Inventus Mining Corp ("Inventus") and Endurance Gold Corporation ("Endurance" or "the Company") were formerly participating Joint Venture partners on the Pardo Joint Venture ("Pardo JV") consisting of a 33 square kilometre 16-claim property, located 65 kilometres northeast of Sudbury, in east-central Ontario. Inventus was the operator of the Pardo JV with a 64.5% interest, and Endurance owned the remaining 35.5% participating interest.
On November 30, 2016 Endurance sold its 35.5% interest in the Pardo JV for 25,500,000 shares of Inventus and $75,000 in cash resulting in Endurance becoming a major shareholder of Inventus effectively exchanging its ownership interest in the Pardo JV for a large shareholding in Inventus. As of January 13, 2020 Endurance's share ownership currently represents 11.77% of the issued and outstanding shares of Inventus. Endurance retains the right to appoint a Director to the Board of Inventus for as long as its shareholding exceeds 10%. As a result of the 2016 transaction Inventus now controls, on a 100% basis, the entire district with "paleoplacer gold" exploration potential.
The road accessible original Pardo gold property covers a sequence of Precambrian-aged rocks which include the Matinenda and Mississagi Formations, basal conglomerate units of the Huronian Supergroup sedimentary assemblage that forms the 15,000 square kilometre Cobalt Embayment comparable in size to the similar age South African Witwatersrand basin. Gold mineralization defined to-date on the Pardo Property is spatially associated with pyritic and quartz pebble bearing portions of both the Matinenda and Mississagi Formation conglomerates. The widespread occurrence of gold mineralization associated with these conglomerates and the potential size of the target warrants further exploration.
At Pardo, a program of grid drilling and a bulk sampling was completed in 2017 and another bulk sampling program is planned for 2020.
Over the last two years Inventus has also been exploring other areas of the Cobalt Embayment with geological analogies to the Sudbury District ("Sudbury 2.0 Project"). Exploration on the Sudbury 2.0 Project has identified and acquired drilling targets that have encouraging potential for gold-copper as well as copper-nickel-platinum-palladium-gold in an "offset dyke" geological setting.
Endurance shareholders can follow these exploration activities by visiting the website of Inventus Mining Corp.
Robert T. Boyd, P.Geo. is a qualified person as defined in National Instrument 43-101 and supervised the compilation of the information forming the basis for this summary.