TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to report on the first pass prospecting effort on its 100% owned Sudbury 2.0 Property, located 40 km northeast of Sudbury, Ontario. Five new gold-copper showings were identified while mapping and sampling on its Property this summer. Highlights include:
- A mafic dyke with gold and copper mineralization was mapped on surface over a distance of 2.6 km, and was founds to have undocumented pre-1900’s mine workings.
- At Laura Lake, a grab sample from a historical prospect pit returned an assay of 7.5 g/t gold and 0.2% copper.
- Several new areas of outcropping mineralized hydrothermal breccia were found with initial samples returning assays of up to 1.4 g/t gold and 1.3% copper.
Inventus’ prospecting and mapping program has identified multiple new showings of mineralized hydrothermal breccia on the Sudbury 2.0 Property. The program to evaluate and discover new areas of hydrothermal alteration and brecciation radiating from the Temagami Magnetic Anomaly has proven to be quite successful. Inventus’ first pass of prospecting has outlined 5 new showings on the property (Select assays from three of the showings can be viewed in Table 1 and location maps in Figures 1-4).
Table 1. Select 2019 Prospecting Assays Results
|Sample ID||Location||Au g/t||Cu %|
|S2_61||Laura Lake Showing||7.5||0.2|
|BVL-01||Big Valley Lake Showing||0.2||-|
|S2_130||Laura Creek Mafic Dyke||0.9||-|
- No Significant Assay
A description of the copper-gold showings is listed below:
- Laura Creek Mafic Dyke: Undocumented mine workings that would have predated the 1900’s were discovered by Inventus while prospecting. The old mine workings consist of a 30 ft. decline shaft and a blast pit that is located 200 m to the south. Both mine workings were targeting mineralized alteration and veining that occurs within the mafic dyke. Since the discovery of the mafic dyke, Inventus has mapped it along strike for 2.6 km and has determined that the alteration and veining is consistent along the entire segment (Figure 2). The first batch of samples taken from the old mine workings returned assays up to 1.7 g/t gold and 0.14% copper. Inventus plans to prospect the dyke in detail and evaluate its potential for coarse gold, as one sample from the shaft had visible gold.
- Big Valley Lake Showing: Old patented mining claims in the area, dating back to the 1890’s, led to the discovery of an extensive area of mineralized hydrothermal breccia (Figure 3). The mineralized breccia returned assays of 1.4, 0.8, 0.3, 0.3 and 0.2 g/t gold and 1.3 and 0.4% copper. The hydrothermal alteration and brecciation have been mapped over an extensive area measuring 200 m east-west by 600 m north-south and appears to occur in a north-south structure. The Laura Creek Dyke, which could occur 250 m to the west of the showing may be related to this mineralization. The Big Valley Lake Showing presents itself as an attractive exploration target.
- Laura Lake Showing: An old prospecting trench on the southeast shore of Laura Lake was located by Inventus and sampled (Figure 4). One sample from the old workings returned an assay of 7.5 g/t gold and 0.2% copper. The showing has no records of exploration other than the old trench that could predate the 1900’s. Inventus plans to prospect, map and sample the area in more detail.
- Doon Lake and North Arm Showings: Hydrothermal breccia and alteration, similar to the other showings, occurs at both the Doon Lake and North Arm areas. Inventus acquired additional claims to cover both areas in July of 2019. Inventus plans to prospect and map both areas for gold-copper mineralization associated with the observed alteration and brecciation.
The discovery of these new gold-copper showings over quite an extensive area on the Sudbury 2.0 Property has provided additional evidence that the Temagami Magnetic Anomaly (TMA) may be the fluid source for this mineralized hydrothermal system. Inventus initially acquired the Sudbury 2.0 Property to explore above the TMA for evidence of a mineralized mafic/ultramafic intrusion. The discovery of a mafic dyke with gold-copper mineralization at Laura Creek, located in the core of the TMA, is the most significant geological find on the project to date. Initial geochemistry of the dyke has warranted intensive prospecting, mapping and sampling of this new dyke that may ultimately reveal the first geological insight into the source of the TMA and its economic potential.
Inventus plans to continue prospecting and mapping at the newly discovered showings above the TMA looking for dykes, alteration and brecciation along favorable host structures and geological contacts. As the targets develop, an initial drill program may be warranted later this year.
To view Figures 1-4 click here: https://www.inventusmining.com/s/IVS-Sept-12-Figures.pdf
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 110,301,069 common shares outstanding (120,316,669 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
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.
The Qualified Person responsible for the geological technical content of this news release is Wesley Whymark, P.Geo., who have reviewed and approved the technical disclosure in this news release on behalf of the Company.
The samples 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 30 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS finish for gold assay. Copper assays were done by Sodium Peroxide Fusion with 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 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 to identify mineral resources at Pardo, the inability to complete a feasibility study which recommends a production decision, the preliminary and limited nature of metallurgical test results (including the result of the bulk sample as described herein), 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.
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