Invenio to Target Two Styles of Gold Mineralization at Ganes Creek in 2011
01 June 2011 - 11:00PM
Marketwired
Invenio Resources Corp. (TSX VENTURE: IVO) ("Invenio" or the
"Company") is pleased to announce that preparations are well
underway for the upcoming field season at its Ganes Creek Gold
Project in Alaska. The 2011 field season will follow up on
extensive work completed by a previous explorer in 2007-2008 that
included a total of approximately 32 kilometres of trenching,
geological mapping and 4,400 continuous chip samples collected in
the trenches, 424 select rock samples and approximately 83 line
kilometres of grid geophysics.
Two primary styles of intrusive-hosted or intrusive-related lode
gold mineralization have been recognized at Ganes Creek. They are
referred to as:
Type-1: lower grade bulk mineable gold mineralization that is
composed of quartz-arsenopyrite veinlets and micron-to-millimeter
scale disseminations hosted in porphyritic rhyolite sills/dikes.
This style of mineralization is similar to the 42 million ounce
Donlin Creek gold deposit located to the southwest of Ganes Creek
along the Nixon Fork - Iditarod fault; and
Type-2: Quartz-native gold veins, locally with visible gold,
found within post-intrusive structures that cut altered and
deformed bi-modal sill/dike swarms. This style of mineralization is
the source for the rich placer gold deposits that have been mined
from Ganes Creek and its tributary drainages for over 100 years.
The relationship between Type 2 mineralization and placer gold has
been confirmed by a large dataset that includes: 1) observations of
placer deposits, distribution and placer gold character; 2)
geochemical, textural and electron microprobe analyses on placer
gold grains, from quartz + gold nuggets, and from in-situ
quartz-gold veins, and 3) placer nuggets found by metal detectors
that are eroded fragments of quartz-carbonate-gold veins with
identifiable wall rock attached that are diagnostic to the
intrusive-alteration-mineralization system at Ganes Creek.
The Pzs Ridge prospect at Ganes Creek hosts some of the
strongest Type-1 mineralization for the entire property. Extensive
trenching and continuous chip sampling along Pzs Ridge, which was
drilled previously by Placer Dome in 1996-1997, has defined broad
zones of lower-grade gold mineralization. Continuous 100-300 ppb
gold mineralization occurs throughout the entire trench system of
approximately 650 meters and covers an area approximately 220m X
175m. Higher grade zones of Type-1 gold mineralization sampled from
altered intrusives that cross cut low-grade deformed sediments are
viable drill targets that were not tested by Placer Dome (20 metres
at 365-900 ppb gold, 65metres at 330-700 ppb gold, and 4 metres at
1.7g/t gold). The higher-grade gold mineralization is spatially
associated with NE striking, moderately SE dipping rhyolitic sills
that have intruded into the SE limb of a large, regional antiform
composed of Cretaceous slate and greywacke. Existing, vertical
reverse circulation drill data confirms that higher-grade
mineralization in the intrusives is continuous to depths of
approximately 30-40 metres but additional intercepts occur at
depths of approximately 100 metres. The higher-grade mineralization
at Pzs Ridge likely dips to the SE and follows the down-dip
extensions of the altered rhyolitic intrusives. The SE extensions
to this mineralization has not been trench or drill tested. This
area is the most extensive continuous zone of gold mineralization
recognized on the property to date. The rhyolitic sills strike to
the SW along the Main Ridge for approx. 5km and host similar
mineralization at Breccia Hill, Katz, and along Spaulding
Ridge.
The Independence Mine, area at Ganes Creek typifies Type 2
mineralization. Here sill swarms host a vein system that was
subject to small scale hand mining which had historically reported
grades of approximately one ounce per ton gold. Invenio's current
manager of exploration worked at Ganes during a 2008 program,
during which grab samples taken from an outcropping quartz vein
returned high grade fire-assay gold values including 592 g/t gold,
1290 g/t gold, 1470 g/t gold, 1560 g/t gold, and 2140 g/t gold.
A new intrusive sill swarm and high-grade vein system was
discovered by trenching along South Potosi Ridge within the Lower
Bench Region. Two chip samples from stockwork veins hosted within
altered intrusives and shear-veins hosted in late-east-west, clay
altered shear zones produced assays of 13.95 g/t gold and 14.15 g/t
gold. The assays are the highest grade vein samples taken from the
Lower Bench Region to date. The abundance of veins in exploration
trenches indicates an extensive hydrothermal system was associated
with the prospect. The sill swarm is thought to be the source of
rich placer gold deposits that were mined at the confluence of
Ganes and Potosi Creeks. The sill swarm is open along strike,
requires further exploration trenches and has not been drill
tested. In particular, the NE extension of this sill swarm is
buried beneath Maki Ridge and may be below anomalous flysch sampled
in exploration trenches (4 metres at 3 g/t gold and 4 metres at 1.7
g/t gold).
The Pzs Ridge, the Independence and the South Potosi Bench areas
will be explored further this summer by Invenio. A comprehensive
map outlining target areas can be viewed on the company's website
at: www.invenioresources.com/projects/ganes-creek-project.
Ganes Creek is located in west-central Alaska, approximately 440
km northwest of Anchorage and 40 km west of the town of McGrath.
The Project is situated in the Tintina Gold Belt which is host to
the 42 million ounce Donlin Creek gold deposit approximately 90 km
to the south west and the Nixon Fork copper-gold skarn deposit
approximately 62 km to the northeast.
The Ganes Creek project consists of 109 state mining claims
covering approximately 6,200 hectares (15,400 acres). The Project
is in the historic Ophir Mining District and lies along the
prospective Yankee Creek/Ganes Creek (Y/G) fault zone, a 19 km
geological feature which hosts numerous gold anomalies and
prospects as well as several active placer gold operations. The Y/G
fault zone parallels the Iditarod-Nixon Fork fault, a major
northeast trending structure, along which the Donlin Creek and
Nixon Fork deposits occur. Mineralization at Ganes Creek consists
of intrusive related gold showings and high grade gold in shears
and veins along or in close proximity to the Y/G fault zone.
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 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.
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.
For additional information please visit the Company's website at
www.invenioresources.com.
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
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