Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to advise that RC drilling activities has been completed safely and ahead of schedule at the Minos Prospect within Indiana's 100% owned Central Gawler Craton Gold Project.

A total of 1,604m of Reverse Circulation (RC) drilling was completed for 10 holes varying in depth from 72 to 210 metres. The programme had been designed to test a 600 metre long section in the core of the Minos target. Samples have been collected and are in transit to Bureau Veritas in Adelaide for assay. Results are expected within 3-4 weeks and will be released to the market in due course.

Nine of the ten holes drilled for the programme ended in the mineralised shear zone and the Minos prospect appears to be open along strike and at depth. Results from this programme when received will assist with planning for an expanded drill programme, which will likely include diamond drilling to test the depth and extend the total width of the mineralised shear zone. Given drilling that has been conducted to date at the Minos Prospect it is likely that an expanded drill programme will be completed at a spacing to assist with the calculation of a JORC resource. The future drilling programme will also likely test targets at Ariadne and Company Well, both located within the Lake Labyrinth regional shear zone.

As previously reported (refer ASX releases dated 4th August, 28th September and 16th November 2020), significant mineralisation has been intersected in previous drilling at the Minos and Ariadne targets located within the 40km long Lake Labyrinth Shear Zone ('LLSZ'). Initial review of historic drill hole data, including diamond drilling completed at Minos, has highlighted significant high-grade structures within the mineralised zone that were not tested effectively by earlier drilling programmes.

Company Comment

Indiana's Executive Chairman Bronwyn Barnes said: 'We are very pleased that drilling has been completed safely and ahead of schedule. This is an exciting time for the Company as we plan to expand the exploration programme for 2021 and look forward to receiving results from this programme in due course.'

Indiana holds a 9 extensive position in the Central Gawler Craton, with 5,090 km2 of highly prospective ground, the majority of which falls within the Harris Greenstone belts similar in style to the WA Archaean greenstone belts. Indiana's tenement package includes multiple advanced to early stage targets proximal to existing gold mines and major discoveries, with key projects areas including the Lake Labyrinth Shear Zone, Double Dutch, Earea Dam, Moolkra and Boomerang.

The Central Gawler Craton has outstanding potential for the discovery of significant gold deposits, as indicated by the Tunkillia Gold Project (965,000 ounce gold resource), which adjoins the southern edge of the Company's tenements and the historical mining centre of Tarcoola, which adjoins the northern edge of the tenements, where historic production and current resources total approximately 93,000 ounces. Both Tarcoola and Tunkillia are now owned by Barton Gold Pty Ltd. In addition, Barton Gold also owns the Challenger Gold deposit, located 150 km North West of the tenement package which historically produced more than 1 million ounces. There are also many smaller historical gold workings present throughout the region that remain under explored including the Lake Labyrinth, Company Well and Earea Dam mines.

Contact:

Bronwyn Barnes

Tel: +61 417 093 256

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