Minos Gold Deposit Depth Doubles to 380m with 45.8 g/t Peak Assay at Southwest Zone

Exploration Momentum at Minos

Indiana Resources Limited (ASX: IDA) has delivered a robust quarterly update for the period ending 31 March 2025, highlighting strong progress at its flagship Minos gold deposit in South Australia’s Gawler Craton. The company reported new high-grade gold assay results that extend the Southwest Zone, including a standout intercept of 1m at 45.8 g/t gold, underscoring the zone’s growing significance.

Complementing these surface results, deep diamond drilling has successfully extended the Minos Main Zone’s mineralisation depth from 200 metres to 380 metres below surface, while maintaining a strike length of 650 metres. This substantial increase in vertical extent materially enhances the deposit’s commercial mining potential and sets the stage for a maiden JORC Resource estimation, currently in preparation.

Strategic Regional Exploration and Titanium Prospects

Beyond Minos, Indiana has advanced its systematic exploration strategy across the Gawler Craton with detailed calcrete sampling programs and an imminent high-resolution airborne magnetic survey covering multiple prospects including Partridge, Ariadne, and Company Well. These efforts aim to refine geological models and identify new drill targets, potentially expanding the company’s resource base.

In parallel, Indiana has identified titanium source rocks at the Carne Titanium Prospect, located 20km east of Petratherm’s Rosewood deposit. With prior drilling returning encouraging titanium grades, follow-up drilling is prioritized for 2025, signaling diversification of Indiana’s exploration portfolio beyond gold.

Financial Strength and Corporate Developments

Financially, Indiana Resources is well positioned with a consolidated cash balance of approximately AU$71 million as of mid-April 2025. This follows receipt of the final US$30 million instalment under a US$90 million settlement agreement with the United Republic of Tanzania, marking a significant liquidity milestone for the company.

The board is actively reviewing capital management initiatives, including a proposed capital return to shareholders. This distribution is contingent on a favourable ruling from the Australian Taxation Office regarding its tax treatment. The maximum potential return is capped at A$32.4 million, with further details to be announced pending regulatory and shareholder approvals.

Governance and Legal Challenges

On the governance front, Indiana disclosed an ongoing dispute among shareholders of Ntaka Nickel Holdings Ltd (NNHL) concerning the distribution of settlement funds received from Tanzania. Loricatus Resources Investments has initiated arbitration proceedings under the Australian Centre for International Commercial Arbitration (ACICA), with no timeline yet provided. Meanwhile, a tax assessment notice from Tanzanian authorities alleging unpaid taxes on the settlement amount has been formally contested by Indiana, citing breach of the settlement deed.

These legal complexities introduce an element of uncertainty, particularly regarding timing and resolution, which investors will be watching closely.

Outlook

Looking ahead, Indiana Resources plans to recommence drilling at Minos in late April 2025, aiming to further delineate and expand the gold mineralisation footprint. The integration of new geophysical data with ongoing sampling and drilling results will be critical in advancing the project towards resource definition and eventual development.

With a strong cash position, expanding exploration success, and strategic capital management underway, Indiana Resources is poised to build on its momentum in the highly prospective Gawler Craton.