(MENAFN - ProactiveInvestors - Australia) Investigator Resources (ASX: IVR) has a new high-priority IOCG copper target on northern Yorke Peninsula to add to its already highly prospective portfolio of South Australian based assets.
A recent airborne magnetic survey defined the new target to be known as Roundabout, which is strategically located 42 kilometres south of the port and smelter at Port Pirie.
Highlighting the potential of the new target which Investigator Resources has called "exciting", the areal size and amplitude to have a possible IOCG source similar to the Prominent Hill copper gold deposit discovered in 2001 and being mined in the central Gawler Craton.
The top of the modelled pipe-shaped target body is interpreted to be about 280 metres depth in agreement with the cover thicknesses intersected in surrounding historic holes drilled in 1980 several kilometres away.
The target is under-explored, and the nearest drill hole to test the target basement intersected haematite-veined brecciated rocks with trace copper mineralisation in a less pronounced magnetic target about eight kilometres from Roundabout.
The Roundabout target lies favourably at the intersection of the northerly Hillside trend and the northwest trending Moonta Corridor. The latter is a conceptual trend that has been successfully applied by Investigator to map new metal fields across the peninsulas leading to the 2011 Paris silver discovery.
At Paris the company is working towards an initial resource, and has already completed 102 RCP & diamond holes for 16,096 metres, with results for 15 holes still pending.
Showing the potential of Paris - recently Investigator Resources intercepted 10.03 metres at 2,591 grams per tonne, including 1 metre at 19,800g/t " or the equivalent of 1.98% silver
At Peterlumbo - satellite targets are being progressed after initial RCP drilling undertaken at Paris South, with first pass soil sampling for balance of Peterlumbo tenement completed with analyses pending.
Priority at Roundabout
Priority is being given to the most northern Roundabout magnetic anomaly for its location, amplitude, sharpness and pipe-like geometry, all pointing to a high potential for an IOCG target.
The Roundabout pipe is interpreted to have a diameter of 800 metres and a minimum depth to top of 280 metres. The modelled shape and size of the Roundabout target is strongly permissible for an IOCG target. This is the favoured interpretation over other causes of such magnetic anomalies such as unmineralised intrusive plugs.