INV Metals plans 23,000 metres of drilling in 2011; $9.3m operating budget
Last updated: 18:56 25 Jan 2011 GMT, First published: 19:56 25 Jan 2011 GMT
INV Metals (TSX: INV) said Tuesday that it has set aside $9.3 million for its exploration and operating budget in 2011, as the company has plans to drill approximately 23,000 metres on all of its properties.
The company's $9.3 million budget includes around $3.0 million of planned exploration expenses at the Rio Novo copper-gold property in Brazil, as well as $3 million at the Kaoko copper property in Namibia and $600,000 at the Itapora gold project in Brazil.
At Rio Novo, a 10,000 metre diamond drill program is scheduled to begin in April or May this year, of which 3,000 metres will be drilled in the north part of the property with the remainder to be drilled in the south.
At Kaoko, a 10,000 metre program is also planned to test several targets on the site, while at Itapora, a second phase 3,000 metre diamond drill program will be completed to expand on the 2009 program. In 2009, promising results were returned at Itapora, including gold values up to 14.4 g/t gold over 0.75 metres, the company said.
At year-end, INV Metals had $21 million of available cash. The company's subsidiaries are currently earning a 50% interest in the Rio Novo and Kaoko properties from Teck Resources.
Aside from Rio Novo, Kaoko and its 100% owned Itapora, INV also has an option to acquire 50% of the Thorne Lake gold property, located in northwestern Ontario.
