Inventus Mining Corp. will acquire the Golden Rose gold mine and adjacent Belfast-Teck Mag property package from Conquest Resources Limited in a transaction valued at up to C$3.2 million.
The agreement, announced on August 27 and disclosed on August 28, grants Inventus a 100% interest in the assets through the issuance of 8 million common shares at US$0.295 per share. The shares will be released in three equal tranches over two years. Inventus will also grant a 2.0% net smelter return royalty on concessions not already encumbered, with an option to repurchase 0.5% of the royalty for C$1 million.
The acquisition expands Inventus's regional land position to 681 square kilometers, with the Golden Rose property located 14 kilometers from the company's Pardo River of Gold project. Historical production at Golden Rose totaled approximately 52,000 ounces of gold during two operating periods: 1937-1941 and 1987-1988.
The property includes a vertical shaft, an underground access ramp, seven underground levels, and a previously permitted tailings facility. A 1985 historical estimate cited 2.48 million short tons at 0.242 ounces of gold per ton, equivalent to roughly 600,900 ounces at 8.30 grams per ton within 2.25 million tons. Inventus noted that this estimate has not been verified to current standards and is not being treated as a current mineral resource or reserve.
Historical drill intercepts include 19.76 grams per ton of gold over 22.88 meters and 50.93 grams per ton over 5.79 meters, though these remain unverified under modern protocols. Following completion of the transaction, subject to TSX Venture Exchange approval, Inventus plans to launch a drilling program to confirm historical mineralization and test extensions beyond existing mine workings.
