Transcription of Finance News Network interview with Investigator Resources Limited (ASX:IVR) managing director, John Anderson.Rebecca Richardson: Hello, Rebecca Richardson for the Finance News Network. Joining me for an update from South Australian explorer Investigator Resources
(ASX:IVR) is Managing Director, John Anderson. John welcome back. When we last met you spoke about the potential of the Peterlumbo project. What has the latest drilling revealed?
John Anderson: Thank you Rebecca. Investigator is moving closer to its goal of making a significant greenfields discovery in the southern Gawler Craton. The Paris prospect is large, it has a number of shallow silver intersections and we’re getting grades up to over 100 ounces in some places - 100 ounces silver.
Rebecca Richardson: Based on what you know about the Paris prospect, what is the size of the deposit and its potential?
John Anderson: Well we’re getting good intersections over an area of about one kilometre by 400 metres and the mineralisation is actually open to testing in all directions. And also down, because we’re seeing some of our highest grades at the bottom of the holes.
Rebecca Richardson: And when do you hope to be able to define the resource?
John Anderson: We are dedicating about 10,000 metres of drilling over the next six months or so, with the aim of achieving a resource by about the middle of the next calendar year.
Rebecca Richardson: What about other prospects within Peterlumbo?
John Anderson: Well the Paris prospect actually sits in the middle of what we believe is a brand new epithermal field that we have recognised, and that gives us all the advantages of being first comer to test all the opportunities that field provides. And as a result, we have identified four other silver targets delineated the same way Paris was and we’re looking forward to getting in there, and drilling those targets as well.
Rebecca Richardson: Now to your Ridgeback project on the York Peninsula. Drilling last year was focused on extending the mineralisation of the Hillside trends near the town of Bute. What have you been able to confirm?
John Anderson: Well with Bute, we’ve secured the approval of the landowner to have access to the area after he finishes cropping. We’ll be doing magnetic – sorry we’ll be doing gravity and soil geochemistry like we have done on the Eyre Peninsula first of all, with the aim of drilling the Bute target early in calendar 2012.
Rebecca Richardson: Investigator Resources takes considerable pride in the application of technology and soil geochemistry in its exploration process. Do you still maintain the likelihood of finding an Olympic Dam style deposit within your tenements?
John Anderson: Well we’re looking for mineralisation that formed at the same time as Olympic Dam and I believe we’ve already done that with the Paris silver discovery. That is an epithermal system but developed at the same time as Olympic Dam, but in a geological position that was much higher. I would have expected an epithermal system to have formed above Olympic Dam but it’s been eroded off. So what we’ve done with our work on Eyre Peninsula is gone to the geological position where the epithermal should form and that’s how we found Paris, so the technique’s working. But not only that, consistent with the approach that we’ve had on Eyre Peninsula, we’ve found two other metal centres with our soil geochemistry that deserve testing with scout drilling. And just remember, the Paris area and the Peterlumbo area was scout drilled only eight months ago. So we’ve come a long way since then and these new metal centres, we’re aiming to develop them as quickly.
Rebecca Richardson: Now to your financials, you’ve just commenced a Rights Issue to raise $8.3 million. Is this underwritten?
John Anderson: Yes Rebecca it is underwritten and the deal is nearly completed. So we expect to have the $8.3 million in the bank very soon, and we’ll be using those funds to drill all those extensive targets that I’ve been talking about.
Rebecca Richardson: So what will your cash position be following the Rights Issue?
John Anderson: Following the Rights Issue we will have nearly $10 million in the bank and that’s a very healthy position to be in, in the current market.
Rebecca Richardson: And how much are you budgeting on drilling for 2012?
John Anderson: Well most of that if we can get the geologist to man the programs to justify the targets that we have, but the majority of the funding will go into the Paris prospect of course – about 70 per cent. But we also wish to spend some of the money on scout drilling the new metal centres, also drill testing the other targets immediately around Paris within the Peterlumbo project. And of course testing the Bute breccia target, which is a very attractive target in its own right.
Rebecca Richardson: Last question. What’s the goal for 2012?
John Anderson: Investigator’s goal for 2012 Rebecca is to move the Paris prospect towards resource status at the earliest opportunity. It’s a very good silver prospect and of course we’re putting our highest priority on that project.
Rebecca Richardson: John Anderson thanks for the update and congratulations on the Paris prospect.
John Anderson: Good thank you very much Rebecca.
ENDS
