Indiana Resources : Minos Drilling Highlights Continuous Gold Mineralisation

21st July 2022

Minos Drilling Highlights Shallow, Continuous Gold Mineralisation

Highlights

• Final assays returned from April drill programme, with significant results including:
only	o 4m	@ 5.31g/t Au from 106m
o 14m @ 0.90g/t Au from 55m
o 8m	@ 1.38g/t Au from 88m
o	7m	@ 1.47g/t Au from 72m
• Gold mineralisation at Minos confirmed over 600m strike length and remains open
	along strike in both directions and at depth
• Further drilling planned for targeting extensions at Minos to the northwest, southeast
	and at depth
• Approval of an Exploration Program for Environment Protection and Rehabilitation
use	(E-PEPR) over an expanded area allows for further drilling to test the strike extent of
	Minos and other nearby targets

personalIndiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to report assays results h ve now been received from the final five holes of the Reverse Circulation (RC) drilling campaign

completed at the Minos Prospect within Indiana's 100% owned 5,713 km2 Central Gawler Craton Gold Project in South Australia.

These latest five holes have continued to deliver encouraging gold intersections infilling previous 'gaps' and improving confidence of the continuity of the gold zones at the Minos Project within the Lake Labyrinth Shear Zone (LLSZ). Gold mineralisation remains open along strike in both directions and at depth.

A total of fourteen (14) drillholes for 1,868m were completed at Minos in April, with the programme d signed to infill the existing drill hole coverage within the central portion of the defined mineralisation and to provide further geological information for inclusion in the proposed resource estimate for Minos.

Company Comment - Technical Director Felicity Repacholi-Muir said:

"We are very pleased with the final assays from our April drilling programme which has outlined a

600-metre strike extent of shallow, near-surface gold mineralisation. Importantly, recent results at
Minos increase our confidence in the grade continuity and clearly demonstrate the strong potential
f r the area to host a mineralised system of significance.
The approval of the E-PEPR over an expanded area allows us to continue our exploration efforts at
ForMinos and to broaden our programme to include other important LLSZ targets including the Ariadne,
and Company Well Prospects. We would like to thank the DEM for their assistance in finalising the E-
PEPR and we look forward to progressing approvals over the remainder of our extensive landholding
in the Gawler Craton."
CAPITAL STRUCTURE	BOARD & MANAGEMENT		CONTACT US
479,804,819	Bronwyn Barnes	Mike Rosenstreich	[phone]
Shares on Issue	Executive Chair	Non-executive Director	[e-mail]
A$0.055	Felicity Repacholi-Muir	Kate Stoney	www.indianaresources.com.au
Share Price	Technical Director	CFO & Company Secretary	Suite 3, 339 Cambridge St,
26M	Bob Adam
	Wembley WA 6014
Market Cap	Non-executive Director

ASX:IDA

Minos Results Summary

The April RC drilling programme was designed to tighten the existing drill density within the central portion of the mineralisation defined at Minos and increase the confidence levels to enable Indiana onlyto deliver a maiden Mineral Resource estimate (refer Figure 1). Drilling to date has outlined a 600-

metre strike extent of shallow, near-surface gold mineralisation.

The results received from the April programme confirm the Company's geological interpretation a d reinforce the Lake Labyrinth Shear Zone as a significant gold bearing system. Gold mineralisation at Minos remains open along strike in both directions and at depth.

This release captures the results from the final five (5) RC drillholes and follows the earlier release of the preceding nine (9) RC drillholes reported to the ASX in June (refer ASX Release 9 June 2022).

useExpanded E-PEPRApproval for Minos Area

Indiana has received approval of an Exploration Program for Environment Protection and Rehabilitation (E-PEPR) over an expanded area including and surrounding the Minos Prospect.

So th Australia's Mining Act requires the holder of an Exploration Licence (EL) to have an approved E-PEPR in place prior to the commencement of any exploration activities. Approval is provided by South Australia's Department for Energy and Mining (DEM). South Australian tenement holders have personalstatutory requirements, including identifying relevant environmental, social and economic impacts

nd obtaining relevant approvals prior to undertaking exploration activities.

The Company's approved E-PEPR allows for ongoing drilling programmes over EL 6184 and EL 6185, covering the Minos, Ariadne, Company Well Prospects and surrounding area.

Next Steps

Indiana is currently planning further drilling targeting the thicker and higher-grade intersections in the north-western portion of the Minos orebody and depth extensions.

With the receipt of the expanded E-PEPR, the Company is also planning to expand Indiana's xploration footprint during its next drilling campaign by testing additional targets along the Lake

Labyrinth Shear Zone including Company Well (refer Figure 4).

Minos Results

Previous significant results from Minos include:

For

• 38m @ 6.54 g/t Au from 29m in Hole LLRCD029 including 16m @ 13.12 g/t Au from 37m;
• 21m @ 8.43 g/t Au from 176m in Hole LLRC041 including 1m @ 159 g/t Au from 185m;
• 2m @ 18.4 g/t Au from 162m in Hole LLRC041 including 1m @ 35.6 g/t Au from 163m;
• 26m @ 4.28 g/t Au from 68m in Hole LLRC025 including 3m @ 20.21 g/t Au from 82m;
• 23m @ 6.44 g/t Au from 186m in Hole LLRC035 including 1m @118 g/t Au from 198m
• 10m @ 8.83 g/t Au from 39m in Hole LLRC042 including 3m @ 26.03 g/t Au from 40m

• 36m @ 2.63 g/t Au from 124m in Hole LLRC069 including 1m @ 12.60 g/t Au from 151m and 1m @ 12.50 g/t Au from 159m

Shallow gold mineralisation was intersected in all sections tested during this programme.

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	2
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

Figure 1: Minos Prospect - significant drilling results

ASX:IDA

onlyuse

personalDrillholes LLRC087, LLRC088 and LLRC089 (Section A-A' refer Figures 1 and 2) were completed on Section 10420mE. Results from LLRC087 and LLRC089 were reported in the earlier release (refer ASX

Release 23 February 2022).

Significant results on the new section include:

• 14m @ 2.56g/t Au from 44m in hole LLRC087
• 9m @ 1.97g/t Au from 88m in hole LLRC088
• 5m @ 1.41g/t Au from 113m in hole LLRC089

Drillholes LLRC090, LLRC091 and LLRC092 (Section B-B' refer Figures 1 and 3) were completed on Section 10380mE.

Significant results on the new section include:

For	• 14m @ 0.90g/t Au from 55m in hole LLRC090
	• 7m @ 1.47g/t Au from 72m in hole LLRC090
	• 8m @ 1.38g/t Au from 88m in hole LLRC091
	• 4m @ 5.31g/t Au from 106m in hole LLRC091
	• 4m @ 1.33g/t Au from 116m in hole LLRC091
	• 5m @ 1.10g/t Au from 123m in hole LLRC092
	• 8m @ 0.85g/t Au from 149m in hole LLRC092

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	3
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

ASX:IDA

Drillhole LLRC093 (refer Figure 1) was completed on Section 10330 but due to adverse weather conditions the other two planned holes were deferred and will be completed in the next drilling programme.

Significant results within LLRC093 include:

onlyusepersonalFor	• 10m @ 0.92g/t Au from 33m downhole

Figure 2: Minos Cross Section A-A'

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	4
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au

ASX:IDA

For personal use only

Figure 3: Minos Cross Section B-B'

Indiana Resources Limited | ABN 67 009 129 560 | Suite 3, 339 Cambridge St, Wembley, WA 6014	5
ASX code: IDA | [phone] | [e-mail] | www.indianaresources.com.au