Hello and welcome back. Thanks very much for joining us for this last session, and we're going to make it worth your while here. We've got some four news stories to Resources Rising Stars in this session. Then we have some fantastic prizes to give away. Of course, our keynote address from Stephen Kukulis, whose timing, given what's happened with the Fed last night and other things, seems absolutely perfect. As you would have picked up in the last session, the central Gawler-Creighton region of South Australia is becoming very hot and gold. Our first presentation in this session, Indiana Resources has already got extensive mineralization with some other hot targets. Importantly, it's also got a lot of cash stashed away in the bank. Matt Bowles is the Managing Director, and he's here to tell us what they're going to do with that money. Basically, I can answer that question.
They're going to drill and drill, well funded for it, plenty of targets, and that's what we're here for. Please welcome Matt.
Yeah, drill, baby, drill. Thanks, Paul. Hi, everyone. It's great to be here presenting the Indiana Resources story for the first time at the Resources Rising Stars, and thanks to the great corporate team for hosting us. I'm going to talk to you a little bit about Indiana Resources and some of the super high-grade drill results we've had from our Minos Gold Project and why we're so excited about the significant potential of this project. Indiana Resources, I would say it's in the strongest position that we've been in for a number of years. We're well funded. We've got an aggressive exploration program both underway and planned. We're focused on driving growth throughout the Minos Gold Project and hopefully making some new discoveries along the way.
Absolutely, you read the disclaimer in your own time. As Paul said, we're a South Australian gold explorer. We've got a dominant land position of over 5,000 sq km in the central Gawler-Creighton. I know you've heard about a couple of other engineers today that are talking about South Australia. It's great to see South Australia is getting on the map. I think there's some amazing prospectivity there. If these projects were in sort of WA or a number of other states, they'd probably have a lot more drilling and exploration, and that's where we will see the potential. With Indiana Resources, within our project area, we've got over 50 km of the Lake Labyrinth Shear . It's a fertile gold shear. It's certainly very well endowed.
We've got a number of our key gold prospects already on that shear, and we're stepping out and starting to test a number of those other targets. Beyond that, within the property, we're seeing we've got this rare earth potential, titanium potential, base metal potential, specialty metals. It's a really exciting project in itself, and the opportunity is vast. As Paul said, we're well funded. I'll talk about that in a minute. We've got $37 million in cash. We've got an aggressive exploration program both planned and underway right now. We've got a lot of assay results pending. I'll talk about that shortly. There's lots of news flow coming out for Indiana. Just quickly on our corporate side, we've got just over 640 million shares on issue.
The share price, it's a little bit higher than when I published this preso, so it's about $25 million- $27 million cash market cap. You can see there our cash is significantly higher. For those of you that may be familiar with Indiana, we did have a project in Tanzania. It was a nickel project. We've lost that since then, and we settled with the Tanzanian government. That cash represents the balance of a settlement. We've returned over $60 million to shareholders in the last 12 months. It's two capital returns of $0.05 each. We've got a lot of very, very, very happy shareholders, and now they're excited to see what we're going to do with our gold project. The Board and management certainly got a great balance between technical and corporate.
Bronwyn, the Chairperson, certainly led a lot of that activity in Tanzania and now has brought me in as MD to really unlock the value of Indiana from a gold exploration side. We're building out the team. We're supported by two key consultants, Barry Bourne, Simon Bolster. I've worked with both of these guys before. They're both big companies. Barrick, Newmont, they've been involved in a number of discoveries before. They know what big discoveries look like. We're really gearing up that team. Tony Wright, our Exploration Manager, is based in Adelaide. I've known Tony, Tony and I have crossed paths a number of times over many, many years. It's really building that team out. As you can see there, the top 20 hold about 50% of the register, so it's pretty tightly held. As Paul said, we're in the central Gawler-Creighton of South Australia. It's a highly prospective region.
Geologically, it's really exciting. It already hosts a number of key major deposits and mines, and we have over 5,000 sq km of ground there. It's pretty easy to get out to the project. It's about a seven-hour drive. It's supported by great infrastructure around the area. You'll see there from where we are in the blue, we're in the center of a rapidly emerging and growing gold district. We're surrounded by and in close proximity to the historic sort of Challenger gold mine, Tunkillia, and then we're surrounding Barton Gold, which I'm sure many of you are familiar with as well. Just zooming in on the project area, the two key things to get away from this area, one of the focuses for us is that northwest-southeast trending Lake Labyrinth Shear Zone at the top there. That's a major fertile gold system.
