- Indiana Resources (IDA) has entered a trading halt ahead of a capital raise
- It’s unclear how much Indiana is planning to raise or what it will use the money for but the market will find out by no later than Monday, February 1
- Last week, Indiana kicked off reverse circulation drilling at the Minos prospect within the Central Gawler Craton Gold Project in South Australia
- Roughly 1600 metres of drilling was completed yesterday and nine out of 10 holes ended in the mineralised shear zone
- The Australian explorer has already planned to undertake more drilling at the project
- Indiana’s shares last traded at 7 cents on Wednesday, January 27
Indiana Resources (IDA) has entered a trading halt ahead of a capital raise.
The company will remain in the trading halt until Monday, February 1, unless details of the raise are announced earlier.
It’s unclear how much Indiana is planning to raise or what it will use the money for but the market won’t have to wait much longer to find out.
However, the Australian explorer began a 1500-metre reverse circulation (RC) drilling program last week at the Minos prospect. Minos is part of the Central Gawler Craton Gold Project in South Australia.
The prospect has returned significant historical results including 12 metres at 10.36g/t gold, 24 metres at 2.18g/t gold and six metres at 12.37g/t gold.
Indiana announced yesterday the program had been completed and 1604 metres was drilled at the Minos prospect. Nine out of 10 holes ended in the mineralised shear zone and the prospect appears to be open along strike and at depth.
Results are expected next month and will assist with further exploration that will likely include diamond drilling to test the depth and extend the mineralised shear zone’s total width.
“This is an exciting time for the company as we plan to expand the exploration
programme for 2021 and look forward to receiving results from this programme in due course,” Executive Chair Bronwyn Barnes said.
Indiana’s shares last traded at 7 cents on Wednesday, January 27.