Inventus announces plan to acquire gold, copper, nickel, platinum, palladium and cobalt properties near Sudbury

Inventus Mining Corp. of Toronto has announced it has signed a letter of intent with Flag Resources for the planned acquisition of the three mineral properties adjoining the 100 percent-owned Sudbury 2.0 project.

Inventus Mining intends to acquire 100 percent of all the properties currently held by Flag for nominal share consideration and to a new 2 percent net smelter return royalty interest, in a series of transactions over the coming months. The final terms and consideration for the acquisition are subject to, among other things, Flag shareholder approval and TSX-Venture exchange approval.

Inventus is expanding the Sudbury 2.0 project near Sudbury, ON, with the planned acquisition of the Wolf Lake, Cobalt Hill and Rathbun Lake properties.

The adjoining Wolf Lake and Cobalt Hill properties consist of a 3.5 sq. km block of mineral leases with historic high-grade gold and copper drilling intersections. Flag acquired the property in 1980 and conducted various drill programs until 2001, reporting many high-grade drill intersections up to 16.6 g/t gold over 22.4 m in Hole WL-90-03, and 2.5% copper over 22.7 m in Hole WL-83-28. The Wolf Lake and Cobalt Hill occurrences are 1.2 km apart and occur along the same structure. In October 2019, Flag was granted a permit to drill several confirmatory drill holes in the mineralized areas.

Inventus collected five surface grab samples of mineralization from Cobalt Hill, which returned assays ranging from 0.02 to 0.25% cobalt, 0.02 to 0.34% nickel and 0.04 to 2.8 g/t gold. Grab samples are not representative of the mineralization hosted on the property. Potential for cobalt, nickel, platinum and palladium mineralization exists at Cobalt Hill and Wolf Lake, but was not evaluated by Flag’s exploration.

The Rathbun Lake property is a 7.1 sq. km claim package with a high-grade palladium, platinum, copper, nickel and gold showing. The property was patented in 1889 and mined in the 1890’s with a 45-foot deep shaft and 35 feet of drifting. The property was explored again in 1954 and acquired by Flag Resources in 1982.

Inventus’ research of the high-grade showing has indicated that the mineralization is related to a Sudbury offset dyke that had not previously been recognized.

Inventus collected seven surface grab samples from around the shaft on the Rathbun property in 2019, which returned assays ranging from 6.3 to 62.5 g/t palladium, 1.0 to 18.4 g/t platinum, 0.8 to 22.8% copper, 0.1 to 0.5% nickel, 0.5 to 7.2 g/t gold, and 1.0 to 13.0 g/t silver. Grab samples are not representative of the mineralization hosted on the property.

Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. Our principal assets are a 100% interest in the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Project located northeast of Sudbury. Pardo is the first important paleoplacer gold discovery found in North America.

The samples collected by Inventus from Cobalt Hill and Rathbun Lake disclosed in this release were transported in secure sealed bags for preparation and assay by Agat Laboratories in Mississauga, Ontario. The samples reported were crushed in their entirety to 75% passing -10 mesh, with one 250 g subsample split and pulverized to 85% passing -200 mesh. One 50 g aliquot was taken from the subsample for fire assay (FA) with an ICP-MS/ICP-OES finish. Multi-element assays were done by Sodium Peroxide Fusion with ICP-OES/ICP-MS finish.