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() has demonstrated the multi-element potential of the Uno Province in South Australia with the identification of widespread anomalous nickel and chromium at the Diomedes prospect.
Upcoming key newsflow for the company includes: Drilling assays for copper around Paris in the next few weeks; Outcome of the magnetic survey at 12 Mile within the next month; and the review of the Paris resource using updated geological knowledge in Q3.
Diomedes is strategically located
Diomedes is located just 4 kilometres northeast of the 20 million ounce Paris silver deposit within the company’s wholly-owned Peterlumbo tenement.
The intersections were identified following a review of scout drilling between 2011 and 2014 that focused on silver gold and copper targets within the 30 square kilometre prospect.
Diomedes also has nickel-in-soil geochemical and magnetic anomalies.
The host rocks drilled under cover are mafics and ultramafics that are generally prospective for nickel deposits.
Rocks and mineralisation appear to be in the older basement with the significant possibility of being Archaean a major geological era for nickel copper zinc and gold deposits worldwide.
The potential for highly prospective Archaean ages at Diomedes and elsewhere in the basement of the Uno Province is supported by Investigator’s regional mapping and preliminary review of its in-house database.
During the June 2015 quarter Investigator continued exploration on the Nankivel-Diomedes-Argos areas around the Paris Project the Thurlga joint venture area immediately to the west and the 12-Mile area in the Morgans tenement about 100 kilometres to the east along the Uno Province.
It also initiated a review of the Paris silver deposit to include additional drilling and its better understanding of the geology.
In addition the company started in July drilling of copper targets just 3 kilometres from Paris.
John Anderson managing director commented:
“The Uno Province continues to surprise not only with the emerging silver zinc and copper prospects at the base of the Gawler Range Volcanics but now also as a window on the nickel potential underneath in what may be some of South Australia’s oldest rocks.
“The conversion of subtle soil anomalies into drill intersections of nickel-bearing rocks at Diomedes raises the prospects for further nickel targets to be delineated in the Company’s database throughout the 150 kilometres long belt.
“All members of our geological team are contributing a variety of clues from their projects in developing this exciting new nickel potential across the province.
“Three nickel-prospective areas are already recognised within our silver and copper tenements. Assessment of these nickel opportunities will be readily facilitated by our ongoing exploration to build on the Paris silver resource.”
Investigator had $2.58 million in cash as at 30th June 2015. This does not include the $968670 research and development tax refund it received in July.
Nickel potential
The nickel and chromium anomalous intersections were identified in nine aircore and reverse circulation holes along a 4 kilometre trend that were drilled during 2011 to 2014.
Anomalous nickel and chromium values equal to or greater than 0.1% are hosted in mafic rocks that appear to be part of the older basement rather than the prior interpretation of an early mafic member at the base of the Gawler Range Volcanics.
These widespread intersections in the large Diomedes area are considered as lead-ins to shallow nickel sulphide targets adjacent to and underneath the nickel intersections in the current scout drilling.
Nearby magnetic anomalies of about 1 kilometre length are of particular interest.
Electromagnetics will be considered to follow up on the unexplored nickel potential.
Another strong nickel soil anomaly associated with unusual metasediments in the saddle of Nankivel Hill may point to more widespread Archaean rocks in the Paris area.
The Diomedes result has also encouraged a reassessment of the regional nickel potential using Investigator’s advantages of a strong ground holding initiator knowledge and active exploration database.
Government geologists recently established an old Archaean age of 3.15 billion years geologists for the outcropping Cooyerdoo Granite in the eastern part of the Uno Province.
This implied the presence of an even older Archaean basement intruded by the granite and the possibility of younger Archaean basement yet to be detected in the region.
These offer the potential of prospective Archaean rocks ranging from Pilbara to Yilgarn ages on Eyre Peninsula.
Investigator’s exploration for silver gold and copper in the Morgans tenement has shown the basement to the epithermal veins in the area is likely to include a candidate for the missing Archaean rocks.
The company will next week undertake a detailed airborne magnetic survey in the 12 Mile area of Morgans east of the previously drilled Hurricane copper silver lead prospect.
This will primarily assess the Uno Fault sub-parallel east-west epithermal veins cutting the basement and associated small bodies of high-level Hiltaba Granite for silver and copper targets.
The survey will also enable the assessment of magnetic targets associated with the proposed Archaean basement.
Review of Paris Resource
The company is currently conducting a review of the Paris Resource that includes additional 2014 drilling on northern extensions and its better understanding of the geology developed since the resource was first announced in October 2013.
Internal studies and evaluations continue on development options for the Paris silver deposit.
Work is progressing in a staged manner aimed at enhancing the project economics and making the project robust in the current economic climate.
Copper Drilling
In July Investigator started 2700 metres of drilling to test skarn breccia & porphyry copper targets within the Peterlumbo tenement EL5368.
Five priority targets were identified near the Paris silver deposit using the company’s extensive magnetic and soil geochemical datasets.
The potential was firmed by the initial skarn copper intersection of 9 metres at 1.14% copper made in late 2014 at Helen.
Direct drilling costs will be 50% funded by a $100000 collaborative drill funding from the South Australian Government.
Other copper targets and areas with potential for large silver deposits within the Peterlumbo tenement are being readied for heritage surveying with the objective of further drilling later in 2015.
Analysis
’ identification of nickel potential at the Diomedes Prospect could add to its existing silver and copper opportunities.
The company already has a pipeline of news coming including results from the review of the Paris silver resource as well as current drilling of nearby copper targets.
Studies are also being carried out on development options.
It also plans to carry out drilling later this year on potential Paris-sized silver deposits nearby after refining targets and access clearances.
This could build a more robust project through synergy with a single mill.
Upcoming catalysts:
- Drilling assays for copper around Paris in the next few weeks.
- Outcome of the magnetic survey at 12 Mile within the next month.
- The review of the Paris resource using updated geological knowledge in Q3.
Investors therefore have an opportunity to "re-set" into before the release of the above news.
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