TORONTO, ONTARIO--(Marketwire - March 17, 2011) - INV Metals Inc. ("INV Metals" or "Company") (News - Market indicators) today announced the results of the second phase of drilling at its Kaoko property in north-western Namibia. These results confirm the potential of the Okohongo target ("Okohongo") and highlight the prospectivity of the numerous other similar sediment-hosted copper targets throughout the Company's extensive Kaoko property to host significant widths of high-grade copper and silver mineralization (e.g. borehole INVR-37 - 31 metres grading 1.8% copper and 40.6 g/t silver at Okohongo).
Mr. Robert Bell, CEO, stated, "The second phase drill results at Okohongo are very encouraging and indicate that this near surface deposit hosts copper-silver mineralization that extends over 600 metres in strike length and up to 400 metres down dip, including a thicker, high-grade zone over at least 200 metres of strike. The mineralization appears to be open both along strike and at depth. The Company plans to commence a 2,800 metre drill program at Okohongo in April to further delineate the deposit, assess the viability of preparing an initial inferred resource and to provide material for preliminary metallurgical testing." He added, "The potential for additional, proximate, high-grade copper-silver deposits in similar geological environments is substantial. In addition to the Okohongo drilling, an aggressive two drill program will commence in April at the Oruvandjai target."
Okohongo
The second phase drill program totalled approximately 3,100 metres and focused on the known Okohongo mineralized target area, as well as regionally testing for the Okohongo horizon stratigraphy.
Drilling within the immediate Okohongo area confirms that the target remains open down-dip and to the north and south, as well as the potential of this and other targets to host significant mineralized widths and grades. Hole 37 intersected 31 metres grading 1.8% copper and 40.6 g/t silver; the hole was drilled 100 metres north of hole 6, which intersected 45 metres grading 2.0% copper and 27.1 g/t silver (see INV Metals press release dated September 15, 2010). The intercepts in INV Metals' holes 1, 6 and 37 indicate a thicker, higher-grade zone of copper mineralization occurs over 200 metres of strike in the northern portion of the known mineralization, indicating potential for the regional area to host thicknesses in excess of the typical copper-belt deposits. Hole 36, grading 1.1% copper and 18.6 g/t silver over 10 metres, extends the deposit down dip up to 400 metres. The presence of mineralization in holes 32 and 38 indicates that there is potential for the prospect to extend to the north and south as the drilling indicates that the deposit pinches and swells both along strike and up and down dip.
Drill results returned values ranging from negligible to those detailed in Table 1, which highlights the significant intersections of the phase two drill program. The reported results are interpreted to be roughly equivalent to true widths.
| Table 1: Okohongo Second Phase Drill Results |
| |
|
|
|
|
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| Hole No |
From |
To |
Interval (m) |
Cu % |
Ag g/t |
| INVR-032 |
44 |
45 |
1 |
0.9 |
4.1 |
| INVR-035 |
153 |
156 |
3 |
0.7 |
21.2 |
| INVR-035 |
176 |
182 |
6 |
0.8 |
14.9 |
| INVR-036 |
128 |
130 |
2 |
0.7 |
7.8 |
| INVR-036 |
155 |
165 |
10 |
1.1 |
18.6 |
| |
including |
160 |
164 |
4 |
1.6 |
27.1 |
| INVR-037 |
38 |
69 |
31 |
1.8 |
40.6 |
| |
including |
38 |
53 |
15 |
2.8 |
67.7 |
| |
OR |
38 |
51 |
13 |
3.1 |
77.5 |
| and |
64 |
69 |
5 |
2.5 |
42.7 |
| INVR-037 |
82 |
83 |
1 |
2.1 |
54.3 |
| INVR-038 |
30 |
33 |
3 |
0.5 |
15.3 |
The outlying scout holes did not intersect significant mineralization; however, five of the nine regional holes did intercept trace amounts of copper. It is interpreted that the step out holes did not intersect the key horizon which is host to the Okohongo zone and further mapping and geochemical and geophysical methods will be used to locate the Okohongo horizon for further drill testing. Regional mapping indicates that the Kaoko property may host approximately 200 km of the favourable Okohongo target horizon.
Manuela
A six hole, approximately 1,300 metre, Diamond drill program was completed on the Manuela target. The Manuela target consists of a number of copper oxide showings with associated induced polarization ("IP") geophysical anomalies but is not hosted within the same stratigraphy as the Okohongo horizon. The drilling at Manuela tested the surface copper showings and a number of IP anomalies and returned no significant values of copper. Most of the IP anomalies were explained by the presence of disseminated pyrite, pyrrhotite and minor chalcopyrite. No further work is planned on this target.
2011 Exploration Program
The planned 2011 exploration program at Kaoko consists of a Diamond and reverse circulation drill program totalling an initial 10,000 metres to test the Okohongo, Epungwe, Omatapati, Okakuyu, Oruwanye, Otjohorowara and Oruvandjai targets. Two Diamond drills are expected to commence drilling in late April at Oruvandjai to aggressively test the extensive copper showings and IP anomalies. Concurrently in April, the reverse circulation drill program will commence at Okohongo to further define the extent of mineralization and to test the nearby Epungwe and Otjohorowara targets.
Regional mapping and geochemical field work is underway in prospective areas to further evaluate the approximately 8,750 km2 property for additional targets and to follow up strong stream sediment copper anomalies in the northwestern portion of the property.
Potential quantity and grade is conceptual in nature. There has been insufficient exploration to-date to define a mineral resource on the Kaoko property and it is uncertain if further exploration will result in such property being delineated as a mineral resource.
INV Metals entered into agreements with Teck which provide INV Metals the right to acquire an initial 50% interest in the large Kaoko property located in northwest Namibia (see INV Metals' press release dated August 4, 2009).
Scott Jennings, P. Geo, an employee of INV Metals, is the designated Qualified Person as defined in NI 43-101 of the Canadian Securities Administrators and is responsible for the technical content of this news release. Please see the Company's most recent technical report titled Technical Report on Recent Exploration at the Kaoko Copper-Silver Property in Northwest Namibia (dated and filed on SEDAR on October 27, 2010) for further details regarding the Kaoko property.
About INV™ Metals
INV™ Metals 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™ Metals' primary assets are: (1) its option to acquire 50% of the Rio Novo property, located in Brazil, (2) its option to acquire 50% of the Kaoko property, located in Namibia, (3) its 100% owned Itaporã gold properties, located in Brazil and (4) its option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario. Please also refer to the INV™ Metals' website at www.invmetals.com to view additional details relating to the properties.
Forward-Looking Statement
This press release contains certain forward-looking statements. These forward-looking statements are subject to a variety of risks and uncertainties beyond INV Metals' ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward-looking statements. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals' properties. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals 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, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, changes in project parameters as plans continue to be refined, delays in the timing of proposed exploration programs, future prices of metals, economic and political stability in Canada, Namibia and Brazil, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. For a more detailed discussion of such risks and other factors, refer to INV Metals' annual information form with Canadian securities regulators available on www.sedar.com or INV Metals' website at www.invmetals.com.
