Inventus Mining Provides Corporate Update and First 2016 Exploration Results
SUDBURY, ONTARIO--(Marketwired - May 25, 2016) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") is pleased to provide a corporate update and early 2016 exploration results from the 100% Inventus owned Pardo property, located approximately 65 km northeast of Sudbury, Ontario.
The Company has successfully refinanced and consolidated the company's shares on a 2:1 basis. Inventus is now debt free having converted all outstanding debentures to common shares. The Company is well positioned to develop the Pardo Project, the first gold Paleo-Placer deposit in Canada, where the focus will be bulk sampling and drilling as the first step in determining the economics of the discovery.
Field work started May 1st this year on Inventus 100% owned property surrounding the Pardo Joint Venture. The Inventus team, after reviewing field notes and assays from 2012, (Table 1), undertook prospecting and geological mapping on its 100% owned claims to re-evaluate an area that had been previously overlooked. This new area, termed the "Cobble Zone," is located 7.5 km south east of the gold bearing conglomerates in the Pardo Joint Venture (Figure 1).
A prospecting and geological mapping program at the Cobble Zone has illustrated an area of approximately 750m x 300m of outcropping gold bearing conglomerates. The conglomerates returned gold grades up to 2.24 g/t (Figure 1 and Table 2), indicating a highly anomalous area where reworked basal and stacked intraformational conglomerates appear to be extensive. The conglomerates in this location contain pyrite and cobble sized clasts up to 30cm in diameter, which are both requisites for high grade conglomerates on the Pardo JV.
The newly discovered Cobble Zone, located 7.5 kilometers south of the cobble and boulder conglomerates of the Pardo JV, does not conform to the currently understood sedimentary system of the Pardo Project. The Inventus team believes this area demonstrates a new system, which was depositing additional gold bearing material into the basin and provides Inventus with an additional surface discovery opportunity on its 100% owned claims.
The acquisition by staking of four new claims, totaling 8.8 sq. km on the southern boundary of Inventus' land package was also completed in early May. In 2015, Clear-cut logging of the area in 2015 left numerous bedrock exposures in the area. These outcrops were prospected for two days and resulted in the finding of a highly anomalous 30 cm thick conglomerate pebble bed returning grades of 3.3 g/t to 5.6 g/t gold (Figure 1 and Table 3). With the addition of this new area the 100% Inventus land position now extends over 17km from North to South.
Currently excavator stripping of the Cobble Zone is ongoing together with detailed bedrock channel sampling and geologic mapping. Results of this work should be available in June.
Other exploration activities for 2016, including an exploration and bulk sampling program on the Pardo JV project, are in the planning stages and will be reported on when finalized.
All tables and figures referenced in this press release can be viewed on Inventus' website with the following direct link http://www.inventusmining.com/may-25th-press-release.
Quality Control and Quality Assurance
The Qualified Person responsible for the geological technical content of this news release is Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
The Company cautions that grab samples are selective by nature and may not be representative of the mineralized zone being sampled. The samples were transported in security sealed bags for preparation and assay at Act Labs located in Sudbury, Ontario. Activation Laboratories Ltd. is an ISO 17025 registered laboratory. The samples reported were crushed in their entirety, with a 1kg split then pulverized. One 50 g aliquot of the pulp was cut out and fire assayed. In instances where the sample exceeds 3 g/t, the sample is re-run with a gravimetric finish and the gravimetric result is reported. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Forward-looking information
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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.
To view the tables and figures associated with this release, please visit the following link: http://media3.marketwire.com/docs/Tables-and-figures-IVS.pdf.