Indiana Resources Wraps RC Drilling at Company Well With Gold Assays Due in 6 Weeks
Key Takeaways
- Indiana Resources completed 1,764m of RC drilling across 10 holes at its 100% owned ~5,000 km² Gawler Craton Project in South Australia, with Company Well assay results expected within 4–6 weeks.
- The 8-hole, 1,386m Company Well program directly follows up on a confirmed 18m @ 1.2 g/t Au intersection in hole CWAC034, announced 10 February 2026, testing whether mineralisation extends further along the Lake Labyrinth Shear Zone splay.
- Receipt of the final Heritage Survey Report for Ealbara clears the area for drilling, unlocking a 7km gold anomaly as Indiana's next active drill target.
- Two metallurgical test holes drilled at the Minos gold prospect add a separate results catalyst expected in December/January, distinct from the Company Well assay timeline.
- Indiana's news pipeline extends to early 2027, with a heritage clearance survey planned for Carne and Mariner prospects in November 2026, positioning the company for sustained newsflow across multiple targets.
RC drilling wrapped up at Company Well as Indiana Resources awaits gold assay results
Indiana Resources (ASX: IDA) has successfully completed its reverse circulation (RC) drilling program at the Company Well prospect within its 100% owned ~5,000 km² Gawler Craton Project in South Australia. The company also confirmed receipt of the final Heritage Survey Report for Ealbara, clearing that area for drilling. Two distinct catalysts now sit in the news pipeline: assay results expected in 4–6 weeks from 1,764m drilled across 10 RC holes, and a freshly unlocked drill target at Ealbara.
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Drilling highlights
Company Well — following up on a confirmed gold intersection
The bulk of the program focused on Company Well, where 8 holes for 1,386m were drilled targeting mineralisation intersected in a secondary splay off the Lake Labyrinth Shear Zone.
The program followed up on the intersection of 18m @ 1.2 g/t Au in CWAC034, announced on 10 February 2026. Key details from this component:
- Holes drilled: 8
- Metres drilled: 1,386m
- Target: Mineralisation in a secondary splay off the Lake Labyrinth Shear Zone
- Assay results expected: 4–6 weeks, subject to laboratory turnaround times
Minos — metallurgical test work underway
Two additional holes were drilled at the Minos gold prospect for metallurgical test work. Results from this component are expected separately from the Company Well assays.
- Holes drilled: 2
- Metres drilled: 378m
- Purpose: Metallurgical test work
- Results expected: December/January
Heritage clearance unlocks Ealbara drilling
Receiving the final Heritage Survey Report for Ealbara is more than an administrative box-tick. Under Australian law, a heritage clearance survey must be completed and approved before a company can physically access and drill a target area. That approval is now in hand.
The Ealbara area features a 7km gold anomaly, as shown on the company’s Gawler Craton Project Location Map (Figure 1). With all survey areas cleared and access approved, Indiana is now positioned to advance Ealbara into drilling.
Looking further ahead, a heritage clearance survey over the Carne and Mariner prospect areas is planned for November 2026. Completing that survey would unlock those targets for future drilling, extending Indiana’s active pipeline into late 2026 and early 2027.
What is RC drilling, and why does the assay wait matter?
Reverse circulation (RC) drilling is a widely used exploration method that pushes air down the centre of a drill string and forces rock chips back to the surface through the outer casing. It is fast, relatively low cost, and produces a steady stream of rock chip samples that can be sent to a laboratory for geochemical analysis.
Those laboratory tests are called assays. Assay results tell investors the grade of gold present (measured in grams per tonne, or g/t), the width of the mineralised zone (in metres), and how continuously that mineralisation runs through the rock. Together, grade and width determine whether an intersection is economically interesting.
The 4–6 week wait for results is a standard feature of the exploration cycle, not a sign of complication. Laboratories process large volumes of samples from multiple projects simultaneously, and turnaround times reflect that demand. The earlier intersection of 18m @ 1.2 g/t Au in CWAC034 provides useful context for what a meaningful result looks like at Company Well — the current program was designed to test whether that mineralisation extends further along the target structure.
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What’s next — Indiana’s news pipeline through to early 2027
The company has outlined its expected news flow across the coming months:
| Timeframe | Activity | Prospect | Significance |
|---|---|---|---|
| October 2026 | Assay results | Company Well | Gold grade and width confirmation |
| November 2026 | Heritage clearance survey | Carne & Mariner | Unlocks next drill targets |
| December/January | Metallurgical results | Minos | Test work outcomes |
Indiana’s ~5,000 km² tenement position in the Gawler Craton sits between the Tunkillia project, which hosts a 1.7 million ounce gold resource, and the historic Tarcoola gold mine. The announcement was authorised for release by the Board of Directors of Indiana Resources Limited.
Indiana’s Gawler Craton tenure has yielded multiple high-grade gold anomalies across several prospects, giving the company a pipeline of targets that extends well beyond Company Well and supports the case for sustained newsflow through 2026 and into 2027.
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