AUS
NZ
UK
CA
USA
IND
Highlights
- Indiana Resources holds a significant land position between two historic gold mining centers in South Australia.
- Recent drilling results reveal high-grade rare earth elements (REE) and confirm continuity in mineralization.
- Future drilling programs are planned for November to further explore both gold and REE potential.
Indiana Resources (ASX:IDA) is making significant strides in its exploration efforts, particularly in a region known for its rich gold mining history. The company has approximately 5,713 km² of land situated between the Tunkillia gold project, which boasts a resource of 965,000 ounces of gold, and the Tarcoola project, with a resource of 15,800 ounces of gold.
While the area has traditionally focused on gold extraction, recent developments indicate exciting opportunities in the rare earth elements (REE) sector. The latest drilling results from Indiana’s recent reverse circulation (RC) drilling campaign, which included eight holes over a total of 576 meters, have confirmed the high-grade continuity of mineralization and yielded valuable sample material for metallurgical testing.
Impressive Drilling Results
The drilling results showcase remarkable concentrations of total rare earth oxides (TREO) and magnetic rare earth oxides (MREO). Highlights from the findings include:
- 35 meters at 1,215 ppm TREO and 375 ppm MREO from a depth of 42 meters, including 15 meters at 1,959 ppm TREO and 610 ppm MREO.
- 23 meters at 1,583 ppm TREO and 502 ppm MREO from 43 meters, with 11 meters at 2,487 ppm TREO and 831 ppm MREO.
- 13 meters at 2,223 ppm TREO and 475 ppm MREO from 41 meters, including 6 meters at 4,123 ppm TREO and 865 ppm MREO.
- Additional results show high-grade intervals across various holes, reflecting the strong potential for REE in the area.
Future Exploration Plans
The company has expressed confidence in the geological interpretation of these results and plans to optimize future drilling campaigns based on this data. Indiana Resources' executive chair, Bronwyn Barnes, emphasized the ongoing potential at the Minos prospect to host both high-grade REE and gold mineralization.
To expand the understanding of Minos and the surrounding Lake Labyrinth Shear Zone, Indiana Resources is gearing up for additional drilling programs scheduled for November. These efforts will target both gold and REE potential, following the promising indications from the latest exploration activities.
In a notable advancement, the company reported earlier this month that initial hydrometallurgical test work has yielded impressive recoveries: 90.5% for total rare earth elements, 87.8% for heavy REE, and 90.8% for light REE. This progress lays the groundwork for further metallurgical diamond drilling and hydrometallurgical testing later this year.
With these developments, Indiana Resources stands at the forefront of exploring both gold and rare earth elements in a historically significant mining region, indicating a robust future for the company and its stakeholders.
