Total
0
Shares
Indiana Resources (ASX:IDA) - Executive Chairman, Bronwyn Barnes - The Market Herald
Executive Chairman, Bronwyn Barnes
Source: Business News
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • The final five of ten holes drilled at Indiana Resources' (IDA) Minos prospect in South Australia has returned further high-grade results
  • Around 1600 metres of drilling was completed across 10 reverse circulation holes, targeting a 600-metre section in the core of the Minos target
  • Today's results included 4.28 grams per tonne of gold from 26 metres including three metres at 20.21 grams per tonne and 6.32 grams per tonne of gold at two metres
  • The news comes off the back of significant results reported last week
  • Indiana Resources is in the green, up 5.68 per cent to 9.3 cents a share

The final five of ten holes drilled at Indiana Resources' (IDA) Minos prospect in South Australia has returned further high grade results.

The prospect is located within Indiana’s wholly owned 5090-square-kilometre Central Gawler Craton Gold Project and is interpreted to be a 30-kilometre-long
west–north–west to east–south–east trending structure at least 50 to 100 metres wide.

Almost 1600 metres of drilling was completed across ten reverse circulation holes from depths of 72 metres to 210 metres which targeted a 600-metre section in the core of the Minos target.

Nine of the ten holes ended in the mineralised shear zone, suggesting that the Minos prospect remains open along strike and at depth.

The most significant results from the final drilling work included 6.54 grams per tonne of gold at 38 metres including 16 metres at 13.2 grams per tonne, 6.32 grams per tonne of gold at two metres, and 4.28 grams per tonne of gold from 26 metres including three metres at 20.21 grams per tonne.

Last week, the company released the results from the first five holes.

Bronwyn Barnes, Executive Chairman of Indiana Resources, said the results "exceeded initial expectations" and that the program confirmed the "excellent prospectivity of our ground position in the Gawler Craton".

"We are now moving quickly to finalise our follow up RC and Diamond drilling programmes for the next two months. This is an exciting time for Indiana, and we look forward to ramping up our work programmes over the coming months at several key targets within our Gawler Craton portfolio," Bronwyn continued.

Indiana Resources is in the green, up 5.68 per cent to 9.3 cents a share at 12:44 pm AEDT.


IDA by the numbers
More From The Market Herald
Frontier Resources (ASX:FNT) completes site investigation at Tolukuma

" Frontier Resources (ASX:FNT) completes site investigation at Tolukuma

Frontier Resources (FNT) has completed a geotechnical site investigation of the proposed drilling pads at Saki Gold Prospect.
Empire Energy (ASX:EEG) - CEO and Managing Director, Alex Underwood - The Market Herald

" Empire Energy (ASX:EEG) raises $30M to acquire Pangaea NT tenement

Empire Energy (EEG) has successfully raised $30 million via a two-tranche placement.
The Market Herald Video

" Prospect Resources (ASX:PSC) set to raise $6.5M for Arcadia

Prospect Resources (PSC) has received subscriptions to undertake a $6.5 million placement.
Corazon Mining (ASX:CZN) - Managing Director, Brett Smith - The Market Herald

" Corazon Mining (ASX:CZN) spies new conductors at Lynn Lake

Corazon Mining (CZN) has identified several conductors at the Lake Lynn Nickel-Copper-Cobalt Sulphate Project in Canada’s Manitoba Province.