- Indiana Resources (IDA) receives additional assay results from the Minos prospect of its wholly owned Central Gawler Craton Gold Project in South Australia
- In July, three reverse circulation (RC) drill holes targeting the prospect were extended using diamond tails
- One of those tails has since returned results grading up to 26 metres at 3.58 g/t gold
- The remaining results from the remaining diamond tails are expected to be received within the next two to four weeks
- Shares in Indiana Resources were up 12.73 per cent to 6.2 cents at the close of trading on Wednesday
Indiana Resources (IDA) has received additional assay results from the Minos prospect of its wholly owned Central Gawler Craton Gold Project in South Australia.
Located within the Lake Labyrinth Shear Zone (LLSZ), the Minos prospect is interpreted to be a 30-kilometre-long structure at least 50 to 100 metres in width.
In July, three reverse circulation (RC) drill holes targeting the Minos prospect were extended using diamond tails. The results from one of those diamond drill holes — LLRCD028 — were announced by Indiana today.
They include 26 metres at 3.58 grams per tonne (g/t) of gold from 76 metres, five metres at 1.08 g/t gold from 158 metres, and two metres at 1.88 g/t gold from 152 metres.
Indiana said the results both confirm and infill earlier intersections of significant mineralisation.
“Minos remains open along strike and at depth, and the current RC drill programme that commenced on October 23rd has been designed to test the extension of the mineralised zone,” Executive Chairman Bronwyn Barnes said.
“We look forward to receiving the assays from the remaining diamond tail at Minos over the coming weeks and will be able to provide an update on our planned exploration programme for the remainder of the year shortly.”
Results from the remaining diamond tails are expected in the next two to four weeks, depending on turnaround times from the assay laboratory in South Australia.
Indiana will then review all the drilling data related to the Minos prospect to determine whether or not more work is required to produce a Resource Estimate.
Shares in Indiana Resources were up 12.73 per cent to 6.2 cents at the close of trading on Wednesday.