Indiana Resources hits 4m at 13g/t gold at Minos

• IDA records up to 13g/t gold in RC drilling at Minos project
• Project located between historic Tunkillia and Tarcoola gold mines
• Results support next round of aircore drilling which is about to start

Special Report: Indiana Resources has hit up to 4m at 13g/t gold from 130m in RC drilling at Minos project within its Gawler Craton project in South Australia.

The company’s ground position in the Gawler Craton covers 5,713km2 – with tenements strategically located between the historic gold mining centres of Tunkillia (965,000oz gold resource) and Tarcoola (15,800oz resource).

Recent RC and diamond drilling programs are part of the growth strategy to establish substantial scale across Minos, which is within the fertile Lake Labyrinth Shear Zone that extends over 50km of strike in Indiana Resources’ (ASX:IDA) tenure.

The 27-hole RC program was aimed at extending known mineralisation to the southeast and northwest. The final two holes in the program have returned 8m at 1.2g/t Au from 83m and 4m at 13.0g/t Au from 130m.

IDA’s 13g/t result was in hole 25LLRC005 that also returned 8m at 1.2g/t Au from 83m.

Diamond drilling was also undertaken to test potential high-grade plunge orientations at depth within the mineralised system.

Assays are pending from seven holes, with results to be incorporated into the geological model to refine follow up drilling and targeting along the Minos-Ariadne Trend.

In addition, assays from a recent infill calcrete sampling program over the Ariadne and Company Well prospects confirmed numerous gold anomalies and three samples returned values greater than 1,000ppb gold (1g/t gold), with a peak assay exceeding 3,000ppb gold (3g/t gold).

Next phase of drilling

The company said these highly encouraging results provided strong support for the next phase of exploration – an aircore drilling program that has been increased to 127 holes for a total of about 7,000m.

The main focus will be on testing priority gold targets defined by the geochemical anomalism across the Ariadne-Company Well area, plus the Partridge prospect will also be tested.

“These latest results continue to extend the known mineralisation at the Minos gold project, with assays such as 4m at 13.0g/t gold,” Indiana MD Matthew Bowles said.

“Assay results from the diamond drilling, targeting high-grade mineralisation at depth, are pending and we look forward to updating shareholders on these results shortly.

“Our infill calcrete sampling at Ariadne and Company Well has further defined numerous gold targets, and returned some highly anomalous values, including an exceptional result of 3 g/t gold.

“We are excited to be about to commence a major aircore drilling program to test these targets and anticipate this will drive growth targets for follow up RC drilling.”

The company remains well-funded with $37m in cash to advance current and planned exploration campaigns.

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.