Inventus Mining Provides Progress Report on Pardo
TORONTO, May 07, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) provides a progress report on its 100% owned Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario.
“We received very positive results from the 1,000 tonne bulk sample completed in 2017, even at this small scale the project costs were substantially offset by gold sales. While we still see significant exploration upside at Pardo, we are focused on the economic evaluation of the large mineralized footprint outlined by previous drilling. We believe the economics of our unique near surface flat lying paleoplacer mineralization are potentially very compelling, and that is what we are striving to demonstrate. At present, we are working towards the approval of our initial mining permit, which we anticipate this summer,” said Stefan Spears, Chairman and CEO.
Pardo - Phase II Bulk Sample
During Q1, Inventus was granted a Mining Lease covering the current core area of interest at Pardo. Upgrading the land tenure from mineral claims to a lease is integral to our objective of conducting an additional 50,000 tonne bulk sample from 4 different areas during the 2018 and 2019 field seasons. The second regulatory component required to enable the bulk sampling to proceed is the approval of a closure plan for the scope of the bulk sampling operation. The draft closure plan has been completed and will be reviewed by the regulators and other stakeholders as part of the consultation and approval process. We are optimistic that the plan will be approved this summer, which would enable us to extract and process up to 20,000 tonnes of mineralized material during 2018.
Ore Sorting Evaluation
Initial results from testing of commercial scale sorting technology on material from Pardo were encouraging. Gold grades were upgraded by 70% with high waste ejection using the X-Ray technology.
“This ore lends itself to excellent upgrading by high mass-reduction of the ROM feed material,” stated Steinert US.
X-Ray is the easiest sensor to configure, and it is generally the first option applied to precious metals ores. Additional testing is planned to evaluate other sensor combinations to optimize the process, however at this point we are confident ore sorting can deliver a material enhancement when compared to direct shipping run-of-mine (ROM) material for processing.
Inventus plans to have an updated NI 43-101 Technical Report published for the Pardo Property around the end of Q2 2018.
Read more at http://www.stockhouse.com/news/press-releases/2018/05/07/inventus-mining-provides-progress-report-on-pardo#JSkeTuT0A2Shl1lu.99