Inventus Completes First Phase of Drilling at the Dorland Prospect
TORONTO, July 20, 2023 - Inventus Mining Corp. (TSX VENTURE: IVS) ("Inventus" or the "Company") is pleased to announce the completion of its initial drilling program at the 100%-owned Dorland Co-Au-Cu-Ni Prospect, located 36 km northeast of Sudbury, Ontario.
Highlights:
- The Company successfully tested the mineralization and induced polarization geophysical anomalies at the Dorland Co-Au-Cu-Ni prospect intersecting large zones of sulphide breccia, including multiple zones of massive sulphide. A total of 10 holes were completed for 1,014 metres of drilling with all 10 holes intersecting a zone of alteration and sulphide breccia. The program was designed to test the continuity below and around the polymetallic mineralization found at surface where select surface grab samples have returned assays up to 1.2% cobalt, 2.6 g/t gold, 0.51% copper and 0.1% nickel.
- Inventus received approval for an exploration funding grant of up to $200,000 through the Ontario Junior Exploration Program ("OJEP").
Dorland Drilling Program
The drill core is currently being processed and approximately 240 m of the core will be sampled and assayed for polymetallic cobalt, gold, copper, and nickel mineralization. The drilling intersected similar geological units found on the surface consisting of a zone hydrothermal alteration within unaltered diamictites of the Gowganda sediments. The alteration zone trends east to west and dips south at approximately 60 degrees. The alteration consists of albite, carbonate, and quartz (sodic, calcic and silica alteration), with a core of hydrothermal sulphide breccia. The sulphide breccias are composed of clasts of the host rock with the addition of k-feldspar, chlorite +/- pyrite, magnetite and hematite in the breccia matrix (potassic and iron alteration). Assay results from the drilling are expected over the next 3 to 6 weeks.
The location of the drilling is provided in Figure 1. A description of some of the better holes based on visual inspection include DP-23-04, DP-23-06, DP-23-08 and are described below:
DP-23-04 - Intersected a 38.5 m zone of sulphide breccia from 16 to 54.5 metres that included 5 sections of massive pyrite ranging from 0.2 m to 1.1 m. Photos of the core are presented in Figure 2.
DP-23-06 - Intersected a 36 m zone of sulphide breccia from 42 to 78 m. Photos of the core are presented in Figure 3.
DP-23-08 - Intersected multiple zones of sulphide breccia including one zone from 107 to 110 m with strong hematite and potassic alteration. This type of alteration is characteristic of classic IOCG-type mineral systems and is the first observation of this type of alteration on the Sudbury 2.0 project. Photos of the core are presented in Figure 4.
Wesley Whymark, Vice-President Exploration, commented, "The large intersections of sulphide breccia and zones of massive sulphide below the historic shafts where surface mineralization occurs is very encouraging and suggest continuity of the mineralization at depth. The presence of hematite and potassic alteration in areas of the sulphide breccia is a very interesting development as this alteration is characteristic of classic iron oxide copper gold ("IOCG") mineral systems and has not been seen on the Sudbury 2.0 project until now."
OJEP Funding
Inventus has been accepted into the Ontario Junior Exploration Program ("OJEP"), an exploration funding grant from the Ontario Government. The program provides grants of up to $200,000 to promote the exploration and discovery of critical metals in Ontario.
Link to Figures: http://inventusmining.com/s/IVS_July20_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
E-mail: stefan@inventusmining.com
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 the 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.
Qualified Person
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.
QA/QC
Procedures have been implemented by Inventus to assure Quality Assurance and Quality Control (QA/QC) of all drill core samples. Drill core is obtained from the diamond drill in sealed core trays and transported by Inventus personnel to our core processing facility. Core is processed, logged and sample intervals are marked for diamond saw cutting. Half core samples and lab identification numbers are verified prior to samples being sealed into plastic bags. Certified reference materials and blank material is inserted into the sample sequence alternating every 10 samples. Batches of 15 to 25 samples are placed into sandbags and sealed prior to transport by Inventus personnel to Agat Laboratories an ISO accredited assay laboratory.
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.