Investigator Resources Ltd (ASX:IVR) has successfully intersected a large copper-bearing rock system from the first drill hole at the Nankivel copper-gold target near the Paris silver project in South Australia.
The planned 500 metres inclined hole was extended to 600 metres, as the entire hole continued through a ‘porphyritic monzonite’ system, a common intrusive host to copper deposits.
The Nankivel target was developed from leads arising from the 2011 discovery of the 33 million ounces Paris silver deposit, 5 kilometres to the northwest of Nankivel.
The extensive visible copper sulphide starting at 200 metres downhole depth, although sporadic and low-level, is very encouraging for more copper-rich zones in the system including at shallow depths.
The assay results are expected within a month after core cutting, which will also determine the gold and silver contents.
The new discovery strengthens the potential within the 150 kilometres tenements held by Investigator for new copper-gold and silver deposits, to build on the Paris silver resource.
Silver prices have increased by 35% in 2016, underpinning the company’s efforts to fast track the Paris deposit on the pathway to production.
Investigator is planning to complete the prefeasibility studies for Paris by mid-2017 and a bankable feasibility study by mid-2018.
The company is well funded with cash balance of $6.2 million as at 31 July 2016.
Investigator’s share price has increased by about 270% since the beginning of 2016, last closing at $0.038.
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