Invenio Options Second Gold Property in Alaska
July 13 2011 - 12:22PM
Marketwired
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."
Contacts: Invenio Resources Corp. Investor Relations
604-687-1779 info@invenioresources.com www.invenioresources.com
(TSXV:IVO)
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