molee
6 years ago
Inventus Mining Identifies Extensive Sudbury Breccia Belt and Exotic Mafic Dykes on Its Sudbury 2.0 Property
TORONTO, March 05, 2019 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) is pleased to provide an update about exploration activities on its 100% owned Sudbury 2.0 property (the “Property”) located northeast of Sudbury, Ontario.
During the 2018 field season, Inventus discovered and mapped a contiguous belt of Sudbury breccia over a distance of 14 km with potential to extend it over 30 km. The breccia belt is located above the Temagami Magnetic Anomaly and further validates the Sudbury 2.0 exploration concept. Inventus plans to explore the breccia belt in greater detail and compare it to Sudbury’s South Range Breccia Belt that hosts the Frood-Stobie deposit.
Additionally, Inventus has also found two exotic mafic dykes on the Property. The mafic dykes have different lithological and geochemical characteristics to any known intrusive rocks in the regional area. The two mafic dykes are being studied in detail to determine their geological relationship to both the Temagami Magnetic Anomaly and Sudbury Igneous Complex (SIC).
With the identification of unexplored Sudbury-type geology found on surface, a stronger geological connection has now been made between the Temagami Magnetic Anomaly and the Sudbury Basin. These new findings suggest there is good exploration potential for magmatic Ni-Cu-Pt-Pd mineralization and associated hydrothermal Au-Cu-Co-Ni mineralization over a large area of the Property.
Sudbury Breccia Belt
Geological mapping during the 2018 field season lead to the discovery of a previously unrecognized 14 km belt of Sudbury breccia. The breccia belt, named the Laundry Lake Breccia Belt (LLBB), occurs above the western peak of the Temagami Magnetic Anomaly and along a regional gravity discontinuity, suggesting the breccia belt was emplaced along a major regional structure (see Figure 1 for the location of the breccia belt with total gravity and magnetic maps).
The LLBB was found to contain a variety of different rock types as inclusions, with at least two different exotic mafic rock types of an unknown origin. The variety of rock types differing from the surrounding geology suggests that the breccia clasts were transported significant distances. This is an uncommon occurrence in the region and demonstrates similarities with both the South Range Breccia Belt (SRBB) and footwall-type breccia that occur along the footwall of the Sudbury Igneous Complex (SIC). The SRBB hosts the Frood-Stobie deposit, the largest ore deposit in the Sudbury Basin and one of the largest single deposits in the world. It appears that the new LLBB is the only other breccia structure analogous to the SRBB occurring around the SIC. Inventus plans to use the SRBB and the Frood-Stobie deposit as a model to guide future exploration on the Property.
Mafic Dykes
Two exotic mafic dykes were also mapped on the Property during the 2018 field season (See Figure 1 for the location of the mafic dykes with total gravity and magnetic map backgrounds).
Tholeiite Diorite Dyke
This dyke was observed intruding the Huronian Supergroup sediments with a near vertical dip and was mapped in two sections for a combined length of 5.7 km. Initial analysis of the dyke revealed some lithological similarities to quartz diorite offset dykes that are found radiating from the Sudbury Igneous Complex (SIC), including anomalous platinum and palladium values. Both sections of the dyke share the same NE-SW strike and are likely connected for a total length exceeding 8 km. The southwest extent of the dyke could project back to the SIC, similar to other offset dykes found radiating from the Sudbury Structure. The north-eastern section of the dyke is spatially associated with known hydrothermal Au-Cu and Au-Co-Ni mineralization and the newly identified LLBB (see Figure 2).
Previous exploration of the hydrothermal mineralization by Flag Resources at the Wolf Lake and Cobalt Hill areas did not recognize the significance or possible genetic relationship between the mafic dyke, Sudbury breccia, and the SIC. An examination of Flag’s historic exploration data revealed the mafic dyke was intersected in multiple drill holes near the hydrothermal Cu-Au mineralization, and only one 10 m section of the mafic dyke appears to have ever been assayed, which returned 1.1 g/t gold over 9.3 m. It appears from the historic account that the mafic dyke was not analyzed for platinum or palladium.
