Indiana Resources has uncovered an historic gold assay that has laid dormant in the annals of the South Australian mineral core library for nearly six years without anybody actioning it. Indiana’s decision to re-examine historic core held by the South Australian Government could lead to a golden pay off for the company after wide mineralised intersections were observed in a historic drill hole.
Management said it has received “significant results” after electing to assay historic diamond drill hole THDD-066 which has been held at the SA Core Reference Library.
Drilled in 2015, the hole was located at the Minos Prospect within Indiana’s 100 per cent owned 5,090 square kilometre Central Gawler Craton Gold Project. Interestingly, the new assay results have returned impressive intersections such as 20 metres @ 1.55 grams per tonne gold from 32m, including 2m @ 2.84 g/t from 34m and 5m @ 3.48 g/t from 43m.
A further 1.0m section assayed up at 9.90 g/t Au from 44m.
THDD-066 was originally drilled to a depth of 62.8m on the 600-section line at the Minos Prospect. Indiana says the results confirm and enhance intersections of significant mineralisation in adjacent RC drill holes on Section 600.
Indiana Resources Executive Chairman, Bronwyn Barnes said: “With exploration activity underway on our Central Gawler Craton gold project, shareholders should expect steady news flow in 2021 as the company progressively tests known prospects and identifies further prospects within our highly prospective tenement package.”
“Historical drilling results at Earea Dam, Double Dutch and Boomerang warrant follow-up and the Company is equally excited by the potential for new greenfield discoveries within the project area in what promises to be a busy year for the company.”
Infill drilling is planned at Minos in the coming months to provide a suitable drill hole density to produce a maiden resource estimate at that prospect area.
The company recently completed a 1,600m RC drilling programme at Minos with results expected within three weeks. Following receipt of the results it will finalise plans for further drilling at Minos.
Indiana is also preparing for RC drilling at known prospects within its Central Gawler Craton landholding including Ariadne, Company Well, North Hicks and Partridge to expand the current zones of mineralisation.
Additionally, reconnaissance air core drilling is being planned along the Lake Labyrinth Shear Zone to outline potential additional zones of mineralisation within areas where surface sampling may not be suitable to outline mineralisation that may be hiding under cover.
Already one of Australia’s premier gold exploration regions and host to world-class assets like the massive Olympic Dam and Prominent Hill copper-gold mining operations, the Gawler Craton has seen a resurgence in gold exploration recently.
Notably, a re-evaluation of the mineralisation of the Gawler Craton by the South Australian Government has shed light on some geological controls that were not readily apparent previously in this prolific gold producing region.
Blooded for the hunt now by the exceptional historical assays, Indiana is currently reviewing additional historical exploration at Earea Dam, Double Dutch and Boomerang with a view to planning further drilling in the coming months.
Watch this space…
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
