Indiana Resources : Rare Earth Potential Identified at Central Gawler Project

	14th June 2022
	Rare Earth Potential Identified at Central Gawler Project
Highlights
•	Initial technical review has highlighted the strong potential for Rare Earth Elements
	(REE1) mineralisation to be hosted within the Central Gawler Project
•	Previous drilling targeting geochemical signatures in the weathered clay horizon
only	were only assayed for three of the fifteen REE - which yielded anomalous assays
use	highlighting the shallow REE potential
•	Significant historic results include
	➢ 46m @ 1105ppm REO (La2O3 + CeO2 + Y2O3) from 20m including 12m @ 2239ppm REO
	(La2O3 + CeO2 + Y2O3) from 24m (drillhole TA05A012)
	➢ 36m @ 1400ppm REO (La2O3 + CeO2 + Y2O3) from 4m including 16m @ 1503ppm REO (La2O3
	+ CeO2 + Y2O3) from 8m and 4m @ 1320ppm La+Ce+Y from 28m (drillhole TA05A034)
personal	➢ 10m @ 2087ppm REO (La2O3 + CeO2 + Y2O3) from 10m including 6m @ 2641ppm REO (La2O3
+ CeO2 + Y2O3) (drillhole TA05A017)
•	Selection of historical drill samples will be re-assayed for the full REE suite to provide
	further data and to identify priority target areas
•	Indiana's leases are contiguous with Petratherm Limited's (ASX:PTR) recently
	announced ionic-clay REE drilling results
•	REEs are critical and non-substitutable in the global transition towards sustainable
	energy and defence applications

Indiana Resources Limited (ASX: IDA) ('Indiana' or the 'Company') is pleased to report that an initial t chnical review of historical drill intercepts has highlighted the potential for Rare Earth Elements (REE) mineralisation to be hosted within Indiana's 100% owned 5,713 km2 Central Gawler Project in South Australia.

The Gawler Craton has recently attracted interest for ionic adsorption clay-hosted rare earth element ('ionic REE') opportunities, including Petratherm Limited's (ASX:PTR) recent exploration success with the discovery of REEs within a prospective clay horizon at its Comet Project (ASX:PTR ForAnnouncement released 20th April 2022 Drilling uncovers major High-ValueRare Earth Discovery at C met in the Northern Gawler Craton). The Petratherm project abuts Indiana's northern tenements

(refer Figure 4).

1 The group of metals referred to as rare earth elements (REE) comprises the 15 elements of the lanthanide series. Metals in the lanthanide series are: lanthanum (La), cerium (Ce), praseodymium (Pr), neodymium (Nd), promethium (Pm), samarium (Sm), europium (Eu), gadolinium (Gd), terbium (Tb), dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ytterbium (Yb) and lutetium (Lu). In addition, yttrium (Y) and scandium (Sc) are often grouped with the lanthanides and referred to as REE.

CAPITAL STRUCTURE	BOARD & MANAGEMENT		CONTACT US
439,610,821	Bronwyn Barnes	Michael (Mike) Rosenstreich	[phone]
Shares on Issue	Executive Chair	Non-executive Director	[e-mail]
A$0.053	Felicity Repacholi-Muir	Trevor Harris	www.indianaresources.com.au
Share Price	Technical Director	CFO & Company Secretary	Suite 3, 339 Cambridge St,
23M	Robert (Bob) Adam
	Wembley WA 6014
Market Cap	Non-executive Director

ASX:IDA

Company Comment - Technical Director Felicity Repacholi-Muir said:

"This is an exciting development for Indiana as our initial review of historical assays, highlights the clear potential for ionic REE mineralisation. The assays are only for three common REE elements onlyconsidered to be geochemical indicators for IOGC copper-gold deposits. They are clearly anomalous opening up the REE potential for other areas of our extensive Central Gawler Project area. It is important for us to analyse for the other twelve rare earth elements, including the critical 'magnet metals' - Nd, Pr, Tb and Dy to determine the enrichment of these elements in the weathered clay profile. Fortunately we are able to access our extensive sample-pulp inventory to

assay for the full REE suite.

Our Central Gawler Craton Project has already demonstrated its clear potential to host a significant gold mineralisation system and we are now eager to unlock further value from this asset through the user view of potential REE mineralisation. We look forward to providing shareholders with further

updates as we advance this opportunity."

Technical Discussion

Ionic adsorption clay-hosted REE mineralisation underpins the majority of Chinese REE production, which accounts for c.85% of global REE supply.

These deposits form when REEs derived from the weathering of underlying basement rocks are

subsequently enriched in the regolith profile, forming a shallow, continuous, sub-horizontal zone. personalIonic REE deposits offer the potential for large scale and low-cost mining compared to hard rock REE deposits (Van Gosen et al, 2018). Until recently, there has been limited exploration for this style

of REE mineralisation outside of China, however exploration for this style of REE mineralisation is now u derway in various parts of Australia and the United States of America.

