Monday, 6 February 2012

Investigator Resources eyes maiden silver resource at Paris prospect in mid-2012

Investigator Resources (ASX: IVR) has received the first assays for its recent diamond and reverse circulation percussion drilling at the Paris prospect on the Eyre Peninsula which have returned high grade intersections including 4 metres at 1,383 grams per tonne (g/t) silver from 140 metres.

Other highlights include 11.6 metres at 3,847g/t silver from 63.5 metres, including the stunning intercept of 1 metre at 22,500g/t from 66 metres, and 7 metres at 364g/t from 71 metres.

These results confirm the previously announced visual assessments of sulphide intersections including 4 metres at 1,052g/t. 

Managing director John Anderson said the significant silver intervals on either side of the initial aircore intersection confirmed the potential for a shallow high grade silver target in the re-interpreted Northeast Zone of the large Paris prospect.

“The assays were delayed beyond our expected timeframe due to the amount of reassaying needed to get final silver values for our high grade samples,” he said.

“It was worth the short wait to get the result for our highest grade sample that at 2.25% silver required assaying with a method usually applied to concentrate grade material.”

So far drilling at Paris has been quite shallow as Investigator continues to drill the open pit scenarios for the project.

“Our initial diamond drilling on the Line 7 section has been a great success with the first assays enhancing the potential for the large Paris prospect to produce coherent zones of high grade silver,” Anderson said.

“The Paris prospect continues to advance with each exploration step, a good indication at this early stage of drilling that the prospect has the potential to develop into a high quality silver deposit.

“In addition, the high grade intersection by hole PPDH 1 of 4 metres at 1,383g/t silver from 140 metres in the Western Deep sheet reinforces the potential for multiple silver deposits in the large Paris system.”

Investigator has begun a substantial program of diamond and reverse circulation percussion drilling along the strike extensions of the Paris prospect up to 400 metres northwest and 600 metres southeast of Line 7.

Forty inclined diamond and reverse circulation percussion holes are planned to an average downhole depth of 150 metres for 6,000 metres of drilling to test under other shallow and widespread aircore intersections within the large area of the prospect.

Prior aircore intersections included 6 metres at 749g/t silver from 36 metres at the northern extent of drilling and 4 metres at 333g/t silver and 6.17% lead from 43 metres at the southeastern margin of the 2011 drill coverage.

Anderson said Investigator is currently undertaking an aggressive drilling program and will have 6,000 metres of reverse circulation drilling, in addition to what has already been reported, finished by the end of February.

Investigator is aiming to deliver a maiden JORC Resource to the market around mid-2012.

The Paris prospect is the most advanced of five priority targets within the Peterlumbo epithermal field, located about 400 kilometres northwest of Adelaide.

The 583 square kilometre tenement area is subject to the Peterlumbo Joint Venture between Investigator Resources (75% interest and manager) and Mega Hindmarsh (25% interest).


Eyre Peninsula – Emerging Mining Province

The Paris prospect lies adjacent to a new mining operation about 50 kilometres away on the Eyre Peninsula in South Australia.

“The Eyre Peninsula has got a lot of potential and that’s starting to be realised,” Anderson told Proactive Investors today. “It’s in an emerging mining province in South Australia.”

Paris is situated around 17 kilometres from the township of Kimba and the Eyre Highway, and about 200 kilometres from heavy engineering facilities in Whyalla and Port Augusta.


Cash-backed


Funding for continued exploration of the Paris prospect is not an issue for Investigator, which had A$8.3 million in cash at the end of the December quarter.

Originally published at: http://www.proactiveinvestors.com.au/companies/news/24954/investigator-resources-eyes-maiden-silver-resource-at-paris-prospect-in-mid-2012--24954.html

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