- Investigator Resources (IVR) has seen disappointing results at the Maslins Project in South Australia
- The company has terminated its hole two drilling program, as it found no significant mineralisation in the area
- Due to these results, as well as the COVID-19 pandemic, the company has demobilised the drill crew and its employees
- Investigator said it will take some time to determine the future of the program at Maslins
- In the meantime, the company is fine-tuning strategies to determine the viability of its Paris Silver Project, also located in South Australia
- On market close, Investigator is down 14.3 per cent and is selling shares at 1.2¢ apiece
Investigator Resources (IVR) will not continue with drilling at hole two of the Maslins Project in South Australia after disappointing initial results.
In January, the company started drilling two out of three planned holes at Maslins.
At hole two, Investigator found no significant mineralisation and therefore will not be exploring further.
Due to these results and the COVID-19 pandemic, the company has demobilised the drill crew and its employees.
Investigator’s Managing Director, Andrew McIlwain, along with partners OZ Minerals, is “clearly disappointed” that Investigator has not yet found a new orebody.
“There has been a significant amount of data collected from these 2 holes and the teams will now spend time undertaking further geophysical and geochemical modelling and interpretation,” Andrew said.
“Whilst disappointing, these results — added to the additional challenges of maintaining crews during the COVID-19 period — has seen us make the decision to demobilise from site,” he continued.
Investigator said it will take some time to determine the future program at Maslins.
“It is a credit to all of the Investigator, OZ Minerals and Titeline teams to have completed this program incident-free,” Andrew added.
Under the terms of Oz Minerals’ earn-in agreement, Oz has until July this year to decide if it would like to commit to funding of project.
Paris Silver Project
In the meantime, the company is fine-tuning strategies to determine the viability of its Paris Silver Project, also located in South Australia.
Investigator has nearly completed the project’s process plant flowsheet and has seen encouraging results from activities in the area.
An economic evaluation model has been finalised and will be used to consider the Paris project’s viability and some key areas of focus in the future. Investigator believes this will boost the potential of the Silver project.
Off the back of this, Andrew said the price of gold continues to strengthen during the COVID-19 epidemic.
“If we see the [gold:silver] ratios retreat from the current level of
historic highs … the Paris Silver Project will become a very exciting opportunity for
Investigator,” the Managing Director explained.
On market close, Investigator is down 14.3 per cent and is selling shares at 1.2¢ apiece.