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 agreed to sell 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 controlling shareholder of Inventus. Endurance's current share ownership equates to 23.8% of Inventus. Thus Endurance has exchanged its ownership interest in the Pardo JV for a large shareholding interest in Inventus. Inventus now controls, on a 100% basis, 170 square kilometres of mineral claims with similar geology.
Endurance retains the right to appoint a Director to the Board of Inventus for as long as its shareholding exceeds 10%.
The road accessible 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. A program of grid drilling and a bulk sample have been completed so far in 2017.
Endurance shareholders can follow exploration activities on the Pardo Property by visiting the website for 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.