It hosts a number of our prospects, and that's really where we've been focusing our work. If you look further to the south, you've got the Harris Greenstone Belt there. The overall area has had mining activity since the early 1900s. There's a bunch of old shafts through there. There's a load of old workings. More recently, there has not been the level of modern exploration and quite sparse drilling. That's where we really see the opportunity. There's a number of targets through there. I'd probably say too many. One of our challenges is prioritizing those targets. It's going through and really building out that pipeline and continually focusing on near-term opportunities around that Lake Labyrinth Shear and then building that pipeline out as well, which is really more of a systematic process. Sometimes it's a bit challenging.
It's a bit like trying to pick your favorite child because all the geologists have got their favorite target and everyone's arguing about which one we're going to drill next. I think we're certainly in a great position that we can go and drill multiple targets with our cash position so we can really attack this project pretty aggressively. For us, the priority right now is the Lake Labyrinth Shear Zone. As I said, our project covers over 50 km of strike. It's a major fertile gold-bearing system. These big shear zones, it's a big fluid highway. All the gold is carried through these shears and it drops out in those favorable structures. The exciting thing is, you know, it's the big shear zones and that's where you find the big deposits.
We can see that there's a lot of gold in this system by a number of the prospects we have there at Minos and not just Minos, at Ariadne, Company Well, and it's delivering some fantastic results. In some ways, it is quite difficult and I can see why in the past we've struggled to sort of step out and look at some other targets there. Given the opportunity we have now, we can really sort of aggressively explore this overall area and we believe unlock some real value for shareholders. This is just an example of some of the high-grade results that we're delivering both from surface at Minos. That's really high-grade results, shallow results. We've drilled the project down in certain areas down to 350 m. We're still hitting high-grade at depth.
That's really exciting when you're looking at sort of, is this going to be a large open pit or is it going to be a small sort of underground sort of high-grade opportunity? That's why we're drilling the project so aggressively, not just at Minos, but some of the other projects there to really sort of grow that footprint. You can see there at Ariadne and the area down where we're starting to do some work. There are a number of these targets that are delivering good results. This is just a plan view at the moment of Minos. Minos is currently defined over 650 m of strike. You can see it's trending on that northwest-southeast sort of trend, which is in that shear zone. As I said, it's drilled down to in some areas about 350 m. It's about between 50- 150 m wide. It's open.
It's open on that northwest-southeast trend and at depth. We can really see this continue to grow. We're looking at, I'll show you on the next slide, but we're starting to look at some other opportunities in that area as well. This is looking at Minos and Ariadne in a long section here. You'll see the drilling, not only that, I guess the two things there is the limitation of drilling around those resources. They are very much open. They're so open along strike and at depth. Certainly with Minos to the northwest there, there's a high-grade zone, which we're drilling, we have been drilling. We're waiting for some assays and all that. I'll talk about that in a couple of minutes. What we're trying to demonstrate is the Minos Gold Project is just more than the Minos prospect.
We have the Minos prospect, we have Ariadne, which we're now showing on this section. I'll talk about Company Well in a moment. These are just three prospects within that overall shear zone. This is how we're growing the project. We recently undertook and annozd a really successful calcrete sampling program. We came back with a number of first or very high order anomalies. We've got a major 5,000 m air core program that's about to go and sort of hit some of those targets really, really hard. We're already talking about following that up with an RC program, obviously subject to the results from the air core, but we have a lot of confidence this is going to start to deliver. You'll see there, you've got the major shear zone running that northwest-southeast. On the map there, it's quite disrupted where Company Well is. That's pretty exciting.
There's obviously something going on there, and that's what we're looking at following up on. What are we doing right now? There's a lot going on. We're certainly waiting for about 8,000 m of assay results. It has taken a little bit longer than we would have liked due to a number of logistical matters, which we hope we have now resolved, and we expect to get some results in the next week or so. That's both from RC drilling, extensional drilling at Minos along strike and at depth, and then also some diamond drilling as well. The diamond core's being cut. That's now being sent for assay. We expect to get the RC results through shortly, and that'll be followed up by the diamond. We've got some further calcrete sampling results from Ariadne and Company Well.
