Special Report: Indiana Resources (ASX:IDA) has completed maiden drilling at the high grade Minos prospect in South Australia. The highly anticipated results are due within 3 to 4 weeks.

Historical drilling at Minos returned thick hits such as 12m at 10.36 grams per tonne (g/t) gold, 6m at 12.37g/t gold and 5m at 7.32g/t gold.

Anything above 5g/t is generally considered high grade.

Nine of the 10 holes newly drilled by the explorer ended ‘in mineralisation’. The Minos prospect appears to be open along strike and at depth, Indiana says, which presents further opportunities for growth.

Assay results are expected within the next three to four weeks.

These results will help plan an expanded drill program that will likely include diamond drilling to test the depth and extend the width of the mineralised shear zone.

Future drilling is also likely to test targets at Ariadne and Company Well, both within the Lake Labyrinth regional shear zone.

“We are very pleased that drilling has been completed safely and ahead of schedule,” executive chairman Bronwyn Barnes said.

“This is an exciting time for the company as we plan to expand the exploration program for 2021 and look forward to receiving results from this programme in due course.”

Central Gawler Craton gold project

Indiana holds 5,090sqkm of ground in the Central Gawler Craton, most of which is within the Harris Greenstone belts that are similar in style to Western Australia’s Archaean greenstone belts.

This package includes multiple advanced to early stage targets proximal to existing gold mines and major discoveries such as the 965,000oz Tunkilla project that adjoins its southern edge.

Indiana is currently is in the process of reviewing historic data to develop a coordinated regional exploration strategy for the project.

This will include geophysics, calcrete sampling, geological mapping and an expanded drill program.

 

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.

 

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