TORONTO, ONTARIO--(Marketwired - March 1, 2017) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") today announces that it has received assay results for the first 5 holes of the winter drill program (see Figure 1) at the 100% owned Pardo Paleoplacer Gold Project ("Pardo") near Sudbury, Ontario. A total of 19 holes have been completed to date. Complete assay results are as follows:
| Hole ID | From (m) | To (m) | Width (m) | Gold Grade (g/t) | ||||
| PD-17-01 | 39.6 | 40.6 | 1.0 | 2.58 | ||||
| PD-17-02 | 11.3 | 13.0 | 1.7 | 3.16 | ||||
| PD-17-03 | Not sampled, rubble filled fault zone | |||||||
| PD-17-04 | 17.1 | 20.3 | 3.2 | 11.51 | ||||
| Including | 19.7 | 20.3 | 0.6 | 58.22 | ||||
| PD-17-05 | 42.8 | 43.9 | 1.1 | 2.08 | ||||
| All holes were drilled vertically. Intercept lengths are true width. Samples returning <0.4 gpt were not included in the intervals reported above. |
Hole PD-17-01 was designed to follow up on a previous hole that ended before reaching the mineralized boulder conglomerate unit due to drilling problems. The results support the existence of mineralized boulder conglomerate in this area at a depth of approximately 40 m. A small amount of visible gold was observed in the core.
Hole PD-17-02 was drilled 50 m to the South of two previous holes that returned individual samples with gold grades of up to 25 and 27 g/t. The hole encountered basal boulder conglomerate at a depth of 11 m that was well mineralized with abundant detrital pyrite typical of higher grade zones. Although the assayed grade was not exceptionally high, the results support the extension of the target zone and will be offset again 50 m and 100 m to the South with additional planned holes.
Hole PD-17-03 encountered rubble in a fault zone and was not sampled.
Hole PD-17-04 intercepted boulder conglomerate at a depth of 17 m with a total thickness of 3.2 m. A cluster of visible gold grains was observed at 20 m down hole (see Figure 2). This hole contains the highest gold grade of any drill hole at Pardo and extends the mineralized zone 75 m to the West. The greater thickness of boulder conglomerate in PD-17-04 could indicate the presence of a well mineralized channel in the paleo surface, which is an interesting exploration target for additional drilling.
Hole PD-17-05 intercepted boulder conglomerate at a depth of 43 m. The increasing depth to the West is explained by a rise in the topography between holes PD-17-04 and this hole. The result further extends the boulder conglomerate 80 m to the West.
Drilling and Sampling
The current drill program is being carried out with a diamond drill that produces core samples 70 mm in diameter. In comparison smaller 40 - 47 mm diameter core was typically used on the Pardo project. In the past, small diameter cores were cut in half and only half was sent for assay. Currently we are sending the entire large diameter core for assay (after logging and photographing), which effectively results in sample sizes between 4.5 and 6.5 times larger in volume assuming a constant core length.
The assay results above are from cyanide bottle roll analysis on 2 kg subsamples. This procedure of acquiring larger core samples and assaying a 2 kg subsample on average returns higher gold grades than standard fire assays. Pardo is similar to other paleoplacers worldwide in that grades can vary enormously between samples at very small distances. Our goal is to continue to refine and improve our procedures to provide the best possible information from drilling, but ultimately to extract and process larger samples to determine the average gold content.
About Inventus Mining Corp.
Inventus is a mineral exploration company focused on the world class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 100,304,403 common shares outstanding (108,898,570 shares on a fully diluted basis). Endurance Gold Corp. owns 25.4% of the issued and outstanding shares, Robert McEwen owns 18%, Eric Sprott owns 13.6%, Osisko Gold Royalties Ltd. owns 6%, and the former Chairman and CEO Wayne Whymark owns 6.4%.
Visit http://www.inventusmining.com for more information.
