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- Investigator Resources (IVR) shares slip into the red after reporting an updated mineral resource estimate for its Paris Silver Project in South Australia
- The upgrade is largely due to a lowered cut-off grade from 50g/t silver in 2017 to 30g/t silver this year
- The update follows an infill drilling campaign undertaken at IVR’s wholly owned project in late 2020
- The company has commenced mine design and planning based on the results, with the pre-feasibility study set to be completed later this year
- Investigator Resources shares are down 6.67 per cent to trade at 8.4 cents
Investigator Resources (IVR) shares have slipped into the red after reporting an updated mineral resource estimate for its Paris Silver Project in South Australia.
The update follows an infill drilling campaign undertaken at IVR’s wholly owned project in late 2020.
IVR revealed a total mineral resource estimated at 18.8 million tonnes at 88 grams of silver per tonne (g/t) and 0.52 per cent lead for 53.1 million ounces silver and 97.6 kiloton lead at a cut-off of 30g/t silver.
Investigator said the 2021 updated Mineral Resource estimate represents a significant increase in total silver ounces but noted it was “largely due” to the reduction in cut-off grade from 50g/t silver in 2017 to 30g/t silver this year.
The indicated resource component is 12.7 million tonnes at 95g/t silver and 0.6 per cent lead, or 73 per cent of the total estimated resource ounces.
Investigator Resources Managing Director Andrew McIlwain commented on the upgrade.
“Applying the lower cut-off doubles the 2017 total resource tonnes to 18.8Mt, and supported by the 2020 infill drill program, 12.7 million tonnes, or 73 per cent of it is now in the indicated resource category,” he explained.
“Based on the updated resource estimate of 53.1 million ounces, work has commenced on the mine design, planning and scheduling aspects of the project.”
A decision regarding commencing a definitive feasibility study for the Paris Silver Project is yet to be determined by the board but is tipped to follow the finalisation of a pre-feasibility study, expected in the September quarter 2021.
Investigator Resources shares were down 6.67 per cent to trade at 8.4 cents at 1:01 pm AEST.
