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Invenio Options Second Gold Property in Alaska
Invenio Resources Corp. ("Invenio" or the "Company") (TSX VENTURE:IVO) is pleased to announce it has secured an option on a second gold property in Alaska. The agreement is with Interior Alaska Mining, LLC ("IAM") and provides the Company with the option to purchase a 100% undivided interest in the Candle Hills Gold Property ("Candle" or the "Property") located in southwest Alaska. The option on Candle marks Invenio's second gold property deal in the past six months in the prolific Tintina Gold Belt which is host to several multi-million ounce gold deposits.
Candle consists of 61 claims totaling 9,760 acres and is located 15 kilometres southwest of the village of McGrath and 55 kilometres by road to Invenio's Ganes Creek Property. The proximity of Candle to Ganes Creek, where Invenio has already begun exploration, will allow the Company to initiate a first phase of exploration at Candle efficiently and quickly.
Gold mineralization at Candle is potentially plutonic-hosted stockwork and fault-fill vein style. Geological and whole-rock geochemical relationships combined with the identification of copper-gold-silver-arsenic-mercury anomalies within the Candle Hills igneous complex indicates strong similarities to other deposits along the Iditarod - Nixon Fork fault such as Freegold Ventures and Vinesale Mountain.
The head waters of Candle Creek begins at the northern boundary of the Property and flows northeast through a broad valley that drains the Candle Hills igneous complex. Placer gold deposits along the upper three kilometres of Candle Creek were mined by hand, mechanized open-cut and bucket-line dredge operations through the 1930's but stopped at the steep slopes just below the Property. Historical reports of this mining activity indicate placer production of approximately 138,000 ounces of gold and 12,000 ounces of silver. During the 1990's limited placer mining in Candle Creek recovered gold that was commonly associated with cinnabar; a mercury bearing mineral that is sometimes associated with lode gold deposits.
Under the Letter Agreement, Invenio has the option to acquire 100% of the Property by making payments totaling $285,000, issuing 300,000 shares and spending $1,850,000 by Dec 31, 2014. Upon completion of the Option, Invenio will grant IAM a 3% NSR and IAM will grant Invenio the right to purchase 1% of the NSR for $2,000,000.
The technical information in this news release was reviewed by Jerry Blackwell, P.Geo., Invenio's technical advisor and a Qualified Person as defined in NI 43-101.
About Invenio Resources Corp.
Invenio Resources Corp is a Canadian based exploration company focused on gold exploration. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol IVO. Invenio has three gold properties, Ganes Creek, Alaska, Kings Canyon located on the border of Nevada and Utah and Green Springs located in Nevada. Invenio owns 75% of Kings Canyon and Green Springs and in February 2011 it signed an option on Ganes Creek with the right to acquire a 100% interest. Ganes Creek has the potential to host both high grade lode style gold mineralization and lower grade bulk mineable mineralization similar to that found at the 42 million ounce Donlin Creek gold deposit. The Kings Canyon project contains an historical, non-compliant resource of approximately 217,000 ounces of gold at a grade of 0.93 grams/tonne. The deposit is near surface, oxidized and interpreted to be Carlin style. The Green Springs project is a former past producer with reported head grades of 2 g/t gold.
ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP.
Ken Booth, President
"This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements."
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
FOR FURTHER INFORMATION PLEASE CONTACT:
Invenio Resources Corp.
Source: Invenio Resources Corp.