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The Paris silver project has been in
Investigator’s portfolio since 2012. Paris is
the highest-grade silver project in Australia

Better late than never:

ment in late July.
Silver comes three times as much in the Cannacord
The company was offered almost
Genuity (Australia Pty Ltd) led place-
ment, giving it a clear pathway to meet
to the party its objectives at Paris without having to
worry about cash.
Investigator’s largest shareholder –
UK-based Merian Gold and Silver Fund
– participated in the placement to the
tune of $4 million such is its bullishness
on Paris.
At the time of print, a 15,000m RC
infill drilling programme was being con-
ducted on the known resource at Paris
to upgrade inferred resources into the
indicated category.
“Each time the Paris resource has
been revised the resource grade has
gone up, the total ounces have gone
up; that is the nature of how high grade
some of it is,” McIlwain said.
“As they have grown in confidence and
as drilling has increased, the grade has
improved, so when we do the modelling,
we have no doubt there will be grade
improvement again. This is the highest-
grade silver project in Australia by far.”
Paris currently hosts an open pit re-
source of 9.3mt @ 139 g/t silver and
0.6% lead for 42 moz contained silver
and 55,000t contained lead.
Amid the RC campaign, a second rig
for diamond drilling was scheduled to
arrive on site for a 1,000m programme
in early October, while regional targets
along strike of Paris will also be tested,
as Investigator works towards a PFS.
Should the PFS provide robust out-
comes, Investigator’s cash will give it the
thriving gold price usually drags its a strategic review of its Nimbus silver- impetus to carry on with a DFS in what
A sister precious metal – silver – along zinc project, near Kalgoorlie, which was is shaping as a healthy silver price en-
for the ride. The scenario appears to be placed on care-and-maintenance in vironment.
happening again, albeit at a slower pace 2017 due to low silver prices, while Sil- There is a growing demand for silver
than some might have expected. ver Mines Ltd continues drilling and pre- from solar cells and batteries, on top of
“It has been a little disconnected,” In- development activities at the Bowdens traditional uses in medical appliances,
vestigator Resources Ltd managing di- project in New South Wales after it man- jewellery, tableware and electronics.
rector Andrew McIlwain told Paydirt. aged to raise $12 million in May. In contrast, supply is shrinking with
“There is a gold/silver ratio and the The return of silver is being reflected at the world’s major sources of silver ex-
long-term historical levels have been Investigator, which has already complet- periencing a drop in quality over the last
about 60-ish. It has been lower, and it ed extensive work at the Paris project on decade.
has been higher, but more recently it ran South Australia’s Eyre Peninsula. The “The head-grade of the major produc-
away to 125 which is a real disconnect recent interest has seen the company ing silver miners in the world have dimin-
between silver and gold.” restart activity. ished significantly, almost halved, and
At the time of print, the ratio had re- “All along I said my magic number was production is going to fall on the back of
tracted back to 73 and the silver spot $30/oz and when we saw it getting to that,” McIIwain said. “The primary silver
price of $US27.44/oz ($37.95/oz) pro- that we would press the button on the producers in South America; their head-
vided enough encouragement for silver next stage of work. Once it did hit that grade used to be more than 450 g/t but is
players in Australia to get excited again. mark it all came together quickly,” McIl- now around 250 g/t and they are gener-
Horizon Minerals Ltd is undertaking wain said in light of an $8 million place- ally underground miners as well.

Page 18 OCTOBeR 2020 aUSTRaLIa’S PaYDIRT