Your browser does not support script
International Nickel Ventures



 January 30, 2012
INV Metals Discovers New Copper Prospect At The Kaoko Property, Namibia

 TORONTO, ON - JANUARY 30, 2012 - INV Metals Inc. ("INV Metals" or "Company") (TSX: INV) is pleased to announce the discovery of a new copper-silver prospect (the "NS Showing"), as a result of the Company's ongoing regional soil sampling program at the Kaoko property, located in northwest Namibia. The new prospect is located approximately 28 kilometres southeast of the Company's Okohongo copper-silver deposit.

The mineralized zone occurs discontinuously in outcrop over a potential strike length of 1.2 kilometres, up to 10 metres wide. Twelve rock grab samples analyzed to-date returned copper and silver values ranging from anomalous to 2.6% Cu and 1.7 to 84.0 g/t Ag (see Table 1 and Figure 1). The copper mineralization consists of fine to coarse disseminated chalcocite and malachite within interbedded chloritic schists and dolomites. Due to complex folding related to dome and basin deformation and extensive calcrete cover, the true dimensions of the showings can not be determined from surface. The Company is formalizing plans for a comprehensive drill program to test the NS Showing.

The NS Showing occurs within the Okohongo horizon, the dominant copper mineralized unit on the Kaoko property and host to INV Metal's Okohongo Cu-Ag deposit located to the south (National Instrument 43-101 compliant inferred resource of 10.2 million tonnes grading 1.12% Cu and 17.75 g/t Ag, at a 0.3% Cu cut-off grade).

Mr. Robert Bell, CEO, commented, "The discovery of the new NS Showing clearly demonstrates the widespread potential of the large and prospective Kaoko property to host multiple copper-silver deposits. Our ongoing exploration methodology consisting of systematic regional geochemical sampling, infill Niton XRF soil sampling, geological mapping and prospecting has identified several copper-silver occurrences to-date and many of these are potential target areas for drilling this year."

Soil Sampling Program

INV Metals is conducting an extensive soil geochemical program to evaluate the roughly 200 linear kilometres of Okohongo horizon that occur on the Kaoko property. Samples are collected at 50 metre intervals along lines that are 500 metres apart. From a planned program of 18,000 samples, a total of 11,952 samples were collected as of December 31, 2011. Figure 2 details the extensive parameters of the soil sampling program. Of the samples collected, 5,976 samples (every second sample) were submitted for partial leach geochemical analysis. The results from 3,473 samples are available at present. Every sample was analyzed in the field by the Niton XRF. INV Metals is currently interpreting the results of the partial leach geochemical analysis, therefore, only the results of the Niton XRF analysis are discussed further.

The initial NS soil geochemical anomaly consisted of consecutive anomalous soil samples along 250 metres of one line, with copper values ranging from 86 to 226 ppm. Follow up prospecting of this anomaly led to the discovery of the NS showing. An infill Niton XRF soil sampling program was initiated as a result of the prospecting and infill soil samples were collected at 50 metre intervals on lines spaced 100 metres, to cover 500 metres north and 500 metres south of the discovery line. The infill sampling defined a strong northwest trending soil geochemical anomaly developed over 650 metres of strike length in the southeastern portion of the grid with copper values ranging from 87 to 293 ppm. The anomaly is discontinuously developed for a further 500 metres under partial soil and calcrete cover to the northwest, suggesting a potential for 1.2 kilometres of strike length within the main trend (see Figure 1). Soil values up to 196 ppm copper at the extreme east end of the infill grid, in conjunction with rock chip assays up to 2% Cu and 8.2 g/t Ag in the same area, indicate a second zone of mineralization may be present, potentially on the eastern limb of a synformal structure. INV Metals will extend the soil grid to both the east and south to further define the target and plans to implement a drill program this year.

Table 1: NS Showing Rock Sample Assays and Locations

Sample
Easting
Northing
Cu % Ag (g/t)
NS1
392913
7916940
2.6
84.0
NS2
392913
7916874
0.4
11.3
NS3
392913
7916877
0.9
19.4
NS4
392913
7916847
-
2.6
NS5
393304
7916974
0.9
1.7
NS6
393158
7916760
-
2.0
NS7
393186
7916802
0.3
9.4
NS8
393217
7916859
1.4
4.9
NS9A
393468
7917132
2.0
8.2
NS9B
393477
7917131
0.7
15.0
NS10
393190
7916685
0.1
2.5
NS11
393617
7917271
0.6
18.1


Figure 1: Contoured copper soil geochemistry (Niton readings) with rock sample localities and assays



Figure 2: Status of regional soil geochemical survey and location of NS Showing



Mr. Keith Webb, an INV Metals employee, is the designated Qualified Person pursuant to NI 43-101 of the Canadian Securities Administrators and is responsible for the verification and quality assurance of the technical content of this news release. INV Metals filed Technical Reports with the relevant securities regulators entitled "Technical Report on the Okohongo Copper-Silver Property in Northwest Namibia" dated August 3, 2011 (with respect to the inferred resource quoted herein) and "Technical Report on the Kaoko Copper-Silver Property in Northwest Namibia" dated June 15, 2011. These reports are available on SEDAR at www.sedar.com and include a full description of the Kaoko property and the Quality Control - Quality Assurance procedures utilized by INV Metals.

INV Metals entered into agreements with a subsidiary of Teck Resources Limited which provide INV Metals the right to acquire an initial 50% interest in the extensive Kaoko property, located in northwest Namibia (see INV Metals' press release dated August 4, 2009).

About INVTM Metals

INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Brazil, Namibia and Canada. Currently, INVTM Metals' primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, and (3) its 100% owned Itaporã gold properties, located in Brazil.

Forward-Looking Statement

This press release contains certain forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, including, without limitation, the assumptions on which such estimates are based, changes in project parameters as plans continue to be refined, future prices of metals, economic and political stability in Canada, Namibia and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals' properties. For a more detailed discussion of such risks and other factors, refer to INV Metals' annual information form filed with Canadian securities regulators available on www.sedar.com.

For further information, please contact:

Candace MacGibbon
President and Chief Financial Officer
(416) 703-8416
E-mail: cmacgibbon@invmetals.com

or

Robert Bell
Chief Executive Officer
(416) 703-8416
E-mail: rbell@invmetals.com
 
 

You can view the Next News item: Tue Jan 31, 2012, INV Metals Reports 2012 Outlook

You can view the Previous News item: Mon Nov 21, 2011, INV Metals Provides Exploration Update At Rio Novo North

You can return to the main News page, or press the Back button on your browser.





Show printable version of 'INV Metals Discovers New Copper Prospect At  The K...' in a New Window


Home | Corporate | Properties | Investors | News Releases | Contact Us | QwikReport | Disclaimer