Investigator Resources : Apollo Drilling Following Silver Intersection

ASX: IVR

ASX ANNOUNCEMENT

14 June 2022

only	DIAMOND DRILLING AT APOLLO PROSPECT TO FOLLOW UP
OUTSTANDING SILVER INTERSECTION
Highlights:
use	∙ Diamond drill hole commenced at Apollo prospect to twin hole PPRC826.
∙ Previous drilling intersected the highest silver grade outside Paris.
∙ RC hole PPRC826 intersected high-grade silver1:
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 7m @ 700g/t silver from 150m, including 4m @ 1170g/t silver from 150m.
∙ Petrology studies confirm style of mineralisation and silver mineralogy at Apollo is identical
to that at Paris.
∙ Petrology studies confirm overlying ignimbritic volcanics have identical mineralogical and
textural composition to samples observed at Paris.
∙ Diamond drill hole will provide critical structural information.
∙ Apollo is located approximately 4km northwest of Paris.
∙ Geotechnical diamond drilling completed at Paris.

ForInvestigator Resources Limited (ASX: IVR, "Investigator" or the "Company") is pleased to provide this release in relation to the diamond drilling underway at the Apollo prospect, located

on Investigator's 100% owned Peterlumbo tenement, and approximately 4km north-west of the Paris Silver Deposit, in South Australia.

1 - ASX Announcement 23 May 2022 - "Outstanding Silver Grads at Apollo Prospect"

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ASX Release - Investigator

Diamond Drilling at Apollo Prospect

14 June 2022

onlyuseFigure 1: Investigator's South Australian tenements

Investigator's 100% owned Paris Silver Project is located 70km north of the rural township of Kimba on South Australia's Eyre Peninsula. Access to the project site is predominantly via highways and sealed roads, and it is approximately 7 hours by road from Adelaide (Figure 1).

Paris is a shallow, high-grade silver deposit amenable to open pit mining and hosts a Mineral Resource estimate of 18.8Mt silver at 88g/t for 53.1Moz of silver at a 30g/t cutoff2. With positive Pre-Feasibility Study outcomes reported to the ASX3 the company is undertaking work towards completion of a Definitive Feasibility Study whilst progressing exploration initiatives across its significant ground holding within South Australia.

personalInvestigator's Managing Director, Andrew McIlwain said:

"This diamond drilling at Apollo is following up on the outstanding silver intersection from the RC drilling completed in April and will provide structural information that will inform the planning of

ur next drill program over the Apollo prospect.

"Petrographic analysis of samples taken from RC chips have confirmed that the silver mineralogy at Apollo is identical to that seen at Paris, 4km to the south-east.

"The fact that the mineralogy is the same as Paris, and that this is the highest grade intersection outside of Paris resource, is both significant and encouraging.

"Further drilling at Apollo is anticipated to be undertaken later this year.

For"Prior to drilling this Apollo twin hole, the diamond drill rig completed 14 holes at Paris. The data from this core will be used in the geotechnical analysis to finalise pit wall slopes and extraction sequencing.

"We are eagerly awaiting the return of assays from the laboratory for the balance of the prior pro- gram, and I look forward to reporting these results. Additionally, we are anticipating the return of assays from the drilling program across the Uno Range and Morgans tenements, by the end of June."

2 - ASX Announcement 28 June, 2021 - "Paris Updated Mineral	3 - ASX Announcement 30 November 2021 - "Paris PFS delivers
Resource Estimate"	outstanding results"

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Drilling the Apollo prospect

The 2022 regional exploration program was designed to follow up on outcomes of drilling completed in 2020 and 2021, in addition to the testing of a number of exploration models that had incorporated the soil sampling and mineral system reviews undertaken. Drilling was completed in

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April 2022, for a total of 7,634m of Reverse Circulation ("RC") drilling in 54 holes as shown in
Figure 2 below.
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Figure 2: Plan showing location of the regional 2022 drilling proximal to Paris Silver deposit.

Located within a prospective structural corridor identified by gravity and magnetic features, previous Apollo drilling targeted an interpreted north-east trending structural lineament and identified gold and silver anomalism, returning a best assay of 1m @ 96g/t silver (PPRC735) . Follow up drilling in 2021 consisted of eight inclined holes, across two traverses, aiming to intersect the

Formineralised structure and provide a better understanding of orientation. Both traverses successfully intersected the mineralised structure, with best results of 2m @ 243g/t silver from 72m, with a further 2m @ 37g/t silver from 76m (PPRC763) and 5m @ 31g/t silver (PPRC779)5.

The 2022 drill program was designed to test further along the northeasterly trending extension of the interpreted structural lineament.

4 - ASX 10 May, 2021 - "Regional Silver Potential Confirmed at Paris".

5 - ASX 27 October, 2021 - "Silver and Gold Intercepts Enhance Prospectivity Around Paris"

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Mineralisation within Hole PPRC826 and reported using a 10g/t silver cutoff was 7m at 700g/t silver, including 4m @ 1,170g/t silver. This is the highest grade silver intersection that Investigator has intersected outside the Paris deposit resource footprint. The presence of low level gold (3m @ 0.13g/t) within the same interval supports the theory that mineralising fluids are of similar

onlyorigin to that at Paris, which has similar low level gold association6. See Figure 3 below.

usepersonalFigure 3: Plan showing location of the regional 2022 drilling in relation to historic drilling. Dashed lines indicate location of interpreted structural lineaments.

With the highly encouraging results from the recent RC drilling, a parallel diamond hole is being drilled to provide structural detail and context. The information from this hole will be used to assist

Forwith the design of follow up drilling planned to be undertaken later this year.

6 - ASX 23 May, 2022 - "Outstanding Silver Grades at Apollo Prospect.

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Apollo Petrology

A series of drill chip samples from PPRC826 were sent to Dr Doug Mason (Mason Geoscience) for petrological thin section analysis. Dr Mason, who had previously reviewed samples from the Paris deposit, identified the following key features in samples supplied:

only	1.	A sample of volcanics overlying the mineralisation at 67m was identified as an ignimbritic
	acid lithic-crystal tuff with pyroclastic fragments and crystal and lithic components. The
		rock was modified by pervasive sericite-quartz-sulphide alteration.
	2.	Analysis of mineralisation at 152m depth confirmed that mineralisation was associated with
use		a 2-stage hydrothermal vein breccia composed of early vein fragments (quartz-pyrite-hem-
	atite-native silver) and later fine grained hydrothermal cement (quartz-pyrite-hematite-na-
	tive silver).
3.	The variably graphitic biotite schists observed within the hole were confirmed to be perva-

sively pyrite-chlorite-sericite altered.

Dr Mason communicated two significant observations based on the above and from referencing material previously analysed from the Paris silver deposit, which were:

personalFor	1.	The ignimbitic sample at Apollo is identical in its mineralogical and textural properties to a
	sample of ignimbritic material associated with the Paris deposit.
	2.	Silver mineralisation identified in the polished section analysed at Apollo was identical in
		make up to previous observations from within the Paris deposit.

Figure 4: Photo-micrograph of PPRC826 152-153m sample showing angular grains of native silver (bright yellow) as inclusions within a larger (darker yellow) pyrite grain (scale - top to bottom of image approximately 0.7mm).

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