Investigator Resources uncovers more Paris silver as it hits 57 million ounces
Investigator Resources (ASX: IVR) has released a significantly upgraded mineral resource estimate (MRE) for its high-class Paris silver project in South Australia.
Utilising new data from a recent Paris South drill program and a number of phases of exploration and infill drilling undertaken within and surrounding the Paris deposit, Investigator has now lifted the project resource to 57 million ounces (Moz) of silver and 99 kilotons (kt) of lead.
The new results have moved 72% of the Paris resource to the indicated category with the indicated number now sitting at 17 million tonnes at 75 grams per tonne (g/t) silver and 0.50% lead, or 72% of the total estimated resource ounces at a 25 g/t cut-off.
Investigator’s previous Paris update in June 2021 reported a total MRE of 53.1 million ounces of silver and 97.6 kt of lead at a cut-off of 30 g/t silver.
The estimate completed in 2021 was unveiled in support of a positive Paris pre-feasibility study (PFS) later published in November 2021.
Definitive feasibility study targeted for early 2024
Managing director, Andrew McIlwain, said the latest estimate will now be included in work the company is undertaking the work to complete a definitive feasibility study (DFS) set to be completed early 2024, while the company continues to grow its South Australian asset.
“Since the 2021 Paris mineral resource estimate was completed as part of the Paris pre-feasibility study, a number of exploration programs have been drilled at Paris, targeting both expansion opportunities as well as further infill drilling. The most recent of these programs investigated the newly accessed Paris South region of the deposit.”
“A total of 76 holes drilled since the 2021 resource update have been included in this latest mineral resource estimate. Whilst the majority of these holes targeted Paris South, additional exploration drilling was completed along the western and eastern flanks of the deposit as well as in the central zone of the resource – located between the optimised northern and southern pits.”
“Results from the entirety of these drill programs have been utilised in the revised mineral resource estimate, which will inform mining studies as part of the ongoing Paris definitive feasibility study.”
Mr McIlwain said the updated resource numbers are better defined thanks to the inclusion of new exploration data.
2km of mineralisation strike
Investigator has identified mineralisation with a 2km of strike length with an average width of 530m and to a maximum depth of approximately 240m at Paris.
The company believes the dominant soft host rock and shallow depth of the Paris silver deposit makes it amenable to open-pit mining operations.
The Paris Silver Project is located 70 kilometres north of the rural township of Kimba on South Australia’s Eyre Peninsula.
Silver price expected to rise
Silver is currently trading at A$34.39 per ounce and Trading Economics has forecast it will reach $34.80 per ounce by the end of this quarter, with estimates it will trade at $37.50 per ounce in 12 months time.
The Silver Institute reported recently that global mine production fell marginally in 2022 to 822.4 Moz.
This followed strong growth in the previous year when production rose by nearly 6% as mines recovered from the disruption caused by the Covid pandemic.
Last year’s decline resulted from lower by-product output from lead/zinc mines, particularly in China and Peru.
Production from primary silver mines was almost flat year-on-year, rising by just 0.1% to 228.2 Moz.
Peru suffered the most significant decline at -8.5 Moz due to mine suspensions, falling grades at several major mines, and disruption due to social unrest.
Mexico’s production, however, grew by 3.1 Moz, Argentina’s by 3.0 Moz, and Russia’s by 2.2 Moz.
Australia was the 8th largest producer with 38.5 million ounces, down 10% on the previous year.