SUDBURY, ONTARIO--(Marketwired - May 8, 2015) - Inventus Mining Corp. (TSX VENTURE:IVS) ("Inventus" or the "Company") is providing the current drilling results for the Godzilla and Mid-Fan target areas on the Pardo Joint Venture ("Pardo JV") property, located approximately 65 km northeast of Sudbury, Ontario.
To date 25 drill holes totaling 420 metres have been completed from the drilling started in mid March on the Pardo JV. Assays for the first 20 holes have now been received and significant mineralization is summarized in the following tables:
Godzilla Zone Drilling
| | | | |
| Hole | From | To | Thickness | Gold g/t |
| PD-15-06 | Did not intersect conglomerate |
| PD-15-07 | 0 | 0.6 | 0.6 | 2.5 |
| PD-15-08 | No significant intersections |
| PD-15-09 | 1.3 | 2.1 | 0.8 | 0.7 |
| PD-15-10 | 0 | 3.4 | 3.4 | 0.2 |
| PD-15-11 | 0.82 | 1.28 | 0.46 | 0.3 |
| PD-15-12 | 0 | 0.6 | 0.6 | 3.5 |
| PD-15-13 | 0 | 1.5 | 1.5 | 1.2 |
| Including | 0 | 0.25 | 0.25 | 3.6 |
| PD-15-14 | No significant intersections |
| PD-15-15 | No significant intersections |
| PD-15-16 | 0.53 | 2.4 | 1.87 | 0.5 |
| PD-15-17 | 1 | 1.4 | 0.4 | 0.4 |
| PD-15-18 | 1.9 | 2.2 | 0.3 | 0.8 |
| PD-15-19 | 0.91 | 1.75 | 0.84 | 0.5 |
| 2.7 | 3 | 0.3 | 0.5 |
| PD-15-20 | Did not intersect conglomerate |
| |
Holes 15-06 through 15-20 in the Godzilla Zone indicate the true thickness of the basal conglomerate reef termed "MiBC" to be approximately 10 metres where erosion has not removed the upper portion. At the Godzilla Zone, the top of the MiBC is well mineralized with detrital pyrite and associated gold. This well-mineralized, higher-grade upper portion is approximately 1.5 to 2 metres thick and was exposed by a stripping and channel sampling program, completed last summer (see press release dated September 2nd 2014). At the Godzilla Zone, the Reef is interpreted to represent a preserved braided river boulder conglomerate channel, of the Precambrian-aged Mississagi Formation. The majority of mineralization on surface and drill core in the upper MiBC consists of detrital pyrite and free gold "clustered" in fluvial traps that are interstitial to the boulders in the conglomerate. With the diameter of the drill core used, the grade of the vertical drill intersections through the upper portion of the MiBC may not be indicative of the representative grade of the MiBC Reef in this area.
Mid Fan Target Drilling
| | | | |
| Hole | From | To | Thickness | Gold (g/t) |
| PD-15-01 | 0.28 | 7.4 | 7.12 | 0.4 |
| Including | 6.2 | 7 | 0.8 | 1.3 |
| 10.7 | 11.36 | 0.66 | 1.5 |
| 22.9 | 26.2 | 3.3 | 0.5 |
| 27.8 | 28.3 | 0.5 | 0.9 |
| PD-15-02 | 10.3 | 11.1 | 0.8 | 0.3 |
| 29.4 | 34.5 | 5.1 | 0.4 |
| Including | 31 | 32 | 1 | 1.1 |
| PD-15-03 | 10.9 | 11.8 | 0.9 | 0.5 |
| 13.5 | 14.8 | 1.3 | 0.2 |
| 16.5 | 17.6 | 1.1 | 0.2 |
| 19.1 | 20.3 | 1.2 | 0.3 |
| 23.3 | 30 | 6.7 | 0.2 |
| 44 | 52.6 | 8.6 | 0.4 |
| Including | 47.7 | 48.05 | 0.35 | 2.6 |
| 56 | 56.8 | 0.8 | 0.3 |
| 58.5 | 59.9 | 1.4 | 0.2 |
| PD-15-04 | 16.5 | 19 | 2.5 | 0.7 |
| 21.5 | 23.8 | 2.3 | 0.4 |
| PD-15-05 | 0.4 | 3.1 | 2.7 | 0.2 |
| 8.7 | 9.7 | 1 | 0.2 |
| 31.1 | 33.4 | 2.3 | 1.1 |
| Including | 32 | 32.25 | 0.25 | 3.2 |
| | | | |
Holes 15-01 to 15-05 were drilled within the Mid-Fan Target area. The Mid-Fan target is in excess of 800,000 sq. metres and located east and southeast of the Godzilla Zone. These holes successfully demonstrated the extension of the MiBC reef at the Godzilla Zone into the Mid-Fan Target area. The top of the MiBC is approximately 25 to 40 metres below surface and approximately 10 metres thick in this area.
Location maps for all drill holes reported to date can be accessed on the Company website at www.inventusmining.com.
Additional Results Expected
The remaining drill holes 15-21 through 15-25 were drilled to test the continuity of high-grade mineralization in the MiBC occurring on surface at the 007 Zone. Samples from these five drill holes have been delivered to the lab and assays are pending.
A further 180 metres of diamond drilling will be completed after spring breakup and results from this planned drilling should be available in June.
Inventus is the operator of the Pardo JV and holds a 64.5% ownership interest and Endurance Gold Corp. ("Endurance") owns a 35.5% ownership interest. Both Inventus and Endurance are funding the 2015 Pardo JV program on a pro rata basis, based on ownership. As a result, it is anticipated that Inventus's ownership interest in the Pardo JV will be unchanged at the completion of the current program. Inventus's 100% claims are unencumbered in any way.
About Inventus
Inventus Mining Corp. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in Pardo Township in northern Ontario. To learn more about Inventus Mining Corp., please visit: www.inventusmining.com.
Quality Control and Quality Assurance
The Qualified Person responsible for the geological technical content of this news release is Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
The samples of this release were transported in security sealed bags for preparation and assay at Act Labs located in Sudbury, Ontario. Act Laboratories Ltd. is an ISO 17025 registered laboratory. The samples reported were crushed in their entirety, with a 1kg split then pulverized. Two 50 g aliquots of the pulp were cut out and fire assayed. Results were reported as a weighted average of gold in the fractions. In instances where the averages exceed 3 g/t, the sample is re-run with a gravimetric finish and the gravimetric result is reported. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Forward-looking information
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Corporation's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Corporation does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
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.
