Indiana Resources locks in on promising new gold targets near Minos project

• Geochemical auger drilling has revealed several gold anomalies across the broader Minos project
• IDA unearthed six samples grading above 118 parts per billion, peaking at 292ppb
• Drill rig on site until August for maiden resource definition drilling

Special Report: Auger drilling results are exceeding expectations near Indiana Resources’ Minos gold project, lifting the lid on a slew of new targets in the Gawler Craton gold province.

Preparations for a maiden resource estimate and scoping study at the Minos gold project are proceeding at pace for Indiana Resources (ASX:IDA), but the company is also finding regional exploration success across the large 5713km2 South Australian land package.

Indiana recently completed geochemical auger sampling across the Ariadne prospect, identifying a 2km-long gold-in-soil anomaly with peak grades of up to 292 parts per billion.

Soil sampling at the Company Well prospect also found success, with gold results peaking at 136ppb.

Indiana is already mobilising an auger drill to infill these results and define gold targets for a reverse circulation drill rig, capable of penetrating much deeper into host rock.

Drilling at the Ariadne and Company Well targets is expected to take place in the fourth quarter of 2025.

Rig in action

A diamond rig will also be on site until August, working toward a maiden resource estimate for Minos as well as gathering data and metallurgical samples for a scoping study.

Indiana Resources CEO Lindsay Owler said the results highlight that IDA has only scratched the surface at Minos, highlighting the scale and high-grade resource potential of the project.

“The identification of broad, high-order gold anomalies — particularly at nearby Ariadne — is tremendously exciting and provides compelling new targets for planned drilling next quarter,” Owler said.

“Our scoping study, resource drilling and metallurgical programs are progressing well and on schedule.

“These work programs are vital steps toward delivering a maiden gold resource and evaluating the potential for future gold production.”

Owler says IDA remains focused on swiftly unlocking the full value of the Minos system as efficiently as possible, leveraging systemic exploration and technical de-risking along the way.

Scoping study under way

Indiana has initiated a scoping study for the Minos gold project, a key step in understanding the project’s economic potential and development viability.

IDA has already submitted metallurgical samples from a 27-hole, 6600-metre RC drilling program to the lab for assay – the company expects to receive the results in late July.

Those results, coupled with an ongoing 1500-metre diamond drilling program and a re-logging of 160 historical drill hole results, will inform a maiden resource estimate due in September.

In the meantime, Indiana will initiate a 5c per share capital return in mid-August, subject to shareholder approval.

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.