- Assay results from step out holes confirm significant zone of gold mineralisation
- Gold mineralisation hosted in sericite-pyrite-rich alteration and quartz veining that crosscuts host lithologies
- Follow-up step-out hole suggests mineralisation maybe narrowing at depth
- Step-out hole highlights variability in gold mineralisation across drilled area
Indiana Resources (ASX: IDA) has received mixed results from a reverse circulation (RC) drilling program at the Company Well prospect within the Gawler Craton project in South Australia.
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“The Company Well RC program is providing valuable information on the geometry and distribution of gold mineralisation beneath the encouraging results returned from our 2025 aircore drilling,” MD, Matthew Bowles, said.
“The significant gold intercept in CWRC001 confirms mineralisation at depth and provides an important geological constraint for our ongoing assessment of the prospect.
“While initial follow-up drilling has returned more limited results, the results will help us refine our understanding of the system and determine the most prospective areas for further investigation.”
The drilling program completed at the Company Well prospect in September comprised a total of eight holes for 1,386m, with an additional two holes for a total of 378m drilled at the Minos target.
The Company Well drill program was designed to follow-up encouraging gold mineralisation identified during the company’s 2025 Aircore drilling program and to assess the potential for mineralisation to continue at depth and along strike.
Assay results include a significant intercept of 18m at 1.22 grams per tonne (g/t) from 54m, including 1.0m at 5.2 g/t from 59m and 2.0m at 3.59 g/t Au from 70m from drill hole CWRC001.
Follow-up step-out hole CWRC002, drilled approximately 75 m down dip, returned 3.0m at 0.47 g/t Au from 170 m, suggesting that mineralisation may be less continuous at depth.
Further geological interpretation is required to assess the geometry and continuity of the mineralised zone, Mr Bowles said.
IDA was was down 5.88% to 1.6¢. Mkt cap $10.95M.
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