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Inventus Mining Announces Pardo Paleoplacer Gold Project Bulk Sample Results
TORONTO, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) is pleased to announce the results from a 1,000
About this update from Inventus Mining Corp.
[{"type":"text","content":"TORONTO, Jan. 03, 2018 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSX VENTURE:IVS) (“Inventus” or the “Company”) is pleased to announce the results from a 1,000-tonne bulk sample from the Pardo Paleoplacer Gold Project (“Pardo”) near Sudbury, Ontario. The total gold content of the bulk sample was calculated to be 4.16 kg (133.8 Troy ounces) of gold, equivalent to 4.2 grams per tonne (gpt). A total of 3.72 kg (119.5 Troy ounces) of gold was recovered from 985 dry tonnes of mill feed. The tailings are estimated to contain an additional 0.44 kg (14.2 Troy ounces) of gold, indicating a recovery rate for gold of approximately 89%. Diamond drilling in the bulk sample area prior to extraction consisted of eleven holes that returned an average grade of 1.34 gpt gold. Processing of the bulk sample demonstrates a significant increase in the gold grade when compared to assays of diamond drill core. “Paleoplacer gold deposits are enigmatic by nature and do not reveal their secrets easily. The results of this initial bulk sample are highly encouraging and highlight the critical importance of bulk sampling for grade estimation. Assaying of drill core alone is insufficient to determine the actual grade of the mineralized boulder conglomerate. The success of this bulk sample has increased our confidence about the overall grade of the boulder conglomerate, confirming our belief that continued investment in exploration and additional bulk sampling is warranted,” said Stefan Spears, Chairman and CEO. Bulk Sample Procedure The bulk sample was extracted from a pit with a surface area of 240 square metres. Approximately 1,000 wet tonnes was blasted and the run-of-mine material was transported by truck to McEwen Mining’s Black Fox Mill (the “BFM”) near Timmins, Ontario. The BFM is a conventional gold mill comprised of a three-stage comminution circuit, cyanide leach and carbon-in-leach (CIL) gold recovery. Prior to batch processing of the bulk sample the mill circuit was purged with 1,000 tonnes of barren sand. The processing of sand is designed to cleanse the milling equipment and displace the ore in the first 800-tonne capacity leach tank. At the BFM the Pardo material was crushed and milled to approximately 75 microns and leached for a minimum of 30 hours. Grade and recovery calculations were made based on a total in-circuit inventory before and af...