Indiana Resources Ltd (ASX:IDA) has found multiple examples of high-grade gold from reverse circulation drilling at the Minos prospect – part of its Central Gawler Craton Exploration Project (CGCP) in South Australia, including one metre at 57 grams per tonne (g/t) from 210 metres.
The program comprised 28 holes, which were drilled in October and November, with results from an initial nine including eight metres at 8.90 g/t of gold from 208 metres in one hole; 12 metres at 1.08 g/t from 175 metres – and one metre at 16.4 g/t from 233 metres in another; and 19 metres at 1.34 g/t from 143 metres in another.
Indiana also kicked off diamond drilling work to deepen seven holes; this will continue until February, and further RC results will be published in January. The core from diamond work is being cut, sampled, and submitted for analysis progressively.
Overall, the drilling work represents the company’s goal of defining the geometry of the gold deposit, extending Minos’ footprint beyond the known gold mineralisation extending 650 metres, and testing for down-dip extensions to current mineralisation.
CEO Lindsay Owler said the results would be plugged into planning for a future mining operation at the project.
“The Indiana team is encouraged by the first round of assays received from our extensive
RC drilling program at Minos, with early signs demonstrating that we are on the right path
to extend the existing 650m zone of gold mineralisation,” he said.
“Looking ahead, these high gold grades and broad intercepts have moved the company closer towards a commercial gold mining operation at Minos and will provide essential information to move towards a resource.”
Indiana shares moved down following this news, and at 14:31 AEDT, they were trading at 5.9 cents – a fall of 1.67% since the market opened.
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