Indiana Resource finally spinning the bit at Company Well

• Delayed drilling program underway in Gawler Craton
• Rain delayed drilling back in June
• 2,000m RC drilling program testing extensions of gold mineralisation at Company Well
• Assay results anticipated to be received in five to six weeks

Indiana Resources (ASX: IDA) has finally commenced a follow up reverse-circulation (RC) drilling program at the Company Well prospect in South Australia.

Company Well forms part of the Minos gold project within the company’s 100% owned 5,000 sq. km Gawler Craton Project in South Australia.

The 2,000m RC drilling program is planned to test gold mineralisation recently identified on a new structure off the main Lake Labyrinth Shear Zone, including 18m at 1.20 grams per tonne (g/t) gold.

Drilling is being undertaken by Geodrill Australia and is expected to continue through September, with the company planning to provide regular updates as the program progresses.

“It’s great to finally have a rig back on site, to follow up on the gold mineralisation defined at our Company Well prospect, after delays due to weather conditions impacting site access,” MD, Matthew Bowles, said.

“The shallow nature of the mineralisation encountered in the air-core drilling, interpreted to be on a new structure, off the main Lake Labyrinth Shear and proximal to an interpreted intrusion, makes Company Well an exciting target to now be testing with an RC rig.

“I would like to thank Geodrill Australia for their assistance in securing a rig and we look forward to updating shareholders as the program progresses and assay results become available.”

In late June Indiana announced that the planned drilling program at Company Well had been further delayed due to road closures resulting from a significant weather system affecting access to the project area.

“Despite the company’s readiness to commence drilling, access restrictions have prevented mobilisation of the drill rig to site within the scheduled timeframe.

“As a consequence, the drilling contractor has advised that the rig will now be required to move to its next contracted project,” the company told shareholders.

“The company has worked closely with the drilling contractor to secure the earliest available opportunity to start the program. The rig is currently expected to return to site in mid-August 2026, subject to weather conditions and access being available.”

IDA was steady 2.1¢. Mkt cap $13.52M.

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