INV Metals Ramps Up Exploration and Drilling at the Kaoko Copper Property, Namibia
TORONTO, ON – NOVEMBER 23, 2010 – INV Metals Inc. (“INV Metals” or “Company”) (TSX: INV) is pleased to announce that following the completion of its recent financing (see November 12, 2010 press release), it is aggressively ramping up exploration on the Kaoko sedimentary copper property, located in northwest Namibia. In early November, the Company initiated a 4,700 metre (m), 27 hole drill program to further test the copper discovery at the Okohongo target and to drill copper showings at the Manuela target. Additionally, aggressive exploration to advance several known copper showings and to explore numerous regional targets within the very large (8,000 km2) and prospective Kaoko property is targeted for 2011.
Mr. Robert Bell, CEO, stated, “The discovery of significant sedimentary copper mineralization at Kaoko presents INV Metals with the unique opportunity to discover a new, previously unrecognized sedimentary copper belt in a politically stable, pro-mining country, with the potential to have the size and value of similar copper belts in Botswana, Zambia and the Democratic Republic of the Congo.”
INV Metals’ very successful exploration efforts to-date include the Okohongo copper discovery announced in September and the identification of sedimentary copper mineralization to the north, northwest, south and east of the discovery, intermittently over a potential regional strike length of 40 kilometres. The Company has also identified and performed exploration on numerous other exciting copper targets, including the discovery of copper mineralization at the Manuela target.
A second phase reverse circulation drill program commenced in early November at the Okohongo target aimed at expanding the previously announced copper-silver mineralization. A 19 hole, approximately 3,000 m program is planned to test the on-strike and down-dip extensions of the mineralization and various regional targets. INV Metals’ initial drill program intersected mineralization grading up to 2% copper over 45 m, over a strike length of 500 metres (see press release dated September 15, 2010).
Ten holes are planned in the immediate area of the Okohongo discovery to test the down-dip extension of the known mineralization and strike extensions to the north and south. Five prospect holes are planned to test the potential for copper mineralization approximately three to four kilometres north and two to three kilometres to the south of the Okohongo discovery. In addition, four holes are planned to test the area two to four kilometres east of the Okohongo discovery. Completion of the planned drill program is subject to the commencement of the rainy season in Namibia, which typically begins in December.
Okohongo Regional Area
The greater regional area surrounding the Okohongo target encompasses approximately 40 kilometres of potential strike length and includes the Otjohorowara and Epungwe targets.
Recent geological mapping completed by INV Metals at the Otjohorowara target, located approximately 12 kilometres northwest of Okohongo, led to the discovery of three new zones of copper mineralization over an approximately 5 kilometre area. The Otjohorowara target displays a similar geological setting to the Okohongo target.
The first zone of identified copper mineralization at the Otjohorowara target is a horizon of weak to moderate copper-silver mineralization over a strike length of 1.4 kilometres in calcareous siltstone within the Lower Omao formation, the same formation that hosts the copper mineralization at Okohongo. Malachite is the primary copper mineral seen in outcrop and the exposed thickness of the mineralized horizon is typically one meter. Grab samples collected by INV Metals personnel returned values ranging from 0.2% copper and 0.1 g/t silver, to 1.5% copper and 1.9 g/t silver.
A second zone of mineralization identified at Otjohorowara is located approximately four kilometres east of the first showing, while a third occurrence of mineralization is located approximately 1.2 kilometres south of the first zone. A composite sample selected in the area to the south of the first zone contained 10.4% copper and 295 g/t silver.
The Epungwe target is located about five kilometres northwest of Okohongo, along the regional geological contact between Okohongo and Otjohorowara. Teck previously drilled seven diamond drill holes and three percussion holes at Epungwe. Drill intercepts ranged from insignificant copper and silver values to 21 m of 1.7% copper and 14.1 g/t silver (in a percussion hole from the surface) and 7 m of 2.2% copper and 177.7 g/t silver (in core).
INV Metals has not performed sufficient detailed exploration work to design a drill program at the Otjohorowara and Epungwe targets. Further geological and/or geochemical exploration may be completed at the Otjohorowara and Epungwe target areas in order to define drill targets, if warranted, for 2011.
At the Manuela target, located in the northern portion of the property, a planned eight hole, approximately 1,700 m diamond drill program has commenced to test a number of induced polarization geophysical anomalies and surface copper oxide showings. Completion of the drill program is targeted for December.
INV Metals is currently earning a 50% interest in the Kaoko property from Teck Resources Limited’s wholly owned Namibian subsidiary (“Teck”). Under the terms of the Kaoko property agreement, INV may earn an initial 50% interest in the Kaoko property by funding exploration expenditures of $7 million over 4 years, with guaranteed expenditures of $3 million over 2 years, after which a joint venture will be formed, subject to certain back-in rights by Teck and INV Metals.
Scott Jennings, P. Geo, an employee of INV Metals, is the designated Qualified Person as defined in NI 43-101 of the Canadian Securities Administrators and is responsible for the technical content of this news release. Please see the Company’s most recent technical report titled Technical Report on Recent Exploration at the Kaoko Copper-Silver Property in Northwest Namibia (dated and filed on SEDAR on October 27, 2010) for further details regarding the Kaoko property.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to-date 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.
About INV™ Metals
INV™ 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, INV™ 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.
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 or INV Metals’ website at www.invmetals.com.