Indiana Resources Extends Gold Mineralisation at Minos, Launches New Drilling Campaign

Extending the Gold Footprint at Minos

Indiana Resources Limited (ASX, IDA) has delivered encouraging results from its recent drilling campaign at the Minos Gold Project, located in South Australia's Central Gawler Craton. Reverse circulation (RC) drilling has intersected multiple zones of gold mineralisation, including standout intercepts such as 4 metres at 13.0 grams per tonne (g/t) from 130 metres and 21 metres at 2.31 g/t from 115 metres. These results extend the known mineralised strike length to over 650 metres and to depths of approximately 380 metres, with the system remaining open for further expansion.

Complementing the RC drilling, diamond drilling targeting potential high-grade plunge zones at depth has been completed, with assays pending. These results are anticipated to refine the geological model and guide subsequent drilling phases, potentially unlocking higher-grade zones within the Minos system.

Strong Geochemical Signals at Ariadne and Company Well

Beyond Minos, the company’s calcrete sampling program at the nearby Ariadne and Company Well prospects has identified robust gold anomalies extending over two kilometres. Initial sampling returned peak values of 292 parts per billion (ppb) gold, comparable to those seen at notable discoveries in the region. Follow-up infill sampling confirmed multiple samples exceeding 1,000 ppb, including a peak of 3,000 ppb (3 g/t), underscoring the prospectivity of these targets.

In response, Indiana has commenced a substantial air-core drilling program of approximately 7,000 metres to test these anomalies, including the Partridge prospect further along the Lake Labyrinth Shear Zone. This drilling aims to delineate new mineralised zones and expand the company’s footprint within the Gawler Craton.

Rare Earth Element Potential and Strategic Positioning

Adding to the project's appeal, rare earth element (REE) analysis from recent drilling at Minos has revealed localized enrichment, with total rare earth oxides (TREO) exceeding 0.1% in select intervals. This finding suggests potential for co-product opportunities alongside gold, which could enhance the project's economic profile.

On the corporate front, Indiana maintains a robust cash position of A$35.3 million following a $0.05 per share capital return approved by shareholders and distributed in August. The company’s leadership has been strengthened with the appointment of Matthew Bowles as Managing Director & CEO, bringing over two decades of industry experience, and the promotion of John Fitzgerald to Chief Operations Officer. These changes signal a clear focus on advancing exploration and delivering growth.

Ongoing Arbitration Matters

While exploration advances, Indiana continues to manage arbitration proceedings related to settlement funds from Tanzania and a shareholder dispute involving Loricatus Resource Investments. These legal matters remain unresolved but stable, with no material progress reported during the quarter. The company has preserved a portion of settlement proceeds pending resolution, reflecting prudent financial management amid these uncertainties.

Overall, Indiana Resources is well-positioned to capitalise on its extensive landholding of over 5,700 square kilometres in a highly prospective gold province, with exploration momentum building and a strong balance sheet supporting its strategic ambitions.