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Indiana Resources Provide Update on Activities at Central Gawler Craton Project

30 October 2023 09:38
ASX:IDA

Indiana Resources (ASX:IDA) has made significant strides in its exploration activities following its recent successful capital raising of $3.8 million, announcing it has immediately reactivated exploration across its Central Gawler Craton Project, located in South Australia, with the completion of a field reconnaissance programme.

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Figure 1: Indiana’s Central Gawler Craton Project area and adjacent holdings

Central Gawler Craton Field Reconnaissance

The Company’s wholly owned Central Gawler Craton exploration project encompasses 5713 square kilometres, sandwiched between the historic gold mining centres of Tunkillia, with a 965,000 ounce gold resource, and Tarcoola, with a 15,800 ounce gold resource.

The key objectives of the field reconnaissance, led by exploration manager Mathew Perrot, was to ascertain the rare earth element (REE), gold and base metal targets to allow for further development of an exploration program for the end of this year, and into 2024.

Indiana also reviewed the status of statutory and heritage clearances and will now be lodging two new Exploration Program for Environment Protection and Rehabilitation (EPEPR) applications with the South Australian Government.

These applications will cover future exploration activities outside the existing Lake Labyrinth Shear Zone (LLSZ) EPEPR and heritage clearances.

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Figure 2: Indiana’s Central Gawler Craton Project showing Native Title Areas and existing heritage survey coverage

REE Targets

The field reconnaissance, with a primary focus on Rare Earth Elements (REEs), centred around the Minos trend, targeting widely spaced AC traverses within the trend to procure substantial samples for beneficiation and metallurgical testing.

A total of 109 kilograms of representative samples of clay hosted mineralisation were taken and delivered to Perth for test work.

Samples selected AC holes in the following approximate grade ranges:

  • 11,000ppm to 47,700ppm TREO
  • 5,000ppm to 8,800 TREO
  • 2,200ppm to 3,300ppm TREO
  • 1,100ppm to 1250ppm TREO

Indiana plans to report the results of this test work when they become available.

Gold Targets

Gold exploration completed by the Company has focused on the advanced gold targets in the LLSZ corridor, including Minos and Ariadne, where existing statutory and heritage clearances have allowed exploration to proceed.

Indiana has advised further heritage clearances are currently being requested to allow access to Earea Dam, Moolkra and Boomerang for ground disturbing activities.

Indiana reports a number of historical drill spoils were found at the Project. These have been sampled and tested to identify if the geochemical signatures are similar to the mineralisation at Minos and Ariadne.

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Figure 3: : Historical drill hole spoil (MIM hole CW51) within a N-S drill fence east of Ariadne

Base Metal Targets

In June last year, the Company received a government grant through the Accelerated Discovery Initiative (ADI) to complete a helicopter airborne electromagnetic (EM) survey in the Hopeful Hill greenstone belt.

Indiana reports that the survey was completed late last year, with results still being assessed to guide planning of follow up drill testing.

Company Comments

Indiana Resources Executive Chair Bronwyn Barnes said she is very pleased with the recommencement of the programme.

“The Company’s exploration manager has been able to quickly reactivate exploration programmes in South Australia, commencing with the field reconnaissance visit and the lodgement of statutory approval documents required to access new target areas within the LLSZ corridor,” she said.

“The exploration strategy will consist of well designed, strongly focussed programmes to unlock the full potential of our landholdings in the Gawler, and now that we are strongly funded, we will be able to proceed with these activities in a methodical and consistent manner.”

IDA’s Australian Stock Exchange-listed share price is currently trading at $0.05 cents (9.20am UTC+ 8 hours).

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