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Inventus Mining Corp (2)
Symbol IVS
Shares Issued 167,964,904
Close 2023-07-20 C$ 0.045
Market Cap C$ 7,558,421
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Inventus completes phase 1 drilling at Dorland

2023-07-20 15:29 ET - News Release

Mr. Stefan Spears reports

INVENTUS COMPLETES FIRST PHASE OF DRILLING AT THE DORLAND PROSPECT

Inventus Mining Corp. has completed its initial drilling program at the 100-per-cent-owned Dorland Co-Au-Cu-Ni (cobalt-gold-copper-nickel) prospect, located 36 kilometres northeast of Sudbury, Ont.

Highlights:

  • The company successfully tested the mineralization and induced polarization geophysical anomalies at the Dorland Co-Au-Cu-Ni prospect intersecting large zones of sulphide breccia, including multiple zones of massive sulphide. A total of 10 holes were completed for 1,014 metres of drilling with all 10 holes intersecting a zone of alteration and sulphide breccia. The program was designed to test the continuity below and around the polymetallic mineralization found at surface where select surface grab samples have returned assays up to 1.2 per cent cobalt, 2.6 grams per tonne gold, 0.51 per cent copper and 0.1 per cent nickel.
  • Inventus received approval for an exploration funding grant of up to $200,000 through the Ontario Junior Exploration Program (OJEP).

Dorland drilling program

The drill core is currently being processed and approximately 240 m of the core will be sampled and assayed for polymetallic cobalt, gold, copper and nickel mineralization. The drilling intersected similar geological units found on the surface consisting of a zone hydrothermal alteration within unaltered diamictites of the Gowganda sediments. The alteration zone trends east to west and dips south at approximately 60 degrees. The alteration consists of albite, carbonate and quartz (sodic, calcic and silica alteration), with a core of hydrothermal sulphide breccia. The sulphide breccias are composed of clasts of the host rock with the addition of k-feldspar, chlorite plus/minus pyrite, magnetite and hematite in the breccia matrix (potassic and iron alteration). Assay results from the drilling are expected over the next three to six weeks.

The location of the drilling is provided in a figure in the original release. A description of some of the better holes based on visual inspection include DP-23-04, DP-23-06, DP-23-08 and are described herein.

DP-23-04 -- Intersected a 38.5-metre zone of sulphide breccia from 16 to 54.5 metres that included five sections of massive pyrite ranging from 0.2 m to 1.1 m.

DP-23-06 -- Intersected a 36 m zone of sulphide breccia from 42 to 78 m.

DP-23-08 -- Intersected multiple zones of sulphide breccia including one zone from 107 to 110 m with strong hematite and potassic alteration. This type of alteration is characteristic of classic IOCG-type mineral systems and is the first observation of this type of alteration on the Sudbury 2.0 project.

Wesley Whymark, vice-president of exploration, commented: "The large intersections of sulphide breccia and zones of massive sulphide below the historic shafts where surface mineralization occurs is very encouraging and suggest continuity of the mineralization at depth. The presence of hematite and potassic alteration in areas of the sulphide breccia is a very interesting development as this alteration is characteristic of classic iron-oxide-copper-gold (IOCG) mineral systems and has not been seen on the Sudbury 2.0 project until now."

OJEP funding

Inventus has been accepted into the Ontario Junior Exploration Program (OJEP), an exploration funding grant from the Ontario government. The program provides grants of up to $200,000 to promote the exploration and discovery of critical metals in Ontario.

About Inventus Mining Corp.

Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ont. The company's principal assets are a 100-per-cent 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 164.8 million common shares outstanding.

Qualified person

The qualified person responsible for the technical content of this news release is Inventus's vice-president of exploration, Wesley Whymark, PGeo, who has reviewed and approved the technical disclosure in this news release on behalf of the company.

QA/QC

Procedures have been implemented by Inventus to assure quality assurance and quality control (QA/QC) of all drill core samples. Drill core is obtained from the diamond drill in sealed core trays and transported by Inventus personnel to the company's core processing facility. Core is processed, logged and sample intervals are marked for diamond saw cutting. Half core samples and lab identification numbers are verified prior to samples being sealed into plastic bags. Certified reference materials and blank material is inserted into the sample sequence alternating every 10 samples. Batches of 15 to 25 samples are placed into sandbags and sealed prior to transport by Inventus personnel to Agat Laboratories an ISO-accredited assay laboratory.

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