Location of Wolf lake/Cobalt Hill, Nick’s Lake, Big Valley Lake and the Bassfin Offset Dyke on the Sudbury 2.0 Project with total magnetic background. Image Credit: Inventus Mining Corp.
Inventus Mining Corp. offers an update on its exploration and corporate development activities, such as the acquisition of new high-grade gold and copper grab samples, three highly prospective properties, and the discovery of a new Sudbury offset dyke on the fully owned Sudbury 2.0 Project, situated 40 km northeast of Sudbury in Ontario.
Inventus Mining is delighted to announce that it has signed a binding contract with the principal shareholder and secured creditor of Flag Resources (1985) Ltd (“Flag”) for the acquisition of three mineral properties adjacent to the fully owned Sudbury 2.0 Project (the “Flag Properties”).
Inventus Mining aims to obtain 100% of the Flag Properties in exchange for a 2% NSR royalty interest and 5 million common shares of Inventus. The closing of the transaction will be subject to the completion of foreclosure proceedings vesting control of the Flag Properties to the creditor.
Wolf Lake and Cobalt Hill Properties
The adjacent Cobalt Hill and Wolf Lake properties contain a 3.5 km2 block of mineral leases with historic high-grade copper and gold drilling intersections. Flag Resources purchased the property back in 1980, carried out numerous drill programs until 2001, and reported several high-grade drill intersections up to 2.5% copper across 22.7 m in Hole WL-83-28 and 16.6 g/t gold across 22.4 m in Hole WL-90-03. Separated by 1.2 km, the Wolf Lake and Cobalt Hill occurrences are spread along the same structure.
Rathbun Lake Property
The Rathbun Lake property is a 7.1 km2 claim package with a high-grade gold, nickel, copper, platinum, and palladium showing. Licensed in 1889 and mined in the 1890s, the property has 35 feet of drifting and a 45-foot deep shaft.
In 1954, the Rathbun Lake property was explored again and was later purchased by Flag Resources in 1982. Inventus Mining gathered a total of seven surface grab samples from around the shaft located on the Rathbun property in 2019, which yielded assays spanning from 0.88 % to 22.8 % copper, 1.0 to 18.4 g/t platinum, 6.3 to 62.5 g/t palladium, 1.0 to 13.0 g/t silver, 0.5 to 7.2 g/t gold, and 0.1% to 0.5% nickel. Grab samples do not represent the mineralization found on the property.
Subject to the progress of the foreclosure proceedings, Inventus Mining has planned to carry out a small drilling operation on the Cobalt Hill and Wolf Lake Properties in either summer or late fall.
The drill program will assess the degree of the high-grade mineralization, which was not tested adequately by earlier drilling operations and continues to remain exposed at depth. Inventus Mining has planned to explore the regions for nickel, cobalt, copper, and palladium/platinum, which are collectively present and likely to form a significant part of the mineralization.
Nick’s Lake Target
In a region that was specifically targeted due to a historic land claim surveyed back in 1897, prospecting has resulted in the discovery of a quartz-carbonate vein with 15.6 g/t gold from a grab sample comprising visible gold on Nick’s Lake shoreline.
The Nick’s Lake occurrence is situated inside the Sheppard township on the eastern side of the Sudbury 2.0 property. The vein was situated in an old prospecting pit on THE Nick’s lakeshore and has never been exposed to any contemporary exploration.
In total, two grab samples were gathered, with the second one yielding an assay of 5.3 g/t gold. Grab samples do not represent the mineralization found on the property.
At present, additional mapping and sampling of the region are ongoing to establish the degree of the veining and gold mineralization. This promising result in a region, which was earlier not known to host gold mineralization, further demonstrates the possibility above the Temagami Anomaly on the Sudbury 2.0 Project.
Big Valley Lake Target
Reconnaissance prospecting of the Big Valley Lake region, after the conclusion of the winter IP survey, has resulted in the finding of locally derived mineralized float that yielded 94 g/t bismuth, 46 g/t silver, 2.9 g/t gold, and 2.5% copper.
Based on a copper equivalent (except bismuth), the sample assayed 5.7% CuEq. Moreover, the Grab samples do not represent the mineralization hosted on the property. The location of the mineralized float was 100 m north of the IP grid where the huge chargeability anomaly stretches off the grid.
The sample seems to have skarn-like mineralization with malachite, which additionally supports the prospectivity of the IP anomaly at the Big Valley Lake target and shows a different intrusion-related range of mineralization above the Temagami Anomaly.
At present, an access trail to the Big Valley Lake occurrence is being constructed and expected to be finished in a week. Furthermore, follow-up sampling and trenching have been scheduled in the region.
New Sudbury Offset Dyke at Bassfin Lake
Inventus Mining has discovered a new Sudbury offset dyke on the major westerly portion of the Sudbury 2.0 property. The quartz diorite dyke was verified to be a Sudbury offset dyke after petrography and geochemical analysis.
The Sudbury offset dyke is around 20 m wide and stretches along strike for more than 1.6 km with an apparent vertical dip. Analogous to the Laura Creek offset dyke that was identified in the previous year, Inventus Mining is calculating the possibility of the Bassfin offset dyke to host Ni-Cu-PGE mineralization on the surface before geophysics is used to examine at depth.