Indiana Resources
Primary ticker: ASX:IDA
Stage of development: Exploration
Primary minerals: Gold, Base Metals and Rare Earth Elements (REE)
Project to promote: Lake Labyrinth Shear Zone and Harris Greenstone Belt
Project location: Australia
Website: www.indianaresources.com.au
Indiana Resources (ASX: IDA) is an Australian-based exploration company focused on advancing its highly prospective Central Gawler Craton Province in South Australia.
With a 5,713 km2 100% owned tenement package located in a Tier 1 mining jurisdiction Indiana’s project area contains multiple large-scale prospects identified across a number of commodities.
At Minos within the Lake Labyrinth Shear Zone, Indiana has identified high grade clay hosted REE mineralisation over a 10km strike length, including 26 m @ 4,767 TREO up to 26m thick zone of TREO enrichment in weathering profile. Also at Minos Indiana has identified a pipeline of gold targets including;
– Minos, 35m @ 7.08g/t, 21m @ 8.43g/t
– Ariadne, 11m @ 2.44g/t, 6m @ 4.05g/t
– Earea Dam, 4m @ 10.2g/t, 2m @ 10.6g/t
A strong VMS Target has been identified within the Hopeful Hill Greenstone Belt, where historic drilling has highlighted strong Au, Zn, Ni and Co potential.
Indiana’s Central Gawler Craton Project is strategically located close to rail, road and essential infrastructure in mining friendly South Australia.
Major shareholders:
MR PETER DAVID KOLLER 8.03%
BNP PARIBAS NOMINEES PTY LTD 6.91%
MR STUART CAMERON BARNES + MRS BRONWYN BARNES 5.84%
MR PHILIP COLIN HAMMOND + MS BETTY JEANETTE MOORE 2.38%
CITICORP NOMINEES PTY LIMITED 2.36%
MANAGEMENT OWNERSHIP 6.80%
Financials
Management Profile
Bronwyn Barnes – Executive Chair
Bronwyn has had an extensive career in the resources sector, having worked with companies ranging from Western Mining Corporation and BHP to emerging juniors in directorship, executive leadership, and operational roles in Australia and internationally. Bronwyn is currently Executive Chair of Indiana Resources, (ASX: IDA), Non-Executive Chair of Scorpion Minerals Ltd (ASX: SCN), and Finder Energy Ltd (ASX:FDR).
John Fitzgerald – Commercial Manager
John is an experienced executive with a wealth of expertise spanning more than two decades in the resource industry. Prior to joining Indiana he served as the Finance and Commercial Manager at Saracen Minerals, an ASX 100 mining company, making significant contributions over several years. Following this successful tenure, he assumed the position of Chief Financial Officer at a privately owned resource investment company.
What is your rationale for taking part in 121 Mining Investment?
Our key objective is to inform and engage with both existing and potential future investors, including retail and institutional investors, about our Central Gawler Craton Projects in South Australia and arbitration against the Government of Tanzania.
What recent news would you like to highlight to investors attending?
South Australia Exploration
19-Mar-24 Beneficiation Test Work Produces 4.2% TREO Concentrate
27-Nov 23 Exploration Activity Update
30-Oct-23 Exploration Activity Update – Central Grawler Craton Project
21-Jun-23 MINOS Assay results widens REE zone to 4.5km
Tanzania
26-Feb-24 ICSID Confirms Final Annulment Hearing Date
07-Feb-24 ICSID Rules Majority of Annulment Request Without Merit
27-Dec-23 Tanzania Provides Undertaking to Pay Award Debt
18-Dec-24 Stay of Enforcement – Update
10-Nov-23 Publication of ICSID ad hoc Committee Decision
03-Nov-23 ICSID Decision on the Stay of Enforcement
18-Jul-23 US 109.5M Award Against Tanzania
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
South Australia
With site visits completed in December 2023 planning is well progressed for 2024 field activities. REE metallurgy test work is advancing well with final test results anticipated in the coming weeks. With encouraging initial results achieved to date, the test suite has been expanded to identify the most appropriate beneficiation methods and determine the mineralogical characterisation of the host material. It is now planned to undertake further hydrometallurgical test work to provide confirmation of the most appropriate beneficiation method suitable for the ore type.
Completion of a targeted work plan to advance the Minos project over the coming months, this the intended work programmes to in include:
a) Follow-up AC drilling in May 2024 to further define high grade REE zones and gold mineralisation
b) Further Flotation Met Test Work
c) Hydrometallurgical Test Work
Tanzania
Completion of the ICSID Annulment procedure, with the final hearing date being set for the 26th of July 2024
6 Months:
South Australia
Future field activities are being planned for Q3 of 2024 to include follow-up AC drilling program at Minos for both REE and gold, with a focus on confirming the mineralisation and determine the strike orientation. Heritage clearances and government approvals are in place covering the planned drilling area. REE test results will assist in refining this programme.
12 Months:
Initial resource estimate of Minos. Expand heritage clearances. Expand drilling footprint along Lake Labyrinth Shear Zone and Hopeful Hill
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Delays in obtaining land access – to eliminate this risk the company is focused on building strong relationships with both Native Title groups and government departments to facilitate approvals.
What do you think makes your company such a compelling investment?
The ISCID annulment process will be complete in the second half of 2024. The Government of Tanzania has provided an undertaking to ICSID that it will pay the full amount of the award with in 45 days of the final decision. The award currently due stands at ~US$122M with interest accruing at US$1M per month until the payment has been made.
Indiana has a large strategic land position in an underexplored region that hosts major discoveries. Initial drilling success has demonstrated potential for a major discovery for both REE and gold mineralisation.
What are the top 3 key investor takeaways?
Large strategic ground position in Tier 1 jurisdiction with strong exploration results for both REE and gold generated to date
Activity in 2024 will ramp up with the finalisation of land access. With a strong exploration programme planned there will strong news flow. Good technical leadership at board level to drive exploration.
Post the ISCID award settlement, Indiana will retain approximately AU$15M of its share of the award proceeds for the exploration of its existing exploration portfolio. The remainder will be returned to shareholders.