Indiana Resources fields first diamond drilling assays at Minos prospect

Plans are in place for a maiden RC drilling program at Ariadne, with chairman saying these latest results confirm Minos as an ‘exceptional target’.

Indiana Resources Ltd has fielded the first batch of assay results for recent diamond drilling at the Minos prospect within the Central Gawler Craton Gold Project in South Australia.

Assays have now been received for LLRCD027 after three reverse circulation (RC) drill holes – LLRC027, LLRC028 and LLRC045 – were extended with diamond tails during July.

Assays include 19m at 1.12g/t gold from 5m, 10m at 1.37g/t from 91m, and 1.6m at 2.71g/t from 113m. They have confirmed and infilled earlier intersections of mineralisation intersected above and below the target zone within LLRCD027.

Indiana (ASX:IDA) anticipates results from the remaining two diamond tails to be received within the next 4-6 weeks depending on turnaround times from the assay laboratory in South Australia.

‘Exceptional gold target’

IDA chairman Bronwyn Barnes said the first batch of assay results received from diamond drilling “confirm that Minos is an exceptional gold target”.

“Minos remains open along strike and at depth, and the planned drill programme to commence in October has been designed to test the extension of the mineralised zone.

“The finalisation of heritage surveys for this high priority zone will allow us to aggressively advance exploration over the next few months.

Barnes said the team is also finalising preparations to start the next phase of drilling at Ariadne and Minos this month.

Additional drilling set to kick off

Plans are in place for a maiden RC drilling program at Ariadne, comprising 12 holes for 1,340m and an additional follow-up RC program at Minos comprising seven holes for 1,360m.

It is expected that these two programmes will commence in mid-October and take approximately 10 days to complete.

Bullion Drilling Co Pty Ltd is contracted to undertake the program and has a strong working relationship with Indiana, having completed all the drill programmes to date at the Lake Labyrinth Shear Zone (LLSZ).

Heritage surveys complete

The gold stock has ticked heritage surveys off its list across the Lake Labyrinth Shear Zone from the Partridge prospect in the northwest to the North Hicks prospect in the southeast.

Pending receipt of the final heritage report, Indiana is planning to expand exploration activities in this high priority target zone.

Exploration will be aimed at determining the extent of the mineralised shear zone that extends from Minos down to Ariadne and up to Partridge.

A further release will be made in due course with regards to these planned activities.

Expanded Gawler Craton footprint

IDC has recently received confirmation from the South Australian Department for Energy and Mining that its recent applications for exploration licences EL6629 and EL6667 have been granted.

Indiana has also recently made further exploration licence applications, bringing its total tenement package in the Central Gawler Craton to 5,713 sq km.

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.