Investigator Resources Limited (ASX: IVR) has announced an encouraging update on the first field activity of the OZ Minerals’ Farm-In Joint Venture Agreement on the Maslins IOCG Project.
The company reported that Maslins’ geophysical data acquisition program has been completed. IVR said that an additional 233 gravity and 58 Magneto-Telluric stations have been acquired.
Investigator Resources said that the data modelling and interpretation of this newly acquired data is currently underway. The company said that the diamond drill tenders have been submitted and evaluation is in progress.
IVR announced that the drilling is anticipated to commence in early 2020.
Maslins IOCG project
Maslins IOCG (Iron Ore Copper Gold) Project is situated in the prolific Olympic Dam belt, within tenement EL5705, Whittata.
Maslins is interpreted as a 6 kilometre long residual gravity anomaly with a modelled depth to a basement of approximately 600 metres.
Results from the 2015/16 government-funded national AusLamp magneto-telluric (MT) survey program in South Australia had shown a regional-scale MT geophysical corridor extending from under Olympic Dam, Carrapateena, and continuing through the centre of the Eyre Peninsula towards the Investigator’s Paris/Nankivel projects.
Farm-In agreement with OZ
IVR had recently negotiated a binding Heads of Agreement with OZ Minerals Ltd whereby OZ Minerals will fund a $10 million, three-stage program to explore Maslins IOCG project. The drill program will be funded over 5 years to earn up to a 70% interest in the Maslins project.
Geophysical program at Maslins
The first field activity of the OZ Minerals’ Farm-In Joint Venture Agreement was a geophysical program designed to further define the 6km long Maslins’ anomaly.
The geophysical program included infill gravity and Magneto-Telluric (“MT”) surveys over the southern extent of the target.
IVR reported that the geophysical program has now been completed.
Infill gravity survey
A contractor specialising in gravity survey acquisition, Daishsat, was engaged by Investigator to bring the coverage across the 6km strike-length of the anomaly to a minimum density of 500m x 250m.
IVR said that this new survey completed in August 2019 was tied-in and merged with the data of the four previously completed surveys.
Modelling of data underway
The company reported that the modelling of the data is underway and will produce a revised set of gravity isoshells, with improved resolution of the gravity anomaly.
The company reported that the initial MT data across the Maslins IOCG Project area was derived from the 2018 Olympic Domain MT survey. Zonge group was the geophysical survey consulting group that had conducted the MT work.
After the release of the Olympic Domain MT Survey dataset in 2018, Investigator’s consultants had constructed a 3-D conductivity model which had interpreted a conductivity flare ~5km in diameter extending from mid-crustal depths towards the Maslins’ gravity anomaly.
This had provided a compelling case to drill test the anomaly, resulting in the partnership with OZ Minerals for funding the program.
In September 2019, Zonge was again engaged by Investigator to complete an infill program of 58 stations on a 1km x 1km station spacing grid directly over the Maslins’ gravity anomaly (expanded to 2km x 2km station spacing distal to this area).
IVR said that a number of these newly acquired stations were taken as short station reads to better resolve the upper 2km of the previously modelled deep conductive flare.
Modeling to be completed in October
Investigator Resources reported that the interpretation and both 2D and 3D modelling is in progress.
The company said that the results of this work will provide a higher resolution of the MT data and a refined and detailed model of the Maslins MT anomaly.
IVR said that this will give greater confidence to the final drill hole design – targeting to test both the MT conductivity and gravity targets.
The company said that the modelling will be completed in late October enabling finalisation of drill hole designs. IVR said that the drill tenders will then be awarded.
The drilling of the Maslins’ target is expected to commence in early 2020.