Indiana Resources Hits Further Gold at Minos Project

Extensional Drilling Delivers Promising Results

Indiana Resources Limited (ASX: IDA), an exploration company focused on rare earths, gold and base metals in South Australia, has announced further encouraging results from its drilling program at the Minos Gold Project. The project is within the company’s 100%-owned Gawler Craton Project, spanning approximately 5,700 square kilometres. The latest assay results are from 25 of 27 reverse circulation (RC) holes, including seven diamond pre-collars, completed in early August.

The RC drilling program aimed to extend known mineralisation to the south-east and north-west. Several holes successfully intersected gold, including one notable intercept of 21 metres at 2.31 grams per tonne (g/t) gold from 115 metres, including 8 metres at 4.67 g/t gold from 128 metres. Other significant results include 12 metres at 2.15 g/t gold from 118 metres, and 4 metres at 5.24 g/t gold from 152 metres. These results reinforce the potential of the Minos Gold Project.

Assays are still pending for the remaining RC holes and the seven diamond holes, which targeted potential high-grade zones at depth. The company anticipates receiving these results in the coming weeks. These will be incorporated into geological models to refine future drilling and targeting efforts. Management believes the extensional drilling has successfully expanded the mineralised footprint at Minos, with mineralisation remaining open at depth.

Looking ahead, Indiana Resources plans to commence a 5,000-metre aircore (AC) drilling program in early October. This program will test multiple gold targets along the Lake Labyrinth Shear Zone. The company also continues its investor marketing program to highlight the potential of the Minos Gold Project and the broader Gawler Craton area. Indiana Resources reported a cash balance of $37 million as of the end of the June quarter to fund ongoing exploration.

Source: https://www.sharecafe.com.au/