(MENAFN- ProactiveInvestors - N.America) Investigator Resources (ASX:IVR) is bullish on its South Australian projects, having conducted an aggressive exploration program to prospect for silver, gold and copper targets in the southern Gawler Craton.
It spent about $2 million last quarter drilling the Paris silver prospect.
The principal outcomes for Paris during the period were the positive resolution of a drill sampling issue with better sample recoveries achieved.
It also made high grade silver intersection as well as identify the structural complexity of mineralised zone.
While the focus was on the Paris silver prospect, advances were also made towards getting drill access to the surrounding satellite silver targets including the Peterlumbo satellite target as well as new silver targets at Eyre Peninsula and new copper targets on Yorke Peninsula.
"Investigator Resources is well placed for another exciting year. We are well funded to build on our strong portfolio of targets underpinned by the Paris silver discovery," managing director John Anderson.
"During 2012, Investigator became an exploration leader in our chosen region of the Gawler Craton. The work we undertook during the December quarter was an excellent launching point for moving Paris to a resource estimate and to develop a new generation of quality precious silver, gold and copper targets across the region during 2013."
Paris silver prospect drilling
Investigator focused on its Paris silver prospect reverting to one diamond drill rig during last quarter to enable slow and careful drilling and make better core recoveries.
Thirteen diamond holes were completed during the quarter for a total drill length of 2,957 metres.
The company achieved further high grade intersections of silver including up to 12.1 metres at 1,766 grams per tonne of silver from 64 metres; 2.8 metres at 1,643g/t from 48.7 metres and 1.2 metres at 896g/t silver.
With the mineralised zone appearing to be complex, a detailed gravity survey was undertaken in December over the extended Paris area to map possible structures and intrusives in the Paris system.
Once the structural model is revised, another drill rig is likely to be added to speed up the testing of the high grade zones.
Way forward
With better sample recoveries being achieved and high grade silver intersections continuing to be made, the company now finds itself in a position to do additional closer spaced drilling to make a resource estimation for Paris.
A closer spaced drilling program this year will improve confidence in the drilling data, particularly for the high grade zones.
Additional drill rigs are proposed to join the current one to progress the testing of Paris and the satellite targets after the heritage clearances are secured.
To replicate its successful approach, most soil samples was extended over three new tenement areas as well as infill sampling of established target areas.
The soil samples are expected to provide new silver targets on Eyre Peninsula during the March quarter.
This will join the Botenella Gate targets for drill testing during 2013.
Analysis
Investigator Resources had an aggressive exploratory drilling program last quarter, spending about $2.04 million in exploration activities.
It is looking to boost its exploration and evaluation spend next quarter to 3 million, which will see significant news flows from additional drilling at Paris prospect to potentially define a mineral resource.
Additional drilling at satellite sites as well as new ones in Eyre Peninsula and new iron oxide copper gold targets in Yorke Peninsula will potentially add to the company's share price upside.
It has a cash position of $13.16 million at the end of last quarter.
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