Investigator Resources - Quarterly Activities Report - 30 June 2024
IVR (IVR) Share Update July 2024 Sunday 28th
Investigator Resources Reports Major Progress in Paris Silver Project and Regional Exploration
Investigator Resources Limited (ASX: IVR) has released its quarterly activities report for the period ending 30 June 2024, highlighting significant advancements in its Paris Silver Project and various regional exploration programs.
Instant Summary:
- Paris Silver Project DFS nearing completion, release expected in September Quarter.
- Strategic alliance with Golding Contractors to optimize mining costs.
- New silver prospect identified at Perseus, 2km from Paris.
- Updated Mineral Resource Estimate for Molyhil Tungsten Project.
- Successful application for JMEI tax credits of $300,000.
- Cash balance of $4.5 million as of 30 June 2024.
Paris Silver Project
The Paris Silver Project, located on South Australia's Eyre Peninsula, is Investigator's principal asset. The project is advancing towards the completion of its Definitive Feasibility Study (DFS), which is expected to be released in the September Quarter. The DFS is supported by an updated JORC 2012 Mineral Resource estimate of 24Mt @ 73g/t silver and 0.41% lead for 57Mozs silver and 99kt lead.
Key elements of the DFS are either substantially complete or nearing completion. The extensive metallurgical testwork has provided detailed operating parameters for the process plant, and final cyanidation testwork, including the essential 'cyanide destruction' steps, are complete.
Strategic Alliance with Golding Contractors
During the quarter, Investigator entered into a strategic alliance with Golding Contractors Pty Ltd to assist with mine design, scheduling, and development costs for the Paris Silver Project. This partnership aims to optimize efficiencies and achieve the lowest possible mining costs.
Regional Exploration Program
The regional exploration program around the Paris Silver Project identified a new silver prospect at Perseus, located 2km from Paris. The drill program intersected 1m @ 71g/t silver and 0.6% lead from 38m. Additionally, zinc and lead mineralization was drilled 200m from Diomedes, 7km from Paris, with significant results including 36m @ 0.36% zinc from 8m and 20m @ 0.42% lead from 7m.
Molyhil Tungsten Project
The updated Mineral Resource Estimate for the Molyhil Tungsten Project shows a significant improvement in resource confidence, with 70% of tungsten metal classified as Measured and Indicated. The Northern Territory Government has provided co-funding support for further exploration drilling.
Corporate Updates
Investigator successfully applied for JMEI tax credits of $300,000 and reported a cash balance of $4.5 million as of 30 June 2024.
The advancements in the Paris Silver Project and the identification of new prospects are likely to positively impact Investigator Resources' stock price. The strategic alliance with Golding Contractors and the updated Mineral Resource Estimate for the Molyhil Tungsten Project further strengthen the company's position. The successful application for JMEI tax credits and a healthy cash balance are additional positives for investors.
Investor Reaction:
Analysts have reacted positively to the report, noting the significant progress in the Paris Silver Project and the strategic alliance with Golding Contractors. Investors are optimistic about the potential for new silver discoveries and the improved resource confidence in the Molyhil Tungsten Project.
Conclusion:
Investors should keep an eye on the release of the Paris Silver Project DFS in the September Quarter and monitor the progress of the regional exploration programs. The company's strategic initiatives and financial health position it well for future growth.