Investigator Resources (ASX:IVR) is hoping to identify targets for future drill testing at the Molyhil Tungsten-Molybdenum Project in the Northern Territory through fresh gravity survey work.
The $56.04 million market capitalisation company says it has begun an ‘extensive’ co-funded gravity survey at the project in the hopes of finding dense Molyhil-style scheelite/powellite and molybdenite mineralisation.
This type of mineralisation is considered to be associated with positive gravity anomalism.
Investigator hopes the planned 3,400 gravity stations will provide ‘high-resolution’ data over known tungsten-molybdenum mineralisation and exploration prospects.
The company notes that the results from the program will facilitate regional stratigraphic and structural interpretations to support target identification over a ‘broad’ area surrounding the Molyhil deposit.
Investigator expects the survey to cost around $160,000, with the work to be completed in about 4 weeks.
Of this, the company anticipates it will be refunded about $70,000 by the Northern Territory government upon the completion of the work.
The survey represents expenditure being undertaken as part of an earn-in agreement with Thor Energy (ASX:THR), where $1 million of expenditure before May 2024 will provide Investigator with the right to a 25% interest in the Molyhil tenements and 40% of the adjacent Bonya tenement.
An additional $7 million of expenditure over 6 years gives the company the ability to earn an 80% project interest.
Investigator Managing Director Andrew McIlwain says the Molyhil regional prospectivity could deliver opportunities to consider as part of the company’s development strategy ahead of the stage one earn-in commitment.
Meanwhile, a 12-hole confirmatory drilling program focused on the Molyhil resource is scheduled for completion by early December.
Investigator Resources is focused on silver-lead, copper-gold, and other metal discoveries.
The Molyhil Project sits about 230km northeast of Alice Springs in the Northern Territory and holds a resource of 4.38 million tonnes (Mt) @ 0.27% tungsten and 0.10% molybdenum.
As of 30 September 2023, Investigator Resources had $3.255 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Investigator Resources