Indiana Resources on track to extend gold footprint in South Australia

Indiana Resources reports gold outside known 650m mineralisation zone at Minos prospect
Further RC assays are expected in January with diamond drilling now underway
Indiana well funded to for exploration and drilling

Special Report: Assays from RC drilling at the Minos prospect at Indiana Resources’ Central Gawler Craton exploration project in South Australia have highlighted gold outside the known mineralised footprint.

The Minos prospect features two adjacent mineralised zones: the Minos gold prospect, and the Minos REE prospect, with the current drilling aiming to enlarge the gold deposit.

So far, the company is on track to extend the footprint beyond the current 650m of known gold mineralisation, with drill hole 24LLRC008 returning 8m at 8.90g/t gold from 208m to end of hole.

That suggests the mineralisation remains open at the end of the hit.

Indiana Resources (ASX:IDA) says this appears to represent a down-dip extension of the main gold mineralisation zone.

Other notable results include:

1m at 57g/t gold from 210m (24RC008)
12m at 1.08g/t gold from 175m (24LLRC010) and 1m at 16.4g/t gold from 233m
19m at 1.34g/t gold from 143m (24LLRC011)
6m at 1.59g/t gold from 153m (24LLRC014); and
17m at 1.27g/t gold from 140m (24LLRC015).

Plus, drill hole 24LLRC006 intersected 1m at 1.1g/t gold from 45m, which is 100m further southeast of previous drilling, indicating that further strike extension drilling to the southeast is warranted.

Diamond drilling into the new year

Around 1300m of diamond drilling is now underway to deepen seven of the 28 RC holes drilled, and will test between depths of 250-500m to test for down-dip extensions to the Minos gold deposit.

This drilling is expected to continue until early February 2025.

“The Indiana team is encouraged by the first round of assays received from our extensive RC drilling program at Minos, with early signs demonstrating that we are on the right path to extend the existing 650m zone of gold mineralisation,” IDA CEO Lindsay Owler said.

“Looking ahead, these high gold grades and broad intercepts have moved the company closer towards a commercial gold mining operation at Minos and will provide essential information to move towards a resource.

“With diamond drilling underway and further RC results expected to flow over coming weeks, we are looking forward to continuing to build exploration momentum into 2025.”

Further RC assays are expected in January with analysis from the diamond drill core to follow.

In addition to RC and diamond drilling, Indiana is currently undertaking extensive regional auger drilling and field mapping to help define future drill targets.

Indiana is among the best funded exploration juniors on the ASX, having received the first two tranches (US$60m) of a US$90m settlement with the Government of Tanzania after winning an international arbitration award for the expropriation of its Ntaka Hill nickel project.

IDA has announced a special dividend to be paid to shareholders on December 20 totalling around $32.6m, which will leave it with a cash position of ~$15.4m to fund exploration at Minos.

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.