- Investigator Resources (IVR) discovers rare earth element (REE) mineralisation at the Apollo prospect which sits adjacent to the Paris silver project in South Australia
- Reverse circulation drilling identified a broad saprolitic clay zone with total rare earth oxides grading up to 4700 ppm and magnet rare earth oxides up to 1772 ppm
- Drilling also intersected “Paris-type” silver mineralisation with results of eight metres at 1262 g/t silver and one metre at 6530 g/t silver
- Investigator says the discovery presents an “important opportunity” for the company and plans to conduct follow-up work
- IVR shares are up 7.32 per cent to trade at 4.4 cents at 2:13 pm AEST
Investigator Resources (IVR) has discovered rare earth element (REE) mineralisation at the Apollo prospect which sits adjacent to the Paris silver project in South Australia.
The company undertook a 54-hole reverse circulation (RC) drilling program earlier this year at a number of prospects near the Paris project.
A series of holes in this program focused on an area north of the Uno fault at the Apollo prospect.
The holes tested a model that mineralising fluids migrating along dominant northern structures may intersect the Uno fault beneath volcanics and thereby depositing silver and base metal mineralisation.
The drill holes intersected a saprolitic clay zone above fresh Gawler Range volcanics, enriched in key REEs. The samples underwent routine assaying but were later re-assayed for the full suite of REEs.
Eighty per cent of holes at Apollo intersected a distinct clay horizon with total rare earth oxide (TREO) assays above the 1000 parts per million (ppm) TREO cut-off.
Significant intersections include 15 metres at 3221 ppm TREO and 1099 magnet rare earth oxides (MREO) from 66 metres in PPRC836.
This hole also returned a higher intersection of nine metres at 4700 ppm TREO and 1772 ppm MREO from 72 metres.
Drilling also successfully targeted potential “Paris-type” silver mineralisation beneath volcanic cover and intersected eight metres at 1262 grams per tonne (g/t) silver from 149 metres.
Higher grades within this intersection include three metres at 3167 g/t silver from 150 metres and one metre at 6530 g/t silver from 152 metres.
Managing Director Andrew Mcllwain said the discovery offers an “outstanding opportunity” for the company to capitalise on its strategic groundholding.
“Whilst not detracting from our focus of both driving the Paris silver project forward and other silver/base metal exploration activities, this discovery presents an important opportunity for the company to take advantage of potential diversification and value accretion,” Mr Mcllwain said.
“Our team have already identified a number of opportunities at Apollo following up these exciting silver and REE discoveries.”
IVR shares were up 7.32 per cent to trade at 4.4 cents at 2:13 pm AEST.