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- Undrilled surface gold anomaly defined over a strike length of seven kilometres.
- Gold values range from 10 ppb to 69 ppb gold.
- Anomalism likely sourced from underlying bedrock mineralisation.
- Heritage clearance discussions underway for planned drilling.
Indiana Resources (ASX:IDA) is preparing to drill test a newly identified shallow gold anomaly as soon as possible at the Ealbara prospect within the Gawler Craton Project in South Australia. The surface anomaly has been identified as a significant seven km long interpreted bedrock calcrete gold target.
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Heritage clearance discussions are underway to help fast-track drilling plans, while negotiations with traditional owner groups are progressing to expand existing access for the next phase of regional exploration.
Indiana’s MD, Matthew Bowless, said that, notably, Ealbara is also coincident with a northeast-southwest trending structure corridor, further strengthening its potential as a robust priority gold target.
He today told shareholders the latest analysis shows the potential that can be gained from the large historic calcrete dataset when the regional geology and magnetics are combined with the multi-element geochemistry.
“Ealbara is an outstanding undrilled gold target, situated in a favourable structural setting considered highly prospective for gold mineralisation,” Mr Bowles said.
“The potential of this target demonstrates the quality of the prospects within our regional exploration pipeline.”
A detailed geochemical analysis of historical soil data over the area outlines a coherent anomaly, over approximately seven kilometres strike length, and suggests the anomalism is likely sourced from bedrock mineralisation rather than transported calcrete.
Activity in the field is increasing with RC drilling commencing in the coming weeks at the Company Well and Minos gold prospects, and we are looking forward to securing clearances for a maiden drill program at Ealbara.
To better understand the source of the anomaly, the company completed a detailed review of the geochemical dataset using discriminant analysis techniques designed to distinguish between bedrock-derived geochemical signatures and anomalism associated with transported calcrete.
The results indicate the gold anomaly is likely related to an underlying bedrock source, with interpreted geochemical signatures showing a strong correlation with mapped bedrock geology.
IDA is steady at 2.5¢. Mkt cap $16.10M.
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