Alkaline Diorite Dyke
This dyke was mapped over 1 km above the western peak of the Temagami Magnetic Anomaly where it has an intrusive contact with the Huronian Supergroup sediments (see Figure 2 for location). The dyke is moderately magnetic with a near vertical dip and has a NW-SE strike. The contact of the dyke with the LLBB was not observed, however, clasts of the dyke were found in the breccia (see Figure 3). The alkaline diorite dyke is older then the Huronian sediments but younger then the Sudbury Event and does not correlate with any intrusive magmatic events in the region. The possibility of this dyke being a distal segment of a larger magmatic body at depth, potentially responsible for the Temagami Magnetic Anomaly, is being evaluated.
Inventus believes that both the LLBB and exotic mafic dykes present excellent exploration targets. Inventus is planning its upcoming 2019 field season with emphasis on field observations and our newly acquired database of geophysical data, including detailed magnetic data produced by Falconbridge that was kindly provided by Glencore.
Click here for figures: http://inventusmining.com/s/Mar_5_Figs.pdf
molee
6 years ago
Inventus Drilling Extends Mineralization at 007
TORONTO, Dec. 19, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) (“Inventus” or the “Company”) announces it has received the remaining assays for its recent drill program at the 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. A total of 35 holes at the 007 Zone were completed including 7 step out holes (see Figure 1), which are reported below.
Hole ID From
(m) To
(m) Length
(m) Gold Grade (g/t)
007-18-30 8.83 10.1 1.27 0.99
007-18-31 3.25 5.5 2.25 7.89
Including 3.25 4.03 0.78 21.2
007-18-32 4.54 7.7 3.16 2.59
Including 5.31 7.15 1.84 4.14
007-18-33 4.15 8.62 4.47 0.85
Including 5.78 6.38 0.6 3.66
Holes 29 and 34 did not encounter significant values, and hole 35 was not completed. All holes were drilled vertically. Intercept lengths are true thickness. Gold grades are determined by fire assay and gravimetric methods; see note on Technical Information.
The objective of this drill program was to provide drill data for the next phase of bulk sampling and demonstrate continuity of the mineralized conglomerate. The first 28 closely spaced drill holes (released on Nov 22, 2018) delineated a volume of approximately 6,000 tonnes of mineralized material (see the 007 Bulk Sample Outline on Figure 1).
Step out holes 31, 32 and 33 have all demonstrated that the mineralized boulder conglomerate reef extends towards the north under shallow cover. These new holes combined with previous drilling supports our interpretation that a highly enriched mineralized boulder conglomerate reef extends for 350 m North from the 007 Zone.
Click here to view Figure: http://www.inventusmining.com/s/Figure-1-Dec-19.pdf
About Inventus Mining Corp.
Inventus is a mineral exploration company focused on the world-class mining district of Sudbury, Ontario. Our principal asset is a 100% interest in the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America. Inventus has 110,301,069 common shares outstanding (123,925,235 shares on a fully diluted basis).
Visit http://www.inventusmining.com for more information.
Read more at http://www.stockhouse.com/news/press-releases/2018/12/19/inventus-drilling-extends-mineralization-at-007#fjAdRZqRVWcyTSTu.99
Hurricane_Rick
6 years ago
Inventus Mining Drills Up To 62 g/t Gold on Surface at 007 Zone
TORONTO, ONTARIO (Nov 22, 2017) - Inventus Mining Corp. (TSX VENTURE: IVS)(“Inventus” or the “Company”) today announces that it has received assay results for the first 28 holes of the winter drill program at the 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. A total of 28 definition drill holes and 7 step-out holes at the 007 Zone have been completed and the program is near completion.
