# IVR: 30,000m Drilling Program Underway to Unlock Paris Growth Canonical Atlas analysis: https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e Original source: https://www.asx.com.au/asx/v2/statistics/displayAnnouncement.do?display=pdf&idsId=03142639 Publisher: asx Original announcement: 2026-09-22T23:17:00.000Z Analysis by Minestarters Atlas Atlas analysis published: 2026-09-23T00:28:59.383Z Atlas analysis updated: 2026-09-23T00:28:59.383Z - Company: Investigator Silver Limited - Ticker: IVR - Exchange: ASX - Region: South Australia - Primary commodity: Silver - Secondary commodities: Lead - Document categories: Resource update, Other - Extracted: 2026-09-23 00:29:00 UTC Narrative sentiment: 0.40 · Bullish ## Minestarters Atlas summary Investigator Silver has commenced a fully funded 30,000-metre drilling program at the Paris Silver Project in South Australia. The campaign aims to expand the silver resource and upgrade resource confidence beyond the current Definitive Feasibility Study mine plan. Reasoning: The announcement focuses on the commencement of a significant drilling program rather than new assay results, though it restates existing resource/reserve data. - Positive factor: commencement of large 30,000m drilling program - Positive factor: program is fully funded - Positive factor: targets resource growth and confidence upgrades - Positive factor: follows successful DFS Facts used in scoring: 7 ## Classification and evidence **Resource Update** Polarity: neutral Definition: Revised estimate for an existing resource — compare to prior to assess progress. Why it applies: The document restates the Paris Silver Project Mineral Resource and Ore Reserve estimates. Evidence · text > Paris Mineral Resource Estimate7 **QA/QC Disclosed** Polarity: positive Story-specific tag Definition: Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods \(blanks, standards, duplicates\). Why it applies: The document names Competent Persons \(Jason Murray and Atish Kumar\) for exploration and reserves. Evidence · text > prepared by Mr Jason Murray who is a Member of the Australasian Institute of Mining and Metallurgy \(AusIMM\) ## Extracted facts Stored fact records: 7. Some facts used in scoring do not have a stored record. ## Resource Estimates (7) ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-0) Paris Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: silver - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:0e6805c6d56b4d2130e7 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 17000000 - Grade: 75 - Grade Unit: g/t - Contained Metal: 41 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical indicated silver resource restated from 2023 announcement. Evidence · table > 75 Context: 17 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### indicated [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-1) Paris Silver Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: lead - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:0e6805c6d56b4d2130e7 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: indicated - Tonnes: 17000000 - Grade: 0.5 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical indicated lead grade restated from 2023 announcement. Evidence · table > 0.5 Context: 17 #### Tags used in scoring **Indicated Resource** Polarity: positive Definition: Reasonable geological confidence based on adequate drilling; continuity can be assumed. Basis for Probable Reserves. Why it applies: category is "indicated" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-2) Paris Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: silver - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9606e72037fba735f9fb - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 7200000 - Grade: 67 - Grade Unit: g/t - Contained Metal: 16 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical inferred silver resource restated from 2023 announcement. Evidence · table > 67 Context: 7.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-3) Paris Silver Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: lead - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:9606e72037fba735f9fb - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 7200000 - Grade: 0.42 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical inferred lead grade restated from 2023 announcement. Evidence · table > 0.42 Context: 7.2 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-4) Paris Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: silver - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:b948a0229ab9204a6dc5 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 24000000 - Grade: 73 - Grade Unit: g/t #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical inferred silver resource restated from 2023 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 73 Context: 24 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### inferred [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-5) Paris Silver Project · lead Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: lead - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: resource - Reporting standards: jorc - Resource group id: resource:b948a0229ab9204a6dc5 - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: inferred - Tonnes: 24000000 - Grade: 0.41 - Grade Unit: % #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2023-07-05T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical inferred silver resource restated from 2023 announcement. \(Expanded from multi-commodity resource table for completeness.\) Evidence · table > 0.41 Context: 24 #### Tags used in scoring **Inferred Resource** Polarity: negative Definition: Speculative category — limited drilling, geological continuity assumed but not confirmed. Cannot support economic studies alone. Why it applies: category is "inferred" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **No Contained Metal** Polarity: negative Definition: Tonnage and grade reported but contained metal not calculated or disclosed — incomplete reporting. Why it applies: contained\_metal was not reported **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports **Stale Estimate** Polarity: negative Definition: Effective date is >2 years old — data currency concern, may not reflect current geological understanding. Why it applies: effective date is 3.2 years before this release ### probable [Link to this fact](https://atlas-staging.minestarters.com/news/ivr-30-000m-drilling-program-underway-to-unlock-paris-growth--69600b11-164c-4066-bce5-73a313379f0e#fact-resource-facts-6) Paris Silver Project · silver Historical result Needs review: historical\_restatement #### Identity - Project: Paris Silver Project - Commodity: silver - Region: australia\_sa - Reported Region: South Australia - Ticker: IVR #### Resource scope - Estimate type: reserve - Reporting standards: jorc - Resource group id: resource:7c4693110d77679b975a - Mining method: open\_pit - Ownership percent: 100 % #### Resource Data - Category: probable - Tonnes: 12000000 - Grade: 88 - Grade Unit: g/t - Contained Metal: 33 - Contained Unit: moz #### Review - Needs Review: Yes - Review Reason: historical\_restatement - Historical: Yes - Historical Source Date: 2026-02-27T00:00:00.000Z #### Dates - Event date: 2026-09-22T00:00:00.000Z Reasoning: Historical probable silver reserve restated from Feb 2026 DFS announcement. Evidence · table > 88 Context: 12 #### Tags used in scoring **Probable Reserve** Polarity: positive Definition: Indicated Resource with demonstrated economic viability after applying modifying factors. Why it applies: category is "probable" **Cut-off Undisclosed** Polarity: negative Definition: High-grade interval reported without stating the cut-off grade used for compositing. Why it applies: no cutoff\_grade was stated **JORC Compliant** Polarity: positive Definition: Resource estimate prepared in compliance with JORC Code \(Australia\) — high reporting standard. Why it applies: reporting\_standards includes jorc **DFS-Supporting** Polarity: neutral Definition: Resource estimate prepared to support a Definitive Feasibility Study — requires high M&I confidence. Why it applies: the release names the study this estimate supports ## How Atlas produces this analysis Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.