Investigator Resources : Exploration Drilling Commences at Targets Near Paris Silver

ASX: IVR

ASX ANNOUNCEMENT

8 March 2022

only	Exploration Drilling Commences at Targets Near
Paris Silver Project
Highlights:
use	∙ 6,750m RC drilling in 51 holes across 6 targets proximal to Paris Silver Project
personal	∙ Drill program following up significant results from 20211 drilling including:
- Ares Prospect - 25m @ 0.61% lead and 3m @ 0.6g/t gold
∙ 3,330m RC drilling completed in 26 holes across 7 targets on Uno-Morgans tenements

- Apollo Prospect - 2m @ 243g/t silver

- Helen East Prospect - 49m @ 1.09% lead, including 14m @ 48g/t silver

∙ First drilling at Ajax since 2015

∙ Targets following up on previously delivered silver, lead and gold results

Investigator Resources Limited (ASX: IVR, "Investigator" or the "Company") is pleased to announce that a 6,750m drilling program, at targets proximal to the Paris Silver Project has commenced. This drilling is following up on the programs conducted in 2020 and 2021 focused on opportunities to identify additional resource with the potential to enhance the economics of the Paris Silver Project in South Australia.

ForCommenting on the start of this drill program, Investigator's Managing Director, Andrew McIlwain said:

"These prospects are close to our Paris Silver Project and delineation of any mineralisation that complements the feed to the planned Paris Process Plant will have a significant effect on the Pro- ject's economics.

"There had been a hiatus of work on a number of these regional prospects since 2015, however more recent field mapping, reprocessing and interpretation of a regional seismic line, in addition to soil sampling utilising the recently developed CSIRO "Ultra-Fine Fraction+" method, led to drilling being undertaken in 2020 in conjunction with the Paris resource work and again in 2021.

1 - As reported to the ASX on 27 October 2021.

ASX Release - Investigator

Paris Silver Project Regional Drill Program Commences

8 March 2022

"Drilling undertaken in 2020 and 2021 at the Ares and Helen East Prospects supported Investiga- tor's conceptual geological models and built upon previous results from wide spaced drilling. The identification of gold and silver anomalism at Ares indicates the likelihood of hydrothermal fluid flow migrating along structures - similar to our model at Paris. Prior exploration further along the Ares trend at Apollo reported the second highest silver assay encountered outside of the Paris

onlyfootprint.

"The Investigator team have hit the ground running this year. Whilst the rain delayed the planned start of our 2022 field work, our 3,300m drill program across the Uno-Morgans tenements2 has recently been completed, and we have now commenced this 6,750m of drilling on the targets proximal to Paris.

"Samples from the Uno Range and Morgans program are on their way to the laboratory and those useresults, along with the results of this drilling proximal to Paris, will be reported as soon as availa-

ble.

"Investigator is focussed on delivering additional resources from these adjacent prospects to the Paris Silver Project. It is worth noting that the silver price is now higher than that used in the evaluation of the Project's economics when we reported the Pre-Feasibility Study results in No- vember 2021."

personalForigure 1: Investigator's South Australian tenements

The Paris Silver Project is located 70kms north of the rural township of Kimba on South Australia's Eyre Peninsular.

Paris is a shallow high-grade silver deposit amenable to open pit mining, providing outstanding exposure to silver - a metal with strong commod- ity, renewable energy and manufacturing de- mand.

Following an extensive infill drilling campaign and reporting of an updated JORC 2012 Mineral Resource estimate of 18.8Mt @ 88g/t silver and 0.52% lead for 53.1Mozs silver and 97.6kt lead3, key Pre-Feasibility Study financial results were determined to be: Pre-Tax NPV8 A$202M, Pre- tax IRR 54.1% and capital costs of A$131M4.

Planning is underway to finalise the program of work required to complete the Project's Definitive Feasibility Study.

2 - As detailed in the ASX release on 23 February 2022. 3 - As reported to the ASX on 28 June 2021.

4 - As reported to the ASX on 30 November 2021.

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ASX Release - Investigator

Paris Silver Project Regional Drill Program Commences

8 March 2022

Peterlumbo regional drill program

Reverse Circulation ("RC") drilling of an initial 51 holes for approximately 6,750m is underway. Drilling is targeting 6 prospects. Four of these prospects were drilled in 2020 and 2021 and this program is following up encouraging results previously reported from those prospects.

onlyThe Diomedes and Ajax Prospects, a little further afield, both host potential for silver and base metals mineralisation, with previous drilling last undertaken in 2015. Five holes are planned at Diomedes and two holes at Ajax following up new structural models and soil anomalism identified through the recently developed CSIRO's Ultra-Fine Fraction+ ("UFF+") method.

usepersonalFigure 2: Plan showing the location of 51 RC holes (~6,750m) to be drilled at targets adjacent to the Paris Silver Project.

ForAres Prospect

At Ares, 15 holes will be drilled assessing geophysical features (gravity, magnetic and IP), where previous drilling results included5:

• 1m @ 96g/t silver and 1m @ 0.13g/t gold from 66m in hole PPRC735; and
• 4m @ 0.17% lead from 90m and 27m @ 0.17% zinc from 86m in hole PPRC736.

This drilling is aimed at extending coverage over an expanded area within the Ares prospect footprint.

5 - As reported to the ASX on 10 May 2021.

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ASX Release - Investigator

Paris Silver Project Regional Drill Program Commences

8 March 2022

onlyuse

personalFigure 3: Plan and section showing historical and planned drilling at Ares.

Apollo Prospect

Apollo, previously known as Ares North Prospect, was the target of a significant soil sampling program in 2021 in which utilised the UFF+ method, in conjunction with drilling, to improve the understanding of the orientation of the mineralising structures.

Prior drilling at Apollo had returned significant results including6:

• 2m @ 243g/t silver from 72m and 2m @ 37g/t silver from 76m in hole PPRC763; and
• 5m @ 31g/t silver from 128m in hole PPRC779.

ForThe planned 21 holes to be drilled at Apollo will assess the identified demagnetised feature within the Gawler Range Volcanics ("GRV"), as well as the source of anomalous surface geochemistry at the base of GRV. Additional targeting of soil anomalism on the northern side of the east - west trending Uno Fault is testing the model that mineralisation migrating along structures may be trapped beneath shallow GRV cover.

6 - As reported to the ASX on 27 October 2021.

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ASX Release - Investigator

Paris Silver Project Regional Drill Program Commences

8 March 2022

onlyuse

personalFigure 4: Plan showing UFF+ soil sample locations and historical and planned drilling at Apollo.

Helen East Prospect

A number of programs completed over the Helen prospect area have provided an improved understanding of the structural complexity and geology of the area.

In 2021, drilling at Helen East stepped away from locations of prior work and focused on alternate structural and geophysical features not considered to have been adequately explored in the past. Results were encouraging and additional step out work to test this target will comprise 7 holes that will test basement within a circular gravity low feature associated with crosscutting Paris-Helen dyke and silver in soil anom-

Foralies.7

Prior 2021 drilling at Helen East returned significant results including :

• 49m @ 1.09% lead from 36m, including 14m @ 48g/t silver from 56m with 7m @ 62g/t silver from 62m and in hole PPRC767; and
• 21m @ 0.32% lead and 0.49% zinc from 108m in hole PPRC783.

7 - As reported to the ASX on 27 October 2021.

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