Investigator Resources Ltd (ASX:IVR) has capitalised on the renewed interest in silver stocks after receiving firm commitments to raise $5.4 million to fund the South Australian Paris Silver Project.
The capital raising comprises the placement of 114,893,617 shares at $0.047 to sophisticated and professional investors.
In November 2015, Investigator had announced a revised inferred resource for the Paris Silver Project of 8.8 million tonnes at 116 g/t silver, containing 33 million ounces silver (at 50g/t cut-off).
The proceeds from the share placement will be used to fund infill drilling towards converting the 2015 inferred resource to indicated status and also drilling of satellite silver and copper-gold targets.
The drilling at the Paris silver deposit and the adjacent Nankivel copper-gold target is expected to commence by early September.
Additionally, further metallurgical and water source work is also planned to follow up on prior positive results.
Investigator’s objective is to complete a prefeasibility study by mid-2017, to be followed by a feasibility study.
The price of silver is up 50% during 2016, trading at circa US$20 an ounce.
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