Investigator Resources looks to double silver resource at Paris Project
Investigator Resources (ASX: IVR)
is making strides towards meeting its goal of doubling the 20 million
ounce of silver Resource at its Paris silver deposit in South Australia
with silver intercepted at the Alexander East anomaly.
Scout aircore drilling intersected up to 31 grams per tonne silver and lead up to 2.36% adding exploration potential over 500 metres from prior Paris drilling.
The company will this week start drilling about 100 aircore holes totalling approximately 7,500 metres to test a number of extensions to Paris. Assays are expected in early 2014.
“Investigator’s objective of doubling the recently announced maiden resource for the Paris silver project has received another boost from the Alexander East assay results,” managing director John Anderson said.
“These show the mineralised Paris geology is likely to extend untested for 500m west of prior drilling at Paris.
“This adds significantly to the large untested area of potential extensions to the Paris silver system.
He added that drilling within the Paris Expansion Area will investigate an area about four times the area already drilled at Paris as a high priority to build on the maiden silver resource.
Plans are also in place for a follow-up program of 60 diamond holes in early 2014.
Separately, two holes from an aircore drilling program at the Hector anomaly have finished in silver mineralisation of up to 16g/t silver.
These point to the potential of the western Hector-Peterlumbo Hill area to be assessed in 2014.
Alexander East Drilling
The company drilled 11 scout holes ranging in depth from 24 metres and 120 metres at Alexander East, which is located about 500 metres west of the Paris Silver Project.
The majority of the holes on the eastern side of the area drilled at Alexander East intersected the top of a volcanic package that has strong similarities with the Paris geology and is likely to be the western side of the Paris silver system.
These strongly altered volcanics, possibly after breccias, and graphitic and iron rich-zones intersected at Alexander East are comparable with the host geology at Paris.
Assays have confirmed this potential with extensive intersections of lead between 0.1% and 0.5%, with individual one metre assays up to 2.56% lead, similar to lead levels adjacent to the silver mineralisation at Paris.
Silver is extensively anomalous within the Alexander East holes with broad intervals greater than 1g/t silver continuing to the bottom of most holes.
A peak value of 1 metre 30.7g/t silver and 1.46% lead was intersected at 101 metres depth in hole AEAC006 within an iron-rich zone.
This was drilled to confirm the silver potential in the deeper levels beneath the shallower holes. The basal volcanic geology that holds much of the silver at Paris is still to be tested beyond the bottom of hole AEAC006.
The preliminary geological interpretation and broad intersections of lead with anomalous silver indicate that Alexander East is the western margin of the Paris system at a considerable distance from prior Paris drilling.
In addition, the prospective geology is also open to the east, adding to the potential of the undrilled area between Paris and Alexander East.
The open potential on the eastern side of the Alexander East soil target reinforces the potential in the Paris area for silver-mineralised geology to extend under thin cover without a soil signature.
Aircore drilling will commence this week to test all of those extensions with the order of priority being; 1) Paris South, 2) Paris North, 3) Alexander East, 4) Paris East and 5) Paris Southwest.
Hector Target Area
Investigator drilled 118 aircore holes at Hector with a lack of silver mineralisation noted in most holes, demonstrating that soil geochemical targeting can be a good lead in but not always a direct indicator of bedrock mineralisation.
Drilling for basement mineralisation in the western part of the Hector target area was more successful with:
- HTAC033 on the most northern Line A intersecting 3 metres at 11.15g.t silver and 0.11% lead from 54 metres to the bottom of the hole; and
- HTAC093 on the most southern Line F intersecting 3 metres grading 16.75g/t silver from 69 metres to the bottom of the hole.
Both these intersections at either end of the target area are associated with prospective volcanics adjacent to basement granites or sub-volcanic granites.
Although the surrounding holes are poorly mineralised with only a few other holes achieving weakly anomalous and sporadic silver assays, the initial results for the coarse drilling pattern are encouraging for Paris-style potential of the western side of the Hector target area.
The area needs further review and consideration of geophysical targeting to develop targets under the cover later in 2014 while priority is given to drilling the Paris Expansion Area during the balance of 2013.
The Helen East silver and Diomedes copper soil targets will also be given priority for drill testing early in 2014 as more Paris-like soil anomalies nearer the centre of the Peterlumbo field.
Paris Silver Project
Investigator had last month defined a maiden Resource of 20 million ounces of contained silver and 38,000 tonnes of lead at the potentially open pittable Paris Silver Project in South Australia.
A total of 298 holes for 36,530 metres were used for the resource estimate. These comprise 78 aircore holes for 4,978 metres, 78 reverse circulation holes for 10,766 metres and 142 diamond holes for 20,786 metres.
The reported Inferred Resource at Paris occurs over an area of about 1,200 metres by 400 metres and to a depth of 150 metres below the flat land surface.
It also completed metallurgical trials indicating that its mineralisation is amendable to conventional processing with tests returning initial silver recoveries of between 65% and 97% from a range of samples that represent a majority of the Paris deposit.
Flotation trials were successful in producing a rougher concentrate of 1,405 grams per tonne silver, which is in the acceptable range for smelter sale, however this is likely to be further upgraded with cleaning.
Further increases in silver recovery are expected by optimisation with standard leach and/or flotation techniques.
The silver intersections from scout drilling at Alexander East are a signpost for Investigator Resources for its plans to at least double resources at its Paris project.
This is clear from the upcoming 100 hole aircore drilling campaign and planned 60 hole drilling program for early 2014.
Drilling success will likely lead to a Resource upgrade, especially given that the expansion area is about four times bigger than the area covered by drilling at Paris.
Results from this drilling will be catalysts for a share re-rating.
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