Indiana Resources punching out more drill holes to extend high-grade Minos gold deposit

Indiana Resources’ drill program will target extensions of the high-grade Minos gold deposit at its Gawler Craton project.

Indiana Resources has started drilling of extensions to the high-grade Minos gold deposit. Pic: Getty Images

• Indiana Resources’ drilling to test extensions of high-grade mineralisation at the Minos gold deposit

• Drilling will target strike and down-dip extensions of the Minos Main Zone as well as extensions of the new Southwest Zone

• Some holes will be deepened with diamond tails to test deep extensions of the Minos deposit

Special Report: Indiana Resources has started drilling aimed at growing the scale of the high-grade Minos gold deposit within its Gawler Craton project in South Australia ahead of a maiden resource estimate.

The planned program of 27 reverse circulation holes totalling 6600m targets extensions to high-grade intersections such as 21m grading 8.43g/t gold (LLRC041) and 38 at 6.54g/t gold (LLRC029).

Exploration carried out by Indiana Resources (ASX:IDA) has defined the Minos Main Zone to a strike of 650m and to a depth of 380m. It also remains open in all directions.

Chief executive officer Lindsay Owler said the company had continued to deliver exceptionally high gold grades and was excited to have this next round of targeted drilling to further test the extents of Minos as its technical team worked towards a maiden resource estimate.

“Supported by a very strong gold price, shareholders and investors can expect a steady flow of drilling results with rigs planned to be in the field until at least August,” he added.

“The company is exceptionally well-funded to complete these programs and ramp up activity more broadly across Indiana’s extensive tenement package to ensure it is appropriately leveraged to the current strong gold price.”

IDA had ~$21.8m in cash and equivalents as of March 31, 2025, though this has increased to $71m following receipt of a US$30m instalment of a US$90m settlement agreement with Tanzania in April, the final payment of its compensation for the expropriation of the Ntaka Hill nickel project.

The Gawler Craton project. Pic: Indiana Resources

Gawler Craton project

The company’s tenements in the Gawler Craton sit between the historical gold mining centres of Tunkillia (965,000-ounce gold resource) and Tarcoola (15,800-ounce gold resource).

It has identified a highly prospective gold structure spanning 50km within the Lake Labyrinth Shear Zone that offers considerable possibilities for future discoveries.

Both the Minos and Ariadne prospects exhibit promising signs, remaining open along strike and at depth.

The current program, which is scheduled to continue until August 2025, will test extensions to the Minos Main Zone such as the northwest strike extension, the southeast strike extension, down-dip extension and extension to the newly defined Southwest Zone.

Additionally, some of the RC holes will be extended via a diamond tail with the company having booked a diamond drilling rig to start work in June.

Diamond drilling will target deep extensions to the Minos gold deposit.

This article was developed in collaboration with Indiana Resources, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Indiana Resources punching out more drill holes to extend high-grade Minos gold deposit