TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) provides a progress report on its 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario.
“We received very positive results from the 1,000 tonne bulk sample completed in 2017, even at this small scale the project costs were substantially offset by gold sales. While we still see significant exploration upside at Pardo, we are focused on the economic evaluation of the large mineralized footprint outlined by previous drilling. We believe the economics of our unique near surface flat lying paleoplacer mineralization are potentially very compelling, and that is what we are striving to demonstrate. At present, we are working towards the approval of our initial mining permit, which we anticipate this summer,” said Stefan Spears, Chairman and CEO.
Pardo - Phase II Bulk Sample
During Q1, Inventus was granted a Mining Lease covering the current core area of interest at Pardo. Upgrading the land tenure from mineral claims to a lease is integral to our objective of conducting an additional 50,000 tonne bulk sample from 4 different areas during the 2018 and 2019 field seasons. The second regulatory component required to enable the bulk sampling to proceed is the approval of a closure plan for the scope of the bulk sampling operation. The draft closure plan has been completed and will be reviewed by the regulators and other stakeholders as part of the consultation and approval process. We are optimistic that the plan will be approved this summer, which would enable us to extract and process up to 20,000 tonnes of mineralized material during 2018.
Ore Sorting Evaluation
Initial results from testing of commercial scale sorting technology on material from Pardo were encouraging. Gold grades were upgraded by 70% with high waste ejection using the X-Ray technology.
“This ore lends itself to excellent upgrading by high mass-reduction of the ROM feed material,” stated Steinert US.
X-Ray is the easiest sensor to configure, and it is generally the first option applied to precious metals ores. Additional testing is planned to evaluate other sensor combinations to optimize the process, however at this point we are confident ore sorting can deliver a material enhancement when compared to direct shipping run-of-mine (ROM) material for processing.
Technical Report
Inventus plans to have an updated NI 43-101 Technical Report published for the Pardo Property around the end of Q2 2018.
About Inventus Mining Corp.
Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the advanced exploration stage Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 106,971,069 common shares outstanding (117,265,235 shares on a fully diluted basis).
Visit http://www.inventusmining.com for more information.
For further information, please contact:
Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: info@inventusmining.com
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. No stock exchange, regulation services provider, securities commission or other regulatory authority has approved or disapproved the information contained in this news release.
Qualified Person
The Qualified Person(s) responsible for the geological technical content of this news release are Andy Bite, P.Geo., and Wesley Whymark, P.Geo., who have reviewed and approved the technical disclosure in this news release on behalf of the Company.
Forward-Looking Statements
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “if”, “yet”, “potential”, “undetermined”, “objective”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations.
Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources at Pardo, the inability to complete a feasibility study which recommends a production decision, the preliminary and limited nature of metallurgical test results (including the result of the bulk sample as described herein), delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political and legal risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR.
Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.