Indiana investigates new gold mineralisation in the Gawler Craton
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Indiana’s recently completed regional aircore drilling at the Lake Labyrinth Shear Zone (LLSZ) has identified a new target about 1,500m along strike from the Ariadne prospect.
The target was identified from an encouraging intersection of 8m grading 1.2 grams per tonne (g/t) gold from a depth of 36m including a higher grade zone of 4m at 2.28g/t gold from 40m.
Adding further interest for Indiana Resources (ASX:IDA), the regional aircore drilling has also identified several significant anomalies immediately west-northwest of the Minos prospect and between both Minos and Ariadne in South Australia’s Gawler Craton.
This lends further credence to the company’s belief that the LLSZ may host further zones of gold mineralisation.
“Our drilling programs in the Gawler Craton continue to yield highly encouraging outcomes and these latest results from the LLSZ are no exception,” executive chairman Bronwyn Barnes.
“This latest drilling completed along strike from previously reported high-grade intersections at Minos has highlighted several additional areas which require follow-up drilling.
“These results continue to demonstrate the significant potential of the LLSZ and further results from the recently completed diamond drilling are expected over the next months as the holes are logged, cut and sampled.”
She added that the company is currently reviewing exploration plans for the rest of the year and progressing necessary approvals with the goal of expanding its exploration focus across additional high priority target areas.
“Indiana remains well positioned to continue its aggressive exploration strategy with the recent conversion of 96% of our listed options generating in excess of $3M in funding for the company within the last few weeks,” Barnes noted.
The aircore drilling program of 79 holes totalling 4,448m was designed to test for areas of anomalous gold geochemistry within the LLSZ distal away from the main workings at Ariadne and the Minos prospect which are under cover and have not been drill tested.
Aircore traverses were spaced at 500m to intersect geochemical halos within the interpreted extensions of the LLSZ.
Meanwhile, core from the diamond drilling program at the Minos prospect is currently undergoing detailed logging and sampling.
All drill data from Minos, including historical drilling, will be reviewed to assess whether the drilling density is sufficient to produce a resource estimate or if further infill drilling is required.
Further geological information from the current diamond drilling program at Minos will provide input into the proposed resource estimation for Minos.
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.