John Anderson, Investigator Resources: New silver and copper prospects on Eyre Peninsula


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John Anderson, Managing Director, Investigator Resources delivered this presentation at the 2013 Mining South Australia conference. The conference has been produced specifically for the South Australian mining and regional development community and represents a unique opportunity to hear the latest developments from the major projects, mines and explorers in South Australia. For more information on the annual event, please visit the conference website:

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John Anderson, Investigator Resources: New silver and copper prospects on Eyre Peninsula

  1. 1. ASX : IVR Paris Silver Resource at the forefront of a New Mineral Belt in South Australia Presentation Mining South Australia Conference Whyalla 26-27th November 2013 Paris, Eyre Peninsula
  2. 2. Disclaimer The information in this presentation is published to inform you about Investigator Resources Limited and its activities. Some statements in this presentation regarding estimates or future events are forward looking statements. They involve risk and uncertainties that could cause actual results to differ from estimated results. All reasonable effort has been made to provide accurate information, but we do not warrant or represent its accuracy and we reserve the right to make changes to it at any time without notice. To the extent permitted by law, Investigator Resources Limited accepts no responsibility or liability for any losses or damages of any kind arising out of the use of any information contained in this presentation. Recipients should make their own enquiries in relation to any investment decisions. Competent Person Statement The information in this presentation that relates to Exploration Targets, Exploration Results & Mineral Resources is based on information compiled by Mr John Anderson who is a full time employee of the company. Mr Anderson is a member of the Australasian Institute of Mining and Metallurgy . Mr Anderson has sufficient experience of relevance to the styles of mineralisation and the types of deposits under consideration, and to the activities undertaken, to qualify as Competent Persons as defined in the 2012 Edition of the Joint Ore Reserves Committee (JORC) Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Anderson consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Reference should be made to the specified Competent Persons for individual announcements that are on the Company’s website: within the section “News & Reports” and also lodged with the Australian Securities Exchange (“ASX”).
  3. 3. New Silver Province, Eyre South Australia The Paris Project 2011 – Greenfields discovery - 78 aircore holes - First-pass drilling intersections assay to 1,000 g/t Ag - Sizeable footprint – 1,200m x 400m 2012 – Initial RC & diamond drilling - Shallow intersections to 3,600g/t Ag 2013 – Resource drilling - Total $10m expenditure to date /146 DHs - Maiden Resource – 20Moz; 5.9Mt @ 110g/t Ag - Positive preliminary metallurgy Advantages High grade/ounces cf. recent Australian peers Shallow – from 4m, mostly 30 – 75m Soft dig potential First world country/pro-mining state/location 3 Paris silver discovery in southern Gawler Craton 350km from Adelaide The Opportunity Potential openpit silver deposit - Competitive grade - Untested extensions - Other silver targets in new field - Scoping Study 2014 - Development & Flow Sheet options
  4. 4. Paris maiden Inferred Mineral Resource 5.9 million tonnes @ 110g/t silver & 0.6% lead (at 30g/t Ag cut-off) for 20Moz silver & a credit of 38kt lead Grade/tonnage profile Cut-off grade Silver (g/t) 0 10 20 30 40 50 60 70 80 90 100 Specific gravity Tonnage Grade Contained Metal (Mt) Silver (g/t) Lead (%) Silver (Moz) Lead (kt) 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 2.1 65.0 21.0 7.2 5.9 5.4 4.8 4.0 3.3 2.8 2.3 1.9 15 40 90 110 110 120 130 150 160 180 200 0.3 0.5 0.6 0.6 0.7 0.7 0.7 0.7 0.7 0.8 0.8 32 27 21 20 19 18 17 16 14 13 12 168 105 44 38 35 32 28 24 21 18 15 About 30% of the resource tonnes contains 60% of the silver ounces Any apparent small differences between values are due to rounding off to two significant figures. 4
