IVR ranks two exploration targets 11km away from 57m ounce silver deposit

Our development stage silver Investment Investigator Resources (ASX: IVR) now has two new exploration targets to go after…

IVR owns the Paris silver project in South Australia which has a 57M ounce silver resource with an average grade of 73g/t.

The project was discovered back in 2011 during the prior silver bull run, and IVR has now taken the asset into a Definitive Feasibility Study (DFS).

IVR expects to have its DFS released in H1 2026. (source)

If the latest presentation by IVR is anything to go by, then we could get a fairly strong uplift on the numbers from IVR’s last feasibility study.

Interestingly, IVR had the following in its most recent presentation which showed that the increase in the silver price since that last study has added >A$1BN in free cashflow to the project’s mine life:

(Source)

Today, IVR added two new high priority targets (Athena and Hestia) to its portfolio of regional exploration targets.

The Athena prospect was previously drilled in 2012 and 2013, mostly with no testing of the surrounding geology for precious metals.

Later re-assays from those holes returned intercepts like 5m at 493g/t silver from 71m.

Since then the prospects haven’t really been explored (especially for silver).

Importantly, the two targets are only ~11km southeast of IVR’s Paris project which is important because IF IVR is able to make a big new discovery it could look at adding those resources into the Paris project's mine life.

Usually when we are Invested in development stage projects we don't really factor in exploration that much into why we are Invested in the company.

For IVR we think the proximity of its exploration targets make it relevant to its development asset.

IVR wouldn't necessarily be doing exploration looking for a new flagship project - but more so looking to add resources into its broader development plan.

(Source)

What do we want to see IVR do next?

Definitive Feasibility Study (DFS) on the Paris silver project 🔄

We want to see IVR complete and release its Definitive Feasibility Study (DFS).

We are hoping to see a big improvement on the A$153M Net Present Value (NPV) that was delivered in IVR’s last study in 2021.

Here are the milestones we are tracking for the DFS:

🔄 Pit design

🔄 Flowsheet revision

🔄 Throughput optimisation

🔲 DFS completed

Exploration drilling on regional targets 🔄

We want to see IVR drill out the 15km corridor of targets that sit around its 57M ounce JORC resource estimate.

🔄 Geophys/Geochemistry work
🔄 Identify drill targets

🔲 Drilling starts

🔲 Drilling results

Permitting of the Paris silver project 🔄

We want to see IVR go through all of the permitting workstreams on its project. We especially want to see the project get a mining license and go through all of the environmental permitting process.

Here are the permitting milestones we are tracking:

🔲 Environmental permits

🔲 Project infrastructure permits

🔲 Mining license granted