As I said, we're sort of planning to start a 5,000 meter air core program and then a follow-up RC program later in the year. On the targeting side, I spoke before about really highlighting the pipeline. This is really important for us because it's delivering near-term results to the market, growing those projects around Minos, but also looking at what other targets we can set up and start to test. We flew a big aeromag program over three areas. That's being interpreted at the moment with some of our structural consultants. We look forward to releasing the results on that. We believe that's what's going to lead to some further targets as well. It's really about building that pipeline out. Also, looking forward more, and I know it's been spoken about recently over the last couple of days, is access to ground.
It's across the industry, not just in South Australia, but in Western Australia, Queensland, New South Wales, and Victoria. We have to get consultants that engage with the traditional owners. We engage directly with the traditional owners. We've got access agreements in place with some of those groups, which is why we can do work on the ground now. It's front-running that long process. By engaging now, we can be in a position that when we want to go and drill new targets, we've already had those discussions in place and hopefully won't impact our exploration. The investment highlights. I guess, you know, why would you invest in Indiana Resources? I think, you know, from a leverage point of view, it's fantastic. As I said, our market cap's sort of sitting at $25 million. We've got a much stronger cash position.
We've got a dominant land position in the central Gawler-Creighton region of South Australia. We're really excited about the Lake Labyrinth Shear . I mean, over 50 km, it's a fantastic sort of opportunity for us. We think that there's, you know, the potential for finding a big deposit there is significant. We've got multiple other targets. We're not trying to be distracted by some of those other targets. Really, the focus is on gold right now. The gold price is hot. I believe it's going to keep getting hotter. We really want to accelerate our growth and sort of convert Minos, you know, take that to the next step, so start to sort of work towards resources on those things and grow that footprint a lot harder. We're well funded to do that. We're not going to be coming back to the market.
We're not going to be hitting you guys up for cash for the next placement. We've got the funding in place to execute the prog that we want to execute to really unlock the value here. That's something that's part of the reason I got involved with this company. I've only been with the company for about six to eight weeks. I see some huge opportunity here, which is why I'm so excited about Indiana Resources. Our booth's just around the corner. I only had 15 minutes. I think I've pretty much nailed the time, which is fantastic. Please, if you want to come and have a chat to me about Indiana Resources, both myself and our COO, John Fitzgerald, are there. Please come and have a chat and look forward to talking to you about Indiana. Thank you.
Great. Thanks, Matt. Understatement of the decade. We're well funded with $37 million in the bank. Right. Another news story to Rising Stars. Flagship Minerals. Paul Lock is the Chairman and the Managing Director of this company. It's undergoing somewhat of a corporate transformation underpinned by its acquisition of a gold project in Chile. Paul's here to tell us about it. Please welcome him.
Thanks, everyone. Is my microphone working? Can you guys hear me? Oh, you can now. Cool. Instead of a disclaimer, I put a QR code there because they all say the same thing. That will take you to the presentation on our website. I'm the Managing Director. It's my first time here, and it's actually been really interesting. Just a corporate snapshot first. The board and management eat their own cooking. We have a lot of skin in the game here, and we're here to build a really good project, a really good company. Our market cap is only about $22.5 million right now, and I'll go through the value proposal later. We've got quite a low enterprise value per oz. We do have a little bit of corporate pollution on the balance sheet there, some options and so, but it's not too much.
The convertible note should be out of the way over the next month or so. Myself and David Hobby have been working together for over 10 years, and we've looked at projects mainly in Asia and South America, but we've got a lot of experience together. I'm an ex-project financier, and he's an economic geologist. Together, we sort of are able to work out what projects we think are the best to put our time and shareholders' money into. Our strategy right now is just gold and copper. The reason we're looking at gold and copper is that these are deep markets. On the supply side and the demand side, so long as we can deliver a copper con or a cathode or a gold doorway into the market, and we're cost-competitive, we have a market. We don't have to do anything else but do that.
For small companies, it's all about reducing your risk. We felt that copper and gold would get us a long way to doing that. We're looking for projects in low-cost jurisdictions. We're focusing on Chile at the moment. Chile is the largest copper producer and exporter in the world. It's got massive infrastructure. It is a lower-cost environment. It's not the lowest, but it's reliable. It's got a very solid mining code. It's got free trade agreements with all the countries that matter. That means asset protection, and that means investor protection. We're only looking for projects which are lower in capital intensity and have the OpEx or the metallurgy, which gives us a low OpEx. We'll go through this, but we're looking at heap-leach gold at the moment, and we think this project's a real winner. We want projects which are proximal to infrastructure.
