Investigator Resources : High-Grade Silver Discovery at Uno Morgans Project

ASX: IVR

ASX ANNOUNCEMENT

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7 July 2022
HIGH-GRADE SILVER DISCOVERY AT UNO MORGANS PROJECT
Highlights:
use	∙ Renewed exploration focus delivers high grade silver discovery and impressive zinc
results.
	∙ 24 of the 27 holes (89%) drilled across 7 targets returned reportable intersections.
personal	∙ Significant high-grade silver intersected at Twelve Mile:
∙ Planning for follow up soil sampling, mapping and drilling underway.
		12m @ 240g/t silver from 78m, including 6m @ 383g/t silver from 81m [UMHRC021].
	∙ Extensive zinc intersections from near surface at Uno North:
	 123m @ 0.48% zinc from 15m, including 24m @ 1.52% zinc from 102m [UMHRC011]
	 63m @ 0.60% zinc from surface, including 9m @ 1.07% zinc from 18m [UMHRC010]
	∙ Other intersections including silver, zinc, lead, gold and copper variously drilled at
	Twelve Mile, Higher Ground and Hurricane South prospects
Investigator Resources Limited (ASX: IVR, "Investigator" or the "Company") is pleased to
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provide this release in relation to the 3,330m regional exploration drilling program that was completed in February 2022, focused on seven prospects across the 100% owned Uno Range and Morgans tenements.

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Investigator's 100% owned Uno Morgans project is located 75km north-westof Whyalla on South Australia's Eyre Peninsula. Access to the project site is predominantly via highways and sealed roads and is approximately 4 hours by road from Adelaide (Figure 1).

The Uno Morgans project is positioned approxi- mately 80km east of Investigator's main asset, the Paris Silver Project, along the prospective Uno Fault at the base of the Gawler Range Vol- canics (GRV). Investigator are currently under- taking work towards completion of a Definitive Feasibility Study for the Paris Silver Project, whilst also progressing exploration initiatives across its significant ground holding within South Australia.

ASX Release - Investigator

High-Grade Silver Discovery at Uno Morgans Project

7 July 2022

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personalFigure 1: Investigator's South Australian tenements

Commenting on the results reported, Investigator's Managing Director, Andrew McIlwain said:

"The discovery of high-grade silver mineralisation at the Twelve Mile prospect, in the first drill program in the Uno Morgans project area since 2014, is really encouraging and testament to the prospectivity of the district and the efforts of the Investigator team.

"Significantly, 24 of the 27 holes drilled in this program returned reportable mineralisation. This strike rate and the results reported here revitalise interest in the Uno Morgans project, an area where Investigator have strengthened their tenement holding with the recent granting of the Co- runna Exploration Licence.

"Investigator trialled the use of the CSIRO Ultra Fine Fraction analytical technique for soil samples. The results of this new method aided the successful targeting of mineralisation at multiple pro-

Forspects and will continue to be used for future exploration.

"With work continuing on the Paris Silver Project DFS, the recent success at Apollo with 7m @ 700g/t silver (only 4km north of Paris), and this new discovery at Twelve Mile, the team are planning follow up exploration during the second half of 2022 to build on these recent discoveries.

"With the industry wide delay in return of assays from the laboratories, we still eagerly await the results from the 7,600m, 52 holes program completed closer to Paris".

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ASX Release - InvestigatorHigh-Grade Silver Discovery at Uno Morgans Project7 July 2022

Uno Morgans 2022 Drilling Program

The regional exploration drilling program was designed to follow up on outcomes generated through exploration activities completed in 2021. Importantly, this is the first drill program under-

onlytaken within the project area since 2014.

The drilling program targeted surface geochemical anomalies generated from recent Ultra Fine Fraction ("UFF+") soil sampling, and both northeast and northwest oriented structural features interpreted through geophysical datasets and field mapping. These structural orientations are considered to be major controls for hydrothermal fluids in the Southern Gawler Ranges region.

useMultiple mineral systems exploration models including epithermal silver-gold,iron-oxide-copper- gold ("IOCG"), BIF associated gold, sedex/replacement lead-zinc-silver and Archean orogenic gold are considered applicable to the region with assessment incorporating recent UFF+ soil sampling and mineral system reviews completed by Investigator and technical consultant Dr Justin Gum.

personalDrilling was completed in February 2022, for a total of 3,330m of Reverse Circulation ("RC") drilling in 27 holes, across 7 prospects, as shown in Figure 2 below.

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Figure 2: Plan showing location of the 2022 regional drilling across the Uno Morgans project area.

Details of each of the exploration targets drilled and the outcomes are provided below.

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ASX Release - InvestigatorHigh-Grade Silver Discovery at Uno Morgans Project7 July 2022

Twelve Mile

Twelve Mile presented as a prominent silver in soil anomaly positioned adjacent to a north-east trending ironstone outcrop, with gossan and epithermal quartz float scattered over thin cover and onlysub-cropping weathered basement. Geochemical analysis of float samples identified anomalous

silver up to 34ppm, plus elevated copper and nickel.

Previously, Investigator drilled three shallow-inclined aircore holes (2014) over the most significant rockchip silver assay. These intersected biotite-feldspar gneiss with base metal concentrations increasing in holes away from the ironstone outcrop and whilst not of economic grades,

usel ad-zinc mineralisation was intersected at the bottom of these shallow holes (UMAC027 and UMAC028)1.

Recent soil geochemistry, utilising the UFF+ analytical technique, extended anomalism further to the northeast and southwest. Importantly, the results highlight three main parallel trends of sur-

face silver anomalism (Figure 3), possibly representing replications of the shear hosted minerali- personalsation intersected in hole UMHRC021.

Interrogation of the soil geochemistry shows moderate positive correlation between silver, gold, arsenic, copper, lead, antimony and zinc, which supports a low-sulphidation epithermal system.

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1 - ASX - 8 October 2014 - Uno Morgans Prospective Silver-Lead-Zinc Target Identified

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ASX Release - Investigator

High-Grade Silver Discovery at Uno Morgans Project

7 July 2022

onlyuse

personalFigure 3: Plan of the 2022 regional drilling at the Twelve Mile prospect.

Drilling in 2022 successfully intersected a mineralised southeast dipping shear-zone at the contact between metamorphosed felsic gneiss and underlying Archean mafic/ultramafic volcanics (chlorite-amphibolite schist) in hole UMHRC021.

This hole returned high-grade silver results with 12m @ 240g/t silver from 78m, including both reportable copper and lead of 9m @ 0.19% copper from 81m and 12m @ 0.53% lead from 78m within a zone of silicified and fractured felsic gneiss associated with the shear. Geochemi-

Forcal analysis has identified that mineralisation displays a very strong, positive correlation between silver, lead and copper assays.

No visible sulphides were observed. However, the mineralised zone was associated with abundant oxidised jarosite-hematite within limonitic veinlets.

Shallower mineralisation possessing a similar positive silver-lead-copper correlation was intersected in adjacent hole UMHRC020, within strongly weathered clays which geochemical analysis suggests are hosted within an extension of the shear zone intersected in UMHRC021 (Fig- ure 4).

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