Invenio planning to drill Ganes Creek Gold Project
Invenio Resources Corp. (“Invenio” or the “Company”) is pleased to announce that it is preparing to conduct a diamond drilling program at its Ganes Creek gold project (the “Project”) located in Southwest Interior Alaska. Invenio has the right to earn a 100% interest in the Project. The upcoming drill program is planned to test approximately 1.2 kilometres of the 11.5 kilometre long Yankee-Ganes Creek gold trend and will focus on the two zones within the Main Ridge area.
The drill program this summer is planned for approximately 6,000 metres in twenty angled core holes and will test the tenor of extensive surface mineralization at two highly-prospective areas located along the Main Ridge: 1) Pzs Ridge; and 2) Katz. Both areas exhibit various styles of gold mineralization hosted in steeply dipping felsic intrusions and altered sediments. Induced Polarization (“IP”) geophysical signatures of these prospect areas indicate continuity along strike for approximately 800 metres at Pzs Ridge and 900 metres at Katz and both areas remain open along strike. Invenio has modeled two dimensional IP data from its 2011 survey beneath Pzs Ridge and Katz and data exhibits positive changes in both resistivity and chargeability that indicate a potential for significant alteration and increased sulfide content.
In 2011 Invenio conducted a 44 kilometre, gridded, modified pole-dipole (n=25m) IP ground geophysical survey at the Project that covered approximately eight square kilometres. The 2011 IP survey was conducted to help constrain the geophysical signatures outlined in a 2008 survey along the Main Ridge and the Lower Bench region where significant historic gold anomalous trench and drill-hole intercepts occur. The survey also extended the geophysical signatures of Pzs Ridge and Katz beneath their covered extensions along strike.
Drilling this summer will use a fence of vertical drill fans that will test: 1) the true width of the mineralized corridor along the Main Ridge; 2) the vertical extent of disseminated and structurally controlled gold mineralization; and 3) observed geophysical anomalies. Information from this year’s drilling will also enable Invenio to construct the first true geological cross sections for the areas which will prove invaluable for further understanding the mineralization at Ganes Creek.
The Company has recently submitted a multi-year permit application to the Alaska Department of Natural Resources to allow for the upcoming drilling program. Approval of the permit is expected to be received by mid-March 2012. Drill sites planned at Ganes Creek will be accessed using existing roads which eliminate the need for expensive helicopter supported drilling. All equipment necessary for mobilization of skid-mounted drill-rigs is already on site at the Project.
About Ganes Creek
The Project consists of 100 contiguous State of Alaska mining claims and 2,641 acres of patented placer mining claims that collectively cover approximately 16,900 acres of continuous gold anomalies along a number of mineralized geological trends. Placer mining within the Ganes Creek area has been nearly continuous since the discovery of rich placer gold deposits along the ancestral benches to Ganes Creek in 1906. Ganes Creek and its tributary drainages are renowned for rich gold placers and abundant large cobble-sized quartz + gold nuggets (up to 122 ounces) mined from active and ancestral streams gravels. More than a 500,000 ounces of gold has been recovered from placer deposits in the district, and of this total, it is reported that an estimated 250,000 ounces were derived directly from Ganes Creek and the immediately adjacent lands.
A number of placer gold mining operations occur near Ganes Creek (e.g. Yankee Creek, Ophir Creek, Little Creek, and Candle Creek) and the project is surrounded by lode gold prospects (e.g. Yankee Creek, Moore Creek, Candle Creek). Limited lode mining has occurred in the region; the most significant being the Nixon Fork Mine (copper-gold skarn) located 62 km to the northeast. The most significant deposit in the region is Novagold/Barrick’s Donlin Creek Deposit, located 130 km to the southwest, which is host to a 33.9 million ounce proven & probable gold reserve and is in the top 1% of gold deposits worldwide.
