Indiana Resources is building a catalogue of clay rare earth targets across its South Australian 5713km2 Central Gawler Craton Project after a technical review identified a string of new prospects to follow up.

Indiana (ASX:IDA) has announced a string of impressive high grade rare earth element (REE) results over the past few months with a high proportion of the most valuable and sought after rare earths products used in EV and wind turbine magnets

A technical review of its exploration data has identified key targets across the 450km2 Lake Labyrinth area, including multiple prospects at Minos, Partridge, Company Well West and Hicks Well.

They sit alongside targets at the 290km2 Talia area where follow up to historic drilling is required and at the 250km2 Nelson Bore, located to the south of Petratherm’s Comet REE project.

It comes after a data review of exploration at the Minos prospect, previously explored for gold, confirmed high grade rare earth oxides with a large magnet rare earths component (MREO 28% of the total rare earth oxide (TREO) grade).

87% of holes contained results of more than or equal to 500ppm TREO, with 49% of holes beyond 750ppm, and clay-hosted mineralisation starting within 4m of the surface and had an average thickness of 27.9 meters.

On average 77.5% of the magnet rare earth oxides are neodymium and praseodymium, the two key materials for the booming permanent magnet market.

“Our recent technical evaluation has highlighted several priority target areas for follow up REE exploration. In addition, identification of a horizontal high grade MREO layer at Minos points to significant remobilisation within the weathering profile,” IDA CEO Richard Maish said.

“We are confident with further assessment other prospective target areas will be identified within the large 5,713 km2 Central Gawler Craton package and are actively progressing our planned exploration activity.”

Drilling underway

A phase 1 REE drilling campaign is already under way at Minos, with assay results expected at the end of January next year.

IDA has designed the program to test a 5km long zone within the 10km strike length already identified along the Lake Labyrinth Shear Zone.

Average TREO grades and thickness in data reviewed to date is 831ppm and 27.9m, with total rare earth oxide grades ranging as high as 15,486ppm (1.6% in proportional terms), with MREO of up to 7436ppm or 48% of the total.

A horizontal zone of MREO enrichment defined by a +300ppm contour has also been noted at the north-western end of the existing Minos trend “indicating significant remobilisation of the weathering profile”.

IDA says it has other prospects within its Lake Labyrinth target area, along strike and north-west of Minos, at Partridge and to the south at Company Well West and Hicks Well.

A second phase of rare earths aircore drilling is expected to begin in late February or early March next year to keep up the pace of its search for REE mineralisation at Central Gawler, with gold RC drilling also due to start soon 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.