Investigator and Oz Minerals target Maslins IOCG Project
In an important development for Investigator Resources Ltd (ASX:IVR), the group has negotiated a binding Heads of Agreement with OZ Minerals Ltd (ASX:OZL) whereby OZ Minerals will fund a $10 million, three-stage program to explore Investigator’s Maslins IOCG (Iron Ore Copper Gold) Project, situated in the prolific Olympic Dam belt.
Investigator retains 100% of its adjacent tenements in the area, including the recent Exploration Licence Application 2019/00055 which adjoins EL 5705 to the south.
The earn-in agreement requires Oz Minerals to commit to a $1.4 million minimum expenditure with diamond drilling expected to commence in early 2020.
From a geological perspective Maslins is interpreted as a 6 kilometre long residual gravity anomaly with a modelled depth to a basement of approximately 600 metres with survey data indicating that it lies within a deep conductive trend that includes the Olympic Dam, Carapateena and Prominent Hill deposits.
Oz Minerals injects local knowledge
Management highlighted that this agreement is the culmination of a significant effort by the Investigator team to present a compelling exploration opportunity that has been taken up by one of Australia’s preeminent mining companies in Oz Minerals.
Oz Minerals brings multi-project experience to the joint venture, and it has an intimate knowledge of this region, having developed the Prominent Hill copper-gold project to the north of Olympic Dam and the Carapateena project to the south.
Both projects are high production low-cost mines, a feature of the region as miners reap the benefits of credits from multi-metal projects.
The other factor worth noting about this area is that it is still underexplored, highlighted recently by BHP’s new copper-gold discovery at Oak Dam which lies midway between Olympic Dam and Carapateena.
Consequently, the Maslins project is ideally situated in the heart of the IOCG corridor as indicated below.
Oz Minerals rates Maslins as exciting target
Receiving the financial backing of Oz Minerals is not only beneficial from a funding perspective, but it is also an endorsement of the quality of the asset from one of the largest players in the area.
Commenting on the significance of the deal, as well as the group’s intention to quickly commence drilling, Investigator’s acting chief executive Andrew McIlwain said, ‘’We are encouraged to have OZ Minerals share our view of Maslins’ prospectivity and partner with us in progressing the Maslins Project, and we look forward to reporting rapid progress toward the first drill testing of this highly attractive target”.
Highlighting the strategic significance of its joint venture with Investigator, Oz Minerals’ head of exploration and growth, Richard Holmes said, “OZ Minerals’ commitment to the Maslins Project is a key opportunity for us to explore the significant potential of this exciting IOCG target in our hunt for future copper resources in South Australia.
‘’It further consolidates OZ Minerals’ exposure in the Olympic Domain with Prominent Hill, Carrapateena and the Punt Hill Joint Venture to the north of Maslins.”