INV Reports Drill Results for the Itaporã Gold Project
TORONTO, ON – September 17, 2009 – International Nickel Ventures Corporation (“INV” or “Corporation”) (TSX: INV) is pleased to report the results of its initial drill program at the 100% owned Itaporã gold property (“Itaporã”) located in Pará State, Brazil. The Itaporã summer drill program was initiated to test several gold in soil and induced polarization (“IP”) anomalies.
The program consisted of seven diamond drill holes, totaling 1,114 meters, which tested target areas NS-07 and NS-13. The initial drill program successfully confirmed the presence of hydrothermally altered, gold-bearing rocks. At NS-07 multiple zones of anomalous gold grading up to 3.9 g/t were identified, while at NS-13 14.4 g/t gold was intersected over 0.75 metres, which appears to be directly along strike from Troy Resources’ Mamão mine. Drill assay results ranged from insignificant gold values to 14.4 g/t gold at hole ITNS 13-03. See Table 1 for selected drill intersections that averaged 0.5 g/t gold or greater. Management considers the results of the initial drill program to be encouraging. The next phase of the exploration program at Itaporã will include the compilation and assessment of the exploration data obtained to-date to determine the best course of action to advance the gold discoveries.
Target NS-07 is underlain by a sequence of volcanic rocks and metasediments, intruded by granitoids that exhibit hydrothermal alteration, including silicification, chloritization and amphibolitization, along a 2.2 kilometre long northwest-trending structure. Soil grid sampling outlined two main anomalous zones roughly coincidental with IP chargeability and/or resistivity anomalies.
At target NS-13 two zones of hydrothermal alteration and deformation were mapped within mafic-ultramafic volcanic rocks and metasediments along an east-west to northeast-southwest trending shear zone that is interpreted to possibly represent the strike extension of a trend hosting Troy Resources’ Lagoa Seca and Mamão-Babaçu gold deposits. Soil grid sampling outlined a broad anomaly and test IP lines identified moderate chargeability and resistivity anomalies.
Four holes were drilled at NS-07 and three at NS-13. The IP anomalies at both targets appear to be primarily due to alteration. The soil geochemical anomalies appear to be related to bedrock mineralization. Structures and fabric elements identified in rock outcrops and drill core indicate a structurally complex terrain. Further detailed structural mapping and review of the drill core is necessary to interpret the mineralization controls, as well as the possible importance of the granitoid intrusive rocks as a source of fluids for mineralization/remobilization. The northern soil anomaly at NS-07 and the kilometre long soil anomaly at NS-13 have each been tested by one drill hole and remain open.
Table 1 – Selected Itaporã Drill Results
|Hole No.||From (m)||To (m)||Interval (m)||Thickness* (m)||Gold (g/t)|
|NS-07 Target – Northern Anomaly|
|NS-07 Target – Southern Anomaly|
*interpreted approximate true thickness based on core measurements and sub-vertical dip
**drill intersections reported with an average gold grade of 0.5 g/t or greater
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to define a mineral resource on the Itaporã 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 either a blank or a standard every twentieth sample, alternating between the two. 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 ALS-Chemex’s preparation laboratory in Goiânia, Brazil and assay laboratory in Lima, Peru for gold fire assay and multi-element ICP by AAS (50 g). Cross-check analysis of pulps for 5% of the samples will be carried out at a secondary laboratory. Quality control results are verified upon receipt of analysis and the lab contacted upon failure at any point. Standards and blanks in two batches suggest that there has been some immaterial cross-contamination of samples in the sample preparation stage. Remedial measures are underway. The data has been reviewed by, and the press release has been prepared under the supervision of, INV’s independent Qualified Person, Dr. Paul Golightly, who advised the order of magnitude of the assay results is acceptable for disclosure.
INV 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’s primary assets are: (1) its option to acquired 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its Itaporã gold properties, located in Brazil (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario; (5) the Montcalm nickel-copper property located contiguous to Xstrata Nickel’s operating nickel mine in the Timmins, Ontario area; and (6) its nickel-copper-precious metals properties located in the ‘Ring of Fire’ area in northern Ontario. Please also refer to INV’s Management’s Discussion and Analysis dated August 7, 2009 available on SEDAR at www.sedar.com and the corporate presentation on INV’s website at www.nickelventures.com to view additional details relating to the properties, including the Itaporã property.
This press release contains certain forward-looking statements. These forward-looking statements are subject to variety of risks and uncertainties beyond INV’s 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’s properties. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV 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 nickel and other minerals, economic and political stability in Canada 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’s annual information form with Canadian securities regulators available on www.sedar.com or INV’s website at www.nickelventures.com.