Indiana Resources Ltd (ASX:IDA) has hit grades of up to 25.9 grams per tonne (g/t) of gold through a program of reverse circulation (RC) drilling at its Minos prospect in South Australia which also confirmed the presence of a parallel zone of mineralisation at the northwest end of the prospect.
The drilling work – carried out in June – delineated a 600-metre strike extent for the mineralisation at Minos, which is open in all directions, and comprises gold at shallow depths, in some cases near-surface.
Assays from this work included 26 metres at 1.66g/t gold from 33 metres, including 1 metre at 10.1g/t from 35 metres; 6 metres at 5.26g/t from 43 metres, including 1 metre at 17.3g/t from 44 metres; and 3 metres at 10.3g/t from 68 metres, including 1 metres at 25.9g/t from 69 metres.
Executive Chair Bronwyn Barnes said the exploration work at the broader Lake Labyrinth Shear Zone (LLSZ) in South Australia’s Gawler Craton had continued to yield strong results for Indiana.
“Minos continues to deliver strong, high grade gold results that demonstrate parallel lode repetitions across strike and to the south of the prospect area, and remains open in all directions,” she said.
“With the company now strongly funded, we will be accelerating exploration activity at Minos, and across the broader LLSZ project area, over the coming months.
“Assay results for REE and at Hopeful Hill remain outstanding. A further announcement will be made when these results are received and collated.
“I look forward to seeing the full value of our projects in the Central Gawler Craton demonstrated for shareholders in the future, and we will be releasing details of our expanded exploration programme in due course.”
Indiana will progress more RC drilling across the Minos prospect in September.
The company’s shares rose on the news, and at 11:18 AEST, were trading at 10 cents: a rise of 3.09% since the market opened.