of alteration and sulphide breccia 200 m to the South.
The identification of polymetallic mineralization including the presence of rare earth elements associated with hydrothermal iron enrichment (hematite and magnetite alteration, see Figure 2) has indicated a strong analog to Iron oxide copper gold (IOCG) type mineral systems. The Dorland Prospect appears to be analogous to Inventus’ Cobalt Hill Au-Co-Ni prospect located 14 km to the North; however, the presence of iron alteration and the full suite of Au-Co-Cu-Ni-REE mineralization, more typical of IOCG deposits has indicated a closer proximity to the source. This initial drill program tested a very limited area with a large prospective trend to the South which remains undrilled and an excellent IOCG-type exploration target with significant potential for discovery.
Work on an initial Sudbury 2.0 NI 43-101 Technical Report is currently advancing and regional prospecting of the area is ongoing.
Table 1. Summary of Select Assay Intervals
|Au (2)(g/t)||Co (3)(ppm)||Ni (4)(ppm)||Cu (5)(ppm)||TREO (6)(%)|
|DP-23-01||No Significant Assays||Not assayed|
|DP-23-03||No Significant Assays|
(1)Thicknessesare core lengths; true widths are notknown.(2)Assay values less than<0.1 g/t Auarenot shown.(3),(4),(5)Co, Ni, Cu Assay values less than<100 ppmarenot shown.(6)TREO is the sum of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3.
Table 2. Details of drill holes reported in this press release.
|Drill Hole||Azimuth (degrees)||Dip (degrees)||Length (metres)||Easting (UTM)||Northing (UTM)|
Click here for Figures 1 and 2: http://www.inventusmining.com/s/IVS_PR_Figures_2023-10-18.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
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 Critical Mineral Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has approximately 164.8 million common shares outstanding.
Visit http://www.inventusmining.com for more information.
Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) 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.
The Qualified Person responsible for the 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 drill core samples collected by Inventus described in this release were transported in secure sealed bags for preparation and assay by Agat Laboratories. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 500 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 ICP-OES/ICP-MS 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 the actual results will meet management’s expectations.