Inventus’ shares gained 50% to C$0.045 apiece by 1:20 p.m. ET, for a market capitalization of C$7.6 million.
In addition to McEwen’s purchase, an additional 5 million units will be sold to other investors, for gross proceeds of C$600,000 to fund Inventus’ exploration activities.
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…
