Indiana Resources Unveils High-Grade Gold Zones and New CEO to Drive Growth

Exploration Momentum at Minos Gold Prospect

Indiana Resources Limited (ASX: IDA) has accelerated its exploration activities at the Minos gold deposit in South Australia, delivering a series of high-grade gold intersections that underscore the prospect's growing potential. During the December 2024 quarter, the company completed 28 Reverse Circulation (RC) drill holes totaling 5,147 meters, with assays revealing standout results including a peak intercept of 1 meter grading 57 grams per tonne (g/t) gold from 210 meters depth.

These drilling efforts have not only confirmed the continuity of the Main Zone gold mineralisation over a strike length of 650 meters and extending more than 200 meters below surface, but also led to the discovery of a new high-grade Southwestern Zone at Minos. Subsequent assays released post-quarter further reinforced the deposit's quality, with multiple intercepts exceeding 10 g/t gold over several meters.

Advancing Towards Resource Definition with Diamond Drilling

Complementing the RC drilling, Indiana has initiated a 1,300-meter diamond drilling program to deepen seven of the previously drilled holes. This program aims to test down-dip extensions of the Minos deposit at depths between 250 and 500 meters, marking the first deep drilling undertaken at the prospect. Early results from the diamond tails are awaited, with progressive updates expected as assays are completed.

Systematic Regional Exploration Strategy

Beyond Minos, Indiana is executing a comprehensive exploration strategy across its extensive 5,713 square kilometer tenement package in the Gawler Craton. This includes a large-scale calcrete sampling program targeting gold and rare earth element anomalies, with nearly 14,000 samples planned on an 80-by-80 meter grid. Detailed geological mapping has also commenced, focusing initially on the Lake Labyrinth shear zone to refine geological models and identify new drilling targets.

Corporate Strength and Shareholder Returns

On the corporate front, Indiana Resources demonstrated financial robustness with a consolidated cash position of AU$23.47 million as of 31 December 2024. The company paid a special unfranked dividend of 5.0 cents per share in December, reflecting proceeds from a significant settlement agreement with Tanzania. A further distribution is proposed for May 2025, contingent on receipt of the final US$30 million payment under the settlement and shareholder approval.

Leadership to Drive Exploration Growth

To spearhead its South Australian exploration ambitions, Indiana appointed Lindsay Owler as Chief Executive Officer during the quarter. Owler brings extensive experience in mineral exploration and corporate development, with a track record of leading successful exploration campaigns across multiple jurisdictions. His leadership is expected to accelerate the advancement of Indiana’s gold and rare earth projects.

As Indiana Resources continues to build on its promising drill results and strategic initiatives, the market will be watching closely for upcoming assay releases and the impact of the new CEO’s direction on the company’s growth trajectory.