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Inventus Mining Reports Positive Initial Drill Results Demonstrating Lateral Continuity of Gold Mineralization Within 18 Metres of Surface at the Pardo Gold Project
Results from the first 24 holes of our 80-hole drill program demonstrate lateral continuity of gold within 18 metres of surface
4.6 gpt gold over 2.43 metres including 21.2 gpt gold over 0.46 metres
3.5 gpt gold over 3.17 metres including 11.9 gpt gold over 0.50 metres
3.1 gpt gold over 2.00 metres including 10.6 gpt gold over 0.50 metres
3.6 gpt gold over 1.50 metres including 6.4 gpt gold over 0.50 metres
TORONTO, Feb. 13, 2025 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSXV: IVS) (“Inventus” or the “Company”) is pleased to announce initial drill results from its Phase 1 Resource Drill Program at the 100%-owned Pardo Gold Project located 65 km east of Sudbury, Ontario.
The first 24 holes of an 80-hole shallow drill program have been received and are in line with expectations. The holes were targeting a laterally extensive flat lying zone of mineralization that averages approximately 2 metres thick and occurs within 18 metres of the surface. The results of these Initial 24 holes have demonstrated continuity of gold mineralization laterally between holes with reduced variability of grade compared to previous drilling. A full list of results is provided in Table 1, and maps of the hole locations are provided in Figures 1 and 2.
To date all holes have been reviewed, logged and sampled. Initial turnaround times were prolonged due to the large sample size of the PQ core and laboratory preparation procedures had to be modified to ensure the accuracy of results. Results for the remaining 56 holes should be received more quickly. Final results for the program are expected in March.
The Pardo Gold Project benefits from year-round access and features flat-lying, shallow gold mineralization that presents potential for quick start up low-cost surface mining in close proximity to Sudbury, a renowned global mining hub. The objective of the 80-hole resource drill program is to systematically sample areas of shallow gold mineralization providing adequate data to support a future mineral resource estimate. The company intends to outline cheaply defined ounces, which could be mined under the company’s existing 50,000-tonne bulk sampling permit.
Table 1. Drilling Assay Highlights
Drill Hole1
From (metres)
To (metres)
Interval2 (metres)
Gold Grade (gpt)
PD-24-37
10.63
12.46
1.83
0.9
Including
12.00
12.46
0.46
2.2
PD-24-67
9.80
11.30
1.50
0.1
PD-24-17
10.15
13.32
3.17
3.5
Including
10.15
10.65
0.50
11.9
And including
12.82
13.32
0.50
6.7
PD-24-72A
13.89
15.88
1.99
1.2
Including
14.88
15.38
0.50
2.1
PD-24-69
16.00
17.50
1.50
3.6
Including
16.50
17.00
0.5
6.4
PD-24-38
10.05
11.50
1.45
0.9
Including
11.00
11.50
0.5
1.6
PD-24-39
9.72
12.16
2.44
0.8
Including
11.33
12.16
0.83
1.8
PD-24-35
9.90
10.5
0.60
0.3
PD-24-71
14.42
15.65
1.23
2.1
Including
15.21
15.65
0.44
4.8
PD-24-19
15.83
16.75
0.92
2.6
Including
16.28
16.75
0.47
4.7
PD-24-11
12.19
13.30
1.11
0.3
PD-24-13
9.74
11.28
1.54
1.3
Including
9.74
10.26
0.52
2.8
PD-24-16
10.30
12.37
2.07
0.6
Including
11.86
12.37
0.51
1.4
PD-24-77
4.20
6.12
1.92
0.6
Including
4.20
4.70
0.50
1.6
PD-24-02
5.03
8.14
3.11
1.3
Including
5.03
6.50
1.50
2.3
Including
5.49
5.99
0.50
4.2
PD-24-52
0
2.66
2.66
0.3
PD-24-12
9.25
11.25
2.00
3.1
Including
9.75
10.25
0.50
10.6
PD-24-01
3.53
5.27
1.74
0.8
PD-24-48
0
1.45
1.45
1.7
Including
0
0.50
0.50
3.2
PD-24-83
3.62
5.44
1.82
1.6
Including
4.56
4.94
0.38
6.3
PD-24-70
15.00
16.39
1.39
3.4
Including
15.51
16.39
0.88
5.4
Including
15.93
16.39
0.46
6.8
PD-24-53
0.50
2.46
1.96
1.6
Including
1.50
2.46
0.96
2.9
Including
1.50
1.96
0.46
5.0
PD-24-08
9.00
10.90
1.90
1.1
PD-24-05
7.67
10.10
2.43
4.6
Including
9.16
10.10
0.94
11.5
Including
9.64
10.10
0.46
21.2
1Holes are reported in the sequence that they were drilled and sampled. 2Interval width is approximate true thickness. Mineralization has a flat to 5-degreedip and all holes were drilled vertically with aninclination of -90 degrees.
Table 2. Details of drill hole locations reported in this press release.
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 and Head of Exploration, Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company
Technical Information
Drill core samples collected by Inventus and described in this news release were subject to a variety of QA/QC protocols. Drill core was placed in core boxes by the drill crew contracted by the Company. Core was then transported by Inventus personnel to a secure processing facility in Sudbury. The core was then reviewed with core metreage blocks checked to verify core integrity, geologically logged and samples marked. Core samples were then photographed and inserted into a clean plastic bag with a sample tag. Certified reference materials were inserted into the sample stream at a rate of no less than 10%. Samples were then transported in secure sealed bags with security tags for preparation and assay by MSA Labs in Timmins and Val-d’Or, both certified labs with AC89, IAS accreditation and compliance with ISO/IEC standard 17025:2017. All samples reported were crushed in their entirety to 70% passing 2 mm. Three different subsample preparation methods were conducted on the samples due to the large size of the samples (PQ Core).
One (1) 300- to 500-g subsample was split and placed into a jar for analysis by photon assay.
Two (2) 300- to 500-g subsample were split and placed into jars for analysis by photon assay in duplicate.
Two (2) samples of 2kg were split and pulverized to 80% 75 microns (-200 mesh) and one (1) 300- to 500-g subsample was taken from each pulp and placed into a jar for analysis by photon assay.
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.
Location of the Phase 1 resource drill holes on the Pardo Gold Project.
Figure 1. Location of the Phase 1 resource drill holes on the Pardo Gold Project.
Plan map illustrating gold grade (gpt Au) of the flat lying shallow reef at the Pardo Gold Project.
Figure 2. Plan map illustrating gold grade (gpt Au) of the flat lying shallow reef at the Pardo Gold Project.
Photos accompanying this announcement are available at:
