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Indiana Resources Restarts Field Work at Central Gawler Craton Project

27 November 2023 10:17
ASX:IDA

Indiana Resources (ASX:IDA) inches closer to its exploration programme at the Central Gawler Craton Project, restarting its field work programme which includes geological and regional mapping to identify Rare Earth Element (REE) and gold targets, in addition to geochemical sampling at Bottom of Hole.

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Figure 1: Central Gawler Craton Project Area – Significant Prospects by Commodity

An Extensive Field Work Programme

The Company has outlined an extensive field work programme, bolstered by its recent successful capital raising of $3.8 million, is planned for the Central Gawler Craton Project Project, which spans 5713 square kilometres in South Australia.

A key element of the reconnaissance is geological and regional mapping of key prospects, which will be used to identify gold, base metal and REE targets.

The Company has outlined the REE and gold Prospects include Minos-Ariadne, Company Well, Partridge, Earea Dam, Moolkra, and Double Dutch. The Hopeful Hill Prospect will target base metal exploration.

The information garnered from this extensive geological mapping exercise will enable Indiana to evaluate additional prospect areas, define key targets and inform key decisions around future exploration programmes.

Following a successful field work program, Indiana plans to commence its exploration programme by 2023/ 2024.

Gold and REE Targets

Field reconnaissance completed earlier this year confirmed the presence of significant outcrops throughout key prospect areas within the Project.

Further mapping will be completed, in addition to sampling of outcrops and historic drilling to further build upon the geological and geochemical understanding of the region.

Indiana has outlined mapping will focus on areas within the Minos-Ariadne Trend, Earea Dam, Moolkra and Double Dutch.

The Minos-Ariadne Trend stretches 3.4 kilometres along the Lake Labyrinth Shear zone. Mapping will look to identify additional new features associated with the mineralisation, in particular the relationship between Company Well, Partridge and the Lake Labyrinth Shear zone.

Mapping at the Earea Dam and Moolkra Prospect will look to determine the geometries and relationships between the prospects to identify trends of mineralisation.

Historic exploration at the Double Dutch Prospect completed by Endeavour Copper Gold yielded significant gold at TARC-162: 25 metres @ 1.25 g/t Au. Mapping will be employed to determine the controls on mineralisation and its broader relationship to the Lake Harris greenstone belt.

Base Metals: Hopeful Hill Greenstone Belt

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 being used to guide planning of follow up drill testing.

Mapping will be undertaken to determine the stratigraphy of the region and explore for the presence of gossans in the area to explain the reported lithologies capable of hosting Ni-Cu-Co-PGE base metal mineralisation.

Ongoing Tanzanian Dispute

Indiana is still awaiting the remuneration award from its ongoing dispute with the Republic of Tanzania, with the Tanzanian government now required to compensate the involved Claimants with an amount exceeding $109.5 million USD, in addition to accrued interest and costs, following the ICSID ad hoc Committee’s decision to Stay the Enforcement of the away earlier this month.

Following the Tanzanian Government’s appeal on the Award, the costs have increased the award to $117,180,000 USD, which Tanzania is required to pay to the Claimants within 45 days of the decision which was made on the 3rd of November this year.

Company Comment

Indiana Resources’ Executive Chair Bronwyn Barnes commented on the announcement.

“It is exciting to see exploration activity in the field underway,” she said.

“The information from this programme will provide the Company with fundamental geological mapping and sampling that will expand and consolidate our knowledge of the project area and critically inform our planned drilling programs.”

“I look forward to sharing this information with shareholders as it becomes available.”

IDA’s Australian Stock Exchange-listed share price has risen 6.896% and is currently trading at $0.062 (10.15am UTC+ 8 hours).

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