THE DRILL SERGEANT: Investigator Resources (ASX: IVR) is following up the recently announced discovery of a large porphyry system with copper-gold potential at the centre of the company’s Paris silver field on the northern Eyre Peninsula in South Australia.
The company indicated it will be drilling two new holes in October, also with government funding assistance, to test immediate shallow copper-gold targets near the first hole at the Nankivel prospect, 5km southeast of the 33 million-ounce Paris silver deposit.
An Induced Polarisation (IP) geophysical survey is planned to cover the wider Nankivel target area, where the first drill hole (PPDH147), intersected a mineralised monzonite porphyry down the entire 600m length of the hole to define further copper-gold targets under thin cover.
The drill core from hole PPDH147 is currently being cut for assaying, including for gold and silver, with results expected within a month to assist targeting around the hole.
Investigator claims the drilling represents the discovery of a new porphyry copper district in Australia and, following the Paris epithermal silver discovery, is the second new deposit style to be uncovered by the company in the past five years.
“The positive result of the company’s first drill hole at Nankivel prompted an immediate review of Investigator’s extensive geological, geophysical and drill data in the new context of the verified porphyry target model,” Investigator Resources managing director John Anderson said in the company’s announcement to the Australian Securities Exchange.
“The porphyry style of copper deposits accounts for most of the world’s copper production and is among the most researched and understood of all the mineral systems.
“The recent Nankivel drill result, combined with our extensive knowledge of the area, has generated exciting target potential warranting urgent follow-up exploration.”
Investigator stressed the additional porphyry copper exploration would not delay a planned Paris infill drilling aimed at upgrading the 100 per cent-owned Paris deposit from an Inferred to Indicated Resource category.
“Commencement of the Paris infill drilling is imminent. Investigator is on track with its objective of completing a pre-feasibility study for the Paris silver project by mid-2017,” Anderson said.