The 2011 gridded IP survey conducted at Ganes Creek was designed to cover two main mineralized corridors at Ganes Creek: 1) The Main Ridge, (includes: Pzs Ridge, Hill 2040, Independence Mine, Breccia Hill, & Katz); and 2) The Lower Bench Region (includes: South Potosi Bench, Potosi Creek, & Maki Ridge) (see figure here). Both gold anomalous trends follow the trace of regional, N55E trending anti-forms hosted in Cretaceous sediments (e.g. slate, phyllite, sandstone, & greywacke) that exhibit broad, moderately dipping outer limbs and tightly folded and fault disrupted cores. Various styles of silicification and associated gold and base metal mineralization (e.g. intrusion/sediment hosted disseminated sulfides; structurally controlled quartz-carbonate-gold veins and vein breccias; and epithermal laminated + cockade textured quartz-sulfide implosion breccias) occur along the length of the regional folds. In most cases, gold mineralization is spatially associated with altered Cretaceous bi-modal (e.g. mafic + felsic) stocks, sills and dikes that have intruded into and have been subsequently deformed by protracted strain within and along the anti-forms and internal shear zones. Gold mineralization spatially associated with the intrusions has been identified along the Main Ridge from Pzs Ridge to Amy Peak for a strike of about 11.5 kilometers (see figure here).
At Ganes Creek, the significance between protracted intrusive events superimposed by various overlapping modes of mineralization that collectively are located within regional scale folds, and in the case of the Main Ridge, part of a significant crustal structure (e.g. approx. 70 kilometre long Yankee/Ganes Creek Fault) cannot be overlooked.
The Project is one of the most logistically feasible exploration projects within Interior Alaska. It is accessible by State maintained gravel roads that connect to a commercial barge landing on the Kuskokwim River (e.g. Sterling Landing). This road system also abuts Invenio’s Candle Hills Gold Property and further exemplifies the logistic feasibility of Invenio’s land holdings in Alaska. Bulk fuel and heavy equipment required for exploration and mining can be transported to Sterling Landing by barge from the mouth of the Kuskokwim River at Bethel during the spring and summer months and then transported along the road system to Invenio’s two gold projects. A well maintained 5000 foot gravel runway exists at Ganes Creek and is capable of handling C130 Hercules and DC-6 cargo aircraft which also supports bulk-fuel and freight shipments.
Existing camp facilities owned by Clark-Wiltz Mining (CWM), the operator of the placer mine, are used by Invenio to conduct its exploration at Ganes and Candle and consist of: accommodations for exploration crews of more than 12; fully stocked and maintained mechanic’s shop; bulk fuel storage; heavy equipment required for road building and diamond drill support; and four-wheel drive trucks and all-terrain vehicles needed for ground transportation.
Topography at Ganes Creek is typified by moderate relief of 400 metres with elevations ranging from 210 metres in the Ganes Creek valley to 625 metres along the ridges making access to the planned drill sites on the existing roads relatively easy.
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 an interest in four gold properties, Ganes Creek, and Candle Hills in Alaska, Kings Canyon located on the border of Nevada and Utah and Green Springs located in Nevada. In February 2011 Invenio signed an option on Ganes Creek with the right to acquire a 100% interest and in July 2011 it announced it had signed an option on Candles Hills 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 33.9 million ounce Donlin Creek gold deposit and at Candle Hills gold mineralization is potentially plutonic hosted stockwork and fault-filled vein style. The Kings Canyon project contains an historical, non 43-101 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 historically reported head grades of 2 g/t gold.
The technical information contained in this press release has been reviewed by Mr. William Burnet, M.Sc., CPG, of Yukuskokon Professional Services, LLC. Mr. Burnett is a qualified person for the purpose of National Instrument 43-101.
For additional information please visit the Company’s website at www.invenioresources.com. You may also email firstname.lastname@example.org or call investor relations at 604-687-1779
ON BEHALF OF THE BOARD OF DIRECTORS OF INVENIO RESOURCES CORP.
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This news release contains 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.