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Indiana Resources (ASX:IDA) - Executive Chair. Bronwyn Barnes
Executive Chair. Bronwyn Barnes
Source: Indiana Resources
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  • Indiana Resources’ (IDA) share price spiked after it found more bonanza-grade gold hits during its drilling campaign at the Minos Prospect
  • The company carried out 16 reverse circulation infill drill holes at the site, which forms part of its Central Gawler Craton Gold Project in South Australia
  • Best results include 21 metres at 8.43 grams per tonne gold (g/t) from 176 metres, including 1 metre at 159 g/t gold from 185 metres
  • IDA says the results confirm the high-grade mineralisation intersected in past drilling, with the mineralisation still open along strike and at depth
  • Company shares are trading up 25.4 per cent at 7.4 cents each at noon AEST

Indiana Resources’ (IDA) share price has spiked after it found more bonanza-grade gold hits during its drilling campaign at the Minos Prospect.

Minos forms part of the company’s wider Central Gawler Craton Gold Project in South Australia, where it previously found high-grade results.

In this latest round of drilling, IDA carried out 16 reverse circulation drill holes for 2196 metres, with the work designed to infill previous drill patterns.

Best results include 21 metres at 8.43 grams of gold per tonne (g/t) from 176 metres, including 1 metre at 159 g/t gold from 185 metres.

Other assays include 23 metres at 6.44 g/t gold from 186 metres, including one metre at 118 g/t gold from 198 metres.

IDA has welcomed the results and said they confirmed the high-grade mineralisation intersected in past drilling at the prospect.

Additionally, IDA Executive Chairman Bronwyn Barnes said the mineralisation at Minos remained open along strike and at depth.

“Minos continues to reveal itself as an exceptional gold target and these stunning high-grade intersections and broad widths of mineralisation confirm the results from our most recent RC drilling program,” Ms Barnes said.

“Minos remains open along strike and at depth, so we believe there is still plenty of scope to grow our high-grade footprint at Minos as we move closer to establishing a Maiden JORC Resource.

“Minos is one of several exciting and significantly underexplored gold targets within our extensive Gawler Craton portfolio and, with a busy exploration program scheduled for the coming months, we look forward to providing
regular updates.”

Company shares shot up 45.8 per cent during early morning trade, with shares now trading up 25.4 per cent at 7.4 cents each at noon AEST.

IDA by the numbers
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