Inventus Mining (TSX-V:IVS) is acquiring the historic Golden Rose Mine from Conquest Resources (TSX-V:CQR), expanding its regional land position to 681km2 and adding a significant gold asset 14km from its flagship Pardo Project.
The company entered into a definitive property purchase agreement on 27 August to acquire a 100% interest in the Belfast-Teck Mag property package, which includes Golden Rose.
Under the agreement, Inventus will issue Conquest 8 million common shares at C$0.295 on closing. A 2.0% net smelter return royalty also applies on mining claims not subject to existing royalties, with Inventus retaining the right to purchase 0.5% of the royalty for C$1 million.
Completion requires TSX Venture Exchange acceptance.
CEO Wesley Whymark says the historic mine adds a “high-grade gold growth opportunity” connected directly to Pardo by provincial highway.
“The combination gives Inventus two complementary gold assets, with Pardo providing a near-term operating and cash-flow platform and Golden Rose offering significant high-grade resource validation and exploration upside,” Whymark says.
Golden Rose is located approximately 70km northeast of Sudbury, Ontario, in Canada. Gold mineralisation is associated with quartz-carbonate veining and sulphide replacement within Archean banded iron formation across a 2.2km favourable iron-formation horizon.
Whymark notes Golden Rose bears “many similarities” to the historic Tartan Mine in Manitoba, where he was a part of the technical team that advanced the resource before it was acquired.
“Like Tartan, Golden Rose has a history of high-grade production, underground development, a large historical database, and significant exploration potential, providing the right ingredients to create substantial value,” Whymark says.
The mine produced approximately 52,000 ounces of documented historical gold production across two periods. Between 1937 and 1941, approximately 130,850 tonnes were milled and 45,400 ounces recovered at a historical grade of 10.8 grams per tonne gold (Au). During 1987–1988, approximately 84,738 tonnes of development material was milled and 6,632 ounces recovered.
Historical drilling highlights include 31.70g/t Au over 4.57m, 25.37g/t Au over 4.27m, and 19.20g/t Au over 6.10m. A historical estimate reported approximately 2.25 million tonnes at 8.30g/t Au containing 600,900 ounces, though this does not constitute current mineral resources.
Previous metallurgical testwork indicated gold recoveries of 85% to 86% through gravity concentration and up to 95% through direct cyanidation.
Whymark says the company intends to evaluate whether Golden Rose may represent a source region for gold at Pardo, potentially unlocking a “district-scale exploration opportunity”.
Following closing, Inventus plans to compile and validate the historical database, conduct confirmation drilling with modern quality assurance procedures, and evaluate underground access and infrastructure.
The company says it maintains Pardo as its lead near-term development priority.
Inventus Mining is a Canadian mineral explorer and developer focused on advancing its projects in Sudbury, Ontario.
Write to Paula Fabe at Mining.com.au
Images: Inventus Mining
