INV Metals Inc. (TSX:INV) has announced a diamond drill program has commenced at the Rio Novo North gold, platinum and palladium target, located in the prolific Carajás mineral province of Brazil.
Mr. Robert Bell, CEO, stated, "The results of the soil geochemistry performed by INV Metals to-date are encouraging and confirm the potential for the Rio Novo North area to host a gold-platinum-palladium deposit similar to that of Serra Pelada. The historic Serra Pelada pit is located approximately two kilometres from the property boundary and recent results reported by Colossus Minerals Inc. indicate highly mineralized new zones have been discovered trending towards the Rio Novo property. The Rio Novo property is located in one of the most prolific mining camps in the world and we look forward to the results of the initial drill program at the Rio Novo North target."
A planned five hole, 1,000 metre (m) diamond drill program at the eastern portion of the Rio Novo North claim commenced in early November to test a strong gold-palladium-platinum soil anomaly, approximately 350 m wide by 850 m long, and a strong airborne electromagnetic anomaly which flanks the soil geochemical anomaly. The initial program is expected to be complete prior to year-end, subject to the rainy season which typically begins in December.
INV Metals' wholly owned Brazilian subsidiary is currently earning a 50% interest in the Rio Novo property from Teck Resources Limited's wholly owned Brazilian subsidiary ("Teck"). INV Metals may earn an initial 50% interest in the Rio Novo property by funding exploration expenditures of $7 million over 3 years with guaranteed expenditures of $4 million over 2 years, after which a joint venture will be formed on a 50% basis, subject to certain back-in rights by Teck and INV Metals.
Scott Jennings, P. Geo, an employee of INV Metals, is the designated Qualified Person pursuant to NI 43-101 of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release. Please see the Company's most recent technical report titled Technical Report on Recent Exploration at the Rio Novo Copper-Iron-Gold-Platinum-Palladium Property in the Carajas District, Para, Brazil (dated and filed on SEDAR on October 27, 2010) for further details regarding the Rio Novo property.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to-date to define a mineral resource on the Rio Novo property and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
Source: INV Metals Inc.