Investigator Resources Begins Follow-Up Drilling on Paris Silver Project Targets
Adelaide-based explorer Investigator Resources (ASX: IVR) has begun follow-up target drilling near its Parisian silver project in South Australia in a bid to expand resources and improve the economy of the project.
The 6,750 meter program will feature 51 holes through the Ares, Apollo, Helen East, Uno-Morgans, Diomedes and Ajax prospects to follow up on previously delivered silver, lead and gold results.
The first four prospects were drilled in 2020 and 2021, while Diomede and Ajax were last drilled in 2015.
The investigator plans to drill seven holes on these two prospects to follow the new structural patterns and ground anomalies identified through the ultra-fine fraction + (UFF +) method developed by researchers from CSIRO (Commonwealth Scientific and Industrial Research Organization).
Managing Director Andrew McIlwain said delineating any mineralization that supplements the feed to a planned processing plant in Paris would have a significant effect on the economics of the project.
Ares and Apollo
Drilling on the Ares prospect aims to extend coverage over a larger area within the prospect footprint.
A total of 15 holes will be drilled to evaluate gravity, magnetic and IP (induced polarization) characteristics in areas where previous results included 1 m at 96 grams of silver per tonne and 1 m at 0.13 g/t of silver. gold from 66 m; and 4m at 0.17% lead from 90m and 27m at 0.17% zinc from 86m.
At Apollo, 21 holes will aim to evaluate a degaussed feature identified in the Gawler Regional Volcanic Range (GRV), as well as the source of anomalous surface geochemistry at the base of the GRV.
Further targeting of the ground anomaly on the north side of the east-west trending Uno Fault will test the model that mineralization migrating along structures may be trapped under shallow GRV cover.
Previously known as Ares North, Apollo was the subject of a soil sampling program in 2021 using the UFF+ method in conjunction with boreholes to improve the investigator’s understanding of the orientation of the mineralization structures.
A number of programs performed on the Helen prospect have provided a better understanding of the structural complexity and geology of the area.
Previous bests were 49m at 1.09% lead at 36m, including 14m at 48g/t silver at 56m with 7m at 62g/t silver at 62m; and 21m at 0.32% lead and 0.49% zinc from 108m.
Last year, drilling at Helen East moved away from the locations of earlier work and focused on other structural and geophysical features considered underexplored.
The investigator said the results were ‘encouraging’ and further expansion work including seven drill holes will test the subsoil in a circular low gravity feature associated with the Paris-Helen cross-dike and silver in ground anomalies.
Shallow, high-quality project
The shallow, high-grade Paris silver project is located 70 kilometers north of Kimba along the Eyre Peninsula in South Australia.
It hosts a mineral resource estimate of 18.8 million tonnes at 88 g/t silver and 0.52% lead for 53.1 million ounces of silver and 97.6 kilotonnes of lead.
Key pre-feasibility financial results include a pre-tax net present value of $202 million; a pre-tax internal rate of return of 54.1%; and capital costs of approximately $131 million.
Planning is underway to finalize a work program necessary to complete the definitive feasibility study for the project.