South Australia’s Eyre Penninsula continues to show signs of a burgeoning micro-boom, with Investigator Resources declaring a fresh $5 million investment this year for the development of their Paris silver discoveries.
Addressing the Paydirt 2014 conference in Adelaide yesterday, managing director, Mr John Anderson said 15 drill targets were now ready in four potential areas on the Eyre and Yorke Peninsulas.
“We have prepared a 28 kilometre drilling campaign over the next three to nine months with a $5 million budget proposed,” he said.
“The aim is to substantially build on the Paris discovery and maiden resource announced in October last year.
“We are keen to now keep the momentum going on this project as the know-how we have generated from Paris, and the in-house data set the Company now owns, are able to be used to target new satellite extensions in this prospective region of the Peninsula.
“The maiden Inferred resource for Paris of 20 million contained ounces of silver, is competitive in grade and size with maiden resources from recent deposits including the Joaquin project in Argentina, which has a strong geological similarity with Paris,” Anderson said.
“Our focus through to the end of the year will be to now roll out our Paris exploration model to develop a fuller suite of multiple, high priority silver and copper targets.
“This will include ongoing economic studies on the Paris deposit, some 8.5 kilometres of drilling planned in four directions from Paris, and drilling of at least three of Paris’s satellite targets.
“Drilling will also test the Ajax targets and the Uno-Morgans field for the first time, both to the direct east of Paris.”
Anderson said the average grade of around 110 grams per tonne ranked it as one of the highest grade silver deposits in Australia.
“We believe the 20 million ounce initial resource is just the start for this deposit, particularly as the mineralisation is contained in shallow soft areas of ground between five and 150 metres of surface.
“Our confidence is also boosted by the fact some 30 per cent of the resource tonnes defined to date, contain 60 per cent of the contained silver ounces so we have opportunities to optimise the deposit.”
Investigator is also planning further work in the second half of this year on the new Uno-Morgans epithermal field 85 kilometres east of Paris with 5000 metres of scout drilling in the second half of this year on three high priority targets.