Inventus Provides Drilling Update at Sudbury 2.0

Inventus Provides Drilling Update at Sudbury 2

TORONTO, March 22, 2021 (GLOBE NEWSWIRE) — Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) announces assay results from its drilling program at the Lake Zone, part of its 100%-owned Sudbury 2.0 project near Sudbury, Ontario.

Drilling highlights include:

  • 18.5 m of 7.0 g/t gold (restated) from Hole WL-20-01
  • 0.5 m of 36.4 g/t gold and 25.3 m of 1.2 g/t gold from Hole WL-21-02
  • Highly anomalous assays up to 4.5 g/t gold from hole WL-21-03
  • Highly anomalous assays up to 6.6 g/t gold from hole WL-21-04

A total of 7 drill holes have been completed in the current exploration program; 4 were located at the Lake Zone and 3 at Cobalt Hill about 1 km to the South. Results from Cobalt Hill will be the subject of a subsequent news release.

Inventus’ drilling from the Lake Zone has confirmed the presence of a large mineralized sulfide breccia structure under the lake (Figure 1). The mineralized breccia body appears to be a continuous unit with a NE-SW strike and is dipping steeply towards the east. The high-grade gold intersections from holes WL-20-01 and WL-21-02 suggest that this breccia body has excellent exploration potential with a strike length of over 500 metres.

The mineralized breccia unit varies in thickness and sulfide content along strike, indicating preferential fluid pathways and/or structures may host high-grade polymetallic mineralization. A very good correlation between sulfides, mainly pyrite, and polymetallic gold mineralization may enable us to target higher grade areas using geophysical methods. To refine our ability to target high-grade mineralization with drilling at the Lake Zone, Inventus is preparing to conduct an induced polarization (IP) survey.

Assay results from the Lake Zone and a description of each of the 4 holes is provided below.

Drill hole WL-20-01 tested the mineralization at the historic outcrop and shaft area (see news release dated January 19, 2021). A total of 10 samples from the drill core were re-assayed using the metallic screen method to account for coarse gold. 8 of 10 samples returned higher gold content with a 28% average increase in grade. The drill intersection, including the metallic screen assays, is now restated as 18.5 metres of 7.0 g/t gold, 0.8% copper and 0.02% cobalt from 33 m to 51 m down hole. See select drill core intervals in Table 1 and a cross section of the drill hole in Figure 2.

Table 1. WL-20-01 Assay Intervals including re-assayed metallic screen samples.

Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) Co (%)
WL20-01 32.80 51.30 18.50 7.0 0.8 0.02
Including 38.57 39.30 0.73 21.1 1.9 0.03
and 41.35 43.25 1.90 14.2 1.8 0.04
and 45.81 46.35 0.54 30.4 1.8 0.09
and 48.52 51.31 2.79 16.8 0.5 0.04

*Intervals are core lengths, true widths are not known.
Drill hole WL-21-02 was designed to test the mineralization at depth approximately 200 metres below surface. A narrow sulfide vein carrying 36.4 g/t gold was intersected at 13.5 metres down hole, proximal to the mineralized zone in hole WL-20-01. The hole intersected 113 metres of hydrothermal breccia with variable pyrite and chalcopyrite mineralization from approximately 367 m to 480 m down hole. The mineralized breccia had 25.3 metres of 1.2 g/t gold and 0.02% cobalt from 454 to 480 metres including 9.2 metres of 2.3 g/t gold and 0.05% cobalt. See select assay intervals in Table 2 and a cross section of the hole in Figure 2.

Table 2. WL-21-02 Assay Interval Summary.

Hole ID From (m) To (m) Interval (m) Au (g/t) Co (%)
WL-21-02 13.57 14.11 0.54 36.4 0.05
and 454.42 479.72 25.3 1.2 0.02
including 460.98 470.14 9.16 2.3 0.05
including 460.98 461.55 0.57 6.2 0.07
including 469.55 470.14 0.59 11.9 0.07

*Intervals are core lengths, true widths are not known.

Drill hole WL-21-03 intersected 156 metres of alteration and hydrothermal breccia from 12 to 168 metres approximately 400 metres north along strike of WL-21-02. See select assay intervals in Table 3 and a cross section of the hole in Figure 3.

Table 3. WL-21-03 Assay Interval Summary.

Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%)
WL-21-03 82.66 83.28 0.62 2.6 1.6
WL-21-03 90.45 90.66 0.21 0.9 2.2
WL-21-03 94.11 94.44 0.33 3.7 2.2
WL-21-03 128.32 128.79 0.47 0.5 0.4
WL-21-03 132.41 133.11 0.70 1.1 n/s
WL-21-03 135.33 136.37 1.04 1.4 n/s
WL-21-03 140.83 141.34 0.51 2.4 n/s
WL-21-03 141.86 143.49 1.63 3.9 0.8
WL-21-03 145.99 148.00 2.01 3.1 n/s
WL-21-03 158.25 160.12 1.87 1.9 n/s

*Intervals are core lengths, true widths are not known. n/s – no significant value

Drill hole WL-21-04 intersected the alteration and hydrothermal breccia 100 metres south and downdip of the intercept in WL-21-03. A low-grade intersection of 32 metres of 0.4 g/t gold was intersected from 384 to 416 metres. See select assay intervals in Table 4 and a cross section of the hole in Figure 4.

Table 4. WL-21-04 Assay Interval Summary.

Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) Co (%)
WL-21-04 123.23 123.88 0.65 6.6 0.3 n/s
and 383.98 416.10 32.12 0.4 n/s n/s
including 383.98 385.95 1.97 1.4 n/s 0.04
and 397.46 401.53 4.07 0.8 n/s n/s
and 406.02 407.04 1.02 1.2 n/s n/s

*Intervals are core lengths, true widths are not known. n/s – no significant value

Figures 1 to 3.

For further information, please contact:

Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280
E-mail: [email protected]

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 approximately 130,500,000 common shares outstanding.

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.

Qualified Person

The Qualified Person responsible for the geological technical content of this news release is Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.

Technical Information

The samples collected by Inventus described in this release were transported in secure sealed bags for preparation and assay by Agat Laboratories in Mississauga, Ontario. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 500 g subsample split and pulverized to 85% passing 200 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES/AAS finish. Multielement assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish. Samples over 10 g/t gold were subject to a 50 g aliquot FA with gravimetric finish. Re-assays were done using a 500 g metallic screen, the minus fraction was subject to 90% passing 150 mesh with two 50 g FA and the plus fraction was subject to a FA to completion with gravimetric finish.

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 of our exploration to identify mineral resources, 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.

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