By Lana Guineay
South Australia is a mineral rich state – and it just got richer.
A silver deposit on the state’s northern Eyre Peninsula is shaping up as the best undeveloped deposit in Australia, following a drilling program by Adelaide-based Investigator Resources.
Last week, they announced a 26% increase in the total silver resource at the Paris deposit, 200km west of Port Augusta. With silver currently valued at $24 per ounce, and the deposit estimating around 42 million ounces – it’s a big win for the state.
Minerals currently make up around 40% of SA’s total exports, with the industry employing 10,000 people. The find is set to boost that number.
The state has a long history with silver, with the silver rush in the 1940s leading to Australia’s first mine, in 1841 in Glen Osmond. South Australia lays claim to the first commercial metalliferous mine in Australia, at Glen Osmond which commenced producing silver-lead ore in 1841.
Investigator Resources Managing Director, John Anderson, says the deposit is now the best undeveloped silver deposit in the country.
“Around the country, undeveloped silver deposits are either large and low grade, or small and high grade. But Paris is growing into a sweet spot in the middle of these extremes, being both high grade and now very significant in size.”
Investigator first discovered the deposit in 2011, and it is an entirely new deposit style, putting the Eyre Peninsula on the map for the resources industry.
South Australia has a long history with silver, laying claim to the first commercial mine in Australia, in 1841 in Glen Osmond.
Top image credit: Mullock Heaps, Coober Pedy, copyright SATC