Indiana Resources Share Price up after Trading Halt (ASX:IDA)
The share price of base and precious metals explorer Indiana Resources Ltd [ASX:IDA] has soared today after trading resumed when it received results from its Central Gawler Craton Gold Project in SA.
IDA share price hit a 52-week high this morning of 10 cents per share but have since cooled.
At time of writing the IDA share price is up 25% to trade at 8.5 cents per share.
The IDA share price has made a decent return over the past 12 months as interest in SA-based gold projects continue to grow.
First results hint at South Australian potential
When we think of Australia’s premium gold mining districts, places like WA, NSW and Victoria usually spring to mind.
But SA has been gradually carving out a name for itself as a top-tier mining jurisdiction — with IDA’s results adding further evidence.
Source: Indiana Resources
Today, IDA released the first five holes from its drilling program at the Minos Prospect located within the Central Gawler Craton Gold Project.
As part of the program, IDA completed 1,604 metres of drilling for 10 holes, which was designed to test a 600-metre-long section in the core of the Minos target.
REVEALED: What’s Next for Aussie Gold Stock Prices? Learn more.
Highlights from the first five assays include:
- 19m at 2.88 grams of gold per tonne (g/t) from 78m, including 1m at 10.6 g/t from 92m
- 5m at 24.35 g/t from 106m, including, 2m at 59 g/t from 106m
- 22m at 3.07 g/t from 125m, including 1m at 21.5 g/t from 137m and 1m at 23.0 g/t from 142m
IDA said that the first-half of the drill results confirm and enhance intersections of significant mineralisation.
Executive Chairman Bronwyn Barnes said:
‘These are truly exciting results from Indiana’s maiden drilling programme at Minos and highlight the exceptional prospectivity of the region.
‘It is clear that our targeting work has been successful, and this initial drilling programme suggests that the Minos Prospect remains open along strike and at depth, so planning for follow-up RC and diamond drilling is underway.’
What’s next for Indiana Resources Share Price?
IDA said the remaining assay results were expected within one week and could further extend the known mineralisation at Minos.
However, beyond that the company has not detailed how it plans to proceed.
Although this is not due to its level of funding, as IDA recently completed a share purchase plan and says it is adequately funded to complete their near-term exploration programmes. And expand their targeting activities for other advanced targets.
In my opinion, I think we could see IDA go after shallower targets on their tenements like Ariadne or Earea Dam, which have produced high-grade results similar to Minos.
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For The Daily Reckoning Australia