Promising Drill Results at Pardo Gold Project
Inventus Mining Corp. (TSXV: IVS) recently announced exciting outcomes from its 80-hole Phase 1 Resource Drill Program at the Pardo Gold Project. This project is situated approximately 65 kilometers east of Sudbury, Ontario, and is fully owned by Inventus.
The Phase 1 drill program was strategically initiated to evaluate areas rich in shallow, flat-lying gold mineralization. The intention was to accurately determine the continuity and consistency of gold grades. The results have confirmed the continuity of gold mineralization within an impressive 18 meters from the surface, indicating potential for expansion.
Resource Definition and Next Steps
With the data gathered from this drilling phase, Inventus is well-positioned to refine its understanding of gold mineralization at the site and to proceed toward developing a comprehensive mineral resource estimate. The current drilling has notably defined mineralized units approximately 2 meters thick, extending across an area of about 400 by 550 meters, which remains open for further exploration.
In light of these findings, a follow-up Phase 2 drilling program has been proposed, concentrating on expanding known mineralization in preparation for the mineral resource estimate. Alongside this, Inventus is evaluating the potential use of its 50,000-tonne bulk sampling permit on the site. The recent drilling also encompassed tests within the permitted bulk sample area, reinforcing the company's commitment to a future bulk sampling site.
Financial Support from OJEP
In addition to the drilling program, Inventus received significant support from the Ontario Junior Exploration Program (OJEP), with a funding allocation of $200,000 from the Ontario Ministry of Mines. This grant covers 50% of the exploration expenditures incurred during the first phase of the drilling program.
Wesley Whymark, President and Head of Exploration at Inventus, expressed enthusiasm regarding the Phase 1 drill program results, stating that the continuous gold-bearing structure at Pardo provides a solid foundation for a low-capital, high-margin surface mining operation. With year-round access and close proximity to Sudbury's renowned mining infrastructure, Pardo represents a substantial opportunity for rapid project development. The company’s immediate plans include pursuing additional bulk sampling and the advancement of the Phase 2 drilling program, which will not only define a larger area rich in gold mineralization but also inform the project’s broader economic prospects.
About Inventus Mining Corp.
Inventus Mining Corp. focuses on exploration and developing mineral assets in the renowned Sudbury mining district. The company's key properties include a 100% ownership stake in the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Critical Mineral Project. Pardo is recognized as the first significant paleoplacer gold discovery in North America. Inventus currently has around 183 million common shares outstanding, reflecting their dedication to growth in the mineral exploration space.
FAQs
What are the latest developments at the Pardo Gold Project?
Recent drill results have confirmed the continuity of gold mineralization within 18 meters from the surface, indicating significant potential for future expansion.
What is the phase 2 drill program?
The phase 2 drill program aims to expand upon the known areas of gold mineralization and is a crucial step towards a future mineral resource estimate for the Pardo Gold Project.
How has Inventus Mining funded its exploration efforts?
Inventus Mining secured a $200,000 grant from the Ontario Junior Exploration Program (OJEP) to help cover 50% of the expenditures associated with its exploration activities.
What is Inventus Mining's main focus area?
Inventus is primarily focused on its mineral exploration and development projects within the Sudbury region, which is known for its rich mining history.
Who leads Inventus Mining's exploration efforts?
Wesley Whymark, who serves as the President and Head of Exploration, is responsible for overseeing the technical aspects and strategies of the company’s exploration initiatives.
