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Indiana Resources (ASX:IDA) is preparing to fast-track drilling at the Minos gold project in South Australia after new results defined a previously unidentified mineralised splay. The latest drilling from the Gawler Craton region project intersected 18 metres at 1.2 grams per tonne gold from 10m and 6.1g/t silver.
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The company’s MD, Matthew Bowles, explained that the multi-element assay results indicate a distinct hydrothermal signature associated with gold and that planning is underway for follow-up AC and RC drilling along the main Lake Labyrinth Shear Zone (LLSZ) and the new mineralised splay.
“These initial results from the Company Well prospect have identified gold mineralisation on a new structure off the primary Lake Labyrinth Shear Zone,” he said. “The most significant aspect of this intersection is its proximity to a major structural feature and the presence of a strongly developed hydrothermal signature.”
He added that the result displays a robust gold, copper, bismuth, tellurium and lead elemental association, consistent with the nearby Minos prospect and suggesting potential for a much larger mineralised system.
Historic datasets are currently being reassessed, Indiana wrote today, and will be integrated into the follow-up RC drilling plans to determine the most effective way to target these mineralised structures at depth in fresh rock.
“Our systematic approach to exploration over the broader Minos-Ariadne-Company Well area is continuing to deliver,” he said. “We look forward to further updating shareholders on our exploration activities as we focus on growth and discovering additional new zones of gold mineralisation.”
The Ariadne-Company Well prospect area is located approximately one km south-east of the advanced Minos gold prospect. The new mineralised structure is interpreted to extend over 10km and is relatively untested.
Indiana has also identified a hydrothermal signature with a clear gold–sulphur association has been identified. The company believes the recognition of a distinct hydrothermal signature in drilling at both company Well and Minos supports the interpretation of a much larger mineralised system.
The planned follow-up programs are anticipated to be completed in the coming weeks.
IDA is down -13.6% today, to 3.8c.
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