INV METALS INC. : http://www.invmetals.com/ : QwikReport
Thorne Lake, Ontario
INV has the right to earn a 50% interest in the Thorne Lake property under an option-joint venture agreement with Northern Superior Resources Inc. ("Northern Superior"). INV may earn a 50% interest in the property by funding $1.5 million in exploration expenditures over four years, with a first year commitment of $500,000, which has been fulfilled. Upon INV completing its funding obligations, a joint venture will be formed with INV and Northern Superior both holding a 50% interest in the property. INV may elect to sole-fund additional work programs, after earning its 50% interest, through to the completion of a pre-feasibility study to earn a final interest of 60%. Northern Superior acts as the field operator of the venture.
Northern Superior had identified three significant gold grain-in-till dispersal trains at the Thorne Lake property, which is situated in the Ellard Lake greenstone belt, northwestern Ontario. The property is located 15 km west of the past-producing Sachigo River gold mine which historically produced 52,560 ounces of gold at an average grade of 1.1 ounces of gold per ton (38.8 grams of gold per tonne). Northern Superior conducted an exploration program at the property in the fall of 2008, which included the collection of an overburden sample containing 476 gold grains, 454 of which were pristine, from a 10.6 kg sample, indicating the property has high potential to host gold mineralization.
The 2009 field program included additional till sampling, geological mapping, prospecting and diamond drilling. The gold grain-in-till data derived from the 2009 overburden sampling program clearly defined several new gold exploration targets. The 2009 mapping, prospecting, bedrock grab sampling and channel sampling program outlined a number of shear zones and were confirmed as gold-bearing. Four gold showings were discovered and a number of channel samples returned >1.0 g/t gold, including 43.20 g/t gold over 0.3 m, 7.25 g/t gold over 0.29 m, 1.2 g/t gold over 0.42 m, and 2.98 g/t gold over 0.39 metres. Grab samples taken from two hand dug test pits returned 26.4 g/t gold and 14.2 g/t gold.
A first phase drill program (six holes, 1,002 m) was completed to test six targets. The program was successful in testing the targets associated with the four gold showings and two targets associated with combined anomalous gold-in-till and bedrock grab samples. Samples from five of the six holes returned values > 1.0 g/t gold including 2.98 g/t gold over 1.15 m. 1.54 g/t gold over 0.48 m, 3.31 g/t gold over 1.40 m, 1.42 g/t gold over 0.88 m; and 2.26 g/t gold over 0.46 metres.
See INV's corporate presentation for further details and graphics for the Thorne Lake gold property.