Quarterly Activities Report
HIGHLIGHTS: Pre-feasibility work and extension drilling at priority Paris Silver Project under-pinned by oversubscribed raising
Paris Expansion - potential to build on the 42Moz silver resource
- December drilling showed prospective southern extensions.
- Induced Polarisation ("IP") geophysical surveying of satellite silver prospects commenced in December with expected February completion.
- Drill follow-up scheduled through February-April.
Paris Pre-Feasibility Study - progressing to schedule
- Positive Water Supply and Ore Hardness results.
- Flotation/leach Metallurgical study is nearing completion with results due later in the March 2018 quarter.
- Preliminary Open-Pit Optimisation for the 2017 Upgraded Mineral Resource.
Nankivel Porphyry Copper-Gold Prospect - preparations complete for February drilling
- First drilling of the large Trojan IP target will test for a breakthrough copper porphyry of probable Olympic Dam age.
Maslins IOCG Copper-Gold Target - infill Magneto-Telluric survey to advance large target
- Collaboration with government survey extending from Carrapateena.
- Results will assist decision to drill test the target during 2018.
Cartarpo Copper-Cobalt-REE Target - historic mine reveals multi-commodity grades
- Gossan samples up to 1.78% Cobalt with interpreted extensions worthy of immediate follow-up.
Share Purchase Plan closes oversubscribed - raising $1.0 million
- Complements $2.4M placement at the end of the last quarter with current cash balance of more than $4M.
- To fund Paris PFS & on-going drill campaign into 2018 on Paris extensions, satellite silver targets and nearby Trojan porphyry copper gold target.
Managing Director's comments:
Investigator Resources Managing Director John Anderson said "The two oversubscribed equity raisings enable Investigator to maintain momentum at our priority Paris Silver Project, to advance copper-gold targets and to develop new discovery opportunities in South Australia. After an active December, we are ready for a strong start to 2018 with three drill programmes scheduled in the current quarter.
Extension drilling and geophysical surveying commenced around Paris in December to strengthen the 42Moz high-grade and open-pittable silver resource, with positive initial drill results requiring immediate follow up drilling in February. In parallel, the on-going pre-feasibility studies to determine development options for Paris are progressing. A potential water source has been identified and metallurgical studies are continuing towards completion of a pre-feasibility Study in mid-2018.
Our two large copper-gold targets received boosts during the quarter. Final access permits were received and drilling will commence in February on the Trojan IP target near Paris. This is interpreted to be the copper-prospective core to the Nankivel porphyry system, a new concept for the Gawler Craton. The Maslins IOCG target in the Olympic Dam belt will benefit from government geophysical surveying now scheduled for March. IVR is making collaborative contributions for optimum coverage to determine if Maslins has the same breakthrough signature as is now recognised at Olympic Dam.
Investigator's generative team have been busy using their expertise to match old exploration and mining data with new concepts to identify copper, gold, silver, nickel and cobalt discovery opportunities. The Cartarpo copper-cobalt-rare earth element prospect near Burra provides early encouragement for the approach with assays now awaited from sampling of historic copper-gold workings at Wiawera near Olary (see Figure 1 in link below)." Mr Anderson added.
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About Investigator Resources Ltd
The Company's priority is progressing the development pathway for the Paris silver project with the preparation of a pre-feasibility study. The Paris Mineral Resource Estimate is 9.3Mt @ 139g/t silver and 0.6% lead, comprising 42Moz of contained silver and 55kt of contained lead, at a 50g/t silver cut-off. The resource has been categorised with an Indicated Resource estimate of 4.3Mt @ 163g/t silver and 0.6% lead for 23Moz contained silver and 26kt contained lead, and an Inferred Resource: 5.0Mt @ 119g/t silver and 0.6% lead for 19Moz contained silver and 29kt contained lead.
The Company has applied an innovative strategy that has developed multiple ideas and targets giving Investigator first-mover status. These include: the Paris silver discovery; recognition of other epithermal fields and the associated potential for porphyry copper-gold of Olympic Dam age; extending the ideas developed at Paris-Nankivel and using breakthrough government Magneto-Telluric surveying to rejuvenate targeting with the Maslins IOCG target as the next priority drill target.
Investigator Resources Ltd