Stuart Shelf

Investigator’s tenements encompass over 2,100 km2 in the highly prospective Olympic Domain belt of the Stuart Shelf in the Gawler Craton.

This region hosts significant mining operations including BHP’s Olympic Dam, OZ Minerals’ Prominent Hill and Carrapateena operations and significant projects including Punt Hill and Oak Dam.

A signature “flare” of MT conductivity was recognised by researchers in 2006 below the Olympic Dam IOCG orebody and this is generally accepted as representing the conduit for the metal-rich fluids which generated the deposit. In early 2018, the Investigator joined with Geoscience Australia and the Geological Survey of South Australia to undertake an infill Magneto-Telluric geophysical survey across areas within its tenements.

Encouraging data from this survey, coupled with 2D and 3D modelling of acquired gravity and magnetic data, led OZ Minerals Ltd (ASX:OZL) to enter into earn-in to joint venture agreement focussed on the Maslins Iron Oxide Copper Gold Project on Investigator’s tenement EL5705. By mid-2020, having spent their minimum commitment, OZ Minerals withdraw from the agreement.

With continued interest in this prospective area, in September 2020 Investigator entered into a 3 Stage earn-in to joint venture agreement with DGO Gold Ltd (ASX:DGO), whereby DGO committed to spend $6.35 million to earn up to an 80% interest in our Stuart Shelf tenements. These tenements comprise a substantial tract of exploration ground covering the extensions to DGO’s interpreted copper model.

Key terms of the earn-in agreement are:

Stage 1 Program or Option Period

• An initial minimum expenditure of $350,000 on geophysical survey, modelling and interpretation and 1,500m drilling – which was completed by September 2021.

Stage 2 Program

• Further expenditure of $2M before September 2023 to earn a right to a 51% interest in the Joint Venture.

Stage 3 Program

• Formation of a DGO 51%, IVR 49%) Joint Venture; and
• With further expenditure of $4M before September 2025, DGO can earn an additional 29% Joint Venture interest to a total of 80%.

Future work programs

• Post completion of Stage 3, with DGO having earned an 80% Joint Venture interest, Investigator may elect to either fund further exploration and development costs on a pro-rata basis or dilute to a 15% Joint Venture interest until a positive decision to mine is made; and
• If diluted to 15%, Investigator’s share of the further work programs and development costs will be treated as a loan from DGO to be repaid from future production cashflows.