Gold-bearing conglomerate layers or “reefs” at Pardo are horizontal and typically 1-3 metres (m) in thickness. Reefs re laterally extensive and occur on or very near surface. Higher gold grades occur concentrated in fluvial channels or “pay streaks”, and valleys in the footwall upon which the conglomerate was deposited.
The objective of the current definition drill program is to provide data to support the next phase of bulk sampling. Completed assay results from drilling at the 007 Zone are as follows:
Drilling Results and Interpretation
The 28 new drill holes at the 007 Zone (see Figure 1) indicate that the average thickness of the mineralized boulder conglomerate is 2.5 metres, and the weighted average gold grade is 3.4 g/t. In comparison the average gold grade in 11 holes drilled at the Trench 1 bulk sample site was 1.3 g/t. Processing of the Trench 1 bulk sample returned an average grade of 4.2 g/t gold, over 200% higher than the grade indicated by drilling in the same area (see results published on January 3, 2018 - http://www.inventusmining.com/s/Inventus_Jan3.pdf).
Inventus expects to see a similar improvement in the gold grade when bulk sampling the 007 Zone. The Company intends to commence a bulk sampling program of up to 50,000 tonnes in the Spring of 2019.
Exploration Target Range
On August 3, 2018, Inventus released a new NI 43-101 Technical Report on the Pardo Project. The report is available for download on the Company’s website (http://www.inventusmining.com/home-1/) and SEDAR (sedar.com). The report assessed the exploration target range for the Pardo Project. The exploration target range was expressed in terms of pessimistic (P10), moderate (P50) and optimistic (P90) cases as shown in the table below.
The potential tonnages and grades are conceptual in nature and are based on surface mapping, drilling and channel sampling results that define the approximate thickness, depth and grade of the mineralized conglomerate unit. There has been insufficient exploration to define a current mineral resource and the Company cautions that there is a risk that further exploration will not result in the delineation of a current mineral resource.
Ore Sorting
Prior bench scale testing demonstrated that sensor sorting and gravity separation were potentially viable methods to upgrade the Pardo mineralized material prior to processing (see results published on April 5, 2017 -
http://www.inventusmining.com/s/IVS-Studies-Update-FINAL.pdf).
Measurements made of the clasts present in the mineralized boulder conglomerate indicate that the matrix, which contains all the gold, represents approximately 25% by volume of the whole rock. Opportunity therefore exists to mechanically remove 75% by volume that would
otherwise be barren waste sent for processing. We intend to follow-up this work as part of the bulk sampling program.
Click here to view Figure 1: inventusmining.com/s/Nov_22_Fig_1.pdf
Hurricane_Rick
6 years ago
The NI 43-101 doesn't refer to resources at this point because there isn't enough data to support an official resource estimate. However, they do refer to "exploration targets" where they attempt to provide some sort of estimate on tonnage, grade and metal content to the property thus far, using a worst case, middle case and best case scenario.
In the (P10) worst case scenario, the exploration target has 450,000 tonnes of ore with a 4.2 g/t grade and a metal content of 60k ounces. At $1,200/oz, that comes to $72 million.
In the (P50) middle case scenario, the exploration target has 8.6 million tonnes of ore with a 3.5 g/t grade and a metal content of 950k ounces. At $1,200/oz, that comes to $780 million.
And finally, in the (P90) best case scenario, the exploration target has 12.5 million tonnes of ore with a 3.5 g/t grade and a metal content of 1.4 million ounces. At $1,200/oz, that comes to $1.68 billion.
Obviously this is a very rough estimate, though it is based on the geological data, exploration and bulk sampling completed to date. It also doesn't include extraction, expansion and further exploration costs. However, it at least provides shareholders (and financiers) a certain level of valuation that can be associated with the property and the company. The upcoming bulk 5,000 tonne bulk sample, along with the ore sorting techniques, will provide even more data and help to further refine the estimate.
As an Inventus shareholder, I'm very pleased. So must Mr. McEwen and Mr. Sprott!
