- Indiana Resources (IDA) identifies a new target 1500 metres along strike from the Ariadne prospect in South Australia
- The target has been discovered through a 79-hole drilling program completed along the Lake Labyrinth Shear Zone (LLSZ)
- Drilling also highlights significant anomalies west-northwest of Minos and between the Minos and Ariadne prospects
- Indiana will review drilling data from Minos to assess whether the drilling density can produce a resource estimate or if further infill drilling is required
- Company shares ended the day 4.62 per cent in the red to close at 6.2 cents
Indiana Resources (IDA) has identified a new target through a drilling program completed along the Lake Labyrinth Shear Zone (LLSZ).
The LLSZ includes the prospective Minos and Ariadne prospects and forms part of Indiana’s 5090-square-kilometre portfolio in the Central Gawler Craton of South Australia.
The drilling program included 79 holes, for 4448 metres, and aimed to test for anomalous gold geochemistry.
The newly-identified target sits 1500 metres along strike from the Ariadne prospect and returned an intercept of eight metres at 1.2 grams of gold per tonne (g/t) from 36 metres including four metres at 2.28g/t gold from 40 metres.
Indiana also discovered significant anomalies immediately west-northwest of Minos and between Minos and Ariadne.
Executive Chairman Bronwyn Barnes commented on the program.
“This latest drilling completed along strike from previously reported high-grade intersections at Minos has highlighted several additional areas which require follow up drilling,” she said.
“These results continue to demonstrate the significant potential of the LLSZ and further results from the recently completed diamond drilling are expected over the next months as the holes are logged, cut and sampled.”
Indiana will review recent and historical drilling data from the Minos prospect to assess whether the drilling density can produce a resource estimate or if further infill drilling is required.
Company shares ended the day 4.62 per cent in the red to close at 6.2 cents.