- Inventus Mining (IVS) has reported assay results from its drilling program at Cobalt Hill on the company's 100 per cent owned Sudbury 2.0 project
- Drill results confirmed the availability of polymetallic gold-cobalt-nickel mineralization enriched by rare earth elements
- Overall, the company drilled 4.4 grams per tonne of gold and 0.09 per cent cobalt over 7 metres at Cobalt Hill
- Shares of Inventus Mining rose 6.06 per cent to C$0.17 as of 10:05 a.m. EDT
Inventus Mining (IVS) has announced assay results from the drilling program at Cobalt Hill on the company's 100 per cent owned Sudbury 2.0 project.
The Sudbury 2.0 project contains 240 kilometres of mineral claims covering the Temagami Anomaly, which is is one of the largest unexplained magnetic features in North America.
Drilling at Cobalt Hill confirmed availability of polymetallic gold-cobalt-nickel mineralization enriched by rare earth elements, which indicates the potential for iron oxide copper gold.
Results from hole CH-21-02 include 44 metres of 1.3 grams per tonne of gold (g/t), 0.04 per cent cobalt and 0.02 per cent nickel. Additional results include 7 metres of 4.4 g/ t gold and 0.09 per cent cobalt and 0.03 percent nickel, with individual assays up to 0.29 per cent cobalt and 0.11 per cent nickel.
Drilling from hole CH-201-01 resulted in 16 metres of 0.7 g/t gold, 0.04 per cent cobalt and 0.03 per cent nickel, with individual assays up to 0.17 per cent cobalt and 0.22 per cent nickel.
"We are very encouraged by these results, as they support our belief that the Temagami Geophysical Anomaly is a large intrusion responsible for the mineralization," Stefan Spears, chairman and CEO of Inventus, said in a release.
"The presence of cobalt, nickel and anomalous REEs is strong evidence for an intrusion-related mineral system. Several other exploration
companies in the region have also made similar assertions of a potential IOCG system, which indicates the breadth of the exploration potential in the area."
Spears added that using geophysics to trace mineralization below surface on the property is the next logical step for the company.
With its headquarters in Toronto, Inventus Mining is a mineral exploration and development company focused on Sudbury's mining district.
In addition to the Sudbury 2.0 project, the company has a 100 per cent interest in the Pardo Paleoplacer Gold Project.
Shares of Inventus Mining rose 6.06 per cent to C$0.17 as of 10:05 a.m. EDT.