Hurricane_Rick
6 years ago
Inventus Mining Files Technical Report on Pardo Project
August 07, 2018 16:15 ET | Source: Inventus Mining Corp.
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).
https://globenewswire.com/news-release/2018/08/07/1548493/0/en/Inventus-Mining-Files-Technical-Report-on-Pardo-Project.html
Hurricane_Rick
6 years ago
The Smart Money is in Pilbara Conglomerate Gold Plays
Investing News Network - July 26th, 2018
Pilbara’s conglomerate gold discoveries may be a test of mining ingenuity but long-term investor confidence remains.
The Pilbara Gold Rush in Western Australia kicked off in July 2017 with Artemis Resources (ASX:ARV) and Canadian joint venture partner Novo Resources’ (TSXV:NVO) discovery of near-surface conglomerate-hosted gold nuggets over impressive strike lengths at Purdy’s Reward.
By November, more than two dozen resource companies had flooded into Pilbara searching for gold. The discovery also caught the attention of major player Kirkland Lake Gold Ltd (TSX:KL, ASX:KLA), which has invested C$56 million into Novo Resources, as well as kingmaker Eric Sprott who has taken up share positions in a number of players in the region.
The Pilbara Gold Rush is well into its first year and although there have been some road bumps along the way, there is still a healthy momentum rolling through that red earth. Resource companies are quickly securing strategic financial partnerships and acquiring land packages in the hopes of hitting pay dirt on the watermelon seed-shaped gold nuggets being likened to the conglomerate gold found in South Africa’s prolific Witwatersrand Basin.
What is conglomerate gold and why is it important?
Sediment-hosted conglomerates, of which Witwatersrand is the most famous example, account for more than half of the world’s gold production. These types of deposits are known to occur in many Archean cratons globally—including those found in Europe and India—resting unconformably over Archean granite-greenstone terrains.
Western Australia’s resource-rich Pilbara region covers more than half a million square kilometers including some of the world’s most ancient rock formations and is most well-known for its world-class iron deposits. However, the latest developments have shown significant potential for new gold-focused districts. The fact that the region remains underexplored despite a well-entrenched mining industry is all the more attractive to majors and juniors alike.
“The Pilbara Region of Western Australia is one of the most resource rich areas in Australia and there has been very little exploration at depth,” said Artemis’ Executive Chairman David Lenigas. “In essence, Western Australia has been spoilt for choice for shallow mineral wealth. It’s time that someone started looking for the source of a lot of mineralisation in the Western Pilbara that has fed the many surface deposits of cobalt, nickel, copper, zinc, gold and PGE’s, within Artemis’ extensive tenement package south of Karratha.”
The crux of the excitement in the region is over the possibility that the Pilbara Craton shares geological DNA with South Africa’s Kaapvaal Craton, home to the Witwatersrand Basin—which hosts the earth’s largest known gold reserves and is responsible for over 40 percent of the gold produced worldwide to date. The Witwatersrand Gold Rush of 1886 was largely responsible for the establishment of Johannesburg, and so important to the economic development of South Africa that the national currency is today known as the Rand.
While there are significant differences in the two systems (including provenance, tectonics and continuity), there are similarities worth exploring, according to a recent presentation by SRK Principle Geologist, Mike Cunningham. Both Pilbara and Witwatersrand sit on top of Archean granite-greenstone basement similar in age and composition, hosting numerous small mesothermal gold deposits (with high-nugget mineralization). In both regions, gold deposition is closely related to the deposition of detrital pyrite, uraninite and carbonaceous matter.
“Is the conglomerate gold in Pilbara real? Yes, of course it is. Can we use Wits as an analogue? Yes. But there are very important differences,” said Cunningham, who also emphasized that “discovery matters.” That is to say that although the deposit model type for Pilbara’s gold system may not be exactly the same as that found in the epic Witwatersrand Basin, it is in fact conglomerate gold and worthy of all the attention now focused on the region.
