The company’s ground position in the Gawler Craton covers 5,713km2, with tenements strategically located between the historic gold mining centres of Tunkillia (965,000oz gold resource) and Tarcoola (15,800oz resource).

New assay results have confirmed a mineralised structure which splays off the LLSZ, including 18m at 1.2g/t gold and 4.6g/t silver from 10m, including 3m at 3.6g/t gold and 6.1g/t silver, and 1m at 4.7g/t gold and 39.1g/t silver from 18m.

The most significant aspect of this intersection is its proximity to a major structural feature and the presence of a strongly developed hydrothermal signature, which is interpreted to extend over 10km and is relatively untested.

In addition, broad shallow gold anomalism has been intersected over the Ariadne-Company Well prospect area, with results including:

  • 1m at 1.2g/t gold from 20m;
  • 1m at 2g/t gold from 7m; and
  • 8m at 0.8g/t gold from 84m, including 2m at 2.1g/t gold.

Indiana Resources (ASX:IDA) says the distinct hydrothermal signature in drilling at both Company Well and Minos supports the interpretation of a much larger mineralised system. 

Historic datasets are now being reassessed to determine the most effective way to integrate and utilise regional data to map zones characterised by elevated hydrothermal alteration and pathfinder element responses.

IDA is confident that results to date have demonstrated the regional scale potential of the project area with Minos, Ariadne and Company Well just a few of the multiple known targets, hosted within the fertile LLSZ, which extends over 50km of strike within its tenure.

Planning is now underway for follow-up AC and RC drilling along the LLSZ and mineralised splay to test it along strike and at depth.

“These initial results from the Company Well Prospect have identified gold mineralisation on a new structure off the primary Lake Labyrinth Shear Zone, including 18m at 1.2g/t gold, 4.5g/t silver from 10m in CWAC034,” MD Matthew Bowles said.

“The most significant aspect of this intersection is its proximity to a major structural feature and the presence of a strongly developed hydrothermal signature.

“CWAC034 displays a robust Au-Cu-Bi-Te-Pb elemental association, which is consistent with the nearby Minos prospect, suggesting a much larger mineralised system.

“Historic datasets are currently being reassessed and integrated into our follow-up RC drilling plans, to determine the most effective way to target these mineralised structures at depth in fresh rock.

“Our systematic approach to exploration over the broader Minos-Ariadne-Company Well area is continuing to deliver.

“We look forward to further updating shareholders on our exploration activities as we focus on growth and discovering additional new zones of gold mineralisation.”

The company remains well-funded with $33.8m in cash to advance its planned exploration activities.