Investigator Resources Hits Significant Mineralisation At Peterlumbo

Published on Monday February 21 2011

Investigator Resources (ASX: IVR), previously known as Southern Uranium (ASX: SNU), is focused on exploring for Iron Oxide, Copper, Gold and Uranium ("IOCGU" or Olympic Dam style) deposits in the southern Gawler Craton of South Australia; unconformity style uranium deposits in the Northern Territory and volcanic hosted uranium deposits in north Queensland.

first assays from scout drilling at Peterlumbo identify that the project has some potential, with an intersection of; 20 metres at 84ppm (parts per million) silver, including 6 metres at 220ppm silver.

Complete assays are anticipated but are still pending for the holes 200 metres and 400 metres further along the prospective trend.

Investigator said many other widely spaced holes over the 15 square kilometre area are anomalous in silver, gold, zinc, lead, copper or uranium, and show another mineralized trend at least 5 kilometres long.

John Anderson, managing director, has welcomed these initial results, and said, “The results show we are 'first comers' to a large and genuine epithermal field.

"With exploration just commencing, Investigator Resources considers there is abundant opportunity to locate optimum structural settings for potential high-grade silver and gold deposits.”

The market has applauded the result, with Investigator shares up 21% to $0.115 in intra-day trading.

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BHP's OLYMPIC DAM URANIUM FULL YEAR PRODUCTION PLUMMETS 43 PERCENT

BHP Billiton produced 712 tonnes of uranium oxide from Olympic Dam, significantly down on the previous year.

The company said it had fixed the key Clark Shaft, responsible for conveying 75 per cent of underground ore at the mine, the company said in its June quarter update.

The Clark Shaft outage since October 6, 2009, caused a 43 per cent dip in full year uranium production to 2279 tonnes from 4007 tonnes previously, the miner's production report for year June 30 said.

Copper production also was down, 11 per cent to 1.08 million tonnes, due to Olympic Dam's outage, industrial action at Chile's Spence, mine lower grades at its Peruvian sites and closure of its Pinto Valley mine in the United States.

Olympic Dam in South Australia is the world's largest uranium deposit, fourth largest remaining copper deposit and fifth largest gold deposit.

On a positive note, petroleum and iron ore both hit production records petroleum at its third consecutive record, up 15 per cent to 158.6 barrels of oil equivalent (boe) with the "successful delivery" of growth projects in the Gulf of Mexico and Australia.

Iron ore production rose 9 per cent to 125 million tonnes.

With iron ore prices strong amid demand from China, BHP Billiton also said West Australian iron ore achieved its tenth consecutive annual production record.

But the company "continues to be cautious on the short term outlook for the gobal economy", it said.

"Uncertainty surrounds the near term propects for growth in the developed world as governments adjust fiscal policies following a period of significant stimulus and subsequent increase in sovereign debt levels," the company said in a statement.

The company also warned of volatile demand for commodities with China reducing its growth to more sustainable levels.

"BHP sees these measures as normal continuation of China's economic management policies," it said.

BHP Billiton shares are trading ahead of the overall market, up almost 2 per cent to $39.04, a rise of 74c at 11.30 CST, in response to its production update.