Adelaide-based explorer Investigator Resources (ASX: IVR) is expanding its drilling program at the Paris silver project with first assay results expected next month.
The company’s latest quarterly report says new resource drilling has begun at Paris, with 5,600m of the planned 15,000m drill program already completed.
Now the infill drilling program is to be increased with an additional 5,000m.
The pre-feasibility study is underway, with the planning stage completed and the report expected to be delivered in mid-2021.
The Paris silver project is located in pastoral country on South Australia’s Eyre Peninsula, the site 60km northwest of the town of Kimba. The ground lies within the Gawler Craton.
Investigator has a resource of 9.3 million tonnes at 139 grams per tonne silver and 0.6% lead for a contained 42 million ounces of silver and 55,000t of lead.
The indicated component stands at 4.3Mt at 163g/t silver and 0.6% for a contained 23Moz of silver and 26,000t of lead.
The silver cut-off grade is 50g/t.
Paris is a shallow deposit of high-grade silver that it amenable to simple open pit mining.
Higher silver prices mean new costings
“With the backdrop of rising precious metals prices, the Investor board considers that the Paris project’s economics justify further work,” the company stated in its quarterly report.
An improved level of confidence in key operating parameters and cost assumptions will enable fuller economic analysis, which in turn will lead to improved decisions, the report added.
The company will also be looking to move more of the resource from the inferred to the indicated category.
At present, 55% is classified as inferred.
The increasing of the indicated figure will be achieved by closing the spaces between drill holes to a maximum of 25m.
Awaiting decision on nickel-copper applications
Meanwhile, exploration applications have been submitted for Fowler Domain tenements in South Australia.
The Fowler Domain lies in the Western Gawler where drilling by other companies, including Western Areas (ASX: WSA) has identified “significant” nickel and copper sulphide mineralisation immediately adjacent to the tenement for which Investigator is applying.
Two other companies applied for this ground on the same day.
Investigator says tenement assessment is now based on competing applications, and all applicants were provided with the opportunity to lodge additional supporting submissions which are assessed by the Department of Energy and Mining.
Determination of success of Investigator’s applications is awaited.