Indiana maintains hot pace at Minos with follow-up diamond drilling

• Indiana Resources starts follow up drilling at Minos
• Metallurgical consultants engaged and samples prepared for scoping study metallurgical testwork
• A cash return of 5c will be made to shareholders in mid-August, subject to shareholder approval

Special Report: Indiana Resources is moving full steam ahead at the Minos gold project in South Australia where drilling and scoping study programs are progressing.

After completing a 27-hole reverse circulation drilling program in early June, Indiana Resources (ASX:IDA) has kicked off follow-up diamond drilling as part of its goal to deliver a maiden resource.

A total of 160 drill holes from the Minos deposit are being relogged by IDA to develop a robust geological model for resource estimation.

The 1500m diamond program will target extensions to the high-grade Minos deposits in all directions including northwest, southeast and down-dip as well as extensions to the newly defined Southwest Zone.

It’s set to run through to August 2025, coinciding with the launch of a comprehensive scoping study into production at Minos.

Metallurgical testwork is underway, involving gravity concentration and cyanide leach tests for each of the oxide, transitional and primary metallurgical domains

With key samples in hand, IDA has enlisted experienced consulting metallurgists and a reputable Perth-based lab to support the metallurgical program.

‘Aggressive exploration approach’

IDA CEO Lindsay Owler said the start of diamond drilling and the dispatch of RC samples for analysis marked the completion of a major value-adding stage of development.

“We remain well funded to continue our aggressive exploration approach over the coming months as we move towards delivering a maiden resource estimate in a terrain that already boasts two 1-million-plus ounce deposits,” he said.

“Running in parallel to drilling, our ongoing re-logging is laying the foundation for a maiden resource estimation and metallurgical studies will provide critical data to unlock the commerciality of Minos.”

Results from the 27-hole RC drilling program are expected this month.

Possibilities for future discoveries

Minos sits in the Gawler Craton between the historical gold mining centres of Tunkillia (965,000oz resource) and Tarcoola (15,800oz resource).

IDA has identified a highly prospective gold structure spanning 50km within the Lake Labyrinth Shear Zone that offers considerable possibilities for future discoveries.

Bonanza down-dip grades up to 45.8g/t gold and 44.9g/t gold have been delivered at the project, extending the Main Zone to 380m below surface with a strike length of 650m.

Watch: Indiana Resources to distribute hefty capital return to holders

What’s next?

IDA remains strongly funded to continue aggressive campaigns to unlock the potential of Minos and surrounding targets.

The company has also received a draft Australian Taxation Office Class Ruling in respect of a proposed capital return to shareholders.

It has resolved, subject to shareholder approval, to make a cash return to shareholders of 5c per share in mid-August.

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.