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Inventus Mining Corp. is pleased to announce the completion of its 2020 winter exploration program on its 100%-owned Sudbury 2.0 property, located 40 km northeast of Sudbury, Ontario.
An induced polarization (IP) survey was successfully completed and intriguing new exploration targets at Big Valley Lake and Doon Lake North have been identified. Five shallow exploration drill holes were also completed into the Laura Creek Offset Dyke to better evaluate the dyke’s orientation, width and geologic setting. Inventus intends to conduct follow-up trenching and sampling of the IP targets where they project to surface and additional drilling is planned later in the year.
Big Valley Lake and Doon Lake North IP Surveys
IP at the Big Valley Lake Grid identified a sizeable chargeability anomaly 200 metres north of the outcropping copper-gold mineralization discovered last year (see press release Sept 12th, 2019). The IP target is approximately 400 metres east-west by 400 metres north-south and trends northward off the survey grid (see Figure 1). The target is within 50 metres of surface, with the peak of the chargeability around 120 metres below surface and is open to depth below 220 metres. The chargeability values over the surface gold mineralization are lower than the IP target to the north. This is intriguing and suggests a much larger chargeable body may be present to the north.
The Doon Lake North IP survey outlined a near surface IP anomaly located on the southeast part of the grid. The target is chargeable coincident with low resistivity indicating moderate sulfides are present (see Figure 2). The target is situated along a north-south structure that may be controlling the hydrothermal mineralization in the area.
The IP anomalies at both Big Valley Lake and Doon Lake North will be investigated on surface with trenching and sampling in the coming weeks. The Big Valley Lake occurrence requires an access trail to be built, therefore drilling in the area will follow at a later date.
Laura Creek Offset Dyke
The Laura Creek winter drill program was designed to sample the offset dyke in a small area 60 metres down dip and 120 metres along strike. Drilling intersected Sudbury breccia along the margins of the offset dyke and confirmed the presence of inclusions, epidote and anomalous copper mineralization towards the center of the dyke. These findings are very encouraging and similar to other offset dykes around the Sudbury Basin. The drilling footprint so far at Laura Creek is minute in comparison to the Copper Cliff and Worthington offset dykes, two of the most well-endowed offset dykes with Ni-Cu-PGE orebodies (see Figure 3).
Now that drilling has established the dip, thickness and lithology of the offset dyke, effective exploration techniques employing geophysics can be initiated along the known 5-kilometre extent of the dyke. These techniques are well-established in Sudbury exploration and have been successful in finding many orebodies around the Sudbury Basin.
To address health concerns associated with the global COVID-19 pandemic, new operational procedures have been implemented across the Company to protect the health of our small workforce and their local communities, while facilitating the execution of our exploration programs on the Sudbury 2.0 and Pardo projects. We will continue to monitor the evolving COVID-19 situation and act proactively to protect the health and welfare of all stakeholders.
Stock Option Amendment
Inventus announces that the board of directors has approved the amendment to 677,500 stock options with an exercise price of $0.20 that were granted on May 26, 2015 to officers, directors and consultants of the Company under its stock option plan on May 26, 2015. The Amendments extend the expiry date of the stock options from May 26, 2020 until May 26, 2022. The exercise price and vesting terms of the stock options remain unchanged.
About Inventus Mining Corp.
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 Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 122,701,069 common shares outstanding (145,925,289 shares on a fully diluted basis).
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: [email protected]