Investigator Resources (ASX:IVR) is continuing on its winning streak at the Paris silver project in South Australia with new assays showing shallow intersections including 6 metres at 336 grams per tonne from 10 metres.
Other best new results from the latest in-fill drilling within the Peterlumbo Joint Venture tenement, where Investigator has 75% interest, include 5.6 metres at 495g/t from 42 metre; 8.6m at 100g/t from 72.4m and 9.3mat 641g/t from 106.7 metres.
The latest results continue to improve the understanding of the geology and mineralised structure at the project.
Investigator's John Anderson, managing director said,"The latest drilling and assays continue to boost confidence in the continuity to the prior high-grade silver intersections.
"Also, a good silver intersection in PPDH074 is early assay encouragement in the vicinity of the newly-interpreted vent area where there is additional resource potential adjacent and beneath the initial silver zones."
Anderson added that With Paris progressing well, the company also plans to initiate drill testing of the larger adjacent Alexander and Hector silver soil targets in July as it had received final heritage approval.
"So by September we expect to have a good idea of the potential scope of the Peterlumbo silver field to build on the Paris project," he added.
Investigator has received assays for the diamond drill holes PPDH068 to PPDH075 and of note is the drill hole PPDH071 drilled between Lines 6 and 7 and northwest towards line 7, which intersected a zone of high grade mineralisation that was previously identified in the nearby hole PPDH002.
That hole intersected 11.6m at 3,646g/t silver from 63.5m, and was completed December 2011.
The in-fill diamond drilling has continued with holes PPDH076 through PPDH097 now completed and drilling continues with three rigs mostly on double shift.
Infill drilling will be extended to the Southern Zone now that the vent model supports a geological connection between the three main zones of silver mineralisation.
Investigator aims to complete enough drilling by mid-July and assays by mid-August for the independent resource geologist to complete modelling and produce the maiden Mineral Resource estimate in September 2013.
Alexander and Hector targets
Investigator had conducted a heritage survey over the nearby Alexander and Hector and Peterlumbo Porphyry targets in early May and has received the final approval from the Native Title Holders last week.
An initial aircore and/or deeper drilling of the new targets will be done around mid-July after drilling approvals have been received from the government.
The Alexander silver target is of significance as it is situated only 2 kilometres west of the Paris prospect and has a silver-in-soil signature three times larger in area than that of the Paris signature.
The company's strategy is to drill these targets in parallel with the Paris resource estimate to investigate the wider scope and priorities for silver, copper and gold deposits within the Peterlumbo field.
The new assays support the continuity of the high grade silver zones and show first indications of silver mineralisation in the newly interpreted underlying vent geology.
With plans to drill the surrounding drill targets including Alexander and Hector along with Paris, Investigator is assessing the wider scope and priorities for silver, copper and gold deposits.
Latest drilling and assays continue to boost confidence in the continuity of the previous high-grade silver intersections.
Drill testing of the larger adjacent Alexander and Hector silver soil targets should provide more on the potential scope of the Peterlumbo silver field to build on the Paris project.
Catalysts and milestones - aplenty for the Paris/Peterlumbo project:
- Maiden Resource September 2013
- Drill Alexander & Hector July - September 2013
Estimaed completion dates
- Scoping Study Early 2014
- Metallurgical Studies Mid 2014
- Water Studies Mid 2014
- Feasibility Study Late 2014
These are all value accretive milestones for Investigator. There is also a strong shareholde base including CITIC Australia with 19.99% and Acorn Capital with 5.03% of total shares. Cash at bank is also strong at $12.5 million (March quarter).