TORONTO, ONTARIO (December 29, 2020) - Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to announce that its 3,000 metre winter drill program has started on the Wolf Lake and Cobalt Hill properties. The first drill hole is now complete and drilling will continue in the new year. The previously announced acquisition of Wolf Lake, Cobalt Hill and Rathbun properties is scheduled to close soon.
The initial drill program at the Wolf Lake and Cobalt Hill targets is designed to properly sample the polymetallic gold mineralization and test the mineralized structures at depth. A review of the previous exploration drilling has indicated that the mineralization was not properly or consistently sampled.
The first hole drilled by Inventus, WL-20-01, was designed to replicate historic drill hole WL-90-03 that
intersected: 16.6 g/t gold over 22.4 m including 154.9 g/t over 1.1 m and 61.6 g/t over 1.8 m (See Table 1 for historic assays). Inventus planned to begin drilling at this location for three reasons:
1) All historic drill core from Wolf Lake has been lost;
2) Drill core containing high-grade mineralization will validate historic records and guide future drilling by understanding its geological setting; and
3) A complete multi-element analysis can be conducted on the polymetallic mineralization, which has never been done.
Drill hole WL-20-01 intersected 24 m (from 28 to 52 m) of mineralized hydrothermal alteration and vein breccia surrounded by Sudbury breccia with disseminated and blebby sulfide including pyrite, chalcopyrite, chalcocite, covellite, bornite and malachite (see Figures 1 and 2). The mineralization in the hole is very encouraging and demonstrates the polymetallic nature of the mineralization. Samples from the hole have already been processed and assays are expected in January 2021.
Figures 1 and 2: http://www.inventusmining.com/s/Dec2020Figs.pdf
Table 1. Historic assays from WL-90-03
DDH From
(m) To (m) Interval (m) Gold (g/t) Copper (%)
WL-90-03 29.26 29.56 0.30 3.6 -
WL-90-03 30.18 30.48 0.30 0.1 -
WL-90-03 31.70 32.31 0.61 15.2 0.4
WL-90-03 32.31 33.83 1.52 1.4 2.8
WL-90-03 33.83 35.35 1.52 10.1 1.5
WL-90-03 35.35 36.57 1.22 5.7 1.4
WL-90-03 36.57 37.80 1.23 0.2 -
WL-90-03 37.80 38.86 1.06 154.9 -
WL-90-03 38.86 39.32 0.46 1.6 1.0
WL-90-03 39.32 41.15 1.83 61.6 0.9
WL-90-03 41.15 42.67 1.52 15.6 0.2
WL-90-03 42.67 44.04 1.37 0.3 -
WL-90-03 44.04 44.50 0.46 5.0 -
WL-90-03 44.50 46.63 2.13 0.2 -
WL-90-03 46.63 47.85 1.22 1.1 -
WL-90-03 47.85 49.68 1.83 7.5 -
WL-90-03 49.68 50.90 1.22 6.8 -
WL-90-03 50.90 52.43 1.53 0.1 -
WL-90-03 52.43 54.10 1.67 5.5 -
*Core intervals are converted from feet to metres, and gold assays are
converted from ounce per ton to gram per tonne. Historical copper assays
were not taken for intervals marked with (-). Results are core length, true
widths are not known. |
