Investigator Silver Ltd (ASX:IVR, OTC:SUTAF, FRA:VOP) has begun a new drilling program at its Paris Silver Project in South Australia, with work underway since March 2026 as the company pushes the project closer to development.
The program is designed to tighten drill spacing in the early years of the mine plan, where production performance is expected to be most important for financing and debt repayment. By increasing data density in these near-term mining zones, Investigator is aiming to strengthen confidence in grade, tonnage and continuity ahead of lender due diligence and detailed mine scheduling.
The current geological model is already well defined on about 25 metre spacing, and the latest program is intended to lift confidence in early production areas to a level more consistent with grade control drilling.
Assay results from the campaign are expected to be released progressively as they are received.
Resource conversion work targets pit expansion
Alongside infill drilling in the early mining areas, Investigator is also targeting mineralised zones next to the current pit design that are already defined but remain in the Inferred category.
These areas sit to the north, south and east of the planned pit and were excluded from the definitive feasibility study mine plan to maintain a higher level of geological confidence. The latest drilling is intended to upgrade this material into higher-confidence resource categories and test the potential for pit expansion.
If successful, that work could increase mineable inventory and lift overall project value. The company said any addition to mineable tons may also help extend mine life without requiring major extra capital, given the existing infrastructure design.
Corridor drilling supports future growth beyond first mine plan
Investigator is also progressing drilling across the broader Paris Silver Corridor, a mineralised trend extending more than 15 kilometres and hosting multiple known silver occurrences along strike.
The objective here is to define additional mineralisation outside the current pit area that could potentially provide future satellite feed to a central processing facility.
That broader corridor work is aimed at building longer-term growth beyond the initial development case, with the company viewing the district as an opportunity to add scale and further extend mine life over time.
Moving toward development
The drilling program forms part of a broader push to move Paris from study stage toward construction and first silver production.
In parallel, Investigator is advancing permitting through regulator engagement and environmental studies, while also progressing execution readiness through detailed engineering, procurement planning and early works preparation.
The company is also continuing project financing work, including lender engagement and technical due diligence, as it works toward a final investment decision.
What’s next
Drilling is ongoing, with updates expected as assays are returned and incorporated into technical and financing workstreams.
Paris hosts a JORC 2012 mineral resource of 24Mt at 73g/t silver and 0.41% lead for 57Moz of silver and 99kt of lead, while its 2026 ore reserve stands at 12Mt at 88g/t silver for 33Moz. With drilling, permitting and financing now advancing at the same time, Investigator is positioning Paris for its next step toward development.