The challenge of the nugget effect
While the potential for prolific gold production makes the conglomerate type discovery at Purdy’s Reward attractive, the discontinuous distribution of the watermelon seed size nuggets has posed a problem for Novo Resources. Conglomerate gold by nature can display very irregular and patchy distribution, which can result in huge discrepancies even between adjacent drill holes. This discontinuity is what geologists call the ‘nugget effect’. This reality coupled with the fact that samples from conventional drilling are typically small in size often leads to a high level of uncertainty when generating grade estimates for resource blocks.
“The nugget effect for Pilbara gold poses a bit of a challenge, making it difficult to define a mineral resource estimate,” notes Cunningham. “Therefore, it’s hard to encourage money from investors because you need to obviously prove that you’ve got something worthwhile to invest in.” In fact, news of Novo’s first few exploration results fell flat and the market responded with a savage sell-off.
And yet, Novo’s challenge isn’t a reason to call it quits, take your ball and go home. Other resource companies have faced the challenge of nugget effect and won. It’s about being able to think outside the box. In his talk at the RIU Explorers Conference 2018, Cunningham posed the questions: How do we tackle this challenge? Is bulk sampling the answer?
Cunningham uses Inventus Mining’s (TSXV:IVS) Pardo conglomerate-gold host project in Sudbury, Ontario as an example. He points out that after obtaining an average gold grade of 1.34 g/t over 11 diamond drill holes, the company decided to conduct a large 1,000 tonne bulk sampling program which returned an average grade of 4.2 g/t gold.
Recognizing that the best way to advance the their JV project “is to ultimately move it toward large-scale bulk sampling,” Novo and Artemis recently announced a AU$5.4 million exploration program that both companies have referred to as an “important step” toward completing a JORC-compliant resource estimate in order to convert the exploration license to a mining lease and in turn boost investor confidence.
“Novo is at a critical point here with this next bulk sampling program. We’re talking about a new region with a new geology and new way of understanding the right exploration methods to develop an accurate resource model in a district that has the potential to become the next Witwatersrand ,” Jeb Handwerger, long-time gold stock analyst and founder of Gold Stocks Trade, told INN. “We can expect to see some important developments at Novo over the next few months as the complete their bulk sampling.”
Follow the smart money
It’s important that investors understand that when it comes to junior gold exploration, discoveries tend to build high expectations in the market sending share prices up; on the flip side when reality sets in—such as a challenging deposit type—those expectations can cool and settle down a bit until development and production bring another big rise in valuation.
“I understand that the discontinuity and the challenges of the nugget effect are causing some hesitation on the part investors and some of this critique may have truth to it,” said Handwerger. “What has really attracted me to the Pilbara region is the involvement of Eric Sprott and Kirkland Lake, whose shareholders include heavies such as Van Eck, Fidelity and Oppenheimer. This is an early-stage discovery, but the involvement of a company like Kirkland Lake—which has been one of the top gold mining stories in recent years—speaks highly of its potential.”
Kirkland chairman Eric Sprott is also a major shareholder in Novo Resources. Following the release of Novo’s first bulk sampling results from the Comet Well area of the project in May 2018, Sprott purchased 47,900 shares of Novo stock at an average cost of C$4.72 per share, for a total transaction of C$226,088.00.
Other players in the region with Sprott’s confidence
Pacton Gold (TSXV:PAC; US:PACXF) controls the third largest land package in the Pilbara region following a round of acquisitions of several projects located between the properties of Novo Resources and De Grey Mining. Pacton’s expanding portfolio includes properties known to host gold nuggets as well as several existing mining leases which provide the potential for immediate large-scale bulk sampling programs. The company’s most recent purchase is the Bellary Dome project from Marindi Metals (ASX:MZN) from which nuggets similar to those discovered by Novo have been recovered. The significance of Pacton’s land holdings has attracted the investment of Eric Sprott who holds 10.1 percent of the outstanding common shares in the company.
