Identifies Potential IOCG-Type Mineralization
TORONTO, April 08, 2021 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce assay results from its drilling program at Cobalt Hill, part of its 100%-owned Sudbury 2.0 project near Sudbury, Ontario.
Drilling highlights include:
44 m of 1.3 g/t Gold, 0.04% Cobalt and 0.02% Nickel
Including 7 m of 4.4 g/t Gold, 0.09% Cobalt and 0.03% Nickel
(with individual assays up to 0.29% Cobalt and 0.11% Nickel)
16 m of 0.7 g/t Gold, 0.04% Cobalt and 0.03% Nickel
(with individual assays up to 0.17% Cobalt and 0.22% Nickel)
Inventus’ drilling at Cobalt Hill has confirmed the occurrence of polymetallic gold-cobalt-nickel mineralization enriched with rare earth elements (REEs). This type of mineralization is indicative of a potential Iron Oxide Copper Gold (IOCG) mineral system. IOCG systems typically occur in proximity to magnetic, dense and conductive geological environments with regional and/or structurally controlled alteration. The Sudbury 2.0 project, situated over the Temagami Geophysical Anomaly, with its dense, magnetic, conductive signature, checks all of these boxes. New geophysical modelling of historic magnetotelluric (MT) data collected by Falconbridge in the 1990s, has illustrated an area of conductivity extending towards surface below Cobalt Hill and the Lake Zone (Figure 1). A similar conductive feature is known to occur below the world-class Olympic Dam IOCG deposit, where it is interpreted to be a metalliferous fluid pathway from a deep conductive source.
The alteration and hydrothermal breccia at Cobalt Hill appears pipe-shaped and is approximately 500 x 400 metres in size on surface with an apparent vertical plunge. Similar to the Lake Zone, a very good correlation exists between sulfides, mainly pyrite, and the polymetallic gold mineralization. Inventus plans to conduct an induced polarization geophysical survey (IP) over Cobalt Hill to identify areas of higher sulfide content.
"We are very encouraged by these results, as they support our belief that the Temagami Geophysical Anomaly is a large intrusion responsible for the mineralization. The presence of cobalt, nickel and anomalous REEs is strong evidence for an intrusion-related mineral system. Several other exploration companies in the region have also made similar assertions of a potential IOCG system, which indicates the breadth of the exploration potential in the area. Using geophysics to trace the mineralization below surface above the district-scale gravity, magnetic and conductive anomaly on the Sudbury 2.0 property is the logical next step,” said Stefan Spears, Chairman and CEO.
Assay results from Cobalt Hill and a description of the drill holes are provided below.
Drill hole CH-21-02 was designed to test the mineralization at 200 metres depth where historic drilling intersected gold mineralization but was not sampled for cobalt or nickel. The hole intersected sodic and potassic alteration from surface to 287 metres. Breccia and quartz veins with variable sulfide mineralization were intersected from 84 to 116 metres and from 189 to 235 metres. Select assay intervals are listed in Table 1 and a cross section is provided in Figure 2.
Table 1. CH-21-02 Assay Interval Summary.
*Intervals are core lengths, true widths are not known.
Drill hole CH-21-01 tested the near surface mineralization on the east shore of Jess Lake. The hole intersected breccia and quartz veins with variable sulfide mineralization from surface to 16 metres. Select assay intervals are listed in Table 2 and a cross section is provided in Figure 2.
Table 2. CH-21-01 Assay Interval Summary.
*Intervals are core lengths, true widths are not known. n/s – no significant value
Figures 1 and 2. http://www.inventusmining.com/s/Apr_8_Figures.pdf
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
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 approximately 130,500,000 common shares outstanding.
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.
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 collected by Inventus described in this release were transported in secure sealed bags for preparation and assayed by SGS 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. Multielement assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Samples over 10 g/t gold were subject to a 50 g aliquot FA with gravimetric 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.
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.