Gold

Indiana Resources finds 6km long gold anomaly target in South Australia

Tue 17 May 22, 1:56pm (AEST)
Worker in high vis and gloves holding rock with gold at a mine site
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Key Points

  • Principle anomaly of interest 6.5km x 800m in size
  • Targets identified on the back of calcrete testing results completed in an auger drilling run
  • Area is subject to minimal historical exploration; company share price up today as market interest piques

Indiana Resources (ASX:IDA) has identified multiple new targets to investigate at its SA Central Gawler Craton Gold Project on the back of auger calcrete test drilling results across its minimally explored 100% owned 5,713km2 acreage; including a 6.5km x 800m anomaly believed to contain gold. 

That target is located at the Ealbara Prospect, one of several targets of interest spotted. The Ealbara prospect sits on the southern side of the northwest end of the Lake Labyrinth Shear Zone.

The company will move forward with further testing on the geochemical anomalies, including further drilling, upon receipt of heritage and compliance approvals. 

Indiana’s share price is up 3% in mid-afternoon trades. 

A map detailing the location of the Lake Labyrinth Shear Zone
A map detailing the location of the Lake Labyrinth Shear Zone

Multiple targets on the cards 

The auger program comprised some 900 samples and was completed during December 2021. 

Indiana Resources notes that calcrete auger sampling has been the preferred method of sampling within the Gawler Craton for the last three decades. 

The company adds the region was discovered by Dominion Mining Limited and Resolute Limited in a JV back in 1995. 

Lake Labyrinth Shear Zone the primary asset

Further southeast along the shear zone is located the Minos prospect, at which the company has concluded an RC drilling run in April. A total of fourteen drillholes were sunk for 1,868 metres. 

Indiana Resources has previously discovered 38m @ 6.54 grams of gold per tonne in hole LLRC029 including 16m @ 13.12g/t from 37m. 

Located nearby is the Partridge Prospect which the company also has its eye on; detailed mapping and infill auger testing will be undertaken to better define the boundaries of targeted anomalies on-site.

Partridge, too, hugs the Lake Labyrinth Shear Zone. 

Indiana's three monther compared to the materials index
Indiana's three monther compared to the materials index

 

Written By

Jonathon Davidson

Journalist

Jonathon is a journalism graduate and avid market watcher with exposure to governance, NGO and mining environments. He was most recently hired as an oil and gas specialist for a trade publication.

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