De Grey Mining (ASX:DEG) recently received a $5 million investment from DGO Gold (ASX:DGO) to advance exploration and pre-feasibility work at its Pilbara gold property. The project is unique for the area in that it has an established resource of more than 1.2 million ounces of conventional gold, with upside coming from its most advanced conglomerate prospects on the property (Loudens Patch, Jarret Well and Steel Well) which it plans to bulk-sample as well. About 100 kilometers east of Purdy’s Reward, the Loudens Patch alone has yielded more than 200 gold nuggets. Kirkland Lake has invested A$5million in De Grey.
Kairos Minerals’ (ASX:KAI) Pilbara gold project hosts the conventional Mt York deposit and recently reported an updated JORC resource estimate of 643,000 ounces of gold for the project. Kairos also holds 1,158 square kilometres of tenure which is highly prospective for conglomerate-hosted gold. Kirkland has invested $5million in Kairos.
The takeaway
The Pilbara Gold Rush is still in its infancy and the deposit type is not as yet understood, so challenges are to be expected. The geology may not be an exact replica of the prolific gold fields of South Africa’s Witwatersrand, yet all the signs are there that Pilbara has the potential to become a significant gold district in its own right.
https://investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/pilbara-conglomerate-gold-rush-nugget/
molee
7 years ago
Inventus Mining Aquires New Property Near Sudbury
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) reports that it has staked 188 square kilometers of new 100%-owned mineral claims located east-northeast of the Sudbury Basin. The claims targeted the Temagami Magnetic Anomaly, a large magnetic anomaly of similar size and intensity to that of the Sudbury Basin (formed by a meteorite impact 1.85 billion years ago), which hosts multiple world class Ni-Cu-PGE deposits (see Figure 1).
The claims were acquired after receiving an interim research report from the geological department of Wuerzburg University in Germany. The research findings relate to rocks from a deep borehole (AT-14-01) drilled by Canadian Continental Exploration Corp. (a private corporation 18% owned by Inventus) in 2014, on the peak of the Temagami Magnetic Anomaly. The drill hole is located 46 km from the eastern rim of the Sudbury Basin. It intersected unknown magnetic intrusive rocks with geochemical signatures similar to those of the unique offset dykes around the Sudbury Basin. Dating the source material for these unknown magnetic intrusive rocks further corroborated the geochemical observations, suggesting they could well be analogous to Sudbury Igneous Complex (SIC) Offset Dykes.
“This new finding considerably increases the exploration potential of the area representing the Temagami magnetic anomaly for SIC-type sulfidic Cu-Ni-PGE deposits.” – A. Kawohl and H. E. Frimmel, Wuerzburg, 2018.
For decades geologists have speculated that the Temagami Magnetic Anomaly is a Sudbury related intrusive body. Falconbridge, Teck Resources, and others tested this theory with some limited exploration in the early 1990’s. Results of this exploration were inconclusive. Inventus geologists and advisors now believe that a very significant intrusive body could exist. The potential implications of such an intrusive connected to the SIC are profound for exploration, which is why we have named the project Sudbury 2.0.
Sudbury 2.0 Project
Inventus intends to approach the exploration of the newly acquire property by initially looking for evidence on surface that supports our scientific thesis. An intrusion the size of the Temagami Anomaly would strongly affect the older overlying rocks, leaving evidence on surface in the form of dykes and sills, and as hydrothermal alteration zones with breccia that would have been generated by the intense heat and enormous size of the intrusion.
Research and data acquisition over the past five months has produced a trove of information about the area including the occurrence of mafic dykes of undetermined origin and gold mineralization associated with extensive hydrothermal breccias across the Sudbury 2.0 property. Of particular interest is the Wolf Lake prospect, now surrounded by Inventus’ new claims, where high-grade gold and copper mineralization occurs in hydrothermal breccia; and the Cobalt Hill prospect where mineralized Cu-Au quartz veins in the breccia were found to contain fluid inclusions with mineral assemblages remarkably similar to quartz veins in Sudbury footwall deposits. This breccia belt extends for 18 km through the Sudbury 2.0 property (see Figure 2). In the northern part of the belt a large outcropping breccia zone, 1.0 km by 1.5 km in size, was identified and discussed in an obscure 1986 Ontario Geological Survey mapping report. It is evident that no exploration has been done on these rocks, as no historical claim staking or assessment work is recorded for the area.
