Indiana raises $1.84m, secures grant to drive Central Gawler exploration

Indiana is poised to accelerate exploration at its Central Gawler Craton project following a strongly supported $1.84m placement and securing $255,000 in South Australian funding.

Existing and new sophisticated and professional investors backed the company’s placement of 36.8 million shares priced at 5c each with its directors also demonstrating their confidence by collectively subscribing for $110,000 worth of shares.

Proceeds from the placement will be used by Indiana Resources (ASX:IDA) to continue exploration at Central Gawler Craton, which has seen high-grade gold drill intercepts and strong potential for rare earth elements and base metals mineralisation.

“We are delighted to have worked with Merchant Capital Partners to complete this placement to existing and new shareholders. The directors of Indiana have also participated in the placement, underlining their confidence and ongoing support for the company’s strategy,” executive chair Bronwyn Barnes said.

“With an active exploration program planned for the remainder of the year, we look forward to providing regular updates on operational progress.”

ADI grant

The company has also received a $255,000 grant under South Australia’s Accelerated Discovery Initiative to advance VMS targets at the Harris Greenstone Domain (HGD), where a review by industry expert Dr Jon Hronsky identified a large-scale 17km zone of zinc anomalism.

Technical director Felicity Repacholi-Muir said the grant was a strong endorsement of the work completed to date by the company and the significant potential yet to be unlocked from its Gawler Craton portfolio.

“The limited historical work within the large strike extents of prospective greenstone belts held by Indiana indicates an opportunity for the discovery of zinc-copper mineralisation within a VMS system and supports fully assessing the nickel potential,” she added.

“The review by world-renowned geologist Dr Jon Hronsky will guide Indiana’s exploration strategy of the Harris Greenstone Domain, including possible nickel prospective areas.”

The grant covers activities such as airborne electromagnetic surveys, exploration drilling and Aboriginal training and employment programs.

Indiana considers the HGD to be at an immature stage of exploration with only limited shallow historical drilling at predominantly wide spacing, which returned multiple 1,000 parts per million zinc intersections.

Notably, the zinc-anomalous greenstone occurs within a regional-scale north-northwest trending structural corridor that appears to be metallogenically significant, hosting both the historic Tarcoola and Glenloth goldfields.

Dr Hronsky’s review also assessed the nickel potential of the Hopeful Hill Greenstone Belt and it is important to note that komatiite rocks, which host major nickel deposits in Western Australia, have been identified in the project area.

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.