Minos Drilling Yields 2m at 25.85 g/t Gold; Indiana Proposes $0.05 Capital Return
Indiana Resources has reported significant extensions of high-grade gold mineralisation at its Minos prospect within the Gawler Craton Project, alongside a proposed capital return and key executive appointments to drive future growth.
- High-grade gold intercepts confirmed at Minos, including 2m at 25.85 g/t from 351m depth
- Extensional drilling programs ongoing with assays expected mid-August
- Large-scale regional gold anomalies identified at Ariadne and Company Well prospects
- Strong cash position of A$69.4 million with proposed $0.05 per share capital return
- New Managing Director & CEO and Chief Operations Officer appointed post-quarter
Exploration Breakthroughs at Minos
Indiana Resources Limited (ASX, IDA) has delivered a robust update on its Gawler Craton Project in South Australia for the quarter ended 30 June 2025. The company’s recent reverse circulation and diamond drilling programs at the Minos prospect have confirmed significant extensions of gold mineralisation at depth. Notably, a standout intercept of 2 metres grading 25.85 grams per tonne gold from 351 metres depth underscores the potential for high-grade zones continuing below previously known limits.
The Minos Main Zone now extends to 380 metres below surface with a strike length of 650 metres and remains open in all directions, suggesting further upside potential. Indiana has completed a 27-hole, 6,600-metre RC drilling program and commenced a follow-up diamond drilling campaign of approximately 1,300 metres, with assay results from the recent drilling expected by mid-August. These efforts aim to delineate the continuity of mineralisation along strike and at depth, including newly defined zones to the southwest.
Regional Exploration Uncovers New Targets
Beyond Minos, regional exploration through extensive calcrete sampling has revealed compelling gold anomalies at two nearby prospects, Ariadne and Company Well. At Ariadne, high-order gold anomalies extend over two kilometres, with peak values reaching 292 parts per billion; comparable to those seen at the Challenger gold discovery. Historical drilling at Ariadne has returned encouraging intercepts such as 11 metres at 2.44 g/t gold from 40 metres depth.
Company Well also shows promising near-surface gold values, with a peak of 136 ppb gold. Indiana is progressing infill sampling to refine these targets and plans air-core drilling in the fourth quarter of 2025 to better define the anomalies ahead of further RC drilling. These regional findings could significantly expand the company’s resource base within its 5,700 square kilometre Gawler Craton tenure.
Financial Strength and Capital Return Proposal
Indiana Resources reported a strong cash balance of A$69.4 million at the end of June 2025, bolstered by settlement proceeds from a longstanding arbitration with the United Republic of Tanzania. The company has proposed a capital return of $0.05 per share, subject to shareholder approval at a general meeting scheduled for 1 August 2025. This return would distribute approximately A$32.2 million to shareholders while maintaining a healthy post-distribution cash position of around A$37 million.
The company also received a draft Australian Taxation Office ruling confirming the capital return will not be treated as a dividend for most shareholders, which may enhance its attractiveness. Indiana’s disciplined financial management provides a solid foundation to fund ongoing exploration and development activities.
Leadership Changes Signal Growth Focus
Subsequent to the quarter, Indiana announced the appointment of Matthew Bowles as Managing Director and CEO. Bowles brings over two decades of industry experience, including leading Alto Metals Ltd through a successful takeover at a significant premium. His arrival signals a strategic emphasis on advancing exploration and unlocking value at the Gawler Craton Project.
Additionally, John Fitzgerald has been promoted to Chief Operations Officer. Fitzgerald’s expanded role encompasses oversight of exploration support, finance, administration, and government reporting, reflecting the company’s intent to strengthen operational execution.
Ongoing Arbitration and Operational Outlook
Indiana remains engaged in arbitration related to settlement proceeds from Tanzania, with a portion of funds preserved pending resolution of shareholder disputes. The company has lodged notices with international arbitration bodies to protect its interests amid ongoing challenges.
Meanwhile, exploration and metallurgical test work continue apace, with geological re-logging of historic drill holes 65% complete and specialist consultants engaged for metallurgical analysis. These activities aim to refine the geological model and support resource estimation efforts.
Overall, Indiana Resources is well-positioned with a strong financial base, promising exploration results, and a refreshed leadership team to drive its next phase of growth in one of Australia’s most prospective gold provinces.
Bottom Line?
With high-grade gold extensions confirmed and strategic moves underway, Indiana Resources is poised for a pivotal growth phase; investors will watch closely as assay results and shareholder decisions unfold.
Questions in the middle?
- Will the upcoming assay results confirm further high-grade extensions at Minos?
- How will the shareholder vote on the proposed capital return impact Indiana’s share price and funding strategy?
- What is the expected timeline and potential outcome of the arbitration proceedings involving Tanzania and Loricatus Investments?