Indiana begins gold, REE and base metals search in South Australian elephant country
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Indiana Resources has resumed its gold, rare earths and base metals hunt in South Australia’s Gawler Craton following a $3.8m cap raise.
The company holds 5,713km2 in the region, with its tenements strategically located between the historic gold mining centres of Tunkillia (965,000oz gold resource) and Tarcoola (15,800oz gold resource).
While there’s a historical focus on gold, Indiana Resources (ASX:IDA) has also identified considerable Rare Earth Elements (REE) potential and is progressing plans for a targeted drilling program.
Earlier this month the company confirmed it had raised priced at $0.05 per share.
A field reconnaissance program of key prospects has now been completed with the aim of assessing Rare Earth Elements (REE), gold and base metal targets to allow development of an exploration program for the 2023/2024 year.
“The exploration strategy will consist of well designed, strongly focussed programs to unlock the full potential of our landholdings in the Gawler, and now that we are strongly funded, we will be able to proceed with these activities in a methodical and consistent manner,” IDA executive chair Bronwyn Barnes said.
The field reconnaissance assessed the following targets:
Gold exploration is focussed on the advanced gold targets in the Lake Labyrinth Shear Zone (LLSZ) corridor including Minos and Ariadne where existing statutory and heritage clearances have allowed exploration to proceed.
A Native Title Mining Agreement was signed with the Gawler Ranges Aboriginal Corporation RNTBC (GRAC) last year and based on previous heritage surveys completed in this area, exploration can proceed at Double Dutch and Hopeful Hill on approval of an Exploration Program for Environment Protection and Rehabilitation (EPEPR).
Further heritage clearances are under request to allow access to Earea Dam, Moolkra and Boomerang for ground disturbing activities.
“I am very pleased that the company’s exploration manager has been able to quickly reactivate exploration programmes in South Australia, commencing with the field reconnaissance visit and the lodgement of statutory approval documents required to access new target areas within the LLSZ corridor,” Barnes said.
At Minos, the key objective was collecting large samples for beneficiation and metallurgical test work.
Samples were taken grading between 1,100ppm to a massive 47,700ppm, with more details around test work to be released after initial screening and metal distribution assessment is completed.
In addition, diamond core samples stored at the company’s Adelaide warehouse have been selected for petrographic thin section analysis to determine the alteration assemblages associated with gold mineralisation, unmineralised wall rocks at Minos and the original host rocks.
Exploration programs and budgets for the remainder of this year and 2024 are currently being prepared, with timelines expected to be determined in the coming weeks.
This article was developed in collaboration with Indiana Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.