Not every project is perfect, but we want to get as close to ticking all the boxes as possible. With Pantanillo, which I'll go through, I think we'll achieve that. You'll see on this chart here that there's a gold patch that's called the Maracunga Gold Belt, a very rich gold belt in South America. You'll see some of the names there. Down the bottom, we've got the old Filo de Sol project, which was bought by BHP in London not long ago, was in the news. Big projects there. Right up at the north, we've got Goldfields with their gold project there and a whole heap of projects in between. Before we head into this too much, I wanted to talk about our focus. Our focus is cost and capital intensity. In our view, that's all that matters. Grade does not matter. I've got this chart here.
It's Aussie and New Zealand gold producers. I've marked two companies on there. We've got Capricorn's project in Western Australia at the bottom of the cost curve. It's one of the lowest grade projects in this producer peer group. Its head grade is 1 g. Its resource grade is 0.7 g. At the top of the middle of the third quarter of the cost curve, we've got Costaville, which is the highest grade project in this peer group, yet it's one of the most higher cost projects. What I'm trying to show here is that grade is not king. It's your project economics. It's your metallurgy. It's your cost environment. All these things stack on top of each other. That's what makes a project. That's why we're looking at the project we're looking at. The Pantanillo Gold Project is located in Chile, as we've discussed. We just purchased this project.
The history is it was owned by Anaconda. Then Anglo farmed it out to some big plays, including Kinross, collected all that data. In the late 2010s, let the project go because it's only got 1 million oz in it. It's too small for them. Picked up by a Chilean group, and we did a deal with the Chilean group. We picked up a million oz. It's an NI 43-101, but for all intents and purposes, that's the same as JORC. 80% measured. It's a really strong resource, and there's a lot of upside. The project grades 0.69 g a ton of gold. That's why I was talking about the cost curve and where the grade is king. What got us really excited about this project was what was happening around us. 12 km from us is the Volcan project owned by Hochschild. It's actually just in a transaction now.
For today, owned by Hochschild. It's got about 11 million oz in it. It's got a PEA at about 2023. It's grading 0.63 g a ton, and its AISC is around $1,002 . So, about AUD 1,500 . Super cheap. Then we've got a Phoenix project owned by Rio2, TSX listed. Market cap in AUD of around AUD 775 million today. It's got 1.7 million oz or thereabouts of proven and probable grading 0.48 g a ton. Its AISC is $1,237. That's about $1,850. It's about the same as Safin, who's also got a heap-leach project here. Very low-cost environment. Around us, within a 35 km radius of our project, Pantanillo, is 65 million oz of gold in resource. In the Maracunga Gold Belt, there's 100 million oz of resource. You can see there, we've got some of the biggest names in town as our neighbors.
This is a really interesting area to operate. We've actually got the smallest project. On costs and heap-leaching, you would have seen a similar chart with Safin, and you can see that the average grade for heap-leach projects for this small peer group is around 0.5 g a ton. We're at 0.69 g a ton. We will be delivering an updated and JORC-compliant MRE later this year where we expect to grow the resource. That grade will come down a little bit. You can see Hochschild, which I just mentioned with that massive resource there, grading at 0.63 g a ton or so. Then Phoenix under the average at 0.43 g a ton, but still a very low-cost operation. Now, back to the cost curve and why I've pointed out those projects. This is that cost curve we saw a few slides ago.
Even though it's apples and oranges because these are projects which are not producing yet, you can see that both projects are actually in the bottom decile of the cost curve. In fact, Safin's Apollo Hill is around there too. Given our grade is sitting around 0.69 g a ton, we would expect that if everything goes well, we'll be somewhere there too. It just shows how low-cost these heap-leach projects are. That's the big advantage. The capital intensity is low. The operating costs are low. That means that the project is bankable and doable. This is the value upside, or this is where we see the opportunity for us right now. This peer group here is a selection of ASX and TSX companies without a PEA. It's all pre-feasibility of any sort. They range in jurisdictions. There's some from WA, like GG8.
You can see that Andean Silver, which is also in Chile, is there on the left-hand side, and so on. Right now, we're valued at around $22 an oz. The peer group here averages $117 an oz. We think our project is better than the average anyway. That's where we see our value trajectory. To reinforce that value trajectory, we've got this slide here. We can see our project there at $22 an oz. We're slowly moving towards feasibility. First, come off the rank is a JORC MRE update. We can see Safin Metals there, valued at around $250 million today. Phoenix, which is just up the road from us, is valued at $775 million today. This is why we're doing what we're doing. These heap-leach projects are bankable. They're low-cost, and they can really produce big profits. Let's just focus on the project now for a little while.