Fieldwork on the Sudbury 2.0 project begins this week, with 27 areas identified to date for ground reconnaissance by geologists. The primary goal is to locate mafic dykes and structures containing alteration and Sudbury Breccia. Careful sampling of these areas, as well as geochemical and petrographic analysis of the rocks, will determine if they are associated with the Sudbury Igneous Complex (SIC).
Figures 1 and 2: http://inventusmining.com/s/May-7-Figures.pdf
Read more at http://www.stockhouse.com/news/press-releases/2018/05/07/inventus-mining-aquires-new-property-near-sudbury#go9TAbEsm8FWYl1Q.99
molee
7 years ago
Inventus Mining Provides Progress Report on Pardo
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.
Read more at http://www.stockhouse.com/news/press-releases/2018/05/07/inventus-mining-provides-progress-report-on-pardo#JSkeTuT0A2Shl1lu.99
Hurricane_Rick
7 years ago
Some items on the Falconbridge Mirage project which may be noteworthy (I guess we'll find out Monday):
A report from a Geotem Magnetic Survey performed in the early 1990s:
http://www.geologyontario.mndmf.gov.on.ca/mndmfiles/afri/data/imaging/41I16NW0063//41I16NW0063.Pdf
From a March, 1992 Northern Miner article:
At the Wanapitei anomaly northeast of Sudbury, Ont., the company will spend about $500,000 to test for Sudbury-type mineralization. The Mirage project, as Falconbridge calls the wildcat program, will focus on relatively shallow targets (400-500 metres) on the east portion of the company’s claim group, says Knuckey.
“Mirage is a very long-term grassroots project. It’s something you have to keep picking away at.”
http://www.northernminer.com/news/falconbridge-cuts-1992-exploration-budget-by-20/1000176980/
From a July, 1992 NorthernMiner article:
"At the 2,000-claim Mirage project near Sudbury, Ont., Falconbridge is spending $1.2 million to investigate the Wanapitei anomaly, a geophysical target similar in size and shape to the anomaly that defines the Sudbury mine basin."
http://www.northernminer.com/news/falconbridge-set-to-resume-drilling-at-white-star-property/1000132558/
The Wanapitei Anamoly
"The Temagami Magnetic Anomaly has striking similarities to the nearby Sudbury Basin, which is one of the richest mining areas in the world, its magnetic anomalies are very similar to the Sudbury Basin and so it could be a second metal-rich impact crater"
https://wikivisually.com/wiki/Temagami_Magnetic_Anomaly
Hurricane_Rick
7 years ago
Insider purchases continue steadily
Mar 23/18 Mar 23/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.210
Mar 14/18 Mar 13/18 Hunter, Douglas Direct Ownership Common Shares 10 - Acquisition in the public market 25,000 $0.200
Mar 2/18 Mar 2/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 15,000 $0.195
Feb 21/18 Feb 21/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.205
Feb 20/18 Feb 20/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.190
Feb 14/18 Feb 14/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.195
Feb 13/18 Feb 12/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 10,000 $0.180
Feb 6/18 Feb 6/18 Heatherington, Robert Scott Direct Ownership Common Shares 10 - Acquisition in the public market 20,000 $0.204
Feb 5/18 Feb 5/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 11,000 $0.218
Feb 2/18 Feb 2/18 Spears, Stephan Michael Seydegart Direct Ownership Common Shares 10 - Acquisition in the public market 12,500 $0.200
https://www.canadianinsider.com/company?menu_tickersearch=IVS%20%7C%20Inventus%20Mining
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