Investigator Resources JV strikes copper in South Australia’s Stuart Shelf
Investigator Resources (ASX: IVR) has reported the intersection of sediment-hosted copper in drilling at tenements along the Stuart Shelf in South Australia.
The tenements are held in a joint venture (JV) with the private entity Discover Co, which entered into an agreement with Gold Road Resources (ASX: GOR) in August 2022 to acquire its interest in the Stuart Shelf along with a 51% interest in Investigator’s Pernatty tenements situated in the highly prospective Olympic Domain to the north of Port Augusta.
The domain is home to BHP Group’s (ASX: BHP) world-class Olympic Dam iron oxide copper gold (IOCG) mineral deposit.
JV drilling
Discover Co completed a 56-hole program in May totalling 4.4 kilometres along the Stuart Shelf.
Approximately 25% of the program was conducted across the JV tenements.
Drilling at Investigator’s Whittata tenement, which assayed 8m at 1.06% copper from 62m, was reported to have returned the best intersection of the program.
Wider strategy
Investigator managing director Andrew McIlwain said the program was the start of a wider strategy by Discover Co.
“Discover Co’s primary focus on the Stuart Shelf is the discovery of Zambian copper belt-style sediment-hosted mineralisation under shallow cover,” he said.
“The company expects to spend $4 million over the next four years within our JV tenements to achieve its exploration objective.”
Earn-in agreement
Investigator subsidiary Gawler Resources entered into a three-stage earn-in agreement in September 2020 with the then ASX-listed junior DGO Gold.
Gold Road completed the takeover of DGO in August 2022, which included its subsidiary Yandan Gold Mines and the Stuart Shelf earn-in JV with Investigator.
By the end of September 2023, Gold Road had satisfied the Stage 1 earn-in commitment of $2m and a 51% interest in the tenements was transferred.
Unlisted entity
Discover Co – an unlisted entity led by former directors of DGO Gold – has an agreement to acquire Gold Road’s interests in the Stuart Shelf, including the 51% interest in Investigator’s Pernatty tenements.
Investigator also holds 100% ownership in tenements across approximately 2,400 sq km adjacent to Pernatty including Uneroo, Lake McFarlane and Wartarka.