Pantanillo is around 110 sq km . You can see in this chart here, there are two little green areas, one between T1 and T2, that represents the footprint for 1 million oz of gold. That other green footprint is the Volcan project, which is 12 km on trend from us. That represents 11 million oz. You can see those lighter colored areas where we're missing T1 through to T7. That's volcanic alteration, and that's what we're chasing in the Maricunga Gold Belt. Our project resource right now is in volcanic alteration. We see opportunities for a long strike increases through T1 and T2. T3 through to T7 are exploration prospects. That's future upside for us. The block is a really robust exploration block. There's a lot happening in there. We get to start with a measured resource.
Converting to JORC should be relatively easy because we're talking to the competent or qualified person who originally did it. We can move forward, and we expect to build quite a big project here. Here's a really nice looking cross section. The actual footprint of the resource is 850 m long by 200- 600 m wide. It's really fat and wide, and it's sitting on top of a hill. The strip ratio will be reasonably low. You can see here some really great intersections here. These are blowing our mind because we've got a resource of 0.69 g a ton, but there's some intersections there which are hundreds of m long and over a gram a ton. We did a release two weeks ago with about 10 super long + 100 m , gram by meter intersections. The longest one was, I think, 450 m.
You can see the pit shell outline there, and you can see a lot of potential under the block. The pit shell is focusing on the oxides and the mixed zone. That is what will be heap-leaching, and that is what we'll be focusing on going forward. The sulfide zone underneath is a bit different. It might come into inferred, but that is sort of something we'll look at further down the track. The way to look at it is we're looking for a 10-year mine life on the oxide and mixed. In 10 years, we'll look at the sulfides and see what we can extract from that. We just released some metallurgical test work yesterday. This is care of Anglo- Kinross, and [Oresaw], who were involved with the project before. The oxides were leaching to plus 80% recoveries within 30 days through column leach test work.
On this chart, you can see that orange line. Phoenix is doing a dump leach. No crush or anything. They dig it up and dump it, and their recoveries get up to 75%. The curve's a bit flatter to start with, but ultimately, they get to where they want to, and that is recovering gold. That is what it's all about, recovering gold for as low cost as possible. These are really exciting numbers. They give us a really strong pathway to a really strong and profitable project. This is a plan view, and I'm just going to jump through a few cross sections here. What we'll be focusing on, and I'll reiterate this in a minute, is delivering or jorking our current mineral resource. We expect to do that in November, December.
During that process, where we're going to get our first oz, how we grow from a million oz to something materially larger, we're going to focus on cut-off grade first. This resource was cut on a 0.3 g a ton cut-off back in 2010. Our neighbors are using a 0.15 g a ton cut-off for resources, and we should see a whole lot of gold come into the mineral resource estimate without drilling a hole. Secondly, when we do our resource, we'll be recutting the pit shell using today's economics. Back when this resource was put together, the gold price was $1,035. It's much higher today, but also, the cost environment in Chile hasn't accelerated with the gold price. What we're going to see is a wedge effect to our favor between costs and the current gold price as we recut our pit shell, which is going to bring more oz in.
We'll allow the pit shell to expand a bit and capture some oz around the pit. We'll be looking at extensional and down-deep drilling. We expect that in some parts of the current MRE and around it, the drilling has pulled up short in the oxides, and there's still more to go. There's some extensional drilling. When we do our resource upgrade, we'll be really focusing on strategic drilling. We're not all about saying we're going to drill 30,000 m, et cetera, et cetera. We want to spend as little money as possible and get this through to a point where we can start feasibility work. Later on, we'll start looking at the T3- T7 prospects. David Hobby, our Chief Geologist, and I were just discussing then maybe doing some soils. There is some soil work we've got to recollate to publish.
There's some really interesting stuff happening on this block. We expect to bring out some good targets. Through the cross sections, it looks like I'm over time, but you can see the drilling on the left-hand side is well under the pit shell right at the northwestern end of the pit. We step in a couple hundred m, and we've still got a lot happening under the pit. Same again here, and you can see a lot of holes pulling up short. Same again here, you can see all these holes have been drilled and finished in mineralization. It looks really exciting. A timeline, but I'm over time. You can look at this on our website and in our presentation, but MRE update later this year, and we'll go from there. That's it. Thank you very much.
Thanks.