- Inventus Mining (TSXV:IVS) has purchased three new exploration properties and revealed its recent exploration work at the Subury 2.0 Project in Ontario
- The company added the Cobalt Hill, the Wolf Lake and the Rathbun Lake properties
- Cobalt Hill and Wolf Lake have been described as underexplored and Inventus hopes begin drilling later this year
- Rathbun, the largest property, previously hosted mining in the 1890’s and the company hopes is still prospective for metals, especially palladium
- Inventus Mining Corp (IVS) is up 18 per cent and is trading at C$0.16 per share
Inventus Mining (TSXV:IVS) has purchased three new exploration properties and revealed its recent exploration work at the Subury 2.0 Project in Ontario.
Inventus has signed a binding agreement with the principal shareholder of Flag Resources, a company that owns three properties that border the project.
Inventus will acquire the properties in exchange for five million Inventus common shares, alongside a two per cent net smelter royalty.
The Wolf Lake and the Cobalt Hill properties are 3.5 square kilometres of mineral leases, with long histories of exploration work. The properties are located just 1.2 kilometres apart and sit on the same mineral structure. Flag acquired the properties in 1980 and performed drilling until 2001.
Drill intercepts on the properties included 16.6 grams per tonne of gold over 22.4 metres, and 2.5 per cent copper results over 22.7 metres.
Inventus is planning to conduct a small drilling program in the late-summer or the fall of this year, depending upon when it can close the deal to acquire the properties.
Inventus has stated the high-grade mineralization on the properties was poorly tesedt by previous drilling and remains largely untouched.
The third property acquired, the Rathbun Lake property is a 7.1 square kilometre property that has presented intercepts of high-grade palladium, platinum, copper, nickel and gold.
Rathbun was mined in the 1890’s but has not had a mining operation running on the property since then.
Grab samples taken from around the old mine on the site assayed as high as 62.5 grams per tonne palladium, 18.4 grams per tonne platinum, 22.8 per cent copper, 0.5 per cent nickel and 7.2 grams per tonne gold.
However, the company does not believe these are representative of the mineralization on the property and were more likely the result of mining work. Thus far, the company has found 15.6 grams per tonne gold grab samples along with 5.7 per cent copper equivalents.
Inventus Mining Corp (IVS) is up 18 per cent and is trading at C$0.16 per share at 12:00 pm EDT