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TORONTO, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to report on breakthrough exploration results from its second field season at the 100%-owned Sudbury 2.0 Property, located 40 km northeast of Sudbury, Ontario.
Inventus has identified Sudbury offset dykes above the Temagami Magnetic Anomaly. Inventus has now identified 3 Sudbury Offset Dykes and a large 14+ km Sudbury Breccia Belt created by the enormous energy released from the meteorite impact that formed the Sudbury Basin (see Figure 1). These features are attractive exploration targets because comparable geological offset dykes and breccia around the Sudbury Basin host world-class Ni-Cu-PGE orebodies.
In the early 1990’s, Falconbridge and Teck explored the Temagami Anomaly believing that it could be associated with Sudbury-like mineralization (Northern Miner, Sept. 23rd, 1991, http://www.inventusmining.com/s/Northern-Miner-Sept-23-1991.pdf). Falconbridge's geophysical exploration approach utilizing large airborne, seismic and magnetotelluric surveys ultimately proved unsuccessful in locating the unique Sudbury geology that they were searching for and the project was discontinued. Almost 30 years later Inventus undertook the labour-intensive approach of prospecting remote areas with difficult access to find evidence of the unique Sudbury rocks on surface. Working through two field seasons Inventus has successfully found multiple exposures of the unique rocks (see below for more details). This work is far from complete given the enormous size of the area (over 200 square km), but now other exploration methods can be employed such as drilling and targeted geophysics.
Although the strong positive magnetic signature of the Temagami Anomaly remains unexplained, Inventus’ exploration efforts have now provided concrete evidence that the unique Sudbury geology occurs at surface in an area 50 kilometers further east than previously known. We believe that our work has now opened a new frontier for exploration in Canada's largest mining camp.
Sudbury 2.0 – Offset Dykes
In 2014, Canadian Continental Exploration Corporation (CCEC)* drilled a Sudbury offset dyke when targeting the peak of the Temagami Magnetic Anomaly (see press release http://www.inventusmining.com/s/May-7-Sudbury-2.pdf). This prompted Inventus to undertake the Sudbury 2.0 project. Inventus has now identified the Laura Creek Offset Dyke on its 100%-owned property, and the Ni-Cu-PGE Rathbun occurrence as an Offset Dyke (Figure 1).
The Laura Creek Offset Dyke is a 30+ metre wide inclusion-bearing quartz diorite offset dyke (IQD) that contains mineralized hydrothermal alteration. All offset dykes around Sudbury are composed of quartz diorite, however, offset dyke-hosted orebodies only occur within inclusion-bearing phases of the quartz diorite. The mineralized Laura Creek IQD offset dyke was originally found when historic prospector workings were located while investigating pre-1900’s land claims (see press release http://www.inventusmining.com/s/IVS-Sept12-Sudbury-20.pdf). Inventus completed the field season by trenching, washing and sampling the IQD dyke (Figure 2). Initial selected assay results of channel and grab samples from the dyke have returned values up to 4.1 g/t gold, 0.33% copper, 21 g/t silver and 0.86% lead and 42 g/t bismuth. Many more samples are in the lab for analysis. The alteration, veining and mineralization observed in the Laura Creek offset dyke resembles alteration that can occur proximal to Cu-PGE footwall orebodies in Sudbury, such as the footwall deposits of the Levack mine complex in the North Range owned by KGHM. Of particular similarity is the epidote alteration xenoliths containing chalcopyrite mineralization (Figure 3). Such alteration features around Sudbury can occur along the fringes of footwall ore deposits and have been used as pathfinders to locate orebodies.
Inventus will initially test the mineralized section of the Laura Creek Offset Dyke with shallow drill holes to determine the dip, thickness and presence of mineralization and pathfinder geology below surface. The initial drilling will be used to guide additional exploration of the offset dyke along strike and at depth. The Laura Creek Offset Dyke is the only undrilled inclusion-bearing offset dyke of the Sudbury Mining Camp.
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 (123,925,235 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 has 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 or 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES finish for gold assay. Multi-element assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Some gold assays done using 1 kg metallic screen analysis.
* CCEC is a private corporation 18% owned by Inventus, and 13% owned by Rob McEwen.
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.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.