Inventus Mining Corp. ("Inventus" or the "Company") is pleased to provide an update on exploration activities on the Pardo Joint Venture ("JV"), which is 64.5% owned by Inventus, as well as our planned activities on our 100% owned Pardo properties, and exciting developments revitalizing our investment in Canadian Continental Exploration.
Pardo JV: Bulk-Sampling Program
As previously announced (news release dated August 11, 2016), our intention as operator of the JV was to carry out a bulk-sampling program in 2016. A corresponding program and budget was submitted to our partner on the JV Management Committee, Endurance Gold, on August 17, 2016. On September 2, 2016 we received a Notice of Arbitration from Endurance Gold seeking resolution to certain contested issues. As a result of an interim award from the arbitrator on September 14, 2016, the earliest possible start-date for the proposed program was postponed until October 24, 2016.
In response to these circumstances, Inventus decided that the best course of action was to delay the proposed bulk-sample and amend the 2016 program proposal to focus on better preparation for next year. We are pleased, however, that the amended program with a budget totaling $253,000 was unanimously approved on September 23, 2016. Work during the balance of 2016 will include two engineering studies looking at geostatistical analysis and ore sorting technologies, as well as other administrative expenditures. Later this year, Inventus plans to propose a program to the JV to conduct extensive fieldwork in 2017 including drilling and bulk-sampling.
100% Owned Pardo Property: Cobble Zone Drill Program
Diamond drilling at the recently discovered Cobble Zone (news release dated July 11, 2016) is scheduled to start in the second half of October and will test the extent of gold mineralization in both the stacked and basal conglomerate units in that area. The approximately 40 meter thick basal conglomerate unit, located earlier this year, is considered a priority target as it is the largest conglomerate unit encountered in all of the Pardo sediments to date. This conglomerate has a measured flow direction towards the SSW to SW and is observed to be 300 to 500 meters wide.
Previous sampling completed on the Cobble Zone at surface returned highly anomalous gold values and grab samples as high as 2.24 grams per tonne gold. The drilling of this wide basal conglomerate unit will target potential boulder conglomerate channels, which may contain higher-grade gold mineralization similar to that discovered on the Pardo JV property to the North.
Canadian Continental Exploration
Inventus is pleased to provide an update on the exploration drilling currently being carried out by our investee company, Canadian Continental Exploration Corporation ("CCEC"). Inventus is a major shareholder of CCEC, a privately held mineral exploration company with properties in Temagami Ontario and Chile, which was founded by Tom Obradovich, Patrick Anderson and Tim Warman. Inventus currently owns 7.15 million common shares representing approximately 18% of the shares issued and outstanding. Inventus also owns 5 million share purchase warrants.
CCEC has recently raised $760,000 and is currently planning to drill 8,000 meters or approximately 12 diamond drill holes on its Temagami area property. Large iron formations in the target area have demonstrated potential for iron formation-hosted gold deposits, such as the past producing Golden Rose deposit at nearby Emerald Lake. It is also possible that the large gold rich paleo-placer discovered by Inventus 12 kilometers away may have been originally sourced from gold bearing rocks associated with the same iron formations.
Inventus is a mineral exploration company focused on the world class mining district of Sudbury, Ontario. Our principal asset is the Pardo Paleoplacer Gold Project located 65 km northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in the Americas. Inventus' significant share owners include Rob McEwen, Eric Sprott, Osisko Gold Royalties and management.
The Qualified Person responsible for the geological technical content of this news release is Andy Bite, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.