Indiana Resources finds thick, shallow gold in… a library?
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Last year, Indiana (ASX:IDA) picked up 5,090km2 of gold-rich exploration ground in South Australia’s Central Gawler Craton. There is outstanding potential to discover big gold deposits here, the explorer says.
In January, Indiana discovered old drillcore from its Minos prospect at the South Australian Drill Core Reference Library which had never been assayed, until now.
Results from the lab returned thick and shallow gold with high-grade intercepts. Significant results include 20m @ 1.55 g/t gold from 32m including:
o 2m @ 2.84 g/t Au from 34m
o 5m @ 3.48 g/t Au from 43m and
o 1m @ 9.90 g/t Au from 44m
An ‘infill’ drilling program is planned in the coming months to produce a maiden resource for Minos.
Following these results, the company will finalise plans for further drilling at Minos.
“With exploration activity underway on our Central Gawler Craton gold project, shareholders should expect steady news flow in 2021 as the company progressively tests known prospects and identify further prospects within our highly prospective tenement package,” Indiana chairman Bronwyn Barnes says.
“Historical drilling results at Earea Dam, Double Dutch and Boomerang warrant follow-up and the company is equally excited by the potential for new greenfield discoveries within the project area in what promises to be a busy year.”
Indiana’s newly appointed general manager of exploration Gary Ferris started work today, based in South Australia.
“Gary brings a wealth of knowledge on the Central Gawler Craton that will add significant value to our understanding of the project area and is a welcome addition to our team,” Barnes says.
“He is currently laying the groundwork for a busy year with a field visit arranged for later this month and planning for follow-up drilling underway.”
Indiana is planning a mix of drilling at known prospects within its Central Gawler Craton landholding including Ariadne, Company Well, North Hicks and Partridge to expand the current mineralisation.
The project is bookended by the 965,000oz Tunkillia and historic 92,800oz Tarcoola deposits, both owned by Barton Gold.
Barton also owns the Challenger Gold deposit, 150km away, which historically produced more than 1 million ounces.
Reconnaissance air core drilling is being planned along the Lake Labyrinth Shear Zone to outline potential additional zones of mineralisation within areas where surface sampling may not be suitable to outline mineralisation undercover.
The company is currently reviewing historical exploration at Earea Dam, Double Dutch and Boomerang with a view to planning further drilling in the coming months.
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.