INV Metals Inc. (“INV Metals” or “the Company”) is an international mineral resource company currently focused on the evaluation and development of the Loma Larga gold project, in Ecuador. The Company also holds an interest in an exploration property in Namibia.
The Company completed the acquisition of the Fishtrap, Lansdowne House and Montcalm properties located in Northern Ontario from Aurora Platinum Corp., a wholly-owned subsidiary of FNX Mining Company Inc., now a part of KGHM Polska Miedź SA. The Company sold the Lansdowne House property in 2011 and the Fishtrap property in 2012. The Company still holds the Montcalm property.
Teck granted the Company various options to earn interests in the Rio Novo copper-gold property in the Carajás mining district of Brazil and the Kaoko copper property in Northwest Namibia.
The Company also acquired an option from Northern Superior Resources Inc. to earn an initial 50% interest in the Thorne Lake property, which was sold back to Northern Superior Resources Inc. in 2011.
The Company undertook and completed an exploration and metallurgical test work program at Loma Larga. The drill program consisted of 12 diamond drill holes totaling 3,684.7 m, including two holes for metallurgical test work, three holes to further define the high-grade zone and seven holes to test step-out targets to extend the deposit.
The Company commenced a pre-feasibility study (“PFS”) in December based on positive metallurgical test results on high-grade mineralization from Loma Larga.
The Company completed the PFS at the Loma Larga property in early 2015.
The Company completed a new PFS on Loma Larga with a production rate of approximately 3,000 tonnes per day and average annual gold production of 150,000 ounces. The study is an update of, and replaces, INV Metals’ 2015 PFS.
The Company completed its initial public offering and listed its common shares on the Toronto Stock Exchange on March 17, 2006, under the name International Nickel Ventures Corporation. In 2010 the Company changed its name to INV Metals Inc.
From 2006 to 2009 the Company was focused on and held a minority interest in the Santa Fé/Itaporá nickel laterite property, located in Brazil. The Santa Fé/Itaporá property was transferred to Teck Resources Limited (“Teck”) as partial compensation for the options granted to INV Metals in 2009. The Company was also engaged in various exploration activities in Brazil from 2006 to 2013.
The Company completed extensive exploration programs at the Rio Novo and Kaoko properties.
The Company earned a 50% interest in the Rio Novo property and a 35% interest in the Kaoko property from Teck and its local subsidiaries.
INV Metals completed the acquisition of the Quimsacocha property (renamed Loma Larga) from IAMGOLD Corporation in November. The purchase transformed INV Metals from a successful junior exploration company to an advance stage development company with excellent exploration potential.
The Company and its consultants prepared a PFS on the Loma Larga property.
The Company also sold its 50% interest in the Rio Novo deposit, located in Brazil, to a private Brazilian Company.
In January and June 2017, the Company was awarded the mining title by the Government of Ecuador to four greenfields exploration projects, including the Las Peñas, Tierras Coloradas, La Rebuscada and Carolina exploration projects.
The Company initiated its Feasibility Study (“FS”) on Loma Larga in June 2017 and announced the positive results in November 2018 with an initial production rate of approximately 3,000 tonnes per day and average annual gold production of 206,000 ounces. With an after-tax 24.7% IRR and 2.6 year payback period, the FS confirms the Project’s viability and demonstrates the strong profitability and economics of the Loma Larga gold-copper-silver project. During the projected 12 year mine life, 2.6 million gold equivalent ounces are forecasted to be mined, with an average of 227,000 gold equivalent ounces mined per year and an average of 294,000 gold equivalent ounces mined during the first four full years. (see Press Release).