INV Metals Discovers New Prospective Copper Zone In Namibia
TORONTO, ON – February 26, 2010 – INV Metals (“Company”) (TSX: INV) is pleased to announce the discovery of a new prospective copper zone in the Sesfontein area (“Sesfontein”), along a 26 km strike length within the Kaoko copper property (“Kaoko”), located in northwest Namibia. INV Metals is currently earning a 50% interest in the property from Teck Resources Limited.
The extensive Kaoko property is comprised of 11 Exclusive Prospecting Licences totalling ~8,000 km2. INV Metals initiated a preliminary exploration program in the relatively unexplored south-western area of the property as governmental reports were required to be submitted to renew several of the licences. The Sesfontein area is located in the centre of that portion of the property (see attached Figure 1) and is approximately 40 km2.
A regional 1:25,000 scale geological mapping program in the Sesfontein area was initiated in November 2009. During the course of the on-going program INV discovered fifty-five copper showings over a strike length of 26 kilometres. The new copper showings are proximal to a sandstone-shale/dolostone contact that hosts significant copper-silver mineralization in other areas of the extensive property, a similar setting to that hosting the world class copper deposits found within the Zambian and Congolese Copperbelt.
President and CEO, Mr. Robert C. Bell commented, “The Kaoko property has the potential to host an African Copperbelt style camp in a stable political environment. The large number of showings discovered within the Sesfontein area confirms and highlights the prospectivity of the Kaoko property. INV Metals’ initial exploration program at Sesfontein discovered copper over a significant strike length in a frontier area with no known previous drilling, effectively creating an additional target area. The discoveries during the initial mapping program are encouraging and upon completion of the program, INV Metals will evaluate the results to determine the next phase of exploration to be completed at Sesfontein.” Mr. Bell added, “A drill program is planned to commence in the Okohongo area of the Kaoko property in April or May, after the conclusion of the rainy season in northwest Namibia.”
Of the fifty-five showings noted at Sesfontein, ten showings extend over a length of more than 100 meters. Individual showings vary in width from a few centimetres up to 4 metres, and in length from localized showings to up to 650 meter lengths of discontinuous mineralization in the same lithological unit. Outcrop rock samples returned grab sample values ranging from weakly anomalous (<100 ppm copper) to 3.4% copper and 128 g/t silver; in addition, a high grade grab sample from a mineralized quartz vein returned 21.1% copper, along with 174 g/t silver and 2.56 g/t gold. At a single showing, a 4 metre wide channel sample returned 4.64% copper and 147 g/t silver. Selected sample locations are plotted on Figure 1.
Mineralization is primarily comprised of malachite derived from chalcocite and chalcopyrite, with trace amounts of chrysocolla and atacamite, and traces of galena hosted in siliciclastic rocks of the Nosib Group and Ombombo Subgroup. Mineralization occurs in milky quartz veins and lenses and as disseminations in surrounding country rock. Host rock lithology is variable, ranging from quartzite to quartz-sericite, quartz-sericite-chlorite, quartz-chlorite and biotite-chlorite schist, as well as conglomeratic quartz-sericite schist.
The prospective zone where the copper showings occur is 80% to 90% covered by alluvium and sediments providing the potential for near-surface mineralization with little or no surface expression.
INV Metals’ exploration in the Sesfontein area is targeting disseminated copper mineralization hosted by Nosib Group siliciclastic rocks and/or Ombombo Subgroup schist. INV Metals plans to complete the regional 1:25,000 scale geological mapping and prospecting in 2010 and detailed mapping at a scale of 1:5,000 may be completed in selected areas. Gradient array and pole-dipole Induced Polarization surveys may also be completed to further define drill targets for a potential drill program in 2010 or 2011.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Kaoko property, and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
The 82 rock samples collected in the Sesfontein area were prepared at Analytical Laboratory Services in Windhoek, Namibia, and pulps were shipped from Namibia to ALS Chemex’s laboratory in Johannesburg, South Africa for multi-element ICP and gold analysis. ALS Chemex used industry standard QA-QC procedures, including the regular insertion of a number of blanks and standards, as well as running duplicate analysis on seven samples. The data has been reviewed and verified by, and the press release has been prepared under the supervision of, INV Metals’ Qualified Person, Mr. Scott Jennings.
About INVTM Metals
International Nickel Ventures Corporation is now conducting business under the name of INVTM Metals. The Company’s shareholders will be requested to ratify the name change from International Nickel Ventures Corporation to INV Metals Inc. at the next annual general meeting to be held prior to June 30, 2010.
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, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. Please also refer to INVTM Metals’ Management’s Discussion and Analysis dated November 2, 2009 available on SEDAR at www.sedar.com and the corporate presentation on INVTM Metals’ website at www.invmetals.com to view additional details relating to the properties.
This press release contains certain forward-looking statements. These forward-looking statements are subject to variety of risks and uncertainties beyond INV Metals’ ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. In this news release there is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. 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, uncertainty in the estimation of mineral resources, 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, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form with Canadian securities regulators available on www.sedar.com or INV Metals’ website at www.invmetals.com.