Indiana Resources Confirms New Gold Mineralisation at Minos Project

New Gold Structure Emerges at Minos Project

Indiana Resources Limited (ASX:IDA) has confirmed a previously unrecognised gold mineralised splay off the primary Lake Labyrinth Shear Zone (LLSZ) at its Minos Gold Project in South Australia. Air-core drilling at the Ariadne-Company Well prospect returned a standout intersection of 18 metres at 1.2 grams per tonne (g/t) gold from 10 metres, including higher-grade zones such as 3 metres at 3.6 g/t gold and 1 metre at 4.7 g/t gold with significant silver credits. This discovery extends over a 10-kilometre strike length and remains largely untested, suggesting substantial exploration upside.

The significance of this new structure lies not only in its scale but also in its geochemical fingerprint. Multi-element assays revealed a robust hydrothermal signature comprising gold, copper, bismuth, tellurium, and lead, consistent with the mineralisation seen at the nearby Minos Prospect. This correlation implies a shared and potentially extensive mineralised system, elevating the prospectivity of the broader project area.

These findings build on earlier work that identified high-grade gold in pyrite-rich quartz veins at Company Well, including historic intercepts of 1 metre at 2.2 g/t gold and 2 metres at 11.27 g/t gold. The consistent association of gold with pyrite and white mica alteration now serves as a reliable exploration vector, guiding future drilling programs.

Targeting Model Enhanced by Structural and Geophysical Analysis

Complementing the drilling results, a structural review conducted by Model Earth and geophysical interpretation by Southern Geoscience have pinpointed three priority target areas within the Ariadne-Company Well region. These include a structure mirroring the orientation of the new mineralised splay, a demagnetised zone adjacent to a late-stage intrusion, and a sheared zone associated with that intrusion. Such targets refine the company's geological model and sharpen focus for upcoming exploration.

Indiana’s exploration strategy benefits from integrating reprocessed aeromagnetic data and HyLogger mineral mapping, which uses alteration minerals as proxies for gold mineralisation. These datasets are being incorporated into a 3D geological and structural targeting model, enhancing drill targeting precision and potentially accelerating resource definition.

Exploration Progress and Upcoming Drilling Plans

The initial air-core program at Ariadne-Company Well, completed in November 2025, comprised 218 holes for 5,738 metres. Beyond the new mineralised splay, the drilling confirmed broad zones of shallow gold anomalism across the prospect area, with multiple intersections ranging from 0.3 to 2.0 g/t gold over varying widths. These results underscore the prospect's potential as one of several priority targets within the Minos Gold Project.

After a delay to refine targeting models, follow-up reverse circulation (RC) drilling is scheduled to commence in late May or early June, subject to rig availability. The program aims to test the new structure along strike and at depth, while also extending drilling at the Minos and Ariadne-Company Well prospects. Additional exploration activities planned for May and June include further HyLogger results, alteration modelling, and heritage clearances over other priority areas.

Corporate Developments: Arbitration and Strategic Review

On the corporate front, Indiana Resources continues to navigate arbitration proceedings with Loricatus Resource Investments over settlement proceeds from Tanzania. The Australian Centre for International Commercial Arbitration (ACICA) has scheduled the final hearing for December 2026, with a decision expected by mid-2027. Meanwhile, approximately US$12.8 million of settlement funds remain preserved in an interest-bearing account pending resolution.

In light of the arbitration timeline, the Board has initiated a strategic review to explore alternative value realisation opportunities for the 5,000 km² Gawler Craton portfolio. This review aims to balance the need to fund ongoing exploration with the uncertainties posed by the arbitration process. The company’s consolidated cash balance stood at $31.2 million at the end of March 2026, after accounting for legal costs related to arbitration.

Indiana’s exploration progress follows a series of encouraging developments, including the recent new gold zone along Lake Labyrinth and high-grade intersections at Minos confirmed earlier this year. The company’s approach underscores a methodical build-out of its geological understanding while managing corporate complexities.