Feb 4 2011
Invenio Resources Corp. (TSX VENTURE:IVO) has announced that it has entered into a Letter Agreement with C.W. Properties LLC to acquire an option to earn a 100% interest in the Ganes Creek gold project.
Ganes Creek is located in west-central Alaska, approximately 440 km northwest of Anchorage and 40 km west of the town of McGrath. The Project is situated in the Tintina Gold Belt which is host to the 33 million ounce Donlin Creek gold deposit approximately 90 km to the south west and the Nixon Fork copper-gold skarn deposit approximately 62 km to the northeast.
The Ganes Creek project consists of 109 state mining claims and 90 patented claims covering approximately 6,200 hectares (15,400 acres). The Project is in the historic Ophir Mining District and lies along the prospective Yankee Creek/Ganes Creek (Y/G) fault zone, a 19 km geological feature which hosts numerous gold anomalies and prospects as well as several active placer gold operations. The Y/G fault zone parallels the Iditarod-Nixon Fork fault, a major northeast trending structure, along which lies the Donlin Creek and Nixon Fork deposits. Regional geologic mapping has the Ganes Creek area being the structurally offset, northern extension of the Donlin trend of deposits and prospects. Mineralization at Ganes Creek consists of intrusive related gold showings and high grade gold in shears and veins along or in close proximity to the Y/G fault zone.
The last program completed at Ganes Creek was between 2007 and 2008, consisted of 32 km of trenching, geological mapping, and continuous chip sampling of the trenches, detailed mapping and structural analysis of the geologically complex areas and 84 km of ground geophysics. As part of the last program a large geological data base has been compiled for the property. Invenio will combine the recent work with results from 3,850 soil samples, 1,170 rock samples, 4,400 continuous chip samples and 2,380 drill core samples as it looks to kick-start its 2011 program.
Under the terms of the agreement, Invenio can acquire a 100% interest in the Project by making cash payments totalling US$425,000, issuing 500,000 common shares and incurring US$4.0 million in exploration expenditures. On signing, Invenio will pay CW US$75,000 and issue 200,000 common shares. On December 31, 2011, Invenio will pay US$50,000 and issue an additional 300,000 common shares. Additionally, Invenio will pay CW US$75,000, US$100,000 and US$125,000 on December 31, 2012, 2013 and 2014 respectively. In order to exercise the Option, Invenio must make exploration expenditures totalling US$4.0 million over four years with US$500,000 by December 31, 2011; US$1.0 million by December 31, 2012; US$1.0 million by December 31, 2013 and US$1.5 million by December 31, 2014. CW will retain a 3% NSR with Invenio having the right to purchase 1% of the NSR for US$2.0 million.
A Finder's Fee of 192,000 common shares of Invenio is payable on the Ganes Creek acquisition. The common shares will have a hold period of four months plus one day from the date of issue. The Finder's Fee and the Agreement are subject to TSX Venture Exchange approval.
The Company is also pleased to announce the appointment of David Mallalieu and Jerry Blackwell, P.Geo. to Invenio's advisory board. Mr. Mallalieu will provide financial and strategic advice and Mr. Blackwell will provide technical advice. Mr. Mallalieu, formerly one of the top ranked gold analysts in Canada for many years, is currently a consultant to both the resource investment industry and the mining industry. He currently acts as one of the principal analysts to Geologic Resource Partners LLC, out of Boston MA. Mr. Blackwell has worked continuously in the mining exploration industry since 1970, and since 1993 as President of Gitennes Exploration Inc. Prior to his appointment at Gitennes he was a consulting geologist, and prior to that was with Cominco Ltd. He has extensive experience working in base and metal exploration environments both in North America and abroad.
The technical information in this news release was reviewed by Jerry Blackwell, P.Geo., Invenio's technical advisor and a Qualified Person as defined in NI 43-101.
Source: Invenio Resources Corp.