Indiana (ASX:IDA) hit solid gold at Gawler

Indiana Resources will focus exploration across its portfolio of prospective sites following RC grades as high as 17.70g/t gold at its 100% owned Central Gawler Craton Gold project in South Australia.

The 17 RC drill holes from exploration across 2,599m in August returned consistent grades at shallow depth, with 16 holes containing a minimum of 0.5 g/t Au.

Highlights from Minos and Ariadne prospects include: 

• 10m @ 4.40g/t Au from 123m including 2m @ 17.70g/t Au from 123m
• 15m @ 1.97g/t Au from 91m
• 3m @ 6.68g/t Au from 210m
• 12m @ 1.67g/t Au from 89m
• 8m @ 2.26g/t Au from 181m
• 1m @ 28.3g/t Au from 169m

Minos Prospect – significant drilling results including “New Zone” of mineralisation

“Outstanding drill results continue from RC programs at Minos, underlining the consistency of gold mineralisation in what we believe to be a large system that remains open along strike and at depth,” Chief Executive Officer Richard Maish said. 

“These results demonstrate that the system at Minos continues to deliver high-grade results and that the LLSZ can host an extensive significant gold-bearing system.

“We look forward to furthering our understanding of this historically underexplored region in the future.” 

Minos remains the primary focus for Indiana, with gold mineralisation remaining open along strike in both directions, at depth.  

Gold mineralisation at depth has been identified at Ariadne; results from the initial two drill holes were of a lower tenor than anticipated.

Further geological mapping is to be completed to guide further exploration. 

Price Action 

The Company’s ASX-listed shares stand at 6c in early morning trade.

About the Central Gawler Craton 

The Minos prospect is located within the Lake Labyrinth Shear Zone (LLSZ) and is interpreted to be a 30km long WNW- ESE trending regional structure at least 50 to 100 metres wide. The Minos, Ariadne and Company Well prospects are located within the central part of the LLSZ, whilst the Partridge and North Hicks prospects are situated in the WNW and ESE extensions, respectively (Figure 4). There are no outcrops or workings at Minos, and the entire area is covered by at least 1 to 2 metres of soil and calcrete. The only surface expression of mineralisation within the main LLSZ near Minos is at Ariadne. 

The LLSZ is a primary regional structure, and the Company believes it has acted as a pathway for ore-forming fluids that produced the mineralisation at Minos and Ariadne. Indiana believes that the LLSZ may potentially host different zones of gold mineralisation and will be a primary focus of future exploration. 

The Central Gawler Craton has outstanding potential for the discovery of significant gold deposits, as indicated by the Tunkillia Gold Project (965,000-ounce gold resource), which adjoins the southern edge of the Company’s tenements and the historical mining centre of Tarcoola, which connects the northern edge of the tenements, where historical production and current resources total approximately 93,000 ounces. Tarcoola and Tunkillia are now owned by Barton Gold Holdings Limited (ASX:BGD). In addition, Barton Gold also holds the Challenger Gold deposit, located 150 km northwest of the tenement package, which historically produced more than 1 million ounces.  

The Minos prospect forms a part of Indiana’s 100% owned exploration portfolio in the Central Gawler Craton of South Australia. With a tenement package comprising 5,713 km2, Indiana acquired the ground in late 2020 and commenced exploration activity in early 2021. There remain several other high-potential targets within the tenement portfolio. The Company is working through land access requirements to expand its exploration footprint in this exciting region. 

The Company plans to resume RC drilling at Minos in early December, with sights set on increasing and further understanding the scale of the potential.

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