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 has Commonwealth Bank as substantial shareholder
Investigator Resources (ASX: IVR) has received a major vote of confidence in the company's operations, with Commonwealth Bank (ASX: CBA) announcing that the bank is now a substantial shareholder in Investigator.
Commonwealth Bank spent $750,000 on buying just over 14.7 million shares in Investigator, at an entry price of around $0.051.
Commonwealth Bank currently holds 8.3% of Investigator.
The big banks interest in Investigator might be due to the explorers recent success, after delivering encouraging magnetite intersections at the Jungle Dam iron project in South Australia.
The highlight is that Investigator has now identified a consistent magnetite mineralisation assaying 25% to 31% iron along a 600 metre length of the Central Zone.
Potential still remains for a further extension, as the strike remains open to the south.
Importantly, there is also a higher-grade oxidised blanket of secondary iron above the primary magnetite iron formation in the Central Zone, with grades reaching 54%.
This provides the potential for direct shipping ore from starter pits, providing early cashflow, before going on to access the underlying magnetite.
What adds to Jungle Dam is the favourable location on the Eyre Peninsula, close to the coast and rail, about 150 kilometres by road west of the proposed loading facility at Port Bonython and the railhead at Port Augusta.
