www.investres.com.au
Investigator Resources (ASX: IVR) is exploring for iron oxide, copper, gold and uranium deposits in the southern Gawler Craton of South Australia. The majority of the company's 7,000 square kilometres of tenure is in South Australia, with tenements also in Queensland and the Northern Territory.
One of the company's key projects is the Paris silver discovery and other silver targets within the large newly recognised Peterlumbo epithermal field on north Eyre Peninsula.
Investigator Resources raises A$1.1m for exploration at Peterlumbo and Bute projects
Investigator Resources (ASX: IVR) has raised $1.1 million through a private placement of 21,568,627 shares at $0.051 to fund exploration works at the Peterlumbo and Bute projects in South Australia.
Acorn Capital will become a substantial holder in the company after completing the capital raising.
Proceeds from the issue will go towards conducting further exploratory drilling at the company’s Peterlumbo epithermal gold silver project which is being explored in a joint venture with Mega Hindmarsh. Investigator holds a 75% stake in the project with Mega holding the remaining interest.
Investigator will also use funds from the raising for exploration at the company’s wholly-owned gold copper prospects within Bute which is located on the northeast Yorke Peninsula adjacent to the Hillside trend.
The freshly raised capital allows Investigator to target further shallow gold and silver targets at Peterlumbo after an upgrade at the joint venture project in early March.
On 4 March, Investigator extended the Paris Prospect, within Peterlumbo, silver targets after receiving final assays for recent scout drilling in the project.
Drilling extended a previous intersection at the bottom of a shallow hole of 8 metres at 190 parts per million and confirmed a 1,000 metre long geochemical anomaly as a valid and large silver target.
The results from the drilling elevated the potential of other shallow gold and silver targets at the project.
Further highlighting the prospect of high grade silver at Peterlumbo, Investigator sees considerable exploration potential in multiple large targets nearby.
Investigator currently has soil geochemical detailing of five targets in progress at Peterlumbo, and expects to begin aircore and reverse circulation drilling covering 7,500 metres at the project in July.
At Bute, the company has used previous drilling to report that copper disperses from the basement source into thickening cover to the north and east as well as IOCG style breccia from a 13 metre drill hole in 1974.
The company plans gravity surveying with aircore and reverse circulation drilling covering 1,000 metres to follow between August and November this year at Bute.
Investigator had $1.3 million cash on hand as of 31 March 2011.
