Minos RC Drilling Delivers Further High-Grade Gold

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Stock Indiana Resources Ltd (IDA.ASX)
Release Time 17 Dec 2024, 8:11 a.m.
Price Sensitive Yes
 Minos RC Drilling Delivers Further High-Grade Gold
Key Points
  • Initial assays from RC drilling at Minos highlight potential extensions to main zone gold mineralisation
  • Drill hole 24RC008 returned a peak assay of 1m at 57g/t gold
  • Diamond drilling underway to deepen seven RC holes and test for down-dip extensions
Full Summary

Indiana Resources Limited (ASX: IDA) has reported initial assays from the recently completed Reverse Circulation ('RC') drilling program at the Minos Prospect within its 100% owned Central Gawler Craton Exploration Project in South Australia. The 28-hole, 5,147m RC drilling program was designed to infill existing drilling and extend the known 650m strike length of the high-grade gold mineralisation. Significant intersections include 8m at 8.90g/t gold from 208m, 12m at 1.08g/t gold from 175m including 1m at 16.4g/t gold, and 19m at 1.34g/t gold from 143m. The company is encouraged by these initial results, which suggest the program is on track to meet its objectives of extending the known mineralisation. A diamond drilling program of approximately 1,300m has also commenced, with seven of the recent RC holes to be deepened to test for down-dip extensions. Indiana is also undertaking extensive regional exploration activities, including auger drilling and geological mapping, to build on its existing discoveries of high-grade gold and rare earth elements at Minos and other prospects within its large 5,713 km2 tenement package in the highly prospective Gawler Craton.

Outlook

Indiana remains fully funded to accelerate its exploration campaigns in the Gawler Craton in 2025, with diamond drilling underway and further RC assays expected in the coming weeks.