For

Figure 1: Central Gawler Project - with REO (CeO2 + La2O3 + Y2O3 only)

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

ASX:IDA

Following recent announcements of drilling results by Petratherm, Indiana undertook a review of previous exploration drilling results within its Central Gawler Project database. This review highlighted the prospectivity for ionic REE mineralisation.

onlyCerium (Ce), Lanthanum (La) and Yttrium (Y) - often the most abundant of the REE suite and relatively, the lowest value.

Within the database approximately a quarter of the holes across Indiana's tenements have had

some REE analysis (in some cases limited to a single sample per drillhole). The limited historical REE

analyses which were initially undertaken to determine geochemical vectors of IOCG and shear-

hosted gold mineralisation, therefore only partial analysis of the REE suite was undertaken comprising

However, Ce, La and Y frequently occur in combination with the high-value Light Rare Earth

Elements (LREE) including Neodymium (Nd) and Praseodymium (Pr) and the Heavy Rare Earth

useIndiana has outlined various anomalous REE accumulations within the Project as illustrated in Figures 1-3 and summarised in Table 1. Historical drilling has predominately targeted gold mineralisation, with no follow-up exploration completed on the REE accumulations.

El ments (HREE) Terbium (Tb) and Dysprosium (Dy) together the key magnet metals in REE

p rmanent magnets. With evidence of REE in the region and localised REE (Ce, La & Y) enrichment

evident, Indiana will now immediately assay for the complete REE suite to fully assess the potential for large scale, high-grade, ionic clay hosted REE mineralisation.

Of particular interest is the concentration of REE accumulations in the northern portion of the project. Most of the drilling completed in this area that has had REE analysis, was completed by Range River Gold Ltd during 2005 (TA05-series). Range River's drilling was designed to target NW- and W- trending faults evident in the airborne magnetic data.

The highly anomalous La, Ce and Y values recorded in the aircore drillholes include:

personal	• 46m @ 1105ppm REO (La2O3 + CeO2 + Y2O3) from 20m including 12m @ 2239ppm REO (La2O3
	+ CeO2 + Y2O3) from 24m (drillhole TA05A012)
	• 36m @ 1400ppm REO (La2O3 + CeO2 + Y2O3) from 4m including 16m @ 1503ppm REO (La2O3
	+ CeO2 + Y2O3) from 8m and 4m @ 1320ppm L REO (La2O3 + CeO2 + Y2O3) from 28m (drillhole
	TA05A034)
	• 31m @ 787ppm REO (La2O3 + CeO2 + Y2O3) from 24m (drillhole TA05A007)
	• 31m @ 776ppm REO (La2O3 + CeO2 + Y2O3) from 68m including 4m @ 1074ppm REO (La2O3 +
For	CeO2 + Y2O3) (drillhole TA05A020)
• 10m @ 2087ppm REO (La2O3 + CeO2 + Y2O3) from 10m including 6m @ 2641ppm REO (La2O3
+ CeO2 + Y2O3) (drillhole TA05A017)
	• 32m @ 444ppm REO (La2O3 + CeO2 + Y2O3) from 28m (drillhole TA05A006)
	• 25m @ 487ppm REO (La2O3 + CeO2 + Y2O3) from 16m (drillhole TA05A013)
	• 16m @ 690ppm REO (La2O3 + CeO2 + Y2O3) from 12m (drillhole TA05A014)
	• 14m @ 741ppm REO (La2O3 + CeO2 + Y2O3) from 40m including 4m @ 1026ppm REO (La2O3 +
	CeO2 + Y2O3) from 44m (drillhole TA05A042)

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

For personal use only

ASX:IDA

Figure 2: Inset A - with REO (CeO2 + La2O3 + Y2O3 only)

Figure 3: Cross Section showing REO accumulation (CeO2 + La2O3 + Y2O3 only)

Whilst the source of the REE mineralisation within Indiana's Project is currently unknown, Indiana believes that the REE mineralisation within the Central Gawler Project occurs in the weathered profile (regolith) associated with the alkaline Hiltaba Granite and gneissic basement rocks which are enriched in REE and prevalent in the northern portion of the Indiana's tenure.

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

Next Steps

Indiana is currently undertaking a review of sample pulps from historic drilling that are in storage to re-assay for the full suite of light and heavy rare earth elements (Total REE). This analysis will better onlycharacterise the extent and tenor of REE mineralisation within Indiana's Project and assist with

refining initial priority target areas for follow-up testing if warranted.

Previous magnetic and electromagnetic imagery over the Project will be interpreted to map out deeper regolith profiles, settings favourable for ionic REE accumulation.

The Company is also awaiting assay results from the remaining five (5) drillholes completed at the Minos gold prospect during April. It is anticipated they will be received in late June 2022. Indiana looks forward to advising the market when the remaining assays are received.

For usepersonal

Figure 4: Indiana's ground position in the Central Gawler Craton

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