INVENTUS MINING: Drilling Update at Cobalt Hill

Tuesday, 01. February 2022 16:55

TORONTO, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE: IVS) ("Inventus" or the "Company") is pleased to provide an exploration update for its 100%-owned Sudbury 2.0 and Pardo Projects.

Exploration Update

  • At the Cobalt Hill gold-cobalt-nickel target, three diamond drill holes totalling 820 metres have been completed to date. All three holes intersected the target sulphide-bearing quartz breccia unit further described below.

  • At the Pardo gold project, shipment of the 6,000-tonne bulk sample is underway. Results continue to be expected in March.

Sudbury 2.0 – Cobalt Hill Target

The core from the first three completed drill holes at Cobalt Hill has been processed and 273 samples have been sent to the laboratory for assay. Assay results are anticipated in 3 to 8 weeks. All the holes have intersected the target sulphide-bearing quartz breccia consisting predominantly of pyrite within quartz, chlorite and carbonate veins visually analogous to the unit in hole CH-21-02 drilled last year that intersected 7 metres of 4.4 g/t gold, 900 ppm cobalt and 300 ppm nickel within a larger mineralized interval (see news release dated April 8, 2021). A fourth hole is currently underway and is designed to test the mineral system at a depth greater than 250 m.

Below is a summary of the first three completed holes; a plan map and cross-section of the drilling are shown in Figure 1, and selected core photos are provided in Figure 2.

  • Hole CH-22-01 (dip -70°) – Intersected a 31-m interval of quartz breccia from 143 to 174 m down hole. The breccia unit and the alteration below it contained on average 3% sulphide.

  • Hole CH-22-02 (dip -45°) – Encountered two intersections of quartz breccia from 39 to 67 m (28 m) and from 90 to 124 m (34 m) down hole. The breccia units contained on average 8% sulphide.

  • Hole CH-22-03 (dip -70°) – Undercut the sulphide breccia in CH-22-02. The hole intersected a 182-m zone of quartz breccia from 130 to 312 m down hole. The breccia units contained on average 2.5% sulphide.

These observations are preliminary in nature and do not indicate the presence of gold, cobalt or nickel in the core samples collected. True thicknesses are not yet known. Assay results will be reported when they are available.

Pardo – 007 Zone Bulk Sample

Bulk sample shipments are progressing well with 1,400 tonnes delivered to the Redstone Mill in Timmins to date. The Company expects shipments to conclude in mid-February. Milling of the sample will commence shortly after with results expected in March.

Click here to view Figure 1 and 2: http://inventusmining.com/s/IVS_PR_Feb_1.pdf

For further information, please contact:

Mr. Stefan Spears
Chairman and CEO
Inventus Mining Corp.
Tel: (647) 258-0395 x280

E-mail: info@inventusmining.com

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 140.6 million 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) accept 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 Inventus' Vice-President Exploration, Wesley Whymark, P.Geo., who has 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" within the meaning of applicable Canadian securities legislation, 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.

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/48eb326b-dc88-4251-8fe8-52a1d431baef
https://www.globenewswire.com/NewsRoom/AttachmentNg/a5e047e2-0536-4221-a514-710c3310780d


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Figure 1

Plan View and Cross Section (A-AI) of 2022 Cobalt Hill Drilling
Figure 2

Selected Cobalt Hill Drill Core Photos
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