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McEwen Mining (TSX: MUX) has made a investment in Inventus Mining (TSXV: IVS) through the participation in the gold junior explorer’s latest private placement to support its ongoing exploration in Ontario.
In total, McEwen will buy 10 million units of Inventus at a price of C$0.04 per unit. Its chairman and chief owner Rob McEwen currently holds approximately 21% of Inventus’ equity, having built his take over the years since Inventus operated under its old name Ginguro Exploration.
Shares of Inventus Mining gained 50% to C$0.045 apiece by 1:20 p.m. ET, for a market capitalization of C$7.6 million.
The company’s main asset is the Pardo paleoplacer gold project located 65 km northeast of the Sudbury mining district. The current exploration target is a near-surface gold-bearing conglomerate reef that ranges from 1 to 4 metres thick.
A 2018 technical report on Pardo outlined three target ranges for the gold-bearing conglomerate based on the limited exploration work to date, with the largest estimated at 12.5 million tonnes grading 3.5 g/t for a gold content of 1.4 million oz.
The conglomerate, if economically feasible, would be subject to low-cost surface strip mining methods, Inventus said on its website. The company had also billed the project as the “first large-scale paleo-placer gold deposit in North America”.
In 2022, Inventus conducted the first phase of a 50,000-tonne advanced exploration bulk sampling program at Pardo, returning an average head grade of 3.4 g/t gold. The bulk sample program has built confidence of the gold grade and paved the way for an initial resource estimate on the property, the company said.
2 Comments
Brian Snetsinger
Your article about Inventus Mining is incorrect. Rob McEwen personally holds over 28M shares of Inventus Mining through his personal company Evanachan Ltd.. The private placement is through McEwen Mining Inc.. Two different entities.
Jackson Chen
Thank you for letting us know. The article has been clarified to reflect that Mr. McEwen did not personally make the investment. The article previously had implied so since he owns significant shares in McEwen Mining.