TORONTO, Nov. 12, 2024 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSXV: IVS) (“Inventus” or the “Company”) is pleased to announce that its Phase 1 Drill Program at the 100%-owned Pardo gold project located 65 km east of Sudbury, Ontario, will begin in late November 2024. The fully funded program will consist of a grid of approximately 80 vertical holes having an average depth of 12 metres with the objective of systematically sampling an area of known gold mineralization. The process for drilling and sampling has been developed by Inventus to provide data that is adequate to support a future mineral resource estimate.
The program will use large diameter “PQ” core (8.5 cm or 3-3/8” inch in diameter) and photon assay technology to achieve optimal results. The use of large drill core is supported by prior drilling programs in 2016-18, input from Snowden Optiro consulting who have previous experience with this deposit-type, and the results of the Company’s two previous bulk sampling programs that returned 1,000 tonnes at 4.2 gpt gold and 5,000 tonnes at 3.4 gpt gold (see news releases Jan 3, 2018 and Sep 27, 2022).
The gold mineralization at Pardo is unique in that it is flat lying and near surface to a depth of 50 metres. The Phase 1 Drill Program will target areas of gold mineralization that occurs at surface to a depth of 15 metres, where low-cost open cut surface mining could potentially be used.
“The Company currently sits at an exciting juncture; our thorough technical work has led us to a stage where we can confidently start defining a gold resource estimate at Pardo. The project offers several advantages due to the shallow, flat-lying nature of the mineralization and its location proximal to infrastructure which include: 1) Opportunity for low cost per ounce resource definition, 2) Reduced capital requirements for early open-cut surface mining, and 3) Favourable metallurgy with high gold recoveries using standard techniques such as gravity, flotation, and cyanide leaching, which provides flexibility to consider both processing ore offsite or to build a low-capital mill onsite. This first phase of drilling, targeting surface-level mineralization that could be exploited by open cut mining, will be an exciting one as we advance the project and unlock value for our shareholders,” stated Wesley Whymark, President and Head of Exploration.
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 183 million common shares outstanding.
Qualified Person
The Qualified Person responsible for the technical content of this news release is Inventus’ President, Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company
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. 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, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political 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.
