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Indiana Resources complete successful drilling at Minos and Hopeful Hill

4 July 2024 16:40
ASX:IDA

Indiana Resources Limited (ASX:IDA) has announced the completion of their Reverse Circulation (RC) and Air Core (AC) drilling programs at the Minos and Hopeful Hill prospect areas.

A total of 16 holes were drilled for a combined 1,638m. The drilling was conducted to explore gold and rare earth element (REE) mineralisation. Samples from the drilling programs have been sent to a laboratory in Adelaide for assay, with results expected in mid to late August 2024.

Drilling program

At the Minos Prospect a total of 13 holes (Five RC and eight AC) were completed for a total of 1,308m. Previous drilling campaigns had identified promising structures at the northwest end of the site.

The RC drilling involved five holes totalling 732m aimed at testing high-grade gold mineralisation extensions. The AC drilling totalled eight holes over 576m to confirm REE mineralisation extensions and provide samples for metallurgical testing.

At Hopeful Hill, three RC holes were drilled to a depth of 330m. These holes were aimed at investigating targets identified by the HeliTEM2 survey conducted in late 2022. This survey was part of an exploration program co-funded with the South Australian Government.

All drilling operations were completed safely and without any incidents.

IDA securities suspended

Indiana today also announced their securities will be suspended from quotation immediately pending the release of an announcement regarding a settlement being reached with the United Republic of Tanzania in relation to the arbitration proceedings at the International Centre for Settlement of Investment Disputes (ICSID), a division of the World Bank.

IDA’s Australian Security Exchange-listed share price is currently trading at $0.085 (4:30 pm UTC+ 8 hours)

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