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Investigator Resources JV strikes copper in South Australia’s Stuart Shelf

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By Imelda Cotton - 
Investigator Resources ASX IVR Stuart Shelf drilling
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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.