Indiana hits high grade paydirt at district scale South Australian gold project
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The first five holes drilled at Indiana Resources’ (ASX:IDA) ‘Minos’ prospect have pulled super high grade gold up to 84g/t.
The 10-hole program was designed to test a single 600m long section in the core of the substantial Minos target, interpreted to be a 30km long regional structure at least 50 to 100m wide.
Nine of the 10 holes drilled ended in the mineralised shear zone and the Minos prospect appears to be open along strike and at depth, Indiana says.
Highlight gold intercepts from the first 5 holes include:
2m at 59 g/t gold from 106m (including 1m at 84g/t and 1m at 34 g/t)
3m at 18.33 g/t from 189m (including 1m at 42.1 g/t)
22m at 3.07 g/t from 125m (including 1m at 21.5 g/t and 1m at 23.0 g/t)
The remaining assay results are expected within one week.
Minos – the first of many juicy targets to be tested at Indiana’s district-scale South Australian project – remains ‘open’ in multiple directions.
That means Indiana is still looking for the edges of the deposit.
There is no outcrop or workings at Minos and the entire area is covered by at least 1 to 2 metres of soil and calcrete.
These are truly exciting results from Indiana’s maiden drilling program and highlight the exceptional prospectivity of the region, Indiana executive chairman Bronwyn Barnes says.
“It is clear that our targeting work has been successful, and this initial drilling programme suggests that the Minos prospect remains open along strike and at depth, so planning for follow-up RC and diamond drilling is underway,” Barnes says.
“We look forward to receiving the balance of assays shortly that will further enhance our understanding of the nature and distribution of the gold mineralisation at Minos.”
Having recently completed a placement and a successful share purchase plan, Indiana is adequately funded to complete its near-term exploration programs, as well as expand targeting activities for other advanced targets within the extensive land package.
“Once we have reviewed these results, we will provide an update on planned exploration activities for the region,” Barnes says.
The next phase of exploration may include drilling at other known prospects within Indiana’s Central Gawler Craton landholding, including Ariadne, Company Well, North Hicks and Partridge, to expand the current gold zones.
Previous significant drilling intercepts from these regional targets include:
Ariadne: 6m at 4.05g/t, 11m at 2.44g/t
Earea Dam: 4m at 10.2g/t, 3m at 13.8g/t
Boomerang: 4m at 5.44g/t, 2m at 10.5g/t
Double Dutch: 34m at 1.18g/t, 25m at 1.25g/t
Shallow reconnaissance auger-drilling-assisted calcrete sampling is also being considered along the shear zone to outline more hidden targets.
This article was developed in collaboration with Indiana, 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.