  5. 5. Investigator Resources Ltd – Project Location Paris Silver Project within Peterlumbo JV (75% IVR) Uno/Morgans epithermal silver targets (100% IVR) Roundabout & Spyall IOCGU copper gold targets (100% IVR) Key Geology Whyalla Kimba Gawler Range Volcanics Hiltaba Granites OLYMPIC DAM MEGA-EVENT Gawler Craton Basement including dolomites & schists IVR tenements 5 & applications
  6. 6. Paris silver deposit – the right geological setting Schematic Cross-Section Flat-lying epithermal breccia deposit at the base of an andesite volcanic pile. Similar to a productive style of silver deposits in South America Potential skarn & porphyry deposits Now recognised as a new target style within the Olympic Dam mega-event in SA 6 Paris
  7. 7. Paris prospect geology – mineralised breccias 7
  8. 8. Paris cross-section Line 7 200mASL NE SW 100mASL 0m (sea level) Drill Hole Trace Mineralised intersection (>30g/t silver) 50m 8
  9. 9. Paris Long Section 200mASL SE NW 100mASL Horizontal scale 200m 9 100m Drill Hole Trace Mineralised intersection (>30g/t silver) Vertical scale 0m (sea level)
  10. 10. Paris – stacked geology sections New trend of shallow hydrothermal breccias show potential for internal expansion to the Paris resource Multiple vents offer new silver potential nearby 10
  11. 11. Paris – wireframed >30g/t silver domains Inferred Mineral Resource: • Reported to 30g/t Ag cut-off • Restricted to WhittleTM optimised pit shell • Resource ranges from 4m to 150m depth below surface with much of the silver mineralisation within 75m of the surface • 1,200m long system, open at either end +200mASL Sea Level -200mASL 11
  12. 12. Paris Long section – block model NW 100mASL Shallow resource SE 100m 200mASL Horizontal scale 200m 12 100m Vertical scale WhittleTM pit shell outline
  13. 13. Paris – untested immediate extensions PPDH112: 4.5m @ 594g/t Ag from 52.7m & 1.3m@ 336g/t from 64.3m PPDH139: 3.05m @ 219g/t Ag from 13.9m PPDH123: 5.9m @ 222g/t Ag from 95.3m & 8.7m@ 257g/t from 102.4m PPDH141: 25.5m @ 191g/t Ag from 86.0m Diamond hole 13
  14. 14. Positive initial metallurgical results Metallurgical Sample Sample Ore type number Grind size Leach Characteristics Silver Recovery (g/t) 119 1,440 108 108 30 974 P80 of 106µm P80 of 106µm P80 of 106µm P80 of 53µm P80 of 106µm P80 of 106µm 24-hours (%) 40.2 54.2 64.6 68.6 50.9 93.7 48-Hours (%) 44.8 69.2 65.3 74.2 56.8 97.3 379 408 P80 of 106µm P80 of 106µm 77.4 68.7 82.9 68.6 Grade 1 2 3a 3b 4 5 Shallow oxidised mineralisation Sulphide - rich zone Polymict breccia - moderate grade Polymict breccia - moderate grade Polymict breccia - Low grade Oxidised iron reaction contact zone (native silver) 6 7 Iron-rich contact zone Sulphide in dolomite Bottle roll leach results 9% increased recovery with finer grind to 53µm 14  Good metallurgical performance in laboratory trials indicates conventional processing paths for the Paris Silver Project  Initial silver recoveries of 65% to 97% for a range of samples representing majority of Paris deposit  Further increase in silver recovery expected by optimisation with standard leach and/or flotation techniques
  15. 15. Paris - comparison with peer deposits Paris: 20Moz silver, 110g/t Ag Maiden resources: Typically c.10Moz 60 – 95g/t silver grade Company Investigator Cobar Alcyone White Rock Pan American Silver Corp. Typically expand c. 2x 15 Date Data from company websites (R&R – resource & reserve) Argent Maiden resources: Project Paris Wonawinta Oct'13 Jan'12 Jul'08 Kempfield Apr'12 Jun'08 Twin Hills Mar'12 Mar'10 White Rock Jul'13 2008 Alamo Dorado Dec'12 Dec'09 Tonnage Mt 5.9 26.0 18.1 21.8 3.7 9.3 3.8 8.4 5.1 8.9 4.8 Resource Note: Silver Contained Grade Silver g/t Moz 110.0 20.0 Resource 63.0 52.8 R & R 54.0 31.4 Resource 47.0 33.0 Resource 94.7 11.3 Resource 53.0 16.0 Resource 83.0 10.2 Resource 60.0 16.3 Resource 61.0 10.2 Resource 77.2 22.1 R & R 59.7 9.3 Resource
  16. 16. Silver mines & deposits - selection of size / grade Open-pit 16 * Note: Data is from various sources & is approximate Paris Silver Project Underground
