Inventus Mining Files Technical Report on Pardo Project
TORONTO, Aug. 07, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) ("Inventus" or the "Company") is pleased to announce that it has received an updated technical report prepared in accordance with National Instrument 43-101 ("NI 43-101") on the 100% owned Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury, Ontario (the "Technical Report").
The Technical Report dated August 3, 2018 is entitled "Technical Report on the Pardo Paleoplacer Gold Project Ontario, Canada" and was prepared by independent Qualified Persons (as the term is defined in NI 43-101) at Nordmin Engineering Ltd. in Thunder Bay, Ontario. The Technical Report is available for download on the Company's website (inventusmining.com) and SEDAR (sedar.com).
Project Milestones
The previous technical report on Pardo was completed in 2015, and since then Inventus has accomplished six important milestones which are highlighted in the new Technical Report, including:
- Consolidating 100% property ownership in Inventus,
- Converting the core claims to a mining lease and upgrading the project to advanced exploration,
- Completing the first 3D geological model of the property,
- Processing the first one thousand tonne bulk sample that returned a calculated head grade to 4.2 grams per tonne gold,
- Submitting the first mining permit application for the project in support of a 50,000 tonne bulk sample scheduled to begin later this year, and
- Conducting the first quantitative risk assessment and estimation of the exploration target range.
Exploration Target Range
The Technical Report provides an assessment of the exploration target range for the Pardo Project using a quantitative approach that integrated the available drill holes, channel sampling, bulk sampling and geological information.
The exploration target range is expressed in terms of pessimistic, moderate and optimistic cases. Following the conventional use of such distributions, the 10th percentile (P10) defines a pessimistic case, the 50th percentile (P50) defines the moderate case, and the 90th percentile (P90) defines an optimistic case for the mineralized Mississagi Boulder Conglomerate unit.
- The pessimistic case (P10) assumes that the mineralization is only confined to the zones that were bulk sampled and/or have extensive channel sampling and drilling at the Trench 1, Trench 2, 007, Godzilla, Eastern Reef and High Grade occurrences.
- The moderate case (P50) assumes that approximately 50% of the mineralization defined is continuous within the boundaries of the mineralized Mississagi Boulder Conglomerate unit.
- The optimistic case (P90) assumes that the mineralization between these zones is continuous and extends to the currently known boundaries of the mineralized Mississagi Boulder Conglomerate unit. ?
The P10, P50 and P90 range for the exploration target at the Pardo Project is rounded to reflect the inherent uncertainties and is shown in table 1-1.
Table 1-1: Exploration target P10, P50 and P90 ranges for the Pardo Project.
| Parameter | P10 | P50 | P90 |
| Tonnage (t) | 450,000 | 8,600,000 | 12,500,000 |
| Gold Grade (g/t) | 4.20 | 3.50 | 3.50 |
| Metal Content (oz) | 60,000 | 950,000 | 1,400,000 |
The tonnage, grade and contained ounces are conceptual in nature and are based on previous detailed surface mapping and drilling and channel sampling results that define the approximate thickness, depth and grade of the mineralized conglomerate unit.
These ranges are conceptual in nature since the Pardo Project requires further drilling and surface sampling to validate the geological and statistical assumptions used. Although all the technical assumptions are supported by the spatially limited drilling and available geological data at the time, further drilling may challenge these assumptions. As such, there has been insufficient exploration to define a current mineral resource and the company cautions that there is risk that further exploration will not result in the delineation of a current mineral resource.
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: [email protected]
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
Wesley Whymark, P.Geo, Chief Geologist of Company, has reviewed and approved the technical information contained in this news release. Mr. Whymark is a Qualified Person within the meaning of Canadian Securities Administrator's National Instrument 43-101.
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.
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