Join our daily newsletter At The Bell to receive exclusive market insights
- Investigator Resources (IVR) has begun drilling at the Maslins iron oxide copper-gold project in South Australia
- The first two holes to be drilled will be the southernmost and northernmost of the three planned holes
- With a planned drill advance of 40 metres per day, each hole will take approximately four weeks to complete
- Investigator is currently up 4.35 per cent with shares trading for 2.4 cents apiece
Investigator Resources (IVR) has begun drilling at the Maslins iron oxide copper-gold (IOCG) project in South Australia.
Maslins is part of Investigator’s fully-owned Stuart Shelf group of tenements and is situated within a major conductive corridor passing through Prominent Hill, Carrapateena, Olympic Dam, and Maslins Project Area.
BHP’s Oak Dam project lies roughly 85 kilometres along this trend, reaching to the north of the Maslins target. OZ Minerals’ Carrapateena project is approximately 50 kilometres south.
In July 2019, Investigator announced that it had entered into a Heads of Agreement with OZ Minerals, in which OZ can earn up to 70 per cent interest in the Maslins project through a 3-stage program by spending $10 million over five years.
Stage 1 of the earn-in requires OZ Minerals to spend a minimum of $1.4 million by July 12, 2020.
The first two holes drilled during this new program will be the southernmost and northernmost of the three planned holes.
Each drill hole has a target depth of 1000 metres, with the anomaly interpreted to be at a depth of approximately 600 metres.
With a planned drill advance of 40 metres per day, each hole will take approximately four weeks to complete.
“The culmination of significant technical and operational effect and cooperation by both the Investigator and OZ Minerals teams saw the commencement of diamond drilling yesterday at our Maslins IOCG Project,” Investigator’s Managing Director Andrew McIlwain commented.
“Titeline Drilling mobilised their rig over the weekend and following a comprehensive pre-start audit, drilling commenced safely and as scheduled,” he added.
Investigator’s share price is up 4.35 per cent with shares trading for 2.4 cents apiece at 3:20 pm AEDT.
