04:38 PM EST, 11/25/2024 (MT Newswires) -- Inventus Mining ( GNGXF ) after trade Monday said an 80-hole Phase 1 Drilling Program is underway at its Pardo gold project located 65-kilometers east of Sudbury, Ontario.

The program aims to provide adequate drill data to support a future mineral resource estimate on the near surface mineralization that could potentially be exploited by open cut mining.

The company also said it has been accepted into the Ontario Junior Exploration Program (OJEP), which provides funding grants by the Ontario Ministry of Mines to assist exploration projects within the province.

The grant will provide funding for 50% of exploration expenditures to a maximum of $200,000.

Inventus shares closed unchanged at $0.065 on the TSX Venture Exchange.