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- Indiana Resources (IDA) confirms rare earth element (REE) mineralisation at its Central Gawler project in South Australia
- This follows a review of previous drill results which were re-assayed and returned up to four metres at 15,486 ppm TREO from 28 metres
- Indiana says confirming high TREO values is a “promising result” and it provides the company with confidence to test rare earth targets across the project area
- The company is submitting further samples for re-assaying to better understand the extent of REE mineralisation and to refine target areas for follow-up drilling
- Company shares are up a healthy 40 per cent on the back of this news to trade at seven cents at 3:33 pm AEST
Indiana Resources (IDA) has confirmed rare earth element (REE) mineralisation at its Central Gawler project in South Australia.
The company reviewed previous drilling results from the project and submitted six holes to be assayed for the full suite of light and heavy REEs.
Significant intersections include 48 metres at 1948 parts per million (ppm) total rare earth oxides (TREO) from 20 metres including four metres at 15,486 ppm (1.55 per cent) TREO from 28 metres in hole LLAC012.
According to the company, this hole intersected a four-metre zone with particularly high neodymium and praseodymium values of 4747 ppm and 1365 ppm, respectively.
Indiana said these highlight the prospectivity for clay-hosted, ionic-type REEs in the regolith and provide confidence to test the various rare earth targets over the broader project area.
“The confirmation of the high TREO values including the high value magnet metals is a promising result and shows there has been enrichment of these elements within the weathered clay profile,” Technical Director Felicity Repacholi-Muir said.
“Indiana has continued to demonstrate the underlying value of the Central Gawler Project with significant gold and REE mineralisation discovered via our aggressive and systematic approach to exploration.”
The company is now submitting a further 1035 samples from 75 existing holes for re-assaying.
This work is aimed at better understanding the extent of the REE mineralisation and will also help to refine target areas for follow-up drilling.
Indiana will also interpret previous magnetic and electromagnetic imagery over the project to map out deeper regolith profiles and settings favourable for ionic REE accumulation.
Company shares were up a healthy 40 per cent on the back of this news to trade at seven cents at 3:33 pm AEST.