  17. 17. Advantages of the Paris silver project Large greenfields geological system with first-comer potential Competitive maiden resource – 20Moz silver • Shallow – likely open-pittable with possible free dig character • High relative grade to open-pit peers • Positive initial metallurgy Open to expansion internally, laterally & in satellite targets Good location – for stability, access & infrastructure South Australia – a pro-mining State 17
  18. 18. Paris exploration upside - expansion target area Interpreted prospective structures & dykes Vein float 78g/t Ag Interpreted: • Vent/alteration • Dolomite Alexander soil anomaly Argos Paris Far North Ares 4g/t Ag float Paris North - 6,388,000mN Paris silver soil anomaly & drill lines Alexander East soil anomaly Paris Southwest Paris South I 593,000mE Current drilling covers only part of an extensive target area 18 Scout drill hole 500m
  19. 19. 590,000mE Aries Argos 600,000mE 4g/t Ag float Helen 170g/t Ag outcrop Helen East EL4228 (in part) To be prospected 78g/t Ag float 6,390,000mN Paris South Alexander No float; drilled with poor results Alexander East 10g/t Ag dyke outcrop Paris Peterlumbo Hill 24g/t Ag float 1.9g/t Ag float Nankivel 5km Outcrop – altered rhyolite breccia Silver-in-soil (Genalysis TL8) 6,380,000mN Wider field potential soil geochemistry plan
  20. 20. 590,000mE 600,000mE EL4228 (in part) Helen West 6,390,000mN Diomedes Peterlumbo Hill (conceptual porphyry target) Paris prospect Extent of drilling Nankivel (interpreted as a “barren shoulder” indicative of nearby porphyry) 5km Copper-in-soil (Genalysis TL8) 6,380,000mN
  21. 21. 590,000mE 600,000mE MAGNETICS Seeking: 6,390,000mN • • • • Intrusives Dykes Structures Volcanics/basement contact Extent of Paris drilling Other silver soil targets 5km 6,380,000mN Copper soil targets Nankivel breccia
  22. 22. 590,000mE 600,000mE 6,390,000mN Standing at subcrop producing hyperspec signature at Paris HYPERSPECTRAL ANOMALIES: Supplement soil geochem Seeking: low-level outcrop; alteration zones 5km
  23. 23. 590,000mE 600,000mE 6,390,000mN RESIDUAL GRAVITY Seeking: • Dolomites • Dykes • Vents Extent of Paris drilling Other silver soil targets 5km Copper soil targets Nankivel breccia 6,380,000mN
  24. 24. 590,000mE 600,000mE Hyperspectral Anomaly Vent 6,390,000mN NW structure Dyke NE structure Skarn Intrusive Dolomite Basement/ Volcanic contact 5km 6,380,000mN INTEGRATED INTERPRETATION OF TARGET INGREDIENTS to complement soil geochemistry (Note extent of detailed gravity & spectral coverage is limited)
  25. 25. 590,000mE 600,000mE 6,390,000mN 5km 6,380,000mN ADDITIONAL TARGETS to evaluate targets without soil signatures
  26. 26. 590,000mE 600,000mE Priority 2 – Helen East /Diomedes silver & copper targets 6,390,000mN 6 7 4 1 9 5 3 12 2 Priority 1 (yellow area) Paris Expansion Target Area 8 RANKED TARGETS & DRILL PLAN 1. Paris North 2. Paris South 3. Alexander East 4. Argos 5. Ares 6. Argos North 7. Helen East 8. Diomedes 9. Helen West 10. Peterlumbo/ Hector West* 11. Trojan Horse South skarn 12. Peterlumbo West area (* Off plan) 11 6,380,000mN Existing drill hole 5km
  27. 27. Uno/Morgans – another potential epithermal field 85km east of Paris in same position near Uno Fault 144g/t Ag 3g/t Ag Outcrop - 15g/t Ag - 0.3% Cu Epithermal float – see photos 2.5km 84g/t Ag Morgans South silver soil anomaly 6g/t Ag Uno Fault Float - 23g/t Ag Gossan - 119g/t Ag Wartaka South silver soil anomaly 100% IVR tenements Silver &/or copper anomalous float and rare outcrop support large soil anomalies as insitu and high priority targets. Awaiting heritage survey for final access approvals for drilling. 27
  28. 28. Future Exploration: Focus on expanding Paris resource Proposed A$3m allocation for balance of FY: 1. Focus on the Paris expansion target area • In progress late 2013: First-pass aircore drilling (c. 7,500m) of all immediate target extensions • Early 2014: Diamond drilling (c. 60 holes) of best resource expansion opportunities within and extending from Paris 2. Continue to assess Peterlumbo camp potential • Scout aircore drilling of Helen/Diomedes silver & copper soil targets 3. Further work on:• Uno/Morgans epithermal silver targets; & • Roundabout/Spyall IOCG targets awaiting final access approvals before progressing later in 2014 28