After conducting a reverse circulation drilling program at the Minos prospect, Indiana Resources (ASX:IDA) has confirmed a new zone of “high-grade” mineralisation that remains open.
In June 2024, five drillholes for 732m of drilling were completed and intersected the main zone, confirming mineralisation in a parallel zone of mineralisation at northwest end of the Minos prospect, in South Australia.
The company reports some of the results returned 26m @ 1.66 grams per tonne (g/t) gold, including 1m @ 10.1g/t gold; and 6m @ 5.26g/t gold, including 1m @ 17.3g/t gold.
Indiana Resources, which has a market capitalisation of $61.53 million, says the results confirm the company’s geological interpretation and reinforces the Lake Labyrinth Shear Zone as a major gold bearing system.
Minos remains open across strike, along strike in both directions, and at depth.
The company notes further drilling is planned to be conducted next month.
Executive Chairman Bronwyn Barnes says Minos continues to deliver results that show parallel lode repetitions across strike and to the south of the prospect area.
“With the company now strongly funded, we will be accelerating exploration activity at Minos, and across the broader Lake Labyrinth Shear Zone project area, over the coming months,” Barnes says.
“Assay results for rare earths and at Hopeful Hill remain outstanding. A further announcement will be made when these results are received and collated.”
Further, auger soil geochemistry in the Minos-Ariadne-Company Well corridor is also being planned to test both across and along strike for additional drill targets.
The Minos prospect lies within the Central Gawler Craton Gold Project in South Australia. The Central Gawler Craton Project covers a 5,713km2 area.
Indiana Resources is an Australian-based explorer focused on advancing its portfolio of projects considered prospective for rare earths, precious, and base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Indiana Resources
