Join our daily newsletter At The Bell to receive exclusive market insights
- Shares in Indiana Resources (IDA) have jumped more than 30 per cent after the release of “exceptional results” from drilling at the company’s Minos prospect in South Australia
- More than 1600 metres of drilling was completed across 10 reverse circulation holes, targeting a 600-metre section in the core of the Minos target
- Results from five of these holes have been received, with the rest to be delivered within the next week
- These results include 22 metres at 3.07 grams per tonne and 5 metres at 24.35 grams per tonne of gold
- Indiana Resources is up 30.88 per cent to 8.9 cents per share
Shares in Indiana Resources (IDA) have jumped more than 30 per cent after the release of “exceptional results” from drilling at the company’s Minos prospect.
Located within the company’s wholly-owned, 5090-square-kilometre Central Gawler Craton Gold Project in South Australia, the Minos prospect is interpreted to be a 30-kilometre-long west–north–west east–south–east trending regional structure at least 50 to 100 metres wide.
More than 1600 metres of drilling was completed across 10 reverse circulation holes, which targeted a 600-metre section in the core of the Minos target.
Nine of these holes ended in the mineralised shear zone, suggesting that the prospect remains open both along strike and at depth.
The results from five of these holes have been received, with the rest to be delivered within the next week.
Most significantly, the drilling work returned 22 metres at 3.07 grams per tonne of gold, including one metre at 23 grams per tonne, and five metres at 24.35 grams per tonne of gold, which included two metres at 59 grams per tonne.
Bronwyn Barnes, Executive Chairman of Indiana Resources, said the “truly exciting results” highlight the exceptional prospectivity of the region and call for follow-up reverse circulation and diamond drilling.
“Having recently completed a placement and a successful share purchase plan, the company is adequately funded to complete our near-term exploration programmes, as well as expand our targeting activities for other advanced targets within our extensive land package,” she said.
“Once we have reviewed these results, we will provide an update on planned exploration activities for the region.”
Indiana Resources is up 30.88 per cent to 8.9 cents per share at 1:30 pm AEDT.
