Inventus to Acquire Historic Golden Rose Mine Adding High-Grade Gold Growth Asset 14 km From Pardo
TORONTO, Aug. 28, 2026 (GLOBE NEWSWIRE) -- Inventus Mining Corp. (TSXV: IVS) (“Inventus” or the “Company”) is pleased to announce that it has entered into a definitive property purchase agreement dated August 27, 2026, with Conquest Resources Limited (TSXV: CQR) ("Conquest") to acquire 100% interest in the Belfast-Teck Mag property package that includes the past-producing Golden Rose Mine (the "Transaction"). The transaction would materially expand Inventus' regional land position to 681 km2 and add a high-grade gold growth asset 14 km from the Company's Flagship Pardo “River of Gold” Project (Figure 1).
Wesley Whymark, CEO & Director, comments: “Since writing a technical report on the Golden Rose Mine in 2020, I have had my eye on the property and am very pleased with the transaction. The historic mine adds a high-grade gold growth opportunity 14 km north of Pardo connected directly by a 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.
Golden Rose appears to have many similarities to the historic Tartan Mine in Manitoba, where I was part of the technical team that advanced the underground high-grade gold resource before it was acquired. That experience gives our team practical knowledge of how to evaluate, modernize and advance this historic underground gold asset. 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.
As importantly, we intend to evaluate whether Golden Rose may represent a possible source region for the gold at Pardo, a geological relationship that could unlock a much larger district-scale exploration opportunity.”
GOLDEN ROSE HIGHLIGHTS
- Golden Rose is a past-producing, high-grade iron-formation-hosted gold system with a shaft, decline ramp, seven underground levels and a previously permitted tailings facility. The host geology extends for approximately 2.2 km east over the property and remains underexplored along strike and untested below a depth of 200 m(2).
- The mine operated from 1937-1941 and again from 1987-1988 with approximately 52,000 oz of documented historical gold production(2).
- A 1985 historical estimate reported 2,483,200 short tons grading 0.242 oz Au/short ton, equivalent to approximately 600,900 oz Au at 8.30 g/t Au within 2.25 million tonnes(1).
- The historical drill database contains high-grade drill results, including(2)(3):
- 19.76 g/t Au over 22.88 m
- 50.93 g/t Au over 5.79 m
- 15.30 g/t Au over 15.24 m
- 165.81 g/t Au over 1.40 m
SYNERGIES WITH PARDO
- Two complementary growth assets: Pardo provides a flat, shallow gold system with exploration upside and a near-term direct-shipping ore (DSO) production pathway, while Golden Rose adds a historically productive, high-grade underground gold system with significant resource validation and expansion potential.
- District-scale exploration opportunity: Golden Rose is located 14 km north of Pardo within Inventus' expanded regional land position. The Company intends to investigate whether the high-grade Archean gold system at Golden Rose may represent a source region for the paleoplacer gold at Pardo and evaluate the largely unexplored corridor between the two projects.
- Staged, self-funding development potential: Inventus' strategy is to use potential DSO production and cash flow from Pardo to help fund continued growth across both properties. The high-grade mineralization at Golden Rose will also be evaluated for a potential staged DSO development strategy, creating the possibility of multiple sources of internally generated cash flow.
- Centralized operating hub opportunity: The proximity of Pardo and Golden Rose, connected by a provincial highway, creates opportunities to share personnel, contractors, equipment and infrastructure. Longer term, Inventus intends to evaluate the potential for centralized processing and other common infrastructure serving both operations, including opportunities associated with the existing tailings facility at Golden Rose.
TRANSACTION TERMS
Under the property purchase agreement, Inventus will acquire all of Conquest's right, title and interest in the Belfast-Teck Mag property, including the Golden Rose Mine. In consideration of the transaction Inventus will issue Conquest:
- 8,000,000 common shares of Inventus at $0.295 to be issued at closing, subject to applicable statutory and Exchange hold periods and a voluntary pooling arrangement, with one-third released following the applicable hold period, one-third on the first anniversary of closing and the final one-third on the second anniversary of closing.
- A 2.0% net smelter return royalty on mining claims that are not already subject to an existing royalty, with Inventus retaining the right to purchase 0.5% of the royalty for C$1,000,000.
No finder’s fees are payable in connection with the Transaction. Completion of the Transaction is subject to acceptance by the TSX Venture Exchange.
NEXT STEPS
The Company intends to advance Golden Rose in a manner that preserves Pardo as its lead near-term development priority, however, following closing, Inventus intends to:
- Launch a drill program at Golden Rose focused on confirming the historic high-grade gold mineralization, testing extensions below and beyond the historic mine workings, and exploring the system along strike and at depth.
- Advance Golden Rose toward a mineral resource estimate by integrating and validating the historical drilling supported by confirmation drilling and geological modelling.
- Leverage the operating synergies between Pardo and Golden Rose, including shared exploration personnel, contractors, equipment, logistics and technical expertise, with the objective of evaluating whether Golden Rose could ultimately follow a similar DSO production model, while using Pardo's proposed DSO production platform to help fund and accelerate exploration and development of the two properties.
THE GOLDEN ROSE MINE
Golden Rose is a historic high-grade gold mine located approximately 70 km northeast of Sudbury, Ontario. Gold mineralization is associated with quartz-carbonate veining and sulphide replacement within Archean banded iron formation. The properties 2022 NI 43-101 technical report describes a favourable iron-formation horizon extending approximately 2.2 km across the historic mine property that hosts the Golden Rose deposit and remains underexplored. Inventus' review of the historical Golden Rose drill database identified the following top 10 highlight intercepts:
| Rank | Length (metres)1 | Grade (g/t Au) |
| 1 | 22.88 | 19.76 |
| 2 | 5.79 | 50.93 |
| 3 | 15.24 | 15.30 |
| 4 | 1.40 | 165.81 |
| 5 | 24.84 | 8.91 |
| 6 | 25.30 | 8.29 |
| 7 | 11.58 | 17.22 |
| 8 | 5.61 | 34.32 |
| 9 | 2.60 | 70.76 |
| 10 | 4.42 | 35.45 |
1Interval lengths are reported as uncapped core lengths and are not necessarily representative of true widths. The historical drill results were generated by previous operators and compiled from historical records. The underlying sampling, analytical and survey data have not been fully independently verified to current standards. The 2022 NI 43-101 technical report recommended further database validation, resampling or twinning where practical, and modern confirmation drilling with current QA/QC procedures.
Golden Rose has a demonstrated history of high-grade gold production. Between 1937 and 1941, approximately 130,850 tonnes were milled and approximately 45,400 ounces of gold were recovered, representing a historical recovered grade of 10.8 g/t Au. The mine was subsequently redeveloped in the 1980s and, during 1987-1988, approximately 84,738 tonnes of mostly development material was milled and 6,632 ounces of gold were recovered. Together, these two production periods account for approximately 52,000 ounces of documented historical gold production.
An historical estimate reported 2,483,200 short tons grading 0.242 troy ounces of gold per short ton within the mine area(1). The historical estimate used the historical categories “proven, probable and possible” and is equivalent to approximately 2.25 million tonnes at 8.30 g/t Au containing approximately 600,900 ounces of gold. These figures are conversions of the historical tonnage and grade and do not constitute a new mineral resource or mineral reserve estimate (see technical information).
A qualified person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves, and Inventus is not treating the historical estimate as current mineral resources or mineral reserves.
Historical metallurgical testwork provides additional encouragement regarding the processing characteristics of Golden Rose mineralization. Lakefield Research testwork completed in 1985 recovered approximately 85% to 86% of the gold in individual gravity concentration tests and indicated that, under appropriate conditions, approximately 80% to 90% of the gold could potentially be recovered by gravity into a high-grade concentrate. The historical work also concluded that direct cyanidation could potentially achieve gold recoveries of approximately 95%. The 2022 technical report noted that the best historical metallurgical results were obtained using combinations of gravity concentration, flotation and cyanidation. These results are historical in nature and require confirmation through modern metallurgical testwork on representative material but provide an encouraging foundation for future processing studies.
Importantly, the historical record does not describe Golden Rose as having been exhausted by mining. The 1985 report states that the mine closed in 1941 due to the Second World War, while the 1987-1988 period, that included driving the ramp access, was terminated due to financial issues prior to completion of mine development.
The combination of documented high-grade historical production, encouraging historical metallurgical performance, existing underground development and exploration potential makes Golden Rose a compelling opportunity for Inventus to apply modern exploration, resource estimation and metallurgical methods to a historically productive high-grade gold system.
For further information visit www.inventusmining.com, or contact:
Wesley Whymark
CEO & Director
Inventus Mining Corp.
E-mail: wesley@inventusmining.com
Phone: 705-822-3005
Social Media Accounts
https://ca.linkedin.com/company/inventus-mining
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Figure 1. Location of Inventus properties
About Inventus Mining Corp.
Inventus is a mineral exploration and development company focused on the world-class mining district of Sudbury, Ontario. We have a 100% interest in our principal assets, the Pardo Paleoplacer Gold Project and the Sudbury 2.0 Critical Mineral Project, located northeast of Sudbury. The Pardo Gold Project is the first important paleoplacer gold discovery in North America. Inventus has approximately 221 million common shares outstanding.
Qualified Person
The Qualified Person responsible for the technical content of this news release is Wesley Whymark, P.Geo., who has reviewed and approved the technical disclosure in this news release on behalf of the Company.
Technical Information
The historical estimate is considered relevant because it describes gold mineralization in and around the historic Golden Rose mine workings and may assist Inventus in planning data compilation, verification and exploration work. The source states a density assumption of 10 cubic feet per short ton and reports alternative cutoff cases of 0.10, 0.115 and 0.15 oz Au per short ton. Sufficient information is not available to independently confirm all key historical estimation parameters and methods, including interpolation, compositing, grade capping, survey control, assay QA/QC, classification criteria and historical mine depletion, and accordingly the reliability of the historical estimate has not been established to current standards. The historical terms “proven,” “probable” and “possible” predate and are not equivalent to the mineral resource and mineral reserve categories prescribed by current CIM Definition Standards, and Inventus has not attempted to assign these historical categories to current CIM categories.
The 2022 NI 43-101 technical report also references a 1986 Noramco historical global geological resource of approximately 2.4 million tonnes grading 0.26 oz Au/ton containing approximately 617,000 ounces of gold. This estimate is also historical in nature. The 2022 technical report states that no NI 43-101-compliant mineral resource or mineral reserve estimate has been completed for the Golden Rose deposit.
To verify the historical estimate and potentially classify the mineralization as a current mineral resource, Inventus expects that work would include compilation and validation of historical drilling, underground sampling, assay and production records; confirmation of collar and underground survey control; review of density information; resampling or twinning of historical core where practical; confirmation drilling using current QA/QC procedures; preparation of an updated geological model; and completion of a mineral resource estimate under the supervision of a qualified person using current CIM Definition Standards.
References
(1) Winter, L.D.S., 1985. Geological Report on the New Golden Rose Property, Afton & Scholes Townships, Ontario, prepared for Emerald Lake Resources Inc., January 31, 1985.
(2) Nagerl, P., 2022. Golden Rose Gold Project, Afton Township, Province of Ontario, Canada, National Instrument 43-101 Independent Technical Report, effective July 8, 2022.
(3) Whymark, W., 2020. Golden Rose Property - 2020 Exploration Drilling Program, prepared for Conquest Resources Limited.
Forward-Looking Statements
This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “if”, “yet”, “potential”, “undetermined”, “objective”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to the failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR+. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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