INV Metals Reports Drill And Soil Sampling Results At The Rio Novo Project, Brazil
TORONTO, ON – April 28, 2010 – INV Metals (“INV Metals” or “Company”) (TSX: INV) commenced an exploration program at the Rio Novo property, located in the Carajás region of Brazil, in November 2009. INV Mineração Ltda., a wholly owned subsidiary of the Company, is currently earning a 50% interest in the property from Teck Cominco Brasil S.A. (“Teck”). Drilling was suspended due to the rainy season in March and is scheduled to recommence in mid-May, subject to the weather conditions.
The field exploration program completed to-date consists of a four hole 1,570 metre drill program at the RN-7 target area and an induced polarization (“IP”) survey and in-fill soil sampling program at the RN-11 target area.
Mr. Robert Bell, President and CEO, stated, “The information gathered from our initial 1,570 metre drill program at the RN-7 target area indicates an intense alteration system is present within host rocks containing pervasive anomalous copper mineralization. We are very encouraged by the mineral characteristics of the drill core and will use the valuable information collected to assess the further mineral potential of the RN-7 area.”
Mr. Bell added, “The in-fill soil sampling program at the RN-11 target returned significant anomalous copper values in soil, confirming that this previously undrilled target area is extremely prospective. INV Metals expects to commence drilling an additional 3,000 metres at three target areas in mid-May when road access to the properties is available, starting at the high-potential RN-11 target.”
Additional exploration at the Rio Novo property will include geological mapping and in-fill soil sampling at copper targets RN-5 and RN-7, and at the Rio Novo North area to further define known coincidental gold-palladium in soil anomalies that occur within the interpreted strike extension of the host rocks to the Serra Pelada gold-palladium-platinum deposit located 2 km east of the Rio Novo North claim boundary.
RN-7 Target Area
INV Metals completed a four-hole, 1,570 metre diamond drill program in March 2010 to test several targets at the RN-7 target area. Holes RND-31 and RND-32 were drilled to test a strong 1.8 kilometre long conductor identified by an airborne electromagnetic survey (“VTEM”) performed by Teck, subsequent to a two-hole drill program which intersected 0.66% copper over 102 metres (hole RND-29) and 0.40% copper over 69 metres (hole RND-30). Hole RND-33 was drilled to further test a strong soil geochemical anomaly, 400 metres west of Teck’s historical hole RND-29. Hole RND-34 tested a copper in soil geochemical anomaly with a coincident VTEM conductor 800 metres west of RND-33. The results of the drill program denoting copper intersections greater than 0.1% are shown in Table 1. The location of the drill holes and the copper soil anomaly over 6 kilometres in length is shown in Figure 1.
The VTEM conductor was explained by the presence of brecciated to massive hydrothermal magnetite, which is the classic host rock for copper mineralization in iron oxide copper-gold (“IOCG”) deposits. Although no significant grades of copper mineralization were intersected, disseminated to patchy chalcopyrite occurs throughout all of the boreholes, along with intense chlorite-albite-garnet-actinolite-hydrothermal magnetite alteration characteristic of large IOCG systems (see Figures 2 to 4). In hole RND-34, a thick oxidized interval contained several patches of native copper (Figure 5). The drilling to-date at target RN-7 indicates an intense alteration system within typical IOCG deposit host rocks with pervasive anomalous copper mineralization over a strike length of at least 2.4 kilometres. To date there has been insufficient drilling to understand the geometry of the mineralized zones and therefore the relationship between core lengths of mineralized intercepts reported in Table 1 and the true width of the intersections is not known at this time.
Further work at RN-7 will include in-fill soil sampling and a review of the drill core to determine alteration vectors which may help indicate the centre of the mineralized system. Additional drilling is required.
RN-11 Target Area
The in-fill soil sampling program at the RN-11 prospect was designed to aid in the identification of drill targets by in-filling a prospective copper soil anomaly previously identified by Teck. The Teck soil sampling program was carried out on lines spaced 400 metres apart, while the INV Metals in-fill program completed sampling along lines at 200 metre intervals. The results of the Teck program outlined a 1.4 kilometre long by 150 to 700 metre wide copper in soil anomaly, with copper values ranging from 300 ppm to 1,258 ppm. The INV Metals in-fill soil sampling program extended the potential strike length of the copper anomaly to approximately 2 kilometres, discontinuously, with values ranging from 300 ppm copper to a high of 1,644 ppm copper. The peak copper in soil value of 1,644 ppm was collected approximately 100 metres east of a gossanous rock which graded 27.6 % copper, 4.6 grams per tonne gold, and 73.1 gram per tonne silver (see Figure 6). The IP survey outlined a moderate chargeability anomaly roughly coincidental with the soil anomaly. INV expects to initiate a preliminary four-hole, approximate 1,400 metre diamond drill program at RN-11 in mid-May.
Table 1: RN-7 Copper Intersections >0.1% Copper
|Hole No.||From (m)||To (m)||Width (m)||Grade %Cu|
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Rio Novo property, and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
QA — QC Procedures
Diamond drill core selected to be sampled is split into approximately equal halves utilizing a core saw with one half sent for analysis and the remaining half labeled and retained in core boxes for future reference. Core cutting is oriented by the geologist responsible for logging the core to ensure proper splitting. Cut core is placed into clean, unused transparent plastic sample bags into which a pre-printed sample ticket is placed. The sample number is also written on the bag. The geologist inserts one blank sample and one in-house standard sample with each sample batch with a minimum of one each per every 40 samples in order to monitor contamination and data accuracy. Once samples have been cut and bagged they are sealed, and the appropriate laboratory sample preparation and analysis requisitions are prepared. The samples are then transported to SGS Geosol Laboratorios Ltda.’s preparation, who then forward the pulps to their laboratory in Vespasiano, Minas Gerais, Brazil, Brazil for gold fire assay-AAS (50 g) and ICP-OES for 40 elements. In addition, 5% of the rejects are reanalyzed to monitor sample homogeneity and preparation procedures, and 5% of the pulps are submitted to a secondary laboratory to verify analytical methodology, laboratory bias and data accuracy.
A review of the quality control standard samples suggest that some copper analyses might be up to 10% low, however, this does not materially affect the intersections reported and INV’s Qualified Person, Mr. Scott Jennings, has advised the order of magnitude of the assay results is acceptable for disclosure. Remedial measures are underway, including sending 5% of the samples, along with additional standards, to a different laboratory for reanalysis.
The data has been reviewed and verified by, and the press release has been prepared under the supervision of, INV’s 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 March 22, 2010, available on SEDAR at www.sedar.com under the profile of International Nickel Ventures Corporation 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 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. 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 under the profile of International Nickel Ventures Corporation or INV Metals’ website at www.invmetals.com.
Figure 1: Copper in Soil Anomalies, VTEM Conductors and Drill Holes at Prospect RN-7
Figure 6: Copper (ppm) in Soil Anomaly at Prospect RN-11