Investigator Resources has reported exploration success in a 7,150 metre drill program, with silver intersections up to 250m south of the flagship Paris silver project.
In its March quarterly report, the company said broad silver and lead mineralisation from the first 13 holes returned highlights of 16m at 100 grams per tonne silver from 33m, including 4m at 333g/t silver from 44m; and 8m at 64g/t silver from 94m including 6m at 79g/t silver from 96m.
Other highlights were 17m at 130g/t silver from 175m, including 13m at 166g/t silver from 175m, and 1m at 1,030g/t silver from 178m; and 35m at 74g/t silver from 128m including 25m at 94g/t silver from 136m and 8m at 183g/t silver from 145m.
All-up, 37 holes were drilled in the latest program, with assays for 24 holes due by the end of the month.
Excluded area
Drilling started in November to test a previously-excluded area for its potential to host silver-lead mineralisation.
Investigator was granted access to the area in October following a review by the Gawler Ranges Aboriginal Corporation RNTBC, which comprises the traditional owners of the land on which Paris is located.
Drilling during the quarter was completed up to 250m beyond previous resource definition work, with results to date supporting the potential to extend the project’s estimated mineral resource which sits at of 18.8 million tonnes grading 88g/t silver and 0.52% lead for 53.1 million ounces silver and 97,600t lead.
A revised mineral resource estimate is expected by June.
Definitive feasibility packages
Investigator said it would embark on a number of work packages for the Paris definitive feasibility study, starting with drilling for hydrological testing and groundwater modelling around the deposit’s footprint next month.
Once completed, drilling, pump drawdown and recharge testing of the Hector paleochannel will be carried out to confirm its suitability as a reliable supply of process water for the project.
Data from the hydrology testwork will enable a final geotechnical assessment of the Paris open pit, including the potential extension of the resource to the south on completion of pit optimisation studies using the updated mineral resource estimate.
Metallurgical testwork focusing on lead recovery and final process plant design is currently being planned, as is advanced work on native title approvals with a view to finalising a mining agreement to enable development and production at Paris.
Capital raising
During the quarter, Investigator completed a capital raising in the form of a non-renounceable issue to shareholders.
The company offered one loyalty option for every five shares held, at an issue price of $0.001 per new option, an exercise price of $0.063 and an expiry of March 2025.
Approximately 1,240 shareholders (or 22% of the registry) subscribed for 157 million loyalty options, representing a 54.8% take-up of entitlements to raise approximately $157,000 before costs.
Proceeds from the issue will be used on working capital (including administration costs) and ongoing development costs associated with advancing the Paris project.
At end March, Investigator had $5.5 million cash at hand.
