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- Indiana Resources (IDA) uncovers rare earth element (REE) mineralisation south of the Minos trend within its Central Gawler Craton Exploration project in South Australia
- Initial aircore drilling results confirm the mineralisation extends 1.2 kilometres southwest from the already identified Minos trend
- Additionally, IDA says the new zone contains high grade clay hosted total rare earth oxides (TREO) with a significant magnet rare earth oxide (MREO) component
- The remaining assay results are expected by late February, and will provide material for initial metallurgical test work
- IDA shares are down 3.3 per cent trading at 5.8 cents at 12:07pm AEDT
Indiana Resources (IDA) has uncovered rare earth element (REE) mineralisation south of the Minos trend within its Central Gawler Craton Exploration project in South Australia.
Initial results from aircore drilling, completed in December, confirmed mineralisation extends 1.2 kilometres southwest from the already identified Minos trend.
Additionally, Indiana Resources said the new zone contained high grade clay hosted total rare earth oxides (TREO) with a significant magnet rare earth oxide (MREO) component.
Intersections from the first three holes, out of 72 completed, returned 23 metres at 1,373 parts per million (ppm) TREO from 32 metres downhole including eight metres at 638 ppm MREO, as well as 17 metres at 1,619ppm TREO from 64 metres including 14 metres at 509ppm MREO.
The company’s CEO Richard Maish said he was delighted with the initial results that he believes demonstrate the potential for a “material extension” to Indiana’s Minos REE prospect.
This round of drilling was completed to extend the mineralisation at Minos and infill previous drilling.
The remaining assay results are expected by late February, and will provide material for initial metallurgical test work
IDA shares were down 3.3 per cent trading at 5.8 cents at 12:07pm AEDT.
