INV Metals Provides Exploration Update at Kaoko
TORONTO, ON – April 28, 2011 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) is pleased to provide an exploration update on its Kaoko property, located in northwest Namibia.
A diamond and reverse circulation (“RC”) program is planned to commence at the Oruvandjai (“Oruvandjai”) target in mid-May. The Company expects to drill at least 10,000 metres at multiple targets during the 2011 drill program, including Okohongo, Epunguwe, Otjohorowara, Omatapati, Okarivizo, Okakuyu and Oruwanye. Other drill targets are expected to be identified and drilled pending positive geochemical surveys and geological mapping.
Drilling is scheduled to commence in mid-May at the sandstone-hosted Oruvandjai target with a planned 1,400 metre diamond and RC drill program. The primary target at Oruvandjai is disseminated copper oxide and/or sulphide mineralization. The program has been designed to test a number of Induced Polarization anomalies and significant copper occurrences, which include three discrete copper showings. Drill preparation activities are on-going.
An initial 2,800 metre reverse circulation drill program is scheduled to commence at the Okohongo copper-silver deposit (“Okohongo”) in late May or early June. The program is designed to further delineate the known mineralization and to test new target areas following an analysis of radiometric, magnetic and structural data and may be expanded subject to positive drill results.
TerraNotes Ltd. (“TerraNotes”), a Canadian geophysical consulting firm, has been engaged to compile and interpret the magnetic, radiometric and structural data over the Kaoko property, with an emphasis on seeking any distinct geophysical signatures over known zones, particularly Okohongo, in order to identify new targets with similar signatures. TerraNotes has identified several similar signatures in close proximity to the known Okohongo mineralization, located to the south and south-east of the known mineralization in areas with no previous drilling. In addition, a signature was identified in close proximity to copper showings at Otjohorowara. Pending positive drill results from the newly identified target areas, the TerraNotes methodology may provide a new tool to enable INV Metals to identify high potential areas within the 200 kilometres of the favourable Okohongo horizon that occurs on the property.
Caracle Creek International Consulting (Pty) Ltd. (“CCIC”) has been engaged to determine if the drilling performed to-date at Okohongo is sufficient to prepare an inferred resource estimate. CCIC is an independent geological consulting firm with offices in Canada, South Africa and Zambia.
An extensive geochemical sampling program, comprised of up to 18,000 samples on multiple areas of the property, is scheduled to commence in mid-May once access is available following the rainy season. The geochemical program is designed to test areas of the property along the favourable Okohongo horizon that have had little to no previous exploration work performed. Results of the program will be used to identify further targets and to develop additional drill targets for later this year.
Further geological mapping is also underway within various regions of the property to follow-up on previously identified showings to aid with drill target identification and to provide additional geological information in areas of the property previously not explored by the Company.
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 large 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, (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 the 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 a 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. 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, risks associated with mining and mineral exploration activities, 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, availability of future financing, 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.