INV Metals Reports Earnings Results for the Third Quarter Ended September 30, 2013; Provides Update on Loma Larga Gold Property
Nov 13 13
INV Metals reported earnings results for the third quarter ended September 30, 2013. For the quarter, the company reported total loss of $232,074 or $0.00 per share compared with a total loss of $1,501,222 or $0.02 per share for the corresponding period ended September 30, 2012.
The company also provided update on Loma Larga gold property. The metallurgical test work on the Loma Larga deposit is on-going to evaluate various processing methods to optimize gold recoveries and to determine the most effective cut-off grade to produce a saleable concentrate. As previously stated, if the metallurgical test results are positive and reasonable regulations are released pertaining to medium sized mines, the Company plans to complete a Preliminary Economic Assessment. The completion of a positive PEA will allow the company to conclude its dialogue with the Ecuador government on the classification of the Project as a medium sized mine. The Company plans to obtain approval for the Project to qualify under the medium sized mining category prior to continuing significant expenditures on the Project and has scaled back expenditures in Ecuador until such time that the Government releases the regulations and the economics of the Project can be evaluated.
INV Metals Inc. Provides Loma Larga Update
Oct 1 13
INV Metals Inc. announced the results of the company's recent drill program and provides an update on the company's 100% owned Loma Larga project, located in Ecuador. The company has completed the first phase of the Loma Larga drill program, which consisted of 12 diamond drill holes totalling 3,684.7 metres including two holes drilled for metallurgical test work, three holes to further define the high-grade zone and seven holes to test step-out targets to extend the deposit. No further drilling is planned on the Property until clarification is received on the medium sized mining category. Holes LLD-371 and 372 were drilled to obtain material for metallurgical test work. The metallurgical drilling in the high-grade zone clearly demonstrates that the Loma Larga gold deposit contains a high-grade core surrounded by a lower grade halo. For example, hole LLD-371 intersected 77 metres grading 13.7 g/t gold, including 20 metres grading 34 g/t gold and LLD-372 intersected 36.5 metres grading 11.8 g/t gold including 6.3 metres grading 47.7 g/t gold. This drilling not only provided samples for metallurgical testing but also confirmed management's view that Loma Larga warrants detailed evaluation as a lower tonnage, higher grade mining operation. Holes LLD-373 to 375 were drilled to better define the margins of the high-grade zone. The objective of the step-out drill program was to expand the gold resource in areas where the deposit is open and untested, including a regional target referred to as Loma Larga West, and deeper holes to test for stacked lenses at depth beneath the main zone. The areas for expansion were identified by the company during a comprehensive and detailed geological review. The results of the step-out drilling indicate that the prospectivity of the regional area within the Property remains encouraging. The first hole, LLD-364, was drilled as an 85 metre step-out north of the resource and 40 metres north of a significant gold intersection from a historic drill hole. The hole intersected 15.5 metres grading 3.1 g/t gold, 148.4 g/t silver, and 0.98% copper. Four drill holes, LLD-365 to 368, tested the Loma Larga West target, a 1.2 kilometre long north-northwest trending zone parallel to and west of the known resource. The target has a magnetically low signature similar to that of the Loma Larga deposit with positive drill results in historic drilling at both ends of the magnetic anomaly, with no drilling in the intervening 1.2 kilometre target. The most significant zone of mineralization was intersected in hole LLD-367 which contained 4.9 g/t gold, 48.7 g/t silver, and 0.51% copper over a core length of 25.1 metres, including 11.9 g/t gold, 78.7 g/t silver and 0.33% copper over 6.2 metres. This intersection is located approximately 165 metres north of the northern limits of the resource and additional drilling is required to determine if the mineralization is a continuous extension of the main resource. Hole LLD-365 intersected 13.6 metres grading 3.8 g/t gold, 19.6 g/t silver, and 0.14% copper while hole LLD-368 intersected 6.0 metres grading 3.7 g/t gold, 33.2 g/t silver and 0.33% copper. Hole LLD-369 was drilled to 422.1 metres on the eastern side of the deposit, 75 metres outside of the resource, to test a northwest-southeast trending structure, and to follow up a significant, historic drill hole intersection excluded from the resource. The best intersection in LLD-369 was 3.0 metres grading 2.3 g/t gold, 3.0 g/t silver, and 0.19% copper. LLD-370 was drilled to 402.3 metres to test for potential stacked lenses below the two main lenses within the resource, in a 350 metre long gap with no drilling between two historic drill holes with gold mineralized intersections. Above the target horizon, two main zones were intersected containing 46.5 metres grading 2.8 g/t gold, 8.0 g/t silver and 0.06% copper, which included 14.0 metres grading 4.3 g/t gold, 13.8 g/t silver, and 0.11% copper, and 22.7 metres grading 5.3 g/t gold, 19.4 g/t silver, and 0.23% copper. The deeper target horizon returned 4.3 metres grading 2.4 g/t gold, 4.6 g/t silver and 0.28% copper, and 2.0 metres grading 4.3 g/t gold, 14.5 g/t silver, and 1.3% copper.
INV Metals Inc. Presents at 12th Annual World Alternative Investment Summit Canada (WAISC) Conference, Sep-11-2013 09:30 AM
Sep 8 13
INV Metals Inc. Presents at 12th Annual World Alternative Investment Summit Canada (WAISC) Conference, Sep-11-2013 09:30 AM. Venue: Fallsview Casino Resort, Niagara Falls, Ontario, Canada. Speakers: Robert C. Bell, Chief Executive Officer, Director and Member of Safety